Bankinter S.A. - Lar España (LRE SM) Lar EspaÃ±a: No surprises in 2Q17 results.

Report

Bankinter S.A.

Juan Moreno

EUR 100.00 For Business Accounts Only

Lar EspaÃ±a: No surprises in 2Q17 results.

2Q17 results were in line with our estimates for the full year. Occupancy rates improving by 50bp to 94.3% in 4Q16 (94.3% retail, 89.5% offices and 100% Logistics). Lar Españas’s retail assets continue to show strong fundamentals with footfall and sales increasing by 3.0% and 3.3% YTD, respectively.

The company reported a GAV of €1,448Mn at June 2016, implying an increase of 13.6% during the year (+4.5% LfL). According to our estimates for 2017, the implicit gross running yield would be 5.5% in 2017e rising to 6.2% in 2018e and 7.3% in 2019e (when Palmas Altas and Vida Nova Parc are expected to be under operations).

Lar España’s NFD fetched €539.4Mn at June 2017, implying a LTV of 39%. We expect a LTV of 42.3% by the end of 2017e.

27/07/2017 4 EN

Underlying

Lar España

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Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Juan Moreno

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Lar EspaÃ±a: No surprises in 2Q17 results.

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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