WOOD Flash – Graphisoft Park: 3Q22 – in line, 2023E guidance encouraging, stock remains attractive
Graphisoft Park’s 3Q22 earnings did not bring any major surprises. We believe that we need to wait until next year to get more clarity on the extent of the yield shift, and on the prospective impact this may have on the values of the portfolio. At 0.5x P/NAV, Graphisoft Park is not screaming cheap in the context of the currently depressed valuations of the European listed real estate universe, but its earnings yield (FFO yield in the mid-teens) still stands out. Management’s guidance implies a small yoy increase in the FFO in 2023E. If reached, it would imply over 20% upside for our estimates, where we assume an increase in the vacancy in 2023E, anticipating an impact of the macro slowdown on tenants. Graphisoft Park remains one of the few real estate names in our CEE universe that we see as attractive in the current environment. A takeover by a larger player remains the key trigger. We see the initiative to switch to trading and paying dividends in EUR as sensible.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.