Mercialys - Decent H1, guidance maintained
Like-for-like rents up 4.2% YoY driven primarily by the strong indexation (+3.8%).Portfolio value down 3.4% vs December end at EUR 2.99bn. Average appraisal yield up 46bps to 6.21%.OCR stood at 10.9%, declining 20bps vs December end.2023 FFOps guidance reiterated (at least +2% YoY or EUR 1.15), dividend at 85-95% of the FFO.Good results, solid balance sheet and a clear focus on affordable retail position the company well for the future. The news about the future of Casino would likely provide a relief for the stock, which has underperformed its peers by -23.6% (EPRA Eurozone Retail index).The stock trades at anMercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.