WOOD Flash – Graphisoft Park: 4Q20 – more generous dividend proposal (9% yield) – we maintain our positive view
The key takeaway from Graphisoft Park’s 4Q20 results publication is the more generous dividend proposal, in our view – the company is recommending to pay out EUR 10m in total from its 2020 earnings (a regular dividend of EUR 4m and a special dividend of EUR 6m). At the current share price, this translates into approximately a 9.3% dividend yield, and represents some 35% upside to our estimate of EUR 0.7/share. In our sector update, published in September, we turned bullish on Graphisoft Park, on attractive valuations, the scope for organic expansion via developments, and the M&A angle (Graphisoft Park being potentially an attractive acquisition target, in our view). The stock is up only around 10% since our September report, and our 12M PT of HUF 5,237/share implies an additional 45% upside. We maintain our constructive view on the name, and we expect to see a positive reaction following the special dividend announcement.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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