reports
- Gellert Gaal
Duna House - MONSTER Dividend Is Coming
Duna House - MONSTER Dividend Is Coming DHG surprised investors with a DPS proposal of HUF 107 implying 26% dividend yield withyesterday’s closing price. Roughly 50% of that amount comes from the underlying operationthe remaining from two sources: 1), development project and 2), divestment of the real estateportfolio. The latter two represents 230 per share value that is not related to the mainunderlying operation. So investors still have ca HUF 180 per share for a potential forextraordinary di...
- Gellert Gaal
Duna House Q3 : Weak Quarter But FY Guidance Will Be Met
Weak quarter but FY guidance will be met In short: DHG posted a quarterly core profit of HUF 501 million (2% y-o-y; reported EPS of 18.6) a meaningful slowdown from its Q2 result of HUF 946 million and dynamic of (+111% y-o-y; reported EPS of 24.4), but still strong enough to meet the lower range of the management conservative core profit guidance (HUF 1.9 – 3.3bn) in 9M (HUF 2.0bn). High interest rate environment started to take its toll on earnings which was partly compensated by the g...
- Gellert Gaal
Duna House - Defying Gravity
Defying gravity In short: Despite the skyrocketing interest rates, DH had its best quarterly results with the help of the Italian subsidiary. Q2 EPS reached HUF 24.4 (+224% yoy), H1 EPS was HUF 38.7 (+148% yoy). Thanks to the strong performance, DHG confirmed its FY core profit guidance (excludes profit from developments) of EPS 54 – 94 implying a P/E'22 of 6.4x on core earnings. DH started to book the profit from the development segment, but it was relatively low in size (HU...
- Gellert Gaal
- Gellert Gaal
- Gellert Gaal
- Gellert Gaal
- Gellert Gaal
Duna House - Decent Q4 result, profit is expected triple in 2018
Duna House reported its Q4 and its FY results Wednesday post market. Profit came at HUF 918 million in line with our forecast and adjusted profit (excluding MyCity) arrived into the high end of management guided range HUF 981 million (850-1,000 million). Performance of the core operation in Q4 was decent but investors will focus on the higher dividend (+35% to DPS 176) and on the next year guidance, in our view.
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