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Erste expects low margins for GTC's Bucharest residential projects

28.09.2008, 20:06 10

Consultants of Austrian group Erste are expecting low margins for the residential complexes developed by Globe Trade Center (GTC) on the local market, as well as in Poland, causing the target price to fall from 47 Polish zloty to 31 Polish zloty. The company, listed on the Warsaw stock exchange, is developing three sizeable residential complexes in Bucharest - Rose Garden in the Colentina area, FeliCity, near Baneasa forest and Garden of Eden in Pipera - which contain around 4,000 apartments in various stages of design or construction. The evaluation for GTC shares has been reduced from "buy" to "hold". "The downgrade is based on the fact that the shares are still traded at much higher multiples than most similar shares. GTC remains a relatively safe bet because of the quality of its portfolio, of the current high margins for commercial projects, of the company's expansion onto CSI markets and to its strong balance sheet (...)" explained Erste consultants.

 

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