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19 October 2017
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Citibank: Buy Rating - new price target for EFG Properties

26 November 08 - Yiannis D. Papadomarkakis
Citibank: Buy Rating - new price target for EFG Properties

DEALS

DATE BUYER SELLER
17 October 17 Credit Suisse Asset Management Legal & General capital
30 August 17 GLP J-REIT Global Logicis Properties

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NAI Hellas

Consultant - GREECE

ARXIKON S.A.

Developer - GREECE

Solum Property Solutions

Consultant - GREECE

PEOPLE

Deep Discount to NAV - on our estimates, at a 55% discount based on Sep  net book value (of c€12) or c70% excluding the net cash (€2 per share). The discount appears exaggerated by a conservative book valuation on (c7.1% yield), and a high quality portfolio with EFG Eurobank as a key tenant. Vacancy ratios are marginal, with less than 5% of the leases expiring by 2010 and an average lease life of ten years. CPI indexation applies to nearly all leases.

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