Ktesios increases NAV and sales after the purchase of QPQ in 2023

  • The NAV per share of Ktesios has increased by 3%, standing at 24 euros per share.
  • During 2023, the company invested 18 million euros, including the purchase of QPQ.
  • GVC Gaesco maintains the recommendation of purchase, estimating a potential of increase of
    more than 20% of the share price.

Ktesios moves on after the purchase of QPQ. Socimi has increased the net asset value (NAV) to 24 euros per share, a positive indicator given that it has capitalised convertibles in the amount of 4.9 million euros to 14,5 euros per share, according to a statement issued by the company.

The company also recorded a 59% increase in sales, which reached 1.8 million euros, and an operating result that went from 170,000 negative euros in 2022 to 100,000 euros in 2023.

Ktesios’s net debt, excluding creditors of group companies, stood at EUR 12,8 million, as opposed to EUR 20 million of equity. Ktesios LTV (loan-to-value), excluding the QPQ portfolio, is 30%.

In line with its strategic objectives, Ktesios has started the process of merging with QPQ, which is accounted for as financial fixed assets worth 13.6 million euros. Ktesios’ roadmap includes the integration of QPQ and the progressive liquidation of its asset portfolio to reduce the company’s indebtedness.

Socimi Ktesios has a portfolio of 870 assets in 86 municipalities

“Our strategic approach to selectively selling assets and reducing our exposure to debt is key to maintaining our financial strength and growth capacity,” said Ktesios CEO Henry Gallego.

In July 2023, the company purchased QPQ in addition to assets worth 18 million euros. To finance these operations, Ktesios obtained a loan of seven million euros valid for two years (due in June 2025) and an interest rate of 1.1% per month.

The difference between the valuation of the Ktesios portfolio, valued at 42.3 million euros, and the book value is 19.4 million, as highlighted by the company in the statement. Founded in 2019, Ktesios is a residential company specializing in the acquisition and management of assets in non prime areas, offering affordable long-term rentals. The company has a diversified portfolio of more than 870 assets in more than 68 municipalities and fifteen provinces of eight autonomous communities.

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