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.
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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.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)