WOOD Flash – Lamda Development: 3Q23 – tenant sales (+23% yoy in 9M23) still at a very brisk pace
Lamda's 3Q23 results were – on the key recurring lines – in line with both our expectations and the trends visible in 1Q and 2Q23. The continued strong sales growth of the malls' tenants is encouraging, as is the good performance of the marinas. For the Ellinikon, the jury is out, and will remain so for some time, in our view. While the demand for the early-stage projects is very encouraging, we will also have visibility on the actual levels of the construction capex spent and, hence, on the margins and the actual net contribution of the individual projects only towards the end of the first phase. That said, we note that the company does not expect to draw down any external debt (barring the VAT facility) to finance the Ellinikon project in either 2023E, nor in 2024E. This is an important testament to the strength of the demand for the residential projects released for sale so far, and means that Lamda is, so far, executing the Ellinikon in a (far) less capital intensive way than we and – we believe – the market saw as a base case when the project was being launched.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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.