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Klépierre SA (KLPEF)

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Previous Close15.00
Open13.49
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Day's Range15.00 - 15.00
52 Week Range12.00 - 37.94
Volume25
Avg. Volume3,936
Market Cap3.845B
Beta (5Y Monthly)1.17
PE Ratio (TTM)3.05
EPS (TTM)4.92
Earnings DateN/A
Forward Dividend & Yield2.49 (17.25%)
Ex-Dividend DateJul 07, 2020
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  • Klépierre: BUSINESS REVIEW FOR THE FIRST NINE MONTHS OF 2020
    GlobeNewswire

    Klépierre: BUSINESS REVIEW FOR THE FIRST NINE MONTHS OF 2020

    PRESS RELEASEBUSINESS REVIEW FOR THE FIRST NINE MONTHS OF 2020Paris — October 23, 2020Klépierre, the European leader in shopping malls, today reported earnings for the first nine months of 2020(1). The significant events of the period include: * Continued improvement in retailer sales over the third quarter, reaching 90% of prior-year level * 90.3% collection rate for third-quarter rents, 81.7% over 9 months * 9-months revenues of €918.5 million, 92% of prior-year level * Strict control of cash outflows with only €162 million left to cash out by 2022 on extension/refurbishment projects already launched * Net debt of €9,181 million at end-September, strong liquidity position (€2.8 billion) covering upcoming refinancing needs through June 2022Jean-Marc Jestin, Chairman of the Executive Board, commented, “Amid unprecedented uncertainty and new challenges, Klépierre’s business activity has been recovering over the last three months. A resumption in retailer sales and footfall has driven an encouraging improvement in rent collection. This is the result of the incredible work of Klépierre’s staff and their high commitment alongside all the communities we serve and I salute them for their dedication. Our teams are currently working closely with tenants to provide them with the necessary flexibility and new opportunities to grow their businesses. However, in a health and economic environment that remains highly unpredictable, the Group will preserve and capitalize on its unique combination of strengths: a high-quality portfolio and strong balance sheet. We are committed to financial discipline.”Key financialsIn € millions, total share basis 9M 2020 9M 2019 Reported change Gross rental income — Shopping centers 852.9 917.9 -7.1% Gross rental income — Other retail properties 15.0 18.0 -16.9% Total gross rental income 867.8 935.9 -7.3% Management, administrative and related income (fees) 50.7 61.2 -17.2% Total revenues 918.5 997.1 -7.9% Operating performance             Retailer salesTotal retailer sales at Klépierre’s malls reached 90% of the prior-year level during the third quarter of 2020, compared to 85% in June and 76% in May, benefiting from a consistent and better-than‑anticipated recovery(2). Over the period, all of the Group’s shopping centers posted improving performances, except those located near transport hubs that continue to be impacted by the lack of commuters and tourists. The acceleration in the retailer sales recovery during the third quarter was driven mainly by the fashion segment, which recorded a substantial 13-percentage point improvement compared to June (89% of the prior-year level in September). Over the last three months, household equipment (up 5%, including a 7% increase in electronics), supermarkets (99% of the prior-year level) and sports (98% of the prior-year level) continued to post strong performances while food & beverage (78% of the prior‑year level) and to a lesser extent health & beauty (92%) continued to be impacted by persistent unfavorable health measures. By geographic area, Scandinavia remained close to pre-Covid levels (98% of the prior-year level), while Italy and France-Belgium experienced the strongest improvement