WOOD Flash – Grivalia: 1Q18 – FFO slightly ahead of our estimates, focus remains on capital deployment
Grivalia reported its 1Q18 results on Friday (25 May), reaching FFO of EUR 10.7m, up 2% yoy and some 5.0% ahead of our estimate of EUR 10.2m. The company had EUR 881m of equity at the end of March 2018, down 3% yoy due to the EUR 0.365/share dividend Grivalia distributed in March. This translates into a BV of EUR 9.06/share, in line with our estimate.Grivalia Properties Real Estate Investment is an investment property group with a major portfolio in Greece and an expanding portfolio in Southeastern Europe. Co.'s business is leasing out investment property under operating leases and is classified as a real estate investment vehicle under Greek Law 2778/1999. Co.'s investment strategy, aims at increasing its revenues and returns and towards creating added value for its shareholders. Co. is seeking to achieve this goal through: analytical follow up and monitoring of the macro-economic indicators; active management of its portfolio of assets; continuous monitoring of the portfolio's risk and the efficient management.
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