WOOD Flash – Grivalia: 2Q18 broadly in line; FFO at EUR 10.1m, BVPS at EUR 9.26
Grivalia reported its 2Q18 results yesterday (31 July), after the market closed. The numbers were broadly in line with our estimates. The company generated EUR 10.1m of FFO, reaching EUR 20.8m for the first six months of the year, or c.49% of our 2018E full-year estimate of EUR 42.5m. The portfolio occupancy remains high, at around 95%, and the company booked a EUR 8.1m revaluation gain on its assets. The book value amounted to EUR 9.26/share (ex. treasury shares), valuing Grivalia at 93% P/BV.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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