Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MERCIALYS. We currently have 3 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
2017 a seller year for Mercialys
17 Mar 17
We have updated our model on Mercialys’s FY numbers and maintain a positive recommendation on the stock. As a reminder, the group published invoiced rents of €187m, up 3.4% lfl, one of the best in class growths in our continental portfolio, and FFO gained 5.4% to €1.25 vs €1.17 yoy (with an 85% payout, in line with guidance). The vacancy rate remained low at 2.5%, cost of cost down to 2.0% and an LTV targeted at under 40% for FY17. NAV per share at €20.6 gained 5.1%, standing at a 23% premium to the current price and the GAV at €3.8bn was up 6.2% lfl. For FY17, the group targets lfl rental growth at +2%, and an FFO, reflecting asset disposals, to be decreased by 5% (a trend that could evolve depending on the schedule of disposals). Dividend at 85% to 95% of FFO.
Solid figures, we maitain our preference for the stock
10 Feb 16
First take: - As announced during preliminary results:, lfl rents invoiced gained +3.4%, o/w 3.5% excl indexation; - FFO gained 5.8% to €108.5m beating the revised +3% guidance. - NAV growth stood at 3.4% €19.48/shr and the total portfolio value gained 6.9% on a lfl basis to €3.54bn. - Dividend distribution announced at €1.33/shr or a payout of 1.14%. - Financial position remains strong with cost of debt down to 2.4% from vs 3.1% at FY14, net debt at €1.36bn (increased by refinancing activities) and an LTV at 41%, well below covenants. - On operations, retailer conditions have remained strong with both sales (+4.5%) and footfall (+1.9%) up. For 2016, management expects lfl invoiced rents growth of 2% excluding indexation and an FFO growth of 2%.
FY15 preliminary results: improving conditions
18 Jan 16
Mercialys just published its FY15 preliminary results. Organic invoiced rents gained 3.4% exceeding the 2% forecast while rental revenues gained 10.6% to €169m. Retailer conditions were strong over the year, with both sales (+4.8%) and footfall (+1.9%) on the rise, despite a slight negative impact from November 13. The overall macro environment remains weak and indexation absent.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.