WOOD Flash – Graphisoft Park: 1Q21 – small beat on FFO, guidance maintained, occupancy stable at 94%
Graphisoft Park has reported its 1Q21 results, with a small beat vs. our FFO forecast. The occupancy remained high, at 94%, and the buildings are booked at what we view as a fairly reasonable 6.9% gross rental yield. While illiquid, trading at a double-digit FFO yield and nearly a 30% discount to NAV, we believe the company remains an attractive investment. Given its quality portfolio, blue-chip tenants and fairly compact size, we believe Graphisoft Park could be an attractive acquisition target, especially given the further optionality to expand the southern area of the Park via further developments. The company is going ex-dividend on 25 May, and will pay out EUR 10m (of which c.EUR 4m is a regular dividend, and EUR 6m a special dividend), translating into a c.9% dividend yield. We reiterate our BUY rating on the stock.Graphisoft Park SE Ingatlanfejleszto Europai Rt is a Hungary-based company engaged in the real estate operations. The Company operates as a holding and provides management, financial and administrative services to its subsidiaries. As of December 31, 2011, the Company operated two subsidiaries, Grpahisoft Park Kft, engaged in the real estate development; and Graphisoft Park Services Kft, responsible for property operation tasks. The total area of the Company's properties was nearly 18 hectares. As of December 31, 2011, the Company's two subsidiaries, Graphisoft Park Universitas Kft and GP3 Kft merged into Graphisoft Park Kft. As of December 31, 2011, the Company's parent entity was Graphisoft SE.
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