WOOD Flash – Graphisoft Park: 4Q23 – another year of growing earnings, FFO approaching EUR 15m in 2023
Trading at 0.5-0.6x P/NAV, we continue to see Graphisoft Park as attractively valued in the context of listed European real estate – especially considering its unique portfolio of buildings, booked at around an 8% yield on the gross rental income. The proposed dividend translates into almost an 8% yield. With almost a 50% payout of the EPRA earnings, Graphisoft Park could either continue to deleverage, it could expand its portfolio via developments, or it could increase the payout, potentially pushing the yield (on the current share price) north of 10% in the coming years. A takeover, or – at some point – the unlocking of the development potential of the Northern Area of the Park remain potential triggers, in our view.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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