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 ...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
HEADLINES: • Trade Estates: Greek retail parks – a dividend growth story (HOLD - initiation of coverage) • Wizz Air: thrust issues (stays BUY) • Bank Pekao: posts bottom line slightly below expectations, NPL ratio down to below 5%, solid 19%+ ROE intact NEUTRAL • CCC: 12% EBITDA beat in 2Q24, on opex control POSITIVE • Logo Yazilim: 2Q24 results – strong margin recovery, FY24E guidance reiterated POSITIVE • CEZ: 2Q earnings beat, EBITDA guidance up 2-3%, but net guidance unchanged NEUTRAL • CTP:...
We initiate coverage of Trade Estates (TE) with a HOLD rating and a 12M price target (PT) of EUR 1.7/share, implying 11% upside. Trade Estates’ EUR 0.49bn portfolio consists mostly of big-box retail assets and retail parks in Greece. Many of the assets were transferred from Fourlis. Fourlis companies (IKEA, Intersport and Trade Logistics) remain the most important tenants, at the current stage. Long lease terms mean good visibility on rental income, which should continue to increase with inflati...
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