2024-07-08 06:06:23
The constant and noticeable under-performance in relation to General Index listed investment companies continue to Real Estate (also known by the acronym AEEAP), which still have a significant discount of around 30% compared to their actual value.
This, in fact, has already brought about some unforeseen developments, such as the indefinite postponement of the introduction of Lamda Malls but also the change of orientation for the identity of the “new” Klukinas Lappa of the Intracom Group.
Her status taxation and high interest rates of the central bank can only partially provide a convincing explanation for this underperformance, but they do nothing to justify the sheer magnitude and prolonged duration of the underperformance.
Especially if we think about it clearly smaller discount in the corresponding companies abroadbut also the “hot” prospects of the sector in the real economy.
The dominant Prodea
Typical is the case of the No.1 real estate investment company, that is Betrayalwhich is worth 1.75 billion euros on the stock market, at the same time it has assets of more than 3 billion euros, annualized rents of almost 150 million euros and a portfolio of +330 properties.
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Despite the impressiveness of all this, since the beginning of the year it has lost about 7%, while in 12 months the change ranges at -10%. And when the industry’s leading and strongest company struggles to raise… its head, which also delays decisions to improve equity diversification, then this drags down the rest of the AEEAPs as well.
The rest… 8
So we see her Disturbance to lose at least 7.5% since the beginning of the year, with the valuation falling below 300 million euros.
THE Trade Estatesat the same time, with losses of more than 8% in 2024, is worth a little less than 200 million euros, while the Orilina it follows at 123 million euros, having cumulative losses of 6.4% in the disputed period.
On her part, Premia is almost unchanged during the year, maintaining a market capitalization of 103 million euros. Even her stock Noval, which debuted on the A.A. just at the beginning of June, it shows a small drop of 2%.
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Special mention should be made, at the same time, at BriQ and Intercontinental, which are in the process of merging with the absorption of the second by the first. All these processes have brought the market value of the two AEEAP to the levels of 66 and 26 million euros, respectively.
In contrast to all of the above, we can single out its share Blue Cedarwhich is the only listed company in the sector with a positive sign in 2024 (6.8%), improving the valuation to 148 million euros.
The market value of the listed AEEAP
• Prodea 1.7 billion euros
• Noval 342 million euros
• Trastor 293 million euros
• Trade Estates 197 million euros
• Blue Cedar 148 million euros
• Orilina 123 million euros
• Premia 103 million euros
• BriQ 66 million euros
• Intercontinental 26 million euros
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(The above is a product of journalistic research and does not constitute an invitation to buy, sell or hold any stock)