In the four years since it was acquired by Goldman Sachs and left WSE, Robyg has grown significantly as an organization. At the beginning of 2018, the company was acquired by the current owner with about 682 million PLN of equity, a land bank with a potential of 12-14 thousand zlotys. of apartments, after record sales in 2017. Payment of about 1.158 billion PLN, which means an increase of 70% in relation to the book value [1,7 P/BV – red.]. To our knowledge, no residential developer was listed with such indications at that time. However, the group of similar companies in Poland is diverse – they are listed both at a premium to book value and at a discount. This is often due to the quality of the assets and the way the capital is built up. Additionally, industry leaders are listed with a bonus as the most stable and reliable. The final price Goldman Sachs paid included a premium for controlling and acquiring one of the largest entities in the industry at the time.
Currently, the value of the company is much higher. Robyg’s equity at the end of the first half of 2021 amounted to approximately PLN 1.1 billion [po odjęciu bezterminowej pożyczki od akcjonariusza – red.]. The sale of apartments is also increasing – everything indicates that this year the company will be able to break the record for 2017. After three quarters, less than 100 apartments are lacking for this result. In addition, Robyg’s land bank has nearly doubled.
Given the current amount of equity and taking into account the dividends of PLN 197 million paid since the acquisition, it can be concluded that the value of the company now exceeds the purchase price. With the ratio of P / BV from 2017, it is approximately 2 billion PLN.
However, the market is currently valuing residential developers higher than it did in 2018. Values still vary, which is caused by the size of companies, however, there are more entities whose valuation exceeds book value than it was three years ago.