with respective sales reaching 89% and 94% of the prior-year level (compared to 79% and 87% in June). Conversely, retailer sales in Iberia remained sluggish due in particular to the lack of tourists, which weighed on the third-quarter performance, and the persistence of Covid-19 in Barcelona and Madrid which has given rise to new restrictions. Footfall has also continued to improve during the period, albeit at a slower pace than sales, standing at 82% of the prior-year level in September, compared to 80% in July (and 75% in June).RevenuesOver the first nine months of 2020, gross rental income generated by shopping centers amounted to €852.9 million on a total share basis, down 7.1% compared to the same period last year. This reflected the combined impact of the following factors: −        A €33.0 million decrease due to disposals, foreign exchange effects and other elements; −        A €25.2 million decrease in variable revenues (including sales-based rents, specialty leasing and car park revenues) as a consequence of the lockdown; and −        A €6.9 million impact from the straight-line amortization (in accordance with IFRS 16) of €24.7 million in rent abatements signed as of September 2020 for the second-quarter rents. Gross rental income from other retail properties amounted to €15.0 million, down 16.9%, mostly as a result of disposals. Management, administrative and related income (fees) decreased from €61.2 million to €50.7 million, mainly due to the postponement of certain development projects. Overall, total revenues for the first nine months of 2020 amounted to €918.5 million, down 7.9% year on year.Rent collection and leasing updateOver the first nine months of 2020, the Group invoiced rents and service charges for a total amount of €1,044.6 million(3). As of October 20, rent collection rate reached 81.7% over the first nine-months (i.e., €853.2 million collected)(4), out of which 96.4% in the first quarter. Out of the €334 million in rents and service charges invoiced over the second quarter, Klépierre has collected 56.6%. Based on well-advanced negotiations with tenants, the Group estimates that the collection rate is expected to reach 60%-65% by year end. The outstanding amount of uncollected rents is expected to reflect: * Minimal bad debt allowances for insolvencies (€11 million); * A government recommendation in France to waive second-quarter rents for small businesses (€9 million); * Government measures to defer rents in Spain and Portugal (€2.3 million); and * The balance (€94 million to €111 million) comprising rent and service charges abatements (one month on average at Group level) that will be amortized on a straight-line basis over the remaining lease term (in accordance with IFRS 16).Regarding the third quarter, the collection rate came out at 90.3%, which only includes 1.0% of rent abatements and 2.9% of security deposits exercised. The Group is confident that the third-quarter collection rate will continue to improve.Although discussions were mostly focused on reaching deals in respect of the lockdown period, the Group has also signed 300 renewal/releasing/reletting agreements (compared to 400 over the third quarter of 2019). The reversion rate on renewals and relettings stood at a positive 3.7% for the period, in line with the first half of the year (3.9% uplift over the first nine months of the year), with estimated rental values showing good resilience in the current environment. Over the last three months, the sports segment maintained its expanding momentum through the opening of a New Balance store at Porta di Roma (Roma, Italy), and of JD Sports stores at Centre Mayol (Toulon, France) and Tourville (Tourville-la-Rivière, France). At Rives d’Arcins (Bordeaux area, France), a new right-sized Zara store opened over 3,000 sq.m. in August, and Snipes unveiled