WOOD Flash – Graphisoft Park: 3Q21 – occupancy and rents stable, stock cheap at 0.7x P/NAV and 10+% FFO yield
Graphisoft Park has reported a good set of results, as its occupancy and rent levels continue to hold up well throughout the pandemic. Trading at a nearly 30% discount to NAV and a double-digit FFO yield, we maintain our view that Graphisoft Park represents good value at the current levels, and could be an attractive acquisition target. We note that the differential between the yield at which Graphisoft Park’s buildings are booked (c.7%) and the prime yield for offices in Budapest (5.0-5.5%) is currently wider than at any point since Graphisoft Park started to book its properties at fair value.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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