(CercleFinance.com) – Klépierre shares are moving without much direction on Friday on the Paris Stock Exchange despite nine-month activity figures widely praised by analysts.
Around 10:45 a.m., the stock of the shopping center specialist fell by around 0.2% in a Parisian market down by around 0.6%.
In a press release published this morning, the property company indicates having generated net rental income of 736.7 million euros over the first nine months of the year, up 8.6% on a like-for-like basis.
The commercial real estate group explains that it has benefited from positive indexation, but also from the increase in ancillary activities, such as income from parking lots.
In total, turnover for the first nine months of 2023 stood at 1,042.7 million euros, compared to 992 million euros a year earlier.
Kélpierre also said it was ‘on track’ to achieve its objective of net current cash flow per share of at least 2.40 euros in 2023, an increase of 7% compared to 2022.
In a reaction note, Degroof Petercam analysts highlight a ‘slight acceleration in organic growth’, supported by the increase in turnover achieved by retailers.
‘The solidity of its balance sheet combined with the obtaining of new, well-balanced financing, as well as the total coverage of its costs for 2023, offers a good cushion in terms of results’, underlines the Belgian investment bank, which posts a recommendation ‘keep’ on the title.
At Berenberg, also to ‘keep’, we also emphasize that these solid operational performances reinforce the visibility of the results and the defensive profile of the company, a phenomenon well illustrated according to the research office by a net debt/EBITDA ratio of 8.4x and a fixed rate coverage ratio of almost 100%.