Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Intervest Retail<br />
Belgium/Real Estate Analyser<br />
Intervest Retail (Hold)<br />
Hold<br />
Recommendation unchanged<br />
Share price: EUR<br />
closing price as of 07/05/2012<br />
Target price: EUR<br />
Target Price unchanged<br />
Reuters/Bloomberg<br />
47.52<br />
46.00<br />
IJX.BR/INTV BB<br />
Market capitalisation (EURm) 241<br />
Current N° of shares (m) 5<br />
Free float 28%<br />
Daily avg. no. trad. sh. 12 mth 606<br />
Daily avg. trad. vol. 12 mth (m) 0<br />
Price high 12 mth (EUR) 49.20<br />
Price low 12 mth (EUR) 42.52<br />
Abs. perf. 1 mth 1.04%<br />
Abs. perf. 3 mth 2.41%<br />
Abs. perf. 12 mth 0.76%<br />
Key financials (EUR) 12/11 12/12e 12/13e<br />
Gross Rental Income (m) 21 22 22<br />
EBITDA (m) 18 19 19<br />
EBITDA margin 85.5% 86.0% 86.1%<br />
Portfolio Result (m) 24 7 6<br />
Net Financial Result (5) (5) (5)<br />
Net Profit (adj.)(m) 13 13 14<br />
Funds From Operations 13 13 14<br />
EPS (adj.) 2.53 2.61 2.70<br />
DPS 2.53 2.61 2.70<br />
IFRS NAVPS 45.04 46.50 47.77<br />
EPRA NAVPS 46.03 47.48 48.75<br />
Premium/(Discount) (0.1%) 2.2% (0.5%)<br />
Earnings adj. yield 5.3% 5.5% 5.7%<br />
Dividend yield 5.3% 5.5% 5.7%<br />
EV/EBITDA 19.8 19.7 19.2<br />
P/E (adj.) 17.8 18.2 17.6<br />
Int. cover(EBITDA/Fin.int) 3.5 3.4 3.5<br />
Net debt/(cash) (m) 131 128 127<br />
Net Debt/Total Assets 36.1% 34.5% 33.8%<br />
50 vvdsvdvsdy<br />
48<br />
46<br />
44<br />
42<br />
40<br />
38<br />
36<br />
Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12<br />
INTERVEST RETAIL Belgium All Share (Rebased)<br />
Shareholders: Vastned Retail NV 72%;<br />
Analyst(s):<br />
Dries Dury, Bank Degroof<br />
dries.dury@degroof.be<br />
+32 2 287 91 76<br />
Jean-Marie Caucheteux Bank Degroof<br />
jeanmarie.caucheteux@degroof.be<br />
+32 2 287 99 20<br />
Unsurprising 1Q12 results<br />
The facts: Intervest Retail has published its 1Q12 results.<br />
The net recurring result per share in 1Q12 came out at EUR 0.63, unchanged<br />
compared to 1Q11.<br />
The occupancy rate reached 98.8% on 31 March 2012, up from 96.6% at year-end<br />
2011. A lease contract with the Spanish fashion giant, Desigual, for premises in<br />
the shopping complex Jardin d‟Harscamp in the centre of Namur was concluded.<br />
The property charges slightly increased to EUR 0.6m from EUR 0.5m, but the<br />
general costs remained at the same level as in 1Q11.<br />
The average cost of debt remained flat at 4.2%, including bank margins.<br />
The fair value of the portfolio increased by EUR 4m over the quarter to EUR 366m<br />
on 31 March 2012, composed of a positive EUR 3m portfolio result and EUR 1m<br />
of investments, mainly in the Jardin d‟Harscamp shopping centre in Namur.<br />
As a result, IFRS NAV per share came out at EUR 46.24 on 31 March 2012, up<br />
2.7% over the quarter from EUR 45.04 at year-end 2011.<br />
The debt ratio further decreased to 34%. For its new investments, Intervest Retail<br />
will focus on prime locations in the city centre of larger cities.<br />
Our analysis: No major surprise in this 1Q12 results. Intervest Retail is trading at<br />
a 3% premium to last published IFRS NAV (EUR 46.24 on 31 March 2012) and a<br />
5.3% gross dividend yield. The ex-dividend date for the 2011 gross dividend per<br />
share of EUR 2.53 is today.<br />
Conclusion & Action: No major surprise in this 1Q12 results. Hold<br />
recommendation and EUR 46.0 TP maintained.<br />
Page 61 of 80 European Securities Network<br />
Please refer to important disclaimer on the last page
Change language