Financials Kimco Realty Corporation

Equities

KIM

US49446R1095

Commercial REITs

Market Closed - Nyse Other stock markets 01:30:02 07/05/2024 am IST			5-day change	1st Jan Change
19.01 ^USD	-0.47%		+1.06%	-10.79%

06/05	Simon Property reports upbeat Q1 results, raises annual FFO forecast	RE
02/05	Regency Centers beats quarterly FFO estimates, raises annual forecast	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,744	6,492	15,195	13,099	13,210	12,815	-	-
Enterprise Value (EV) ¹	13,936	11,554	22,336	20,107	20,043	19,886	20,297	20,746
P/E ratio	25.9 x	6.67 x	15.4 x	132 x	20.9 x	33.9 x	26.9 x	24.8 x
Yield	5.41%	5.46%	2.76%	3.97%	4.36%	5.08%	5.42%	5.8%
Capitalization / Revenue	7.65 x	6.21 x	11.3 x	7.66 x	7.48 x	6.53 x	6.44 x	5.95 x
EV / Revenue	12.2 x	11.1 x	16.5 x	11.8 x	11.3 x	10.1 x	10.2 x	9.64 x
EV / EBITDA	19.2 x	18.6 x	26.5 x	17 x	18.4 x	15.1 x	14.7 x	14.1 x
EV / FCF	99.6 x	33.4 x	-	-	29 x	26.9 x	29.3 x	32.2 x
FCF Yield	1%	3%	-	-	3.44%	3.71%	3.42%	3.11%
Price to Book	1.84 x	1.16 x	1.54 x	1.38 x	1.39 x	1.32 x	1.27 x	1.28 x
Nbr of stocks (in thousands)	4,22,233	4,32,499	6,16,428	6,18,461	6,19,874	6,74,116	-	-
Reference price ²	20.71	15.01	24.65	21.18	21.31	19.01	19.01	19.01
Announcement Date	30/01/20	11/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,142	1,045	1,350	1,711	1,767	1,963	1,989	2,161
EBITDA ¹	725	621.7	842.6	1,184	1,090	1,320	1,380	1,492
EBIT ¹	447.1	332.8	447.2	572.2	582.6	641.6	747.4	843.1
Operating Margin	39.14%	31.85%	33.14%	33.45%	32.97%	32.69%	37.57%	39.02%
Earnings before Tax (EBT) ¹	312	927.9	745.1	44.3	643.9	408.3	436	426.9
Net income ¹	340	975.4	818.6	100.8	629.3	375.8	467	506.8
Net margin	29.76%	93.35%	60.65%	5.89%	35.61%	19.15%	23.47%	23.46%
EPS ²	0.8000	2.250	1.600	0.1600	1.020	0.5612	0.7063	0.7818
Free Cash Flow ¹	140	346.3	-	-	690	738.1	693.8	645.2
FCF margin	12.25%	33.14%	-	-	39.05%	37.6%	34.88%	29.86%
FCF Conversion (EBITDA)	19.31%	55.7%	-	-	63.31%	55.9%	50.29%	43.25%
FCF Conversion (Net income)	41.17%	35.5%	-	-	109.65%	196.4%	148.58%	127.29%
Dividend per Share ²	1.120	0.8200	0.6800	0.8400	0.9300	0.9656	1.030	1.102
Announcement Date	30/01/20	11/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	420.4	422.7	423.3	429	435.9	438.3	439	441.8	447.9	498.9	500.7	503.7	511.8	517	519
EBITDA ¹	262.1	298.6	296.8	299.9	288.9	271.4	273.3	272.8	271.3	314	339.2	338.6	339.9	354.2	356
EBIT ¹	128.4	139.4	144.7	147.6	140.6	145.1	144	146.5	147	159.3	190.3	190.1	190.6	188.8	191.2
Operating Margin	30.55%	32.98%	34.18%	34.4%	32.26%	33.1%	32.81%	33.16%	32.82%	31.93%	38.01%	37.75%	37.25%	36.52%	36.84%
Earnings before Tax (EBT) ¹	38.94	206.9	-	22.24	-6.652	-	118.6	101.7	125.3	40.53	100.7	99.97	103.4	106	104.8
Net income ¹	75.33	230.9	-125.8	51.65	-56.09	283.5	100.4	112	133.4	-18.92	106.8	106.7	108.7	116.7	117.8
Net margin	17.92%	54.64%	-29.71%	12.04%	-12.87%	64.68%	22.88%	25.34%	29.77%	-3.79%	21.34%	21.18%	21.24%	22.56%	22.69%
EPS ²	0.1300	0.3700	-0.2100	0.0800	-0.0900	0.4600	0.1600	0.1800	0.2200	-0.0300	0.1641	0.1650	0.1651	0.1846	0.1858
Dividend per Share ²	0.1700	0.1900	0.2000	0.2200	0.2300	-	0.2300	0.2400	0.2400	-	0.2400	0.2412	0.2438	0.2575	0.2575
Announcement Date	10/02/22	28/04/22	28/07/22	27/10/22	09/02/23	27/04/23	27/07/23	26/10/23	08/02/24	02/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,192	5,062	7,141	7,008	6,833	7,071	7,482	7,931
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.161 x	8.143 x	8.475 x	5.918 x	6.27 x	5.355 x	5.423 x	5.316 x
Free Cash Flow ¹	140	346	-	-	690	738	694	645
ROE (net income / shareholders' equity)	6.67%	18.6%	10.6%	1.04%	6.61%	4.97%	5.16%	5.6%
ROA (Net income/ Total Assets)	3.09%	8.63%	5.44%	0.56%	3.49%	2.61%	2.69%	2.72%
Assets ¹	10,999	11,307	15,037	18,142	18,050	14,413	17,389	18,645
Book Value Per Share ²	11.30	13.00	16.10	15.40	15.40	14.40	15.00	14.80
Cash Flow per Share ²	1.380	1.370	1.210	1.390	1.730	1.560	1.580	1.620
Capex ¹	465	244	164	310	378	69.8	199	145
Capex / Sales	40.73%	23.32%	12.13%	18.13%	21.4%	3.56%	10%	6.73%
Announcement Date	30/01/20	11/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kimco Realty Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

19.01 USD

Average target price

22.58 USD

Spread / Average Target

+18.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail REITs

	1st Jan change	Capi.
KIMCO REALTY CORPORATION	-10.79%	12.81B
SIMON PROPERTY GROUP, INC.	+1.26%	47.05B
THE LINK REAL ESTATE INVESTMENT TRUST	-20.52%	11.3B
REGENCY CENTERS CORPORATION	-12.04%	10.86B
NNN REIT, INC.	-2.30%	7.72B
BRIXMOR PROPERTY GROUP INC.	-4.86%	6.67B
AGREE REALTY CORPORATION	-6.66%	5.46B
VICINITY CENTRES	-4.90%	5.76B
KITE REALTY GROUP TRUST	-7.96%	4.62B
PHILLIPS EDISON & COMPANY, INC.	-10.06%	4.02B

Retail REITs