reports
- Research Team
WOOD Daily: SPLUS HB; ACP PW; PL telecoms; PE RO; MTLN GA; Türkiye mac...
HEADLINES: • Shopper Park Plus: shopping for yield (HOLD – initiation of coverage) • Asseco Poland: incentive scheme for CEO announced NEUTRAL • PL telecoms: UKE approves the deregulation of Orange on the BSA and LLU markets NEUTRAL • Premier Energy: completion of the Hungarian acquisition NEUTRAL • Metlen Energy & Metals: enters 40/60 JV with Tsakos for large hybrid RES project in Greece NEUTRAL • Türkiye macro: CBT delivers 100bp cut • Alior Bank: 4Q25E preview (due on 24 February)
- Jakub Bronicki
- Jakub Caithaml
Shopper Park Plus: shopping for yield (HOLD – initiation of coverage)
We initiate coverage of Shopper Park Plus (SPP) with a HOLD and a 12M price target (PT) of EUR 12.0/share. SPP owns a c.EUR 425m portfolio of Tesco-anchored, mostly big-box retail assets in Hungary, Slovakia and the Czech Republic. Most of the properties were developed by Tesco and are located on the edges of regional towns. The portfolio is booked at a 7.0% EPRA net initial yield (NIY). With a net LTV of 43% and a c.5% all-in cost of debt, we expect SPP to achieve c.EUR 13m of FFO I in 2025E, a...
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