Company Valuation: Retail Estates sa

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 977.4 917 934.4 886.9 991.7 934.6 - -
Change - -6.18% 1.9% -5.09% 11.83% -5.76% - -
Enterprise Value (EV) 1 977.4 917 934.4 886.9 991.7 1,875 1,945 1,944
Change - -6.18% 1.9% -5.09% 11.83% 89.05% 3.76% -0.07%
P/E 7.22x 5.01x 7.56x 8.27x 8.03x 9.59x 9.94x 8.75x
PBR 1.06x 0.84x 0.8x 0.73x 0.77x 0.71x 0.7x 0.69x
PEG - 0.2x -0.2x -0.5x 0.6x -0.5x -2.87x 0.6x
Capitalization / Revenue 8.44x 7.29x 6.7x 6.18x 6.79x 6.14x 5.87x 5.66x
EV / Revenue 8.44x 7.29x 6.7x 6.18x 6.79x 12.3x 12.2x 11.8x
EV / EBITDA - - 8.37x - 8.4x 15.1x 14.9x 14.3x
EV / EBIT 10.1x 15.5x 8.37x 7.76x 8.4x 15.4x 15.1x 14.6x
EV / FCF - - 12.4x - 13.6x 105x 120x 44.2x
FCF Yield - - 8.04% - 7.33% 0.95% 0.83% 2.26%
Dividend per Share 2 4.6 4.9 5 5.1 5.2 5.25 5.29 5.33
Rate of return 6.22% 7.53% 7.69% 8.46% 7.88% 8.44% 8.5% 8.57%
EPS 2 10.23 12.99 8.6 7.29 8.22 6.485 6.26 7.112
Distribution rate 45% 37.7% 58.1% 70% 63.3% 81% 84.5% 74.9%
Net sales 1 115.8 125.9 139.5 143.4 146.1 152.3 159.1 165.1
EBITDA 1 - - 111.6 - 118 124.4 130.6 135.9
EBIT 1 96.93 59.28 111.6 114.3 118 122 128.8 133.2
Net income 1 - - 123 - 123 81.25 90.35 97.7
Net Debt 1 - - - - - 940.2 1,011 1,009
Reference price 2 73.90 65.10 65.00 60.30 66.00 62.20 62.20 62.20
Nbr of stocks (in thousands) 13,226 14,086 14,376 14,707 15,026 15,026 - -
Announcement Date 16/6/22 26/5/23 27/5/24 26/5/25 22/5/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.62x12.33x15.1x8.41% 1.05B
33.33x17.89x22.45x3.42% 119B
32.25x14.38x18.47x4.26% 68.35B
37.3x14.78x15.28x5.8% 53.04B
18.28x15.47x17.6x1.13% 38.41B
13.83x24.64x26.98x3.63% 16.23B
27.23x10.84x14.91x4.59% 15.7B
8.29x11.87x14.53x6.02% 14.75B
18.05x16.15x23.47x5.33% 14.05B
29.36x11.19x16.38x4.15% 13.37B
Average 22.76x 14.95x 18.52x 4.67% 35.4B
Weighted average by Cap. 29.05x 15.89x 19.42x 3.98%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Retail Estates sa

Historical PBR trend

Valuation ratios - PBR - Retail Estates sa

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Retail Estates sa

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Retail Estates sa


Year-on-year evolution of the Yield

Valuation ratios - Yield - Retail Estates sa
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