Financials Realty Income Corporation Deutsche Boerse AG

Equities

RY6

US7561091049

Commercial REITs

Real-time Estimate Tradegate Other stock markets 01:21:07 27/06/2024 pm IST			5-day change	1st Jan Change
49.32 ^EUR	+0.10%		-0.32%	-6.39%

12/06	KeyBanc Initiates Realty Income at Sector Weight Rating	MT
11/06	Realty Income Raises Monthly Dividend to $0.2630 Per Share From $0.2625; Payable July 15 to Holders as of July 1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,997	21,821	40,507	39,780	41,569	45,872	-	-
Enterprise Value (EV) ¹	31,845	29,814	55,691	57,720	62,856	71,276	72,138	73,052
P/E ratio	53.4 x	54.5 x	82.3 x	44.7 x	45.6 x	37.8 x	31.3 x	28.9 x
Yield	3.68%	4.49%	3.96%	4.68%	5.31%	5.92%	6.12%	6.3%
Capitalization / Revenue	17 x	14 x	20.7 x	12.1 x	10.5 x	9.48 x	9.04 x	8.9 x
EV / Revenue	22.5 x	19.1 x	28.4 x	17.5 x	15.9 x	14.7 x	14.2 x	14.2 x
EV / EBITDA	23.8 x	20.2 x	30.1 x	19.4 x	17.4 x	15.2 x	14.3 x	13.7 x
EV / FCF	-1,26,00,986 x	2,69,36,307 x	4,27,36,718 x	2,33,84,118 x	-	-	-	-
FCF Yield	-0%	0%	0%	0%	-	-	-	-
Price to Book	2.51 x	2.04 x	1.69 x	1.46 x	1.31 x	1.2 x	1.15 x	1.12 x
Nbr of stocks (in thousands)	3,25,919	3,50,990	5,65,813	6,27,154	7,23,949	8,70,774	-	-
Reference price ²	73.63	62.17	71.59	63.43	57.42	52.68	52.68	52.68
Announcement Date	19/02/20	22/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,416	1,560	1,960	3,300	3,958	4,838	5,077	5,152
EBITDA ¹	1,337	1,474	1,850	2,979	3,617	4,693	5,059	5,328
EBIT ¹	742.6	796.8	952	1,309	1,722	2,430	2,656	2,760
Operating Margin	52.45%	51.07%	48.57%	39.66%	43.51%	50.21%	52.32%	53.57%
Earnings before Tax (EBT) ¹	451.6	487.4	392.4	917.6	928.9	1,432	1,770	-
Net income ¹	436.5	395.5	359.5	869.4	872.3	1,155	1,457	1,581
Net margin	30.83%	25.35%	18.34%	26.35%	22.04%	23.88%	28.7%	30.69%
EPS ²	1.380	1.140	0.8700	1.420	1.260	1.395	1.685	1.824
Free Cash Flow	-2,527	1,107	1,303	2,468	-	-	-	-
FCF margin	-178.51%	70.94%	66.48%	74.81%	-	-	-	-
FCF Conversion (EBITDA)	-	75.1%	70.44%	82.86%	-	-	-	-
FCF Conversion (Net income)	-	279.87%	362.52%	283.91%	-	-	-	-
Dividend per Share ²	2.711	2.794	2.833	2.967	3.051	3.119	3.223	3.319
Announcement Date	19/02/20	22/02/21	22/02/22	21/02/23	20/02/24	-	-	-

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	643.3	755.6	800.8	825.9	873.3	865.7	995.3	1,009	1,029	1,208	1,208	1,220	1,233	1,237	1,250
EBITDA ¹	610.8	722.3	724.1	750.5	782	840.8	887.7	932.6	956.4	1,130	1,170	1,189	1,208	1,231	1,264
EBIT ¹	277.6	318.5	314.7	331.4	343.9	389.4	249.1	437	480.5	549.2	649.4	660.8	672.3	666.2	634.7
Operating Margin	43.15%	42.16%	39.29%	40.13%	39.37%	44.98%	25.03%	43.32%	46.71%	45.46%	53.74%	54.16%	54.54%	53.86%	50.77%
Earnings before Tax (EBT) ¹	14.6	211	238.5	-	-	-	-	-	-	149.4	332.9	339.3	342.5	351.8	348.9
Net income ¹	4.041	199.4	223.2	219.6	227.3	225	195.4	233.5	218.4	129.7	333.4	341.2	346.9	352.6	348.4
Net margin	0.63%	26.39%	27.87%	26.58%	26.02%	25.99%	19.63%	23.14%	21.23%	10.73%	27.59%	27.97%	28.14%	28.51%	27.87%
EPS ²	0.0100	0.3400	0.3700	0.3600	0.3600	0.3400	0.2900	0.3300	0.3000	0.1600	0.3872	0.3982	0.4040	0.4170	0.4009
Dividend per Share ²	0.7180	0.7395	0.7410	0.7425	0.7440	0.7515	0.7650	0.7665	0.7680	0.7695	0.7768	0.7794	0.7814	0.7905	0.7939
Announcement Date	22/02/22	04/05/22	03/08/22	02/11/22	21/02/23	03/05/23	02/08/23	06/11/23	20/02/24	06/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,848	7,993	15,184	17,940	21,287	25,403	26,266	27,180
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.872 x	5.423 x	8.208 x	6.022 x	5.885 x	5.413 x	5.191 x	5.101 x
Free Cash Flow	-2,527	1,107	1,303	2,468	-	-	-	-
ROE (net income / shareholders' equity)	4.89%	3.81%	3.34%	3.23%	2.83%	3.54%	3.76%	4.1%
ROA (Net income/ Total Assets)	2.58%	2.01%	1.13%	1.87%	1.62%	1.9%	2.15%	2.3%
Assets ¹	16,907	19,648	31,939	46,406	53,727	60,800	67,929	68,831
Book Value Per Share ²	29.30	30.40	42.40	43.50	43.80	43.90	45.60	47.20
Cash Flow per Share	3.380	3.230	3.190	4.190	-	-	-	-
Capex ¹	23.5	8.71	19.1	95.5	-	92	100	105
Capex / Sales	1.66%	0.56%	0.97%	2.89%	-	1.9%	1.97%	2.04%
Announcement Date	19/02/20	22/02/21	22/02/22	21/02/23	20/02/24	-	-	-

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 Realty Income Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

52.68 USD

Average target price

60.03 USD

Spread / Average Target

+13.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.75%	2.02TCr
SEGRO PLC	+0.93%	1.52TCr
UNIBAIL-RODAMCO-WESTFIELD SE	+9.23%	1.08TCr
CAPITALAND INTEGRATED COMMERCIAL TRUST	-5.83%	976.39Cr
CAPITALAND ASCENDAS REIT	-16.50%	828.4Cr
FEDERAL REALTY INVESTMENT TRUST	-3.77%	822.52Cr
KLÉPIERRE	+0.73%	770.03Cr
COVIVIO	-8.05%	530Cr
MERLIN PROPERTIES SOCIMI, S.A.	+1.39%	515.24Cr

Other Commercial REITs