a new flagship. More generally, Klépierre continued to support the expansion of growing retailers, illustrated by the signature of four new Normal stores and three Rituals in France. On the Jewelry segment, Swarovski opened a new boutique in Hoog Catharijne (Utrecht, Netherlands) and Pandora unveiled new flagships at Globo (Milan, Italy) and Sadyba Best Mall (Warsaw, Poland). Lastly, Huawei opened its first store in a French mall at Créteil Soleil (Paris region, France) at the end of September.Debt and LiquidityAs of September 30, 2020, consolidated net debt totaled €9,181 million, versus €9,129 million as of June 30, 2020. The €52 million increase is mainly attributable to the second installment of the 2019 dividend paid in July, partially offset by cash inflows in the third quarter and the recovery of unpaid receivables related to the second quarter. At the end of September, the Group’s liquidity position stood at €2.8 billion (revolving credit facility for €2,3 billion, bank overdrafts for €0.4 billion and cash for €0.1 billion), covering all refinancing needs through June 2022. Current financial position is commensurate with S&P’s expectations related to Klépierre’s A-rating (negative outlook).development and disposalsDevelopmentSince the beginning of the lockdown period, Klépierre has actively reduced capital expenditure in order to preserve liquidity. During the third quarter, Klépierre has been focusing on its main committed projects: −      The completion of the redevelopment of Hoog Catharijne in Utrecht (Netherlands); −      The refurbishment of Créteil Soleil in Paris (France), which should be completed by the end of 2021; and −      The extension and refurbishment of Gran Reno in Bologna (Italy), slated to open in fourth‑quarter 2021. Accordingly, over the nine-month period ended September 30, 2020, capital expenditure accounted for €77 million (versus €188 million over the full year in 2019). Only €162 million remains to cash out by 2022 on projects that have been already launched.DisposalsThe Group has completed disposals totaling €79.6 million (total share, excluding transfer taxes) since January 1, 2020. As of September 30, 2020, taking into account sales under promissory agreements, total Group disposals amounted to €151.0 million.OutlookDuring the third quarter of 2020, Klépierre observed an encouraging recovery in terms of sales, footfall and collection rates, marking a clear improvement compared to the first half of the year. Negotiations with retailers on the lockdown period are progressing well and the Group is confident in its ability to finalize the process by the end of the year, which will translate into even higher collection rates for the second quarter. Concerning the fourth quarter, some countries have recently implemented temporary new restrictions. In the Czech Republic, the government has ordered the closure of all retail stores (except for stores providing essential goods) between October 22 and November 3. In Italy, the Piedmont, Lombardy and Basilicata regions have ordered the closure of shopping malls over the weekends until November 13, with the exception of supermarkets, pharmacies, tobacconists, food and beverage and cosmetics stores. These restrictive measures concerned 10% of our portfolio (in value). In light of this, Klépierre is maintaining a cautious stance regarding how the pandemic will evolve and impact its various geographies and the Group’s businesses. Against this backdrop, the Group will be seeking more than ever to capitalize on its core strengths: the high quality of its portfolio, its operational excellence and its financial discipline. YEAR-ON-YEAR change in retailer sales – third-quarter 2020  Country Q3 2020 change(a) % of total reported retailer sales France -6% 36% Belgium -11% 2% France-Belgium -6% 37% Italy -11% 25% Norway +5% 