Stock RET RETAIL ESTATES SA
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Financials Retail Estates sa

Equities

RET

BE0003720340

Commercial REITs

Market Closed - Euronext Bruxelles
Other stock markets
 16:35:24 03/05/2024 BST 		5-day change 1st Jan Change
66.4 EUR +0.45% Intraday chart for Retail Estates sa +1.68% +2.79%
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

Valuation

Fiscal Period: Marzo 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 927.5 598.7 739.7 977.4 917 954.5 - -
Enterprise Value (EV) 1 927.5 1,432 739.7 977.4 917 954.5 954.5 954.5
P/E ratio 16.8 x 10.1 x 12 x 7.22 x 5.01 x 7.12 x 10.2 x 10.2 x
Yield 5.23% 9.28% 7.71% 6.22% 7.53% 7.53% 7.62% 7.79%
Capitalization / Revenue 9.72 x 5.55 x 7.21 x 8.44 x 7.29 x 6.88 x 6.5 x 6.21 x
EV / Revenue 9.72 x 5.55 x 7.21 x 8.44 x 7.29 x 6.88 x 6.5 x 6.21 x
EV / EBITDA - 6.51 x - - - 8.54 x 7.9 x 7.45 x
EV / FCF - -29.8 x - - - 42.2 x 67.7 x 48.5 x
FCF Yield - -3.35% - - - 2.37% 1.48% 2.06%
Price to Book 1.31 x 0.75 x 0.92 x 1.06 x 0.84 x 0.81 x 0.8 x 0.79 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 66.40 66.40 66.40
Announcement Date 17/05/19 12/06/20 25/05/21 16/06/22 26/05/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo 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 17/05/19 12/06/20 25/05/21 16/06/22 26/05/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2024 S1
Net sales -
EBITDA -
EBIT -
Operating Margin -
Earnings before Tax (EBT) -
Net income 1 86.64
Net margin -
EPS 2 6.100
Dividend per Share -
Announcement Date 21/11/23
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: March 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 17/05/19 12/06/20 25/05/21 16/06/22 26/05/23 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Retail Estates sa

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
66.4 EUR
Average target price
73.83 EUR
Spread / Average Target
+11.19%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Retail REITs

1st Jan change Capi.
RETAIL ESTATES SA Stock Retail Estates sa
+2.79% 1.03B
SIMON PROPERTY GROUP, INC. Stock Simon Property Group, Inc.
+0.20% 46.56B
KIMCO REALTY CORPORATION Stock Kimco Realty Corporation
-10.37% 12.88B
THE LINK REAL ESTATE INVESTMENT TRUST Stock The Link Real Estate Investment Trust
-22.01% 11.18B
REGENCY CENTERS CORPORATION Stock Regency Centers Corporation
-11.94% 10.88B
NNN REIT, INC. Stock NNN REIT, Inc.
-3.02% 7.66B
BRIXMOR PROPERTY GROUP INC. Stock Brixmor Property Group Inc.
-4.64% 6.69B
AGREE REALTY CORPORATION Stock Agree Realty Corporation
-6.62% 5.9B
VICINITY CENTRES Stock Vicinity Centres
-6.62% 5.73B
KITE REALTY GROUP TRUST Stock Kite Realty Group Trust
-7.83% 4.63B
Retail REITs
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