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  • 23 Feb 2023

DPS above our estimate, 2023 FFO guidance in line


Immobiliare Grande Distribuzion SIIQ (IGD:BIT), 0 | Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD:MIL), 0

  • BNP Paribas Exane - Sponsored Research
    • Michi Dario DM | Jones Rob RJ

    • 8 pages


 

Q4 2022 results: FFO was a tad above the +2/3% guidance IGD has announced Q4 results: net rental income was -3.7% YoY, EBITDA -3.6% FFO +3.8%. Occupancy was up vs Q3 2022 at ca. 95.7% in Italy and 98% in Romania. The market value of IGD''s portfolio was ca. EUR 2,081m, or -2.8% YoY. EPRA NAV and NRV reached EUR 10.28 p.s. or -5.3% YoY. The collection rate was 96% in Italy and 97% in Romania as at the end of 2022, up vs. September 2022. Footfall and tenant sales were up vs. 2021 (ca. +7% and 13% ....

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DPS above our estimate, 2023 FFO guidance in line


Immobiliare Grande Distribuzion SIIQ (IGD:BIT), 0 | Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD:MIL), 0

  • Published: 23 Feb 2023
  • Author: Michi Dario DM | Jones Rob RJ
  • Pages: 8
  • BNP Paribas Exane - Sponsored Research


Q4 2022 results: FFO was a tad above the +2/3% guidance IGD has announced Q4 results: net rental income was -3.7% YoY, EBITDA -3.6% FFO +3.8%. Occupancy was up vs Q3 2022 at ca. 95.7% in Italy and 98% in Romania. The market value of IGD''s portfolio was ca. EUR 2,081m, or -2.8% YoY. EPRA NAV and NRV reached EUR 10.28 p.s. or -5.3% YoY. The collection rate was 96% in Italy and 97% in Romania as at the end of 2022, up vs. September 2022. Footfall and tenant sales were up vs. 2021 (ca. +7% and 13% ....


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A promising start

Companies: Immobiliare Grande Distribuzion SIIQ (IGD:BIT)Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD:MIL)

BNP Paribas Exane - Sponsored Research

The devil is in the retail

Companies: Immobiliare Grande Distribuzion SIIQ (IGD:BIT)Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD:MIL)

BNP Paribas Exane - Sponsored Research

Another step in the right direction

Companies: Immobiliare Grande Distribuzion SIIQ (IGD:BIT)Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD:MIL)

BNP Paribas Exane - Sponsored Research

On track to meet FFO guidance and resume dividend

Companies: Immobiliare Grande Distribuzion SIIQ (IGD:BIT)Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD:MIL)

BNP Paribas Exane - Sponsored Research

Sponsored research coverage

Companies: SAB LUVE MN IF ITM ITM CEM IGD WIIT COM SAB IF CEM ILTY MN LUVE IGD

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