Duna House wants to become a decisive player in the European real estate market, so it is looking for additional opportunities to buy not only in the region but across Europe, investing 2 million to 20 million euros.
Guy Dymschiz (pictured), CEO of the Duna House Holding Plc Joint Venture announced that he did not want the company to enter the Budapest Stock Exchange in November 2016. These promotions are included in the premium category. At the same time, he believed that the current exchange rate of his shares did not reflect the fair value of the company – on Tuesday the closing price was 3660 forints – MTI quotes.
He pointed out that the company's interest rate, tax payments and EBITDA in the first half of 2018 was HUF 1.43 billion, which is two and a half times higher than in the same period of 2016. In addition, the share price did not have a significant effect on the steady increase in dividend payments or the acquisition of MyCity.
He also urged the company to focus on a new market as well as a search for existing markets. This was underlined by the fact that the franchise network in the Czech Republic had already begun, and in Hungary they have been working on expanding the franchise system so far.
Ferenc Máté, deputy head of the company, recalled that the company was later expanded on November 6, when the Polish subsidiary of the Dune House group purchased the Polish Gold Finance Sp. Z oo for Metrohouse Franchise S.A. credit intermediary. Gold Finance issued a HUF 63 billion loan in 2017, which is approximately the same as the entire loan portfolio of the Duna House Group in Hungary and Poland – Ferenc Máté was considered an important acquisition.
Doron Dymschiz, co-founder of the group, mentioned extension of family home benefits (bouquets) for the most important changes in the Hungarian real estate market, while maintaining a preferential 5 percent platform – under certain conditions until 2023 and finally, state subsidies for housing savings funds. A positive step is also the expansion of bouquets and maintenance of housing stock, the first of which is expected to increase the loan portfolio, and the latter is eliminated by uncertainty in the market. Recognizing the LPP State Aid as a refusal encourages companies to develop new money market products, he adds.
Dániel Schilling, Chief Executive Officer, focused on the target prices set by the analysts. Concerning the target price of 4751 forint, agreed by Concorde Securities Zrt., The Group believes that the current share price should be exceeded, he said.
The shares of Duna House have been sold in the BSE category since November 11, 2016. Last year, the highest exchange rate was 4340 forints, the lowest of 3360 forint.
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