EGH raises property valuations and upgrades EBITDA guidance

Eureka Group Holdings Limited (ASX: EGH) has updated its projected outcomes for the fiscal year ending 30 June 2023. The company has revised its FY23 Underlying EBITDA guidance forecast, anticipating between AU$12.2 million and AU$12.5 million. Additionally, preliminary independent valuations of Eureka's property portfolio reveal a net revaluation increase of AU$17.5 million, approximately AU$5.8 cents per share, from 31 December 2022 to 30 June 2023.

After factoring in capital expenditure since 31 December 2022, this uplift raises Eureka's net tangible assets (NTA) per share by roughly AU$4.4 cents after tax, constituting an 11% rise. The ongoing Brassall development in southeast Queensland is progressing favorably, with the completion of the first stage for 10 of the 51 homes expected by 31 July 2023. Rental agreements have already been secured for 31 homes, achieving rents that meet or exceed projected levels.

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