Despite a slower recovery that one could have expected in 2020, values were resilient in H1 21. The c.4% p.a. was half the FY 20 degradation pace. Even if we question the roughly stable appraisals, the fact is that the released figures were reassuring.
Companies: Klepierre (LI:EPA)Klepierre SA (LI:PAR)
Klepierre confirmed other players’ views: shoppers are back in the shops as from reopening, targeting 90% of 2019 retailers’ revenue. No strong consumption catch-up (i.e. sales above 2019 levels) was observable to date, nevertheless. Klépierre’s shopping malls should reopen in full as from mid-May.
The company’s FY 21 guidance wasn’t that aggressive in assuming a lower FFO per share. Is this because some non-recurring items could be considered as recurring?
Companies: Klepierre SA
Prior to the impact of further lockdown measures adopted in early Q4 20 across Europe, Q3 20 was stabilising vs. Q2 20. Both tenant revenues and footfall were stabilising at c.10% below their 2019 levels. The good news, however, was that rents did not collapse in Q3 20. The question remains whether this recovery will be sufficient to avoid a recap. March 2021 (annual figures, including values) will at least provide the answer.
The negative revaluation of 2.8% vs. December 2019 demonstrates a c. 6% annual pace. Valuers warned that valuation “could” adjust strongly in H2 20. Consumption was far from having fully recovered in Klépierre’s shopping malls in June 2020. Please wait.
The Q1 20 figures from the old world were unsurprisingly good with a stable revenue, lfl. As Hammerson confirmed today that Orion decided not to buy its £400m retail parks in the UK, we can assume that all other players will experience some difficulties in selling assets in the coming quarters. How will Klépierre’s balance sheet react to the crisis?
Erosion of Gross Asset Value was 1.1% in H2 19 (at constant perimeter) and 2% over FY 19. Don’t wait for a strong share price rebound but annual dividend yield looks safe (c.7%) as the retailer’s sales stand in positive territory (+1.8% for FY 19).
Except for France (36% of revenue) at +0.7% lfl, stable below inflation, the bulk of Klépierre’s tenants revenue showed an acceleration all over Europe. The key accelerations were located in Germany, Italy and Scandinavia.
Klepierre experienced a slight negative revaluation of 0.9% in its full €24bn portfolio in H1 19. The rate does not look harsh, but it could last. For now, more than some peers, the group is protected by its 3% lfl growth in rents. All in all, the NNNAV was down 3.6% in six months despite its resilient rents.
Klepierre released nice 3% organic growth in Q1 (rents). However, we focus on tenants’ sales growing by only 0.3%, well under the 0.9% FY 18 growth and the 2.5% CAGR applied by valuers to Klepierre’s mid-term rents.
FY18 underlying cash flow per share: €2.65. Guidance >€2.62.
Dividend up to €2.10 from €1.96 implying a 6.9% yield.
Assets revaluation (excluding capital gains): H1 was +1.3%, FY18 +1.5%. This reflects the first 10bp decompression in yields after years of compression, from 4.8% to 4.9% on shopping centres.
NNNAV not disclosed. NAV of €40.5 per share vs. €39.50 in H1 18 and €39.6 at the end of 2017.
Key points in Q4, tenants’ sales: France -0.3% (35% of revenue, Yellow Vests induced slowd
Klépierre recorded a good Q3 operational performance, despite a challenging retail environment.
Following the latest rumours in the market, Klépierre’s bid offer on Hammerson is no longer a secret. On Monday (19 March), Klépierre confirmed that it had made a proposal to the board of Hammerson a fortnight previously, walking in the footsteps of Unibail and its €24.7m Westfield deal. It has proposed a £5bn takeover offer at a value of 615p per Hammerson share, the Board of which has immediately rejected the offer.
Klépierre reported its FY17 results, revenues increased by 1.6% yoy (in line with our estimates) to €1,321m. Shopping centre NRI was up by 3.3% on an organic basis. The commercial portfolio value reached €23.4bn (c. 98% of the total portfolio), with 4% lfl compared to FY16. The LTV remained stable at 36.8%, thanks to the rise in property values. We remain optimistic following the good set of numbers.
Klépierre released its Q3 figures. Gross rental income rose by 1.8% to €924.4m over 9 months. Shopping centres’ gross rental income was up by 2.1% yoy. Leasing activity accounted for 1,440 leases signed at 30 September 2017 (against 1,356 leases yoy). Net debt was quasi stable, at €9.1bn, with cost of debt reduced to 1.8%.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Klepierre SA.
We currently have 0 research reports from 0
Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it
Companies: Revolution Beauty Group plc
Companies: Aquis Exchange Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Companies: Gore Street Energy Storage Fund PLC
Companies: Real Estate Investors plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
No joiners today.
Plutus Powergen has left AIM.
What’s cooking in the IPO kitchen?
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
Companies: ALS APP BOD DXRX EDR EOG KOO RBBS TRP UOG
What’s cooking in the IPO kitchen?
Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
Companies: ANP DMTR FCRM HUR I3E IGE KWG MTR MEAL POW
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
In-line interim results to 30 June 2021 show revenues up 93% to £8.5m, EBITDA up 118% to £2.4m and AUM up 15% to £1.1bn compared with the FTSE All Share, which grew 11.1%. DFM assets outperformed the All Share by almost 4x, increasing 40% to £606m. Recent acquisitions are all performing as initially expected, with the full opportunities that can be realised as a result of the network effects and joined up approach, likely yet to come. While EBITDA is performing very well, reaching 54% of our 202
Companies: Frenkel Topping Group plc
AfriTin* (ATM LN) – Conditional credit approval for Uis mine expansion
Altus Strategies* (ALS LN) - BUY – 125p – Numerous artisanal gold workings discovered on new licenses in Egypt
Botswana Diamonds (BOD LN) – Drilling results link two kimberlite ‘blows' at Thorny River
Caerus Mineral Resources (CMRS LN) – Raising £1.5m in placing and subscription
GoldStone Resources* (GRL LN) – Extension of Gold Loan
Rio Tinto (RIO LN) – Battery storage facility to be installed at Queensland mine
Companies: ATM ALS BOD CMRS GRL RIO
Big Technologies (BIG) provides market leading electronic monitoring (EM) systems on a SaaS (Software as a Service) basis primarily to criminal justice systems around the world. EM involves utilising location technologies to remotely monitor and manage people within correctional systems.
Companies: Big Technologies PLC
Belvoir’s H1 2021 results are exceptionally strong, with adj. EPS up +50%. They were, of course, aided by a very buoyant housing market, but this does not detract from the strategic progress the group continues to make. The group’s growth strategy has supported 24 years of unbroken profit growth and, while 2022 will likely see cooler market conditions, there are increasing signs it will be a gradual return to more normal conditions. The acquisition of Nicholas Humphreys in H1 and The Nottingham
Companies: Belvoir Group PLC