WOOD Flash – Graphisoft Park: 4Q24 results, and another strong year
Despite the initially cautious management guidance, Graphisoft Park (GSPARK) has delivered another strong year in 2024, with its FFO exceeding EUR 14m. Even after the stock’s recent rally, the company still offers a >10% FFO yield, ranking among the most attractively-valued real estate plays under our coverage and, we believe, in Europe. Weak economic growth in Hungary and a wave of new office developments planned in Budapest for 2025-26E pose risks, potentially keeping vacancy rates elevated and limiting rental growth. However, ECB easing could provide a tailwind for real estate more broadly, while also making a M&A angle for Graphisoft Park more relevant. We see the portfolio’s valuation as reasonable and view the tenant loyalty as a strong endorsement of the campus’ attractiveness for employees.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.
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