Retail broker Goldring has published an analysis report on real estate company Meta Estate Trust (ticker symbol MET), assigning a target price range of 0.712–0.76 lei per share, which represents a 13.1% increase compared to the current trading price on the Bucharest Stock Exchange.
By comparison, the target price range issued in June 2024 was 0.82–0.909 lei. “The forecasts were made for the medium term, with the 2024–2027 period considered a mid-term investment horizon. The target price was determined based on the company’s 2023 results, the financial report for the first nine months of the year, the projected 2024 budget, the historical accuracy of management’s forecasts, as well as the most recent capital increase operation,” the analysts wrote.
Meta Estate Trust reported strong financial results for the first nine months of 2024, with total revenues of 25.5 million lei and a gross profit of 8.8 million lei, reflecting a ~10% increase compared to the same period in 2023. Turnover for January–September 2024 reached 11.7 million lei, accounting for 46% of total revenues, of which 3.2 million lei were generated in Q3. The main revenue source was the sale of residential real estate units in Bucharest, in projects such as Mobexpert Homes, Parcului 20, The Level – Phase II, Aviației Park, and Noa Pajura—the latter acquired by the company in 2024.
As for operational expenses, the company recorded 1.4 million lei in general operating costs in Q3, with a total of 4.7 million lei over the nine-month period, representing 29% of total operating expenses. This increase was driven by both legal services required for litigation management and the company’s expanding operational activity.
“For 2024, the company forecasts an 18% increase in gross profit and a 12% increase in net profit compared to 2023, aligned with its budgeted objectives. Based on the historical accuracy of budget targets and the contribution of the first nine months to annual results, we expect not only that the targets will be met, but possibly moderately exceeded. This overperformance may be particularly noticeable in operating revenues, while profitability margins are expected to remain in line with historical levels,” the Goldring report adds.
Meta Estate Trust is currently valued at 68 million lei, with its largest shareholder being Adrian Vasile Viman (13.84%). MET shares are up 7.5% year-to-date, with trading volumes totaling 3.8 million lei, according to Bucharest Stock Exchange data.
