WOOD Flash – ONE United Properties: 1Q22 – revaluation result a major driver of earnings, again
ONE United reported its 1Q22 results this morning (16 May). The EBITDA (excluding revaluation gains) reached EUR 15m, according to our reconciliation. This is above the run-rate of the previous quarters (an average of EUR 11m for the past four quarters), driven by a gradual increase in revenues, a better gross profit margin (43%) and a gradual ramp-up of the rental income from the standing assets. That said, we have been pencilling in a stronger contribution from both apartment sales and rental income. As such, the EBITDA (EUR 15m) came in below our estimate (EUR 19m). The results were boosted by revaluation gains, recorded on bargain purchase, and on the development of apartments for rent. At EUR 29m, this provided a tangible boost in the 1Q22 figures, and drove the beat relative to our estimates on EBIT and the bottom line. The revaluation result accounts for two-thirds of the EBIT that ONE generated during the quarter. This is in line with the trend visible in recent years: during 2018-21, cumulatively, revaluation gains accounted for approximately two-thirds of the EBIT ONE generated during this period, based on our reconciliation.
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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