Company Valuation: Retail Estates sa

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 977.4 917 934.4 886.9 991.7 981.2 - -
Change - -6.18% 1.9% -5.09% 11.83% -1.06% - -
Enterprise Value (EV) 1 977.4 917 934.4 886.9 991.7 1,895 1,958 1,993
Change - -6.18% 1.9% -5.09% 11.83% 91.1% 3.32% 1.79%
P/E 7.22x 5.01x 7.56x 8.27x 8.03x 10.2x 9.94x 8.65x
PBR 1.06x 0.84x 0.8x 0.73x 0.77x 0.74x 0.74x 0.72x
PEG - 0.2x -0.2x -0.5x 0.6x -0.5x 3.4x 0.6x
Capitalization / Revenue 8.44x 7.29x 6.7x 6.18x 6.79x 6.47x 6.2x 5.97x
EV / Revenue 8.44x 7.29x 6.7x 6.18x 6.79x 12.5x 12.4x 12.1x
EV / EBITDA - - 8.37x - 8.4x 15.4x 15.1x 14.7x
EV / EBIT 10.1x 15.5x 8.37x 7.76x 8.4x 15.6x 15.3x 15.1x
EV / FCF - - 12.4x - 13.6x 106x 57.2x 45.3x
FCF Yield - - 8.04% - 7.33% 0.94% 1.75% 2.21%
Dividend per Share 2 4.6 4.9 5 5.1 5.2 5.24 5.28 5.325
Rate of return 6.22% 7.53% 7.69% 8.46% 7.88% 8.02% 8.09% 8.15%
EPS 2 10.23 12.99 8.6 7.29 8.22 6.383 6.57 7.545
Distribution rate 45% 37.7% 58.1% 70% 63.3% 82.1% 80.4% 70.6%
Net sales 1 115.8 125.9 139.5 143.4 146.1 151.7 158.2 164.5
EBITDA 1 - - 111.6 - 118 123 129.4 136
EBIT 1 96.93 59.28 111.6 114.3 118 121.3 128.1 132.3
Net income 1 - - 123 - 123 95.75 99.65 108
Net Debt 1 - - - - - 914 977 1,012
Reference price 2 73.90 65.10 65.00 60.30 66.00 65.30 65.30 65.30
Nbr of stocks (in thousands) 13,226 14,086 14,376 14,707 15,026 15,026 - -
Announcement Date 16/06/22 26/05/23 27/05/24 26/05/25 22/05/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.23x12.5x15.4x8.02% 1.14B
34.44x14.3x18.75x4.29% 68.01B
28.41x11.11x15.16x4.47% 16.15B
30.54x11.49x16.7x4% 13.85B
15.44x11.13x16.19x6.49% 12.75B
38.56x15.41x18.6x4.4% 9.02B
25.28x9.93x14.77x4.22% 9.02B
21.78x14.01x15.38x5.42% 8.65B
14.39x15.38x16.86x5.42% 8.29B
-126.88x11.5x16.35x2.92% 6.65B
Average 9.22x 12.68x 16.42x 4.97% 15.35B
Weighted average by Cap. 22.62x 13.16x 17.31x 4.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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