WOOD Flash – Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained
Graphisoft Park has published a stable set of 1Q24 results, but maintained its guidance, noting the lower occupancy and higher costs, weighing on the FFO in 2024E. In the last 12 months, the company has generated FFO of EUR 15m, which represents a 16-17% FFO yield on its market cap of less than EUR 100m. We maintain our view that Graphisoft Park remains one of the most obviously under-valued real estate companies in CEE, for the earnings that it offers. The company announced that it is looking into the possibility of launching a residential development project in the southern area of the park it owns already. We expect the company to reach a decision on whether to go ahead with the project either later this year or at some point next year.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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