1Q25 results were overall in line with forecasts and there were no surprises. LFL is normalising, up 3% driven by indexation but also renewal/relettings. Bottom line was up c.1%. LTV flat at 41.4% with a 3.2% average cost of debt. We update our estimates to include for these results and roll over our model up to 2027. While the growth profile is modest (top line 3-year CAGR at 2.5% and bottom line at 3%) we think the stock has an extremely appealing valuation trading at a 39.2% discount to 2025F...
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