Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KLEPIERRE. We currently have 3 research reports from 1 professional analysts.
|07Nov16 05:00||GNW||Klépierre announces the disposal of two shopping centers in Scandinavia|
|07Nov16 04:45||GNW||Klépierre announces the promotion of Jean-Marc Jestin as its new Chairman of the Executive Board|
|26Oct16 04:45||GNW||Klépierre : BUSINESS REVIEW FOR THE FIRST NINE MONTHS OF 2016|
|06Oct16 05:00||GNW||KLEPIERRE : DELISTING FROM EURONEXT AMSTERDAM OF KLÉPIERRE SHARES|
|27Sep16 04:45||GNW||KLÉPIERRE : CLOSING OF THE BOND TENDER OFFER|
|19Sep16 05:40||GNW||KLÉPIERRE SUCCESSFULLY PLACES A 15-YEAR 600 MILLION EURO BOND AT A 1.25% COUPON|
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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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.