8% Sweden -9% 6% Denmark -4% 4% Scandinavia -2% 18% Spain -30% 6% Portugal -24% 2% Iberia -28% 8% Czech Republic -15% 2% Poland -18% 2% Turkey -2% 2% CE & Other -12% 6% Netherlands -12% 2% Germany -10% 3% TOTAL -10% 100%   Segment Q3 2020 change(a) % of total reported retailer sales Fashion -11%   38% Culture, Gifts and Leisure -4%   19% Health & Beauty -8%   14% Food & Beverage -22%   10% Household Equipment +5%   13% Other -24%   6% TOTAL -10%   100%  (a) Change in retailer sales on a same store basis. Total revenuesIn € millions Total share   Group share 9M 2020 9M 2019   9M 2020 9M 2019 France 316.7 323.3   256.5 263.7 Belgium 13.7 14.2   13.7 14.2 France-Belgium 330.4 337.5   270.2 277.9 Italy 147.6 154.0   145.9 152.2 Norway 46.5 52.0   26.1 29.2 Sweden 40.6 43.5   22.8 24.4 Denmark 39.1 43.9   21.9 24.6 Scandinavia 126.2 139.4   70.8 78.2 Spain 81.2 87.9   81.2 87.9 Portugal 12.0 15.9   12.0 15.9 Iberia 93.2 103.8   93.2 103.8 Poland 23.8 26.4   23.8 26.4 Hungary 0.0 14.8   0.0 14.7 Czech Republic 23.8 24.9   23.8 24.9 Turkey 12.4 14.8   11.2 13.4 Other 2.5 2.6   2.5 2.6 CE & Other 62.5 83.5   61.3 82.1 Netherlands 55.9 60.5   55.9 60.5 Germany 37.0 39.2   35.2 37.3 SHOPPING CENTERS GROSS RENTAL INCOME 852.9 917.9   732.5 792.0 Other retail properties 15.0 18.0   15.0 18.0 TOTAL GROSS RENTAL INCOME 867.8 935.9   747.5 810.0 Management, administrative and related income (fees) 50.7 61.2   46.9 58.5 TOTAL REVENUES 918.5 997.1   794.4 868.6 Equity-accounted investees* 60.5 63.2   58.1 60.4 * Contributions from equity-accounted investees include investments in jointly controlled companies and investments in companies under significant influence. collection rate(a)  Q1 2020 Q2 2020 Q3 2020 9M 2020 France-Belgium 97.0% 44.8% 92.0% 78.1% Italy 92.8% 36.0% 85.7% 72.3% Scandinavia 97.4% 94.3% 96.5% 96.1% Iberia 97.1% 51.3% 86.8% 78.3% CE & Other 94.4% 84.6% 79.6% 85.3% Netherlands 99.6% 77.6% 92.5% 90.1% Germany 98.3% 54.1% 92.6% 82.1% TOTAL SHOPPING CENTERS 96.4% 56.8% 90.2% 81.7% Other retail properties 98.3% 44.3% 91.2% 78.9% TOTAL 96.4% 56.6% 90.3% 81.7% (a) As of October 20, 2020, on a total share basis, excluding VAT and equity-accounted companies.AGENDA  February 3, 2021 2020 full-year earnings May 6, 2021 Annual General Meeting Investor relations contactsmedia contacts   Hubert d’Aillières, Group Head of IR and financial communication  +33 (0)1 40 67 51 37 — hubert.daillieres@klepierre.com Mengxing Zhang, IR Officer  +33 (0)1 40 67 53 05 — mengxing.zhang@klepierre.com Paul Logerot, IR Officer  +33 (0) 1 40 67 53 02 — paul.logerot@klepierre.com Helene Salmon, Group Head of Corporate & Internal Communications  +33 (0)1 40 67 55 16 — helene.salmon@klepierre.com   Delphine Granier, Taddeo  +33 (0)6 33 05 48 50— teamklepierre@taddeo.fr   ABOUT KLÉPIERREKlépierre, the European leader in shopping malls, combines development, property and asset management skills. The company’s portfolio is valued at €22.8 billion at June 30, 2020 and comprises large shopping centers in 12 countries in Continental Europe which together host 1.1 billion visits per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120. These distinctions underscore the Group’s commitment to a proactive sustainable development policy and its global leadership in the fight against climate change. For more information, please visit the newsroom on our website: www.klepierre.com This press release is available in the “Publications section” of Klépierre’s Finance page: www.klepierre.com/en/finance/publications* * * ([1])  The data disclosed in this release, including those set out in the appendices, have not been audited. ([2])  Change in retailer sales on a same store basis, excluding closure days. ([3])  Excluding VAT. ([4])  All collection rates are as of October 20, 2020.  Attachment * PR_KLEPIERRE_2020_Q3_BUSINESS REVIEW_VF

