Report
Florent Laroche-Joubert

Klépierre : Very robust fundamentals that bolster visibility on the dividend

>2022 NCCF per share beats forecasts, balance sheet particularly robust - Klépierre reported higher-than-expected earnings with NCCF/share of € 2.62 (+20.1% y-o-y), 13% above the consensus at € 2.43, and also particularly resilient asset values (-1.3% over 6M) which allow Klépierre to maintain a particularly robust balance sheet. These results also reflect a successful normalisation and robust fundamentals to start 2023:Retailer sales at 100% vs 2019 over April–D...
Underlying
Klepierre SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Florent Laroche-Joubert

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