Financials Eurocommercial Properties N.V. BOERSE MUENCHEN

Equities

N4S

NL0000288876

Commercial REITs

Real-time BOERSE MUENCHEN 5-day change 1st Jan Change
- EUR -.--% Intraday chart for Eurocommercial Properties N.V. -.--% -.--%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,223 759.8 995.3 1,194 1,183 1,189 - -
Enterprise Value (EV) 1 3,068 759.8 2,674 2,742 2,785 2,722 2,689 2,680
P/E ratio 16.7 x 15.1 x 9.5 x 5.95 x -43.5 x 8.32 x 7.52 x 7.78 x
Yield 8.72% 3.25% 7.86% 7.08% 7.66% 7.92% 8.15% 8.38%
Capitalization / Revenue 5.93 x 3.79 x 5.02 x 5.99 x 5.49 x 5.22 x 5.08 x 5 x
EV / Revenue 14.9 x 3.79 x 13.5 x 13.8 x 12.9 x 11.9 x 11.5 x 11.3 x
EV / EBITDA 19.5 x 4.71 x 17.3 x 15.8 x 16.4 x 15 x 14.8 x 14.6 x
EV / FCF 62.9 x 11.1 x 24.2 x 14.4 x 152 x 25.4 x 25.7 x 23.3 x
FCF Yield 1.59% 8.98% 4.14% 6.95% 0.66% 3.93% 3.9% 4.29%
Price to Book 0.65 x 0.4 x 0.51 x 0.58 x 0.59 x 0.55 x 0.55 x 0.55 x
Nbr of stocks (in thousands) 52,322 52,843 52,843 52,842 53,275 53,457 - -
Reference price 2 23.37 14.38 18.83 22.60 22.20 22.25 22.25 22.25
Announcement Date 30/08/19 28/03/21 25/03/22 24/03/23 22/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 206.3 200.7 198.3 199.3 215.3 227.9 234 238
EBITDA 1 157.5 161.3 154.5 173.1 170 181.5 182 183.2
EBIT 1 154.6 159.3 152.5 171.2 168.3 179.1 184.6 188.2
Operating Margin 74.93% 79.37% 76.89% 85.91% 78.19% 78.56% 78.87% 79.09%
Earnings before Tax (EBT) 1 79.39 - - 252.4 -17.2 125.8 141.3 145.4
Net income 1 74.59 50.28 104.7 200.7 -26.87 133.8 135.1 122.9
Net margin 36.15% 25.05% 52.78% 100.72% -12.48% 58.7% 57.72% 51.65%
EPS 2 1.402 0.9536 1.984 3.800 -0.5100 2.673 2.958 2.860
Free Cash Flow 1 48.75 68.26 110.7 190.6 18.34 107 104.8 114.9
FCF margin 23.62% 34% 55.79% 95.64% 8.52% 46.94% 44.76% 48.28%
FCF Conversion (EBITDA) 30.95% 42.33% 71.63% 110.13% 10.78% 58.95% 57.55% 62.73%
FCF Conversion (Net income) 65.36% 135.74% 105.7% 94.96% - 79.97% 77.55% 93.47%
Dividend per Share 2 2.038 0.4674 1.480 1.600 1.700 1.762 1.814 1.865
Announcement Date 30/08/19 28/03/21 25/03/22 24/03/23 22/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2023 Q4 2024 Q1
Net sales 49.4 54.09 -
EBITDA - - -
EBIT - - -
Operating Margin - - -
Earnings before Tax (EBT) - -102.9 -
Net income 1 - -93.38 30.6
Net margin - -172.66% -
EPS 2 - - 0.5700
Dividend per Share - - -
Announcement Date 05/11/21 22/03/24 10/05/24
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,845 - 1,679 1,548 1,602 1,533 1,500 1,491
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 11.72 x - 10.87 x 8.943 x 9.422 x 8.445 x 8.238 x 8.139 x
Free Cash Flow 1 48.7 68.3 111 191 18.3 107 105 115
ROE (net income / shareholders' equity) 6.25% 5.59% 5.45% 5.73% 5.91% 5.05% 7% 7.33%
ROA (Net income/ Total Assets) 2.9% 2.5% 2.58% 2.88% 3.09% 3.3% 3.2% -
Assets 1 2,569 2,011 4,056 6,970 -871 4,055 4,221 -
Book Value Per Share 2 36.00 35.70 37.00 38.70 37.70 40.20 40.30 40.50
Cash Flow per Share 2 2.090 - 1.830 2.050 2.210 2.140 2.160 2.000
Capex 1 62.2 - - - 27.5 25 25 25
Capex / Sales 30.14% - - - 12.76% 10.97% 10.68% 10.5%
Announcement Date 30/08/19 28/03/21 25/03/22 24/03/23 22/03/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
22.25 EUR
Average target price
26 EUR
Spread / Average Target
+16.85%
Consensus

Annual profits - Rate of surprise

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