EuroCommercial : Q1 2022 results: positive results; rent uplifts for renewals declining; fair value gains; divestments in France around book value
>Q1 2022 results were better than our estimates; rent uplifts from renewals still positive but declining - Q1 2022 results were better than our estimates and beat on both revenue and earnings. Underlying metrics remain strong, but we highlight that uplifts from renewals are declining. We remain positive on the valuation, where we have seen fair value gains and divestments around book value.Highlights are:Gross rental income was €51.7m (vs €52.2 Q1 2021), sli...Eurocommercial Properties NV is a closed end property investment company based in the Netherlands. The Company invests, owns and manages retail real estate properties, primarily shopping centers, but also warehouses and office space. Its activities are focused on France, Sweden and Northern Italy, with property portfolio comprising more than 30 shopping centers. Eurocommercial Properties NV operates through a number of subsidiaries, such as Aktiebolaget Laholm Mellby 2:129, Aktiebolaget Norrkoping Silvret 1, Aktiebolaget Skovde K-mannen 2, Bergvik Kopet 3 Kommanditbolag, Betulla Srl, ECP Hogsbo AB, ECP Karlskrona AB, ECP Moraberg Holding AB, Eurocommercial Management Italia Srl, Eurocommercial Properties Ltd, Holgura BV and SAR Degeln AB, among others.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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