Wood and Company - Lamda Development S.A. (LAMDA) WOOD Flash – Lamda Development: another land plot sales tranche, to lift NAV by 6%

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Wood and Company

Jakub Caithaml

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.

18/09/2024 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.

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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.

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Analysts

Jakub Caithaml

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

WOOD Flash – Lamda Development: 3Q24 – in line, NAV stable

WOOD Daily: EAT PW; EUR PW; CBF PW; MBR PW; ALE PW; VRC PW; TEN PW; PKN PW; PPC GA; LAMDA GA; MTELEKOM HB; DIGI RO; ETEL EY; DAT PW; PGE PW; OTP HB; TXT PW

The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly red

WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HUG PW; CZG CP; TL Macro; CPS PW; GPP PW; CAR PW

EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout

Akcansa: recovery on the horizon (stays BUY)

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