Klépierre : A very solid release that supports our Outperform rating
>2021 EPS guidance raised to € 2.00 vs € 1.80 € (i.e. +11%) - Klépierre show a solid recovery with its quarterly revenues (€ 759m in 9M 2021, -17.4% y-o-y):Retailers’ sales in Q3 2021 at 94% of those in 2019: they grew +6% vs Q3 2020 and illustrate a more rapid recovery than last year in all countries. In France (c. 35% of the portfolio), activity is close to pre-Covid level, despite the introduction of the Covid pass in the summer. Scandinavia returned to 2019 l...Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.
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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