WOOD Flash – Lamda Development: rundown of key value drivers (highlights from the CMD)
During its 2023 Investor Day, Lamda’s management presented its vision for The Ellinikon project and its detailed key strategic targets up to 2026E, along with some broader guidance up to 2037E. Based on our reconciliation, Lamda expects the NAV to reach EUR 2.4bn by 2026E, up from EUR 1.4bn as of the end of 2022. Market conditions permitting, Lamda plans to separate and IPO the Malls Co by the end of 2024E (looking to raise c.EUR 150m of new capital, to be used for deleveraging and development capex). The information presented implies that Lamda expects Phase I of Ellinikon to consume only c.EUR 0.5bn of net cash. Excluding the costs related to the developments of the two malls, Lamda expects the first phase of Ellinikon to be cash positive, generating net cash proceeds of c.EUR 0.4bn by 2026E. Lamda expects the additional phases beyond 2026E (which are chiefly residential and, hence, included in the NAV at cost, rather than at FV) to generate EUR 10.3bn in revenues and EUR 1.7bn of net cash flows.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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