15:05 3 December 2024
mBank Brokerage House: development industry reaching bottom of sales cycle
Mikołaj Lemańczyk, an analyst at mBank Brokerage, believes the real estate sector is at a low point in the sales cycle, but anticipated interest rate cuts and improved credit availability will drive demand recovery. Despite no government support programs, the WIG-Real Estate index has outperformed the broader WIG this year, thanks largely to Develia and Dom Development, whose shares have risen approximately 42% in 2023.
Lemańczyk sees Murapol and Atal as undervalued stocks, recommending "buy" with target prices of PLN 46.17 and PLN 73.59, respectively. He highlights Murapol’s sales growth and high dividends for 2025 but warns of balance sheet risks. Atal’s growth potential is tied to easing mortgage costs, expected to bolster sales post-rate cuts.
(pb.pl)
