KBC Securities - EUROCOMMERCIAL PROPERTIES NV (ECMPA) Eurocommercial Properties Lets go to the mall everybody

Report

KBC Securities

Lynn Hautekeete

Eurocommercial Properties Let's go to the mall everybody

In this note we initiate coverage on Eurocommercial with a EUR 25.0 target price and an accumulate recommendation. Eurocommercial will have positive rent reversion and a flat cost of debt which results in a 2.5% EPS 3y CAGR. Eurocommercial trades at 9.1x spot EPRA EPS and 8.0% dividend yield while outperforming peers in terms of real estate KPI's. Therefore the current share price is undemanding.

16/01/2025 1 EN

Underlying

EUROCOMMERCIAL PROPERTIES NV

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NL0015000K93 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Lynn Hautekeete

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Benelux Morning Notes

Acomo: Seeds of recovery. AEGON: UK sale momentum continues, price lower. Elia: Solid FY25 results and encouraging outlook for FY26. Eurocommercial Properties: €110m Swedish acquisition. TKH Group: Neither fish or flesh. TomTom: Major changes at the top

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Morning Notes : CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, ENRGY BB

: CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, ENRGY BB

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Morning Notes : CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, ENRGY BB

: CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, ENRGY BB

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Eurocommercial Properties Let's go to the mall everybody

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Morning Notes : CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, ENRGY BB

Behind the bricks/ING Real Estate Monthly – February roundup

Titan Completion of acquisition of Traçim Cement

Morning Notes : CRBN NA, ELI BB, EXM BB, TWEKA NA, VAN BB, ECMPA NA, ENRGY BB

Van de Velde FIRST LOOK - OK 2H25 but impairment at Top Form

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