New target price following the H1 figures
27 Jul 16
Klepierre has published solid H1 16 figures with EPS standing at €1.16, up 8.6% yoy, ahead of our FY expectations. Shopping centre net rental income grew by +2.8% lfl , outperforming the index by 250bp, and Retailer sales grew by +2.6% lfl. EPRA NAV stands €34.8 per share, up 8.7% and above our €33 18-month forward NAV, and the group’s GAV is up 4.8% lfl to €22.6bn. The financial position remains strong with cost of debt down 30bp to 2.6%, the LTV at 39.1% remains stable, and net debt now stands at €9.1bn, down from €9.4bn. Management has revised the EPS guidance to the upper end of the expected €2.23 to €2.25 range for FY16.
Strong FY figures: now targeting €67m synergies by 2017
10 Feb 16
Klepierre published strong FY15 figures. The NRI stood at €1,068m, up 3.4% lfl (an acceleration from the 2.8% in H1 15) and 300bp above indexation. EPS stood at €2.16, the upper end of the targeted €2.10-2.15. This is ahead of our expected €2.14/share. And the announced dividend at €1.70/share is in line with our expectations. The NAV per share stood at €34.7, up 8%, beating our expectations and now only 0.5% below our 18-month forward NAV expectations. Management now guides for EPS of €2.23 to €2.25 for FY16.
Strong H1: expecting higher cost synergies from Corio, EPS guidance revised towards the upper end
30 Jul 15
Klepierre published a strong set of figures for H1 15. Pro-forma organic NRI stood at €525.2m, up 2.8% despite close to no indexation (+0.4%), with +3.5% from Old Klepierre assets and +1.4% from ex-Corio. EPS gained 1.4% to €1.07 and total portfolio value was up by 2.3% to €21.9bn, (o/w €18.9bn GS) and EPRA triple net NAV gained 4.2% to €30.9. The integration of Corio is moving fast and delivering the planned synergies. Management currently expects more than the €20m of synergies initially guided for FY15. Occupier conditions remained strong with same-store sales up by 3.2% or 3.8% including extensions and the financial structure was optimized with: cost of debt now at 2.5% (closer to Unibail’s 2.2%), a higher debt maturity at 5.6 years and a stable LTV at 40%. Management has revised its EPS guidance for the FY15 moving to the upper end of the previously guided EPS of €2.10-2.15; we had been expecting €2.14.