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.
HEADLINES: • BIM: major 1Q20 beat on sales, e-commerce on the horizon POSITIVE • 11 bit studios: 1Q20 results - strong beat from top to bottom POSITIVE • MedLife: 1Q20 earnings beat on margin expansion POSITIVE • Romgaz: posts strong 1Q results POSITIVE • Transelectrica: 1Q20 results above expectations POSITIVE • Warsaw Stock Exchange: 1Q20 EBITDA up 30% yoy and 10% above market's expectations POSITIVE • O2 Czech Republic: strong 1Q20 results, with EBITDA up 7% yoy, in line with expectations NEUTRAL • NLB Group: 1Q20 results below, COR guidance reassuring • Purcari Wineries: 1Q20 results sli...
Graphisoft Park reported its 1Q20 results yesterday evening (14 May). The recurring numbers were broadly in line with our estimates. The company booked a small revaluation loss, as it expects the yields to expand in the near term. Graphisoft Park is trading at around 0.7x P/NAV, an 8-9% FFO yield and a 22% dividend yield, reflecting the upcoming special dividend payment.
EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom). The best performance was seen in Romania, with the BET Index losing “only” 16.7%. In local currency ter...
HEADLINES: • Polish banks: NBP cuts reference rate to 0.1%, implying structural risks for Polish banking sector NEGATIVE • EME Macro/Strategy: a W-shaped recovery ahead? • National Bank: 1Q20 - decent numbers and outlook, upside risk for our forecasts POSITIVE • Alpha Bank: 1Q20 in line, message reassuring POSITIVE • CD Projekt: 1Q20 - better again, mainly on The Witcher 3, FX supportive • Kernel: 3Q20 EBITDA 13% above our forecast; FY20E farming segment forecast increased POSITIVE • PZU: posts big miss, purely on Alior Bank goodwill write-down NEGATIVE • Kruk: 1Q20 delivery • Warimpex: 1...
In May, the business surveys unfolded roughly in line with what we had anticipated in April and what we have picked up from the Czech Republic recently (please see our flash note for further details, published on 26 May). Overall economic confidence was pretty much unchanged relative to April, with some improvements in the industrial sector and among consumers. The other sectors saw a further deterioration and the construction sector, in our view, is facing at least a few more months of worsening sentiment, before we should consider having hit the bottom.
HEADLINES: • PKO BP: results affected by a number of negatives, but ROE still at c.5% • Ciech: 1Q20 - adjusted EBITDA 11% below consensus, net debt/adjusted EBITDA at 2.8x NEGATIVE • Immofinanz: 1Q20 - small write-off on COVID-19, FFO miss on payment for resignation of Mr. Schumy NEUTRAL • MLP Care: 1Q20 slows on COVID-19, net profit boosted by bargain purchase NEUTRAL • Turkish Airlines: 1Q20 - first read in line, net debt expands during the quarter • Echo Investment: 1Q20 - beat vs. our figures, driven by revaluation gains • CA Immo: 1Q20 call takeaways • PGE: CEO comments on potential s...
Graphisoft Park published its 1H19 results yesterday (7 August), after the market closed. The company posted another steady set of figures. The NAV was flat qoq, at EUR 18.8/share, translating into a P/NAV of only 0.71x, even after the recent rally. The FFO, according to our reconciliation, reached EUR 2.8m in 2Q19. This means that, during the first six months, the company reached FFO of EUR 5.9m, some 53% of our full-year forecast (which would imply an 8.2% FFO yield). The solid delivery was underscored by upbeat guidance. Management has revised its 2019E forecast upwards slightly. It has als...
If you are not invested in CEE real estate, do not despair – it is not too late. We remain constructive on the sector. The CEE economies are likely to stay among the fastest growing in Europe for at least the next two years, in our view. At the same time, ECB policy is likely to remain accommodative in the near term, and no EUR rate hikes appear likely in the foreseeable future. We believe that, in such an environment – fast GDP growth, underpinned by low rates – real estate should thrive.
Following absorption by Eurobank, we are terminating our coverage of Grivalia. The stock has returned 58% since we upgraded the company to a BUY in November last year. We caution against using the forecasts, ratings and price target guidance issued previously on the stock.
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