WOOD Flash – ONE United Properties: 2Q23 – gross profit of EUR 16m, on 28% GPM, FY guidance reiterated
ONE's 2Q23 results were as a slight miss vs. our expectations, driven mainly by the lower gross profit margin. The company attributes this to a higher share of early-stage projects (which earn lower margin) in the revenue mix, and maintains its longer-term GPM guidance of 35+%. We see the guidance as ambitious, and we see downside for our FY estimates. With its strong balance sheet, low leverage, and sought-after projects, ONE is using the current challenging high-rate backdrop to continue to expand its market share.
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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