Shares of the owner of the center at Marywilska down. The statement helped limit the damage
It could have been a difficult morning for the stock exchange-listed Mirbud, the owner of the burned shopping center on Marywilska in Warsaw. The company's shares fell at the opening, but only by 5%, which could be due to the announcement of plans to rebuild the market halls.
On Sunday evening, Mirbud, the owner of the hall at Marywilska 44, announced its reconstruction. However, the stock exchange announcement does not contain additional information on the size of the future shopping center and whether existing tenants will have priority in concluding contracts. There were nearly 1,400 retail outlets in the burned center. The company also informed that the halls were insured.
Mirbud is the owner of the hall at Marywilska Street
Perhaps this information calmed down investors, because according to Michał Stajniak, deputy director of the XTB Analysis Department, the company's shares fell only by over 5%. at the opening of quotations on May 13. after the events that took place last weekend. Market halls on Marywilska Street in Warsaw, which belong to the company Marywilska 44, which in turn is owned by Mirbud, burned down in unexplained circumstances.
– It is worth mentioning that the Mirbud company operates in all segments related to construction activities, while the Marywilska 44 company is related to real estate investment activities. In terms of revenues, Marywilska 44 was relatively insignificant for the entire Mirbud capital group. In the 2023 report, the Marywilska 44 company generated revenues of PLN 61 million, with Mirbud's consolidated revenues of PLN 3.322 billion, writes Stajniak.
Mirbud has recently reached historic highs in terms of stock exchange prices above PLN 10 per share and is characterized by relatively low valuations of approximately 1.2 for the price to book value ratio and slightly above 7 for the price to earnings ratio. For the fourth quarter of the previous year, the company generated an increase in revenues of 23.5% y/y and an increase in net profit of 150%. y/y. The company is scheduled to publish a consolidated report for the first quarter of this year on May 23. It is worth mentioning, however, that only in subsequent announcements will the company inform how the latest event will affect its future financial results.
– It is difficult to say that in the case of Mirbud there was a panic sale. Marywilska 44 is only a small percentage of the entire company's operations. The shares lost about 5 percent at the opening, but later the loss was neutralized to about 2.2 percent. The shares are trading above Thursday's lows at PLN 10.3, summarizes Stajniak.
