Graphisoft Park SE Ingatlanfejleszto Europai Rt is a Hungary-based company engaged in the real estate operations. The Company operates as a holding and provides management, financial and administrative services to its subsidiaries. As of December 31, 2011, the Company operated two subsidiaries, Grpahisoft Park Kft, engaged in the real estate development; and Graphisoft Park Services Kft, responsible for property operation tasks. The total area of the Company's properties was nearly 18 hectares. As of December 31, 2011, the Company's two subsidiaries, Graphisoft Park Universitas Kft and GP3 Kft merged into Graphisoft Park Kft. As of December 31, 2011, the Company's parent entity was Graphisoft SE.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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Graphisoft Park published its 3Q19 results yesterday (6 November), after the market closed. The company reached FFO I of EUR 3.1m during the quarter, a touch above our estimate of EUR 3.0m. This translates into an annualised FFO yield of 8.9% on the current share price.
EME Equity Market – August 2019 Market performance – pressure on all markets, only the BET flattish. The MSCI EME contracted by 4.9% mom in August, while the ASE index fell by 3.5% and Moscow’s index dropped by 3.8%. Bucharest’s BET index was the only one to rise, if only marginally, by 0.4% mom. The worst performer was Turkey’s ISE30, losing 10.8% mom, while the WIG20 index was down 8.3% mom, the BUX index dropped by 4.1% mom, and Prague’s PX index fell by 2.8% mom.
HEADLINES: • CEZ: 3Q19 miss, upward restatement of 1H19 on revaluation of derivatives NEGATIVE • Benefit Systems: 39% beat on EBIT and FY guidance raised POSITIVE • Kofola: 3Q19 - solid results, driven by Adriatic region POSITIVE • CCC: extends credit line with Bank Pekao POSITIVE • Polish utilities: updated long-term energy policy draft released & offshore wind regulation prepared NEUTRAL • Polish utilities: Energy Ministry to be scrapped • Polish telecoms: Polish-Russian agreement reached on 700MHz NEUTRAL • Polish telecoms: UKE presents composition of C-band blocks NEUTRAL • Inter Cars:...
HEADLINES: • Polyus: low grade ore stockpiling to lower FCF (downgraded to HOLD) • Vakifbank: 3Q19 results review - 9M19 net income down 50% yoy • BIM: 3Q19 results - below expectations NEGATIVE • Aygaz: 3Q19 results review NEUTRAL • NIS: 3Q19 results NEUTRAL • Romanian politics: Presidential election results (first round) • Bucharest Stock Exchange: 3Q19 results review - strong NI on good cost control and financial income POSITIVE • AmRest: key takeaways from the 3Q conference call NEUTRAL • Dino: key takeaways from the 3Q conference call - cautious guidance on margin evolution NEGATIVE • ...
Polyus has performed well since our BUY recommendation in our initiation report on 1 July, rising 21% and exceeding our price target (PT). With gold at c.USD 1,460/oz, we have increased our gold price forecasts and our 2019-22E EBITDA forecasts 7-16%. Offsetting this, we anticipate higher ongoing working capital build-up as we believe Polyus needs to continue to mine more than it processes to arrest grade decline. We increase our price target by 6% (to USD 58.3/GDR), leaving only 4% upside, so we downgrade Polyus from Buy to HOLD. Polyus should rally if gold rises further, and Sukhoi Log could...
Graphisoft Park published its 1H19 results yesterday (7 August), after the market closed. The company posted another steady set of figures. The NAV was flat qoq, at EUR 18.8/share, translating into a P/NAV of only 0.71x, even after the recent rally. The FFO, according to our reconciliation, reached EUR 2.8m in 2Q19. This means that, during the first six months, the company reached FFO of EUR 5.9m, some 53% of our full-year forecast (which would imply an 8.2% FFO yield). The solid delivery was underscored by upbeat guidance. Management has revised its 2019E forecast upwards slightly. It has als...
If you are not invested in CEE real estate, do not despair – it is not too late. We remain constructive on the sector. The CEE economies are likely to stay among the fastest growing in Europe for at least the next two years, in our view. At the same time, ECB policy is likely to remain accommodative in the near term, and no EUR rate hikes appear likely in the foreseeable future. We believe that, in such an environment – fast GDP growth, underpinned by low rates – real estate should thrive.
Following absorption by Eurobank, we are terminating our coverage of Grivalia. The stock has returned 58% since we upgraded the company to a BUY in November last year. We caution against using the forecasts, ratings and price target guidance issued previously on the stock.
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