WOOD Flash – Trade Estates: 1H24 a touch ahead of our estimates, Smart Park drives strong rental growth
Trade Estates’ (TE) 1H24 FFO came in at EUR 7m, above our estimate of EUR 6m, and up over 50% yoy. The strong growth was driven chiefly by the Smart Park acquisition. On the call with investors, Mr. Fourlis, the Chairman of the Board, reiterated the intention of Fourlis Group to sell a stake in Trade Estates by the year end, via a private placement, which would reduce its stake from 63.6% to sub-50%. This could double the free float (currently 22%) and improve the liquidity of the TE shares (3M ADTV of EUR 48k).
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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