WOOD Flash – Lamda Development: 3Q24 – in line, NAV stable
Lamda's 3Q24 was largely in line with our expectations. We are seeing a continuing strong performance from the existing malls and marinas, while the recently-announced land sales at the Ellinikon should start to pull the NAV upwards over the coming months. The visible progress in the development of the Ellinikon, coupled with the NAV uplift ahead, should help the momentum of the stock, in our view. The key risks we see are related to potential delays and construction cost overruns, as well as demand (considering the high price level across the Ellinikon project).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.
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