Klepierre - Q1 trading update
NRI was up 4.8% to EUR 253.4m, with indexation representing 2.8% and the remainder being driven by reversion and higher additional revenues.Q1 retailer sales were up 4.3% YoY, with Health & Beauty (+12.2%), Food & Beverage (+5.8%) and Fashion (+4.5%) showing the strongest performance. Household equipment was the only segment posting negative growth (-2.0%). 2024 net current cash flow (NCCF) per share guidance confirmed at EUR 2.45-2.50 (-1.2% to +0.8% YoY), EBITDA to grow 4% YoY.The update is in line with expectations. We reiterate our ‘Hold' rating on the back of the company trading at more demanding multiples vs peers.Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.
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