WOOD Flash – Graphisoft Park: 2Q21 – stable results, guidance reiterated, valuation remains attractive
Graphisoft Park has delivered yet another set of steady results, and management has reiterated its financial guidance for the year. Trading at 0.73x P/NAV and a c.11% FFO yield, the stock remains significantly cheaper than the vast majority of its listed European office real estate peers. We maintain our view that the stock is attractively valued at the current levels, and could become an acquisition target, thanks to its compact size and quality portfolio. With a LTV of c.37%, the leverage is not particularly high, and following the c.10% cut in values since the beginning of the pandemic, the portfolio is not booked at aggressive levels, in our view. We reiterate our BUY rating.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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