Wood and Company - Lamda Development S.A. (LAMDA) WOOD Flash – Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate

Report

Wood and Company

Jakub Caithaml

WOOD Flash – Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate

The tenant sales performance at the existing malls remains solid (up 6% vs. 1H23), and the progress on selling down the Little Athens apartments has been fast, with prices ahead of the budgeted levels. We also understand that the leasing demand for the two Ellinikon malls has been very strong, and we see some upside for the rent levels we were budgeting for in our initiation on the stock (June 2023). With the rates coming down, this should have a positive impact on the future valuations of the Ellinikon malls, in our view.

16/09/2024 1 EN

Underlying

Lamda Development S.A.

Lamda Development is a real estate development group based in Greece. Co.'s main activities comprise investment, development and maintenance of innovative real estate projects. Co. operates in Greece, as well as in other neighboring Balkan countries mainly Romania, Bulgaria, Serbia, Montenegro. Co.'s operations are organized along two business segments: Real Estate; and Marine Services. Co. is a subsidiary of Lamda Holdings.

See profile

GRS245213004 Greece

Provider

Wood and Company

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.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

See profile

Analysts

Jakub Caithaml

Other Reports on these Companies

Wood and Company

WOOD Flash – Lamda Development: another land plot sales tranche, to lift NAV by 6%

Lamda has announced the sale of another tranche of land plots within the Ellinikon. It is selling land with a buildable area of up to 86k sqm, with uses ranging from residential (30k sqm), office space (37k sqm) and educational institutions (20k sqm). The selling price of EUR 120m exceeds the current book value of the plots (EUR 37m) significantly, again. In addition to the cash inflows, the deal should also front-load the P&L recognition of the profits from the Ellinikon, driving c.EUR 82m of accounting profit before taxes. This is equivalent to c.EUR 0.5/share, or a 6% NAV uplift.

19h / 55m 19h / 55m 1 EN

Wood and Company

WOOD Daily: ALARABIA AB; NOVAL GA; MOH GA; CAR PW; LAMDA GA; MBK PW; CTPNV NA; 11B PW

HEADLINES: • Al Arabia Outdoor Advertising: waiting for better times (downgraded to HOLD) • Noval Property: 1H24 – recurring results in line with our estimates NEUTRAL • Motor Oil Hellas: fire at refinery NEGATIVE • Inter Cars: key takeaways from the 2Q24 earnings call NEUTRAL • Lamda Development: another land plot sales tranche, to lift NAV by 6% POSITIVE • mBank: UniCredit seeks regulator's approval to reach 30% stake in Commerzbank • CTP: raises EUR 300m through an ABB, at EUR 16.0/share • 11 bit studios: advance access to Frostpunk 2 now available, 85/100 Metascore NEUTRAL

September 18, 2024 September 18, 2024 1 EN

Wood and Company

WOOD Daily: AEGN GA; LAMDA GA; EME Macro/Strategy Weekly; BOCH LN

HEADLINES: • Aegean Airlines: margins and fares normalising, after stellar 2023 (stays HOLD) • Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate • EME Macro/Strategy: macro all-in-one (9-15 September) • Bank of Cyprus: AGM approves delisting from the LSE, and relisting on the ATHEX POSITIVE • Short News (CEZ, RICHT)

September 16, 2024 September 16, 2024 1 EN

WOOD Daily: CZG CP; PGSUS TI; ALE PW; ECH PW; APR PW; HSBK LI

HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs

44m 44m 1 EN

Jakub Caithaml ... (+2)

Jakub Caithaml
Peter Palovic

Pegasus Airlines: another good year (stays HOLD)

We have increased our 12M price target (PT) for Pegasus to TRY 248/share, while maintaining our HOLD rating. After two years of stellar margins, 2024E is shaping up to be another good year. We expect Pegasus to fly 13% more ASK, while keeping its RASK flat yoy (lower fares offset by a higher load factor). Pegasus remains one of the lowest unit cost producers globally. Its efficiency is underpinned by its modern neo fleet, which is not affected by the P&W GTF engine issue – an important competitive advantage currently. In 2024E, we expect the ex-fuel CASK to increase by 7% yoy. Despite this, Pe...

1h / 2m 1h / 2m 1 EN

Atinc Ozkan ... (+3)

Atinc Ozkan
Bram Buring
CFA

Colt CZ Group SE: full metal jacket (stays BUY)

Following the recent completion of Colt CZ’s acquisition of legacy Czech ammunition producer Sellier & Bellot (S&B) and after the company’s 1H24 results (reported on 13 September), we have revised our earnings forecasts for Colt CZ and updated our model. As result of the substantial contribution of the S&B acquisition (on a pro-forma FY24E basis, Colt CZ’s guidance suggests that, if S&B were to be consolidated for the entire year, it would add 41%/52% to Colt CZ’s 2024E revenue and EBITDA), we have increased our long-term revenue and EBITDA forecasts by a significant margin. While the S&B tran...

1h / 23m 1h / 23m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

WOOD Flash – Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate

WOOD Flash – Lamda Development: another land plot sales tranche, to lift NAV by 6%

WOOD Daily: ALARABIA AB; NOVAL GA; MOH GA; CAR PW; LAMDA GA; MBK PW; CTPNV NA; 11B PW

WOOD Daily: AEGN GA; LAMDA GA; EME Macro/Strategy Weekly; BOCH LN

WOOD Daily: CZG CP; PGSUS TI; ALE PW; ECH PW; APR PW; HSBK LI

Pegasus Airlines: another good year (stays HOLD)

Colt CZ Group SE: full metal jacket (stays BUY)

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe