Retail Estates FY23/24 Results: In line on lfl basis, aiming for a retail park BXL-Periphery
RET reported its FY23/24 results (March end) more or less in line with our estimates. EPRA Net profit grew LfL 9.77% yoy (excl. FBI refunds). EPS amounted to EUR 6.18 a LfL growth of 6.81%. We expected an EPRA EPS of EUR 6.28. The cost of debt rose to 2.3% (vs. 2.2% expected). NRI however surpassed our expectation at 138.8m vs. 137.9m expected. RET indicates it is considering a contribution in kind for a retail park in the Brussels periphery (no financial details). We estimate a 20-40m investment value and like the CiK strategy to grow as long as the P/NTA discount is > 10%. Occupancy was stable at 97.9%. RET guided its FY23/24 dividend of EUR 5.1, in line with our expectation of 5.07. The debt ratio increased 8bps to 44.62%. The FV of the existing portfolio was revised UPWARDS by 51.2m. The NAV rose to 80.94 +7.0% yoy. We maintain our Buy and EUR 76.0 target. Analyst meeting at 10h30 in TernatRetail Estates is a niche fixed-capital real estate investment fund that invests in retail properties located on the periphery of residential areas or along access roads to urban centers. Co. buys properties from third parties or builds and markets shop premises for its own account. The outlets have a built on surface areas of between 500m2 and 3,000m2. A typical retail property has an average surface area of 1,000m2. As of Mar 2010 Co. had 399 premises in its portfolio. The retail lettable area amounted to 398,754m2.
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