We view the >50% drop in the share price over the past year as an opportunity to buy into a profitable and growing Bucharest real estate developer at a depressed valuation, before a positive inflection on EPS and BVPS growth (CAGR of 8% and 14%, respectively, until 2027) and we reiterate our Outperform rating. We have edged-up our target price to RON 35 from RON 34 previously.
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