WOOD Flash – Graphisoft Park: 2Q24 – steady results, guidance reviewed slightly upwards
Since the beginning of the year, Graphisoft Park’s shares have been trading around EUR 9/share. In July, the share price rerated, to EUR 10-11/share. We are not sure whether there has been a specific driver behind the step up. It is possible that the market may have been reacting to the plans regarding the potential development of apartments, which could boost the mid-term earnings and cash flows. It is also possible that recent shareholding changes (a large existing shareholder increasing its stake, while a possible overhang risk was cleared) had an effect. That said, with a 3M ADTV of only EUR 25k, the recent move may just as well have been a random walk. Still, for those who are able to participate despite the low liquidity, Graphisoft Park continues to offer attractive value, even after the modest share price increase, in our view. As recurring earnings remain steady, the stock generates an FFO yield of around 14-15%, and trades at sub 0.7x P/NAV. The occupancy is holding up well so far (95%), which has prompted management to upgrade its 2024E earnings guidance slightly. With the mid-term results possibly enhanced by profits from the potential residential development ahead, we maintain our positive view 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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