Financials Retail Estates sa

Equities

Market Closed - Euronext Bruxelles Other stock markets 11:37:37 2024-04-26 am EDT			5-day change	1st Jan Change
65.3 ^EUR	+0.77%		-0.61%	+1.08%

2023	Retail Estates N.V. Reports Earnings Results for the Half Year Ended September 30, 2023	CI
2023	Retail Estates N.V. acquired Retail Park Alexandrium II Megastores in Rotterdam, for ?81.5 million.	CI

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	927.5	598.7	739.7	977.4	917	938.7	-	-
Enterprise Value (EV) ¹	927.5	1,432	739.7	977.4	917	938.7	938.7	938.7
P/E ratio	16.8 x	10.1 x	12 x	7.22 x	5.01 x	7 x	10 x	10 x
Yield	5.23%	9.28%	7.71%	6.22%	7.53%	7.66%	7.74%	7.92%
Capitalization / Revenue	9.72 x	5.55 x	7.21 x	8.44 x	7.29 x	6.76 x	6.4 x	6.11 x
EV / Revenue	9.72 x	5.55 x	7.21 x	8.44 x	7.29 x	6.76 x	6.4 x	6.11 x
EV / EBITDA	-	6.51 x	-	-	-	8.4 x	7.77 x	7.33 x
EV / FCF	-	-29.8 x	-	-	-	41.5 x	66.6 x	47.7 x
FCF Yield	-	-3.35%	-	-	-	2.41%	1.5%	2.1%
Price to Book	1.31 x	0.75 x	0.92 x	1.06 x	0.84 x	0.79 x	0.79 x	0.78 x
Nbr of stocks (in thousands)	11,423	12,630	12,666	13,226	14,086	14,376	-	-
Reference price ²	81.20	47.40	58.40	73.90	65.10	65.30	65.30	65.30
Announcement Date	5/17/19	6/12/20	5/25/21	6/16/22	5/26/23	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	95.41	107.9	102.6	115.8	125.9	138.8	146.8	153.7
EBITDA ¹	-	91.92	-	-	-	111.8	120.8	128.1
EBIT ¹	87.22	91.56	-	96.93	59.28	97.71	116.9	123.5
Operating Margin	91.42%	84.85%	-	83.72%	47.1%	70.4%	79.67%	80.34%
Earnings before Tax (EBT) ¹	-	-	-	-	-	134.3	99.5	104.7
Net income ¹	54.48	58.1	-	-	-	133.3	95.5	100.5
Net margin	57.1%	53.84%	-	-	-	96.04%	65.06%	65.39%
EPS ²	4.840	4.700	4.860	10.23	12.99	9.330	6.525	6.520
Free Cash Flow ¹	-	-20.06	-	-	-	22.6	14.1	19.7
FCF margin	-	-18.59%	-	-	-	16.28%	9.61%	12.82%
FCF Conversion (EBITDA)	-	-	-	-	-	20.21%	11.67%	15.38%
FCF Conversion (Net income)	-	-	-	-	-	16.95%	14.76%	19.6%
Dividend per Share ²	4.250	4.400	4.500	4.600	4.900	5.000	5.057	5.170
Announcement Date	5/17/19	6/12/20	5/25/21	6/16/22	5/26/23	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	834	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	9.07 x	-	-	-	-	-	-
Free Cash Flow ¹	-	-20.1	-	-	-	22.6	14.1	19.7
ROE (net income / shareholders' equity)	9.54%	9.18%	7.65%	15.2%	8.74%	11%	9.05%	8.95%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	62.00	63.30	63.80	69.60	77.90	82.40	83.20	83.70
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	-	-	-	-	59.3	80	80
Capex / Sales	-	-	-	-	-	42.73%	54.5%	52.05%
Announcement Date	5/17/19	6/12/20	5/25/21	6/16/22	5/26/23	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

65.3 EUR

Average target price

73.83 EUR

Spread / Average Target

+13.07%

	1st Jan change	Capi.
RETAIL ESTATES SA	+1.08%	1B
SIMON PROPERTY GROUP, INC.	-0.20%	46.38B
KIMCO REALTY CORPORATION	-13.75%	12.39B
THE LINK REAL ESTATE INVESTMENT TRUST	-22.69%	11.06B
REGENCY CENTERS CORPORATION	-13.01%	10.74B
NNN REIT, INC.	-5.43%	7.45B
BRIXMOR PROPERTY GROUP INC.	-6.66%	6.54B
AGREE REALTY CORPORATION	-8.23%	5.8B
VICINITY CENTRES	-7.60%	5.6B
KITE REALTY GROUP TRUST	-7.00%	4.67B