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On Monday, Deutsche Bank (ETR:DBKGn) updated its outlook on Glenveagh Properties PLC (GLV:ID), increasing the price target to €1.90 from the previous €1.65. The firm maintained a Hold rating on the stock. The revision follows Glenveagh’s Annual General Meeting (AGM) trading update, which reaffirmed the company’s full-year guidance.
The analyst at Deutsche Bank highlighted that the full-year guidance appears less risky, noting the property developer’s expanded share buyback program. The bank forecasts a 13% return on tangible equity (RoTE) for the current year, which is expected to remain consistent with the previous year’s performance. This is anticipated to contribute to an approximate 13% growth in net tangible asset value (NTAV) per share.
The increase in the price target is attributed to rolling forward the valuation methodology, which remains unchanged, but is applied to slightly adjusted forecasts. The new target is based on 1.3 times the projected net tangible asset value (PNTAV) and 10 times the price-to-earnings (PE) ratio.
In the commentary, Deutsche Bank’s analyst pointed out that housing demand in Ireland continues to substantially exceed supply. This ongoing imbalance is further supported by various state initiatives, which the analyst believes effectively bolster the housing market.
Glenveagh Properties, which focuses on building homes and creating communities, is expected to benefit from the robust housing demand in Ireland. The company’s reaffirmed guidance and the share buyback program seem to provide a stable outlook for its financial performance in the upcoming year.
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