WOOD Flash – NEPI Rockcastle: 1H22 – FFO in line, tenants' sales up 8% vs. 1H19, and 16% vs. 2Q19
NEPI Rockcastle has published its results for 1H22. At EUR 139m, the EPRA earnings came in almost exactly in line with our estimate, at EUR 0.23/share (our full-year estimate expects FFO of EUR 0.46/share for 2022E). The EPRA net reinstatement value (EPRA NRV) stood at EUR 6.64/share, translating into a P/NRV of 0.84x on yesterday’s close (23 August). If annualised, the FFO implies slightly over an 8% yield on the current share price. At 31.3%, the LTV remains among the lowest in the CEE listed real estate universe.NEPI Rockcastle is engaged in developing, acquiring and holding commercial properties, either directly or indirectly through the acquisition of listed equities.
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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