reports
- Research Team
WOOD Daily: MUR PW; DOM PW; TXT PW; ARCLK TI
HEADLINES: • Murapol Group: running to stand still (HOLD – initiation of coverage) • Dom Development: fairly valued, after a rally (downgraded to HOLD) • Text 4Q24-25 (calendar 1Q25) results: EBITDA up 3% yoy, 4% below consensus NEGATIVE • Arçelik: disposal of buyback shares NEUTRAL
- Jakub Bronicki
- Jakub Caithaml
Murapol Group: running to stand still (HOLD – initiation of coverage)
We initiate coverage of Murapol Group with a HOLD rating and price target (PT) of PLN 44.0. Murapol is a Polish housing developer focused on affordable, mass-market apartments, with a presence in both large and small cities. Its high gross profit margin, industry-leading ROE (>40%) and high dividend yield (12.6%) look appealing, and justify a high premium to book value, in our view. That said, high interest rates and the end of the mortgage subsidy programme have hit demand for smaller apartment...
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