LONDON, July 23, 2015 /PRNewswire/ --
Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage of Globalworth Real Estate Investments
Highlights of the analysis on Globalworth Real Estate Investment by Edison's financial analyst Martyn King include:
Globalworth Real Estate Investments is incorporated in Guernsey and listed on the AIM market of the London Stock Exchange. It is a real estate investment company focused on opportunities in South-East Europe and the CEE, but primarily Romania, which accounts for the entire current portfolio.
GWI is trading at a 44% discount to our forecast FY17 EPRA NAV, capturing the expected valuation uplift from the completion of current developments, with a forecast 5% yield. Although not shown in our forecasts, if the portfolio NOI yield used in the external valuation were to decline from 7.71% to 7.0% (Warsaw and Prague c 6.0%), FY17e NAV would increase by 18%. Our detailed analysis explores the potential for additional valuation gains, as well as the possible dilutive impacts of warrant conversions and equity-raising.
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