RETAIL ESTATES : We move to BUY - Better early than sorry?
In this report we assess the liquidity position of Retail Estates and conclude liquidity at hand covers all cash obligations for FY20/21. We also adjusted our estimates to incorporate a large temporary increase in TWC and impairments on trade receivables depressing EPS. Notwithstanding this, we see value in the shares. We lower our price target from €84 to € 60 p/s based on a DCF model/ valuation after incorporating adjustments to the current low visibility. BUY.Retail 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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