reports
- Gellert Gaal
Appeninn - New Strategy, New Hope?
Appeninn – Instant Earnings Comment Recommendation: Under revision (prev: Accumulate) Target price (12M): Under revision (prev: HUF 743) New Strategy, new hope? Appeninn released its new strategic presentation as there hass been a reshuffle in both amongst shareholders and the management. The real estate holding continues to operate office and retail assets across the country and aims to rotate its RE portfolio into premium assets, with two new items on its agenda - 1), aim to increase ...
- Gellert Gaal
Appeninn - According To The Plan, So Far!
Appeninn – Instant Earnings Comment Recommendation: Accumulate Target price (12M): HUF 743 According to the plan, so far! Appeninn published it FX report yesterday post market.. In short, Appeninn reached its guided figures for rental income, NAV, NAVPS, GAV for 2018, except for EBITDA guidance which was exceeded by 26%. The most relevant part is the EBITDA line in our view. We note in our cov. research that large part of the EBITDA in 2018 will come from revaluation gain, which notio...
- Gellert Gaal
Appeninn - Closing Of A Plot Acquisition At Balaton.
Appeninn - Equity Note Recommendation: Accumulate Target price (12M): HUF 743 Closing an acquisition at Balaton Appeninn on Thursday said it closed the acquisition of 74.99pc of Pro-Mot Hungaria, a joint holding of Israeli property developers Shikun + Binui and AFI Group which owns a resort on Lake Balaton,for a consideration of EUR 14.2m on January 28. During the summer of 2018, the company signalled that it purchased a majority share of a real estate developer, and via that has a...
- Gellert Gaal
Appeninn - Change in the shareholder structure
Appeninn announced that its main shareholder - Konzum sold ca. 20.6% stake to BDPST Group. After the transaction the controlling rights remained at Konzum with a 33.2% share. Additionally, two new member with relevant real estate experience have joined Appeninn’s management team, Tomacsány Gábor – CEO, and Somfalvi Péter Deputy CEO.
- Gellert Gaal
Appeninn - Retail portfolio expansion begins
Appeninn announced three transactions regarding the expansion of its retail portfolio, one is a real estate in Miskolc and two plots in Eger and Biatorbágy. Also the company secured long term rental contracts for those properties with ALDI. Appeninn’s strategy is to develop ca. 90,000 sqm retail portfolio across Hungary, this growth seems to unfold with these announcements.
- Gellert Gaal
Appeninn - SPAR transaction was closed
Appeninn purchased a SPAR portfolio in early 2018 which transaction was closed recently. The transaction price was EUR 14.5 million consisting of 18 single tenant units across the country with ca. EUR 1.8 million rental income, implying a 12.4% yield. This price was significantly below the average market price of 8-9% for single tenant units, presumably due to its low occupancy or short duration of contracts.
- Gellert Gaal
- Gellert Gaal
Appeninn - To infinity and beyond?
We initiate a coverage of Appeninn (or “the company”) and set our 12M ex dividend Target Price (TP) of HUF 743, implying a ca 20% upside potential from the current share price. With its new strategic shareholder (Konzum Group), Appeninn could become the region fastest growing real estate company. According to the company’s business plan, the management expects a revenue of CAGR 44% and EBITDA CAGR of 88% by 2022 that we deem is achievable.
Two Directors bought 312,238 shares at 223.000HUF.
Two Directors at Appeninn Holdings bought 312,238 shares at 223.000HUF. The significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
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