Possible divestments in logistics segment to boost cash position.
The group intends to dispose of at least part of its logistics portfolio, which in turn would support its cash position (net debt amounted to PLN 215m as of end-3Q23, concurrently with net debt/BV ratio of 0.3x).
We assume that the total value of the three existing projects, dedicated to Marvipol Development, may reach ca. PLN 184m. We expect that potential transactions may take place in 2024E as the investment market should gradually recover. Expected return to recurrent dividend pay-outs. In our forecasts, we assume that the company will return to regular dividend payments, starting from 2024E. We assume a dividend payout ratio of 50% and DPS of PLN 0.67 in 2024E, which implies a DY of 9.4%.
Multiple valuation. On our forecasts, Marvipol Development currently trades at a P/E of 5.3x in 2023E and 6.8x in 2024E. As to P/BV multiples, we arrive at 0.4x in 2023E and 2024E, which implies a 70% discount vs. peers.