  • GlobeNewswire

    Klépierre: KLÉPIERRE PUBLISHES ITS FIRST-HALF 2020 FINANCIAL REPORT

    press releaseKLÉPIERRE PUBLISHES ITS FIRST-HALF 2020 FINANCIAL REPORTParis – September 7, 2020Klépierre announced the public release and the filing of its first-half 2020 financial report with the Autorité des marchés financiers (“AMF”) on September 7, 2020. It may be read and downloaded from the Klépierre website, www.klepierre.com, under the “Finance” section. Investor relations contactsmedia contacts Hubert d’AILLIÈRES  +33 (0)1 40 67 51 37 – hubert.daillieres@klepierre.com Mengxing ZHANG  +33 (0)1 40 67 53 05 – mengxing.zhang@klepierre.com Paul LOGEROT  +33 (1) 40 67 53 02 – paul.logerot@klepierre.com Helene SALMON, Group Head of Corporate & Internal Communications  +33 (0)1 40 67 55 16 — helene.salmon@klepierre.com   Delphine GRANIER, Taddeo  +33 (0)6 33 05 48 50— teamklepierre@taddeo.fr ABOUT KLÉPIERREKlépierre, the European leader in shopping malls, combines development, property and asset management skills. The company’s portfolio is valued at €22.8 billion at June 30, 2020 and comprises large shopping centers in 12 countries in Continental Europe which together host 1.1 billion visits per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120. These distinctions underscore the Group’s commitment to a proactive sustainable development policy and its global leadership in the fight against climate change. For more information, please visit the newsroom on our website: www.klepierre.com Attachment * PR_KLEPIERRE_FIRST-HALF 2020 FINANCIAL REPORT RELEASE

  • GlobeNewswire

    Klépierre: SEMI-ANNUAL STATEMENT OF LIQUIDITY AGREEMENT

    REGULATED RELEASESEMI-ANNUAL STATEMENT OF LIQUIDITY AGREEMENTParis – July 30, 2020In accordance with the provisions of the French Financial Markets Authority’s decision no. 2018-01 of July 2, 2018 establishing liquidity contracts as an accepted market practice, Klépierre informs the public of the implementation of the liquidity contract for the first-half 2020: * Available resources on June 30, 2020: 53,500 Klépierre shares and 9,515,058.56 euros; * Number of transactions on buy side over first-half 2020: 1,005; * Number of transactions on sell side over first-half 2020: 1,108; * Traded volume on buy side over first-half 2020: 273,801 shares for 8,831,848 euros; * Traded volume on sell side over first-half 2020: 220,301 shares for 7,142,559 euros.As a reminder, * At December 31, 2019, available resources were 0 Klépierre share and 11,206,268.00 euros. *  At the date of signature of the liquidity contract with Rothschild Martin Maurel, February 1, 2019, the available resources were 307,923 Klépierre shares and 1,768,835.76 euros.ABOUT KLÉPIERREKlépierre, the European leader in shopping malls, combines development, property and asset management skills. The company’s portfolio is valued at €22.8 billion at June 30, 2020 and comprises large shopping centers in 12 countries in Continental Europe which together host 1.1 billion visits per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and is included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120. These distinctions underscore the Group’s commitment to a proactive sustainable development policy and its global leadership in the fight against climate change.For more information, please visit the newsroom on our website: www.klepierre.com investor relations  Hubert d’AILLIÈRES  +33 (0)1 40 67 51 37 – hubert.daillieres@klepierre.com Mengxing ZHANG  +33 (0)1 40 67 53 05 – mengxing.zhang@klepierre.com Paul LOGEROT  +33 (0)1 40 67 53 02 – paul.logerot@klepierre.com  TRANSACTIONS detailsClientDateBuy side Number of transactionsSell side Number of transactionsBuy side Number of sharesSell side Number of sharesBuy side Traded volume in EURSell side Traded volume in EUR KLEPIERRE2-Jan-20923416,49916,499566,038.01568,185.49 KLEPIERRE3-Jan-201089919,87919,879684,592.92685,825.50 KLEPIERRE6-Jan-20969025,00025,000853,593.15854,872.58 KLEPIERRE7-Jan-2046315,600600535,388.7220,622.00 KLEPIERRE8-Jan-2062015,0000501,605.000 KLEPIERRE9-Jan-201407,5000249,415.000 KLEPIERRE10-Jan-2017010,0000329,540.000 KLEPIERRE13-Jan-201702,500082,087.500 KLEPIERRE14-Jan-201102,500082,500.000 KLEPIERRE15-Jan-201406,2500207,312.400 KLEPIERRE16-Jan-2027899,50028,250315,722.50945,025.32 KLEPIERRE17-Jan-2047012,5000407,750.000 KLEPIERRE20-Jan-201705,0000163,008.300 KLEPIERRE21-Jan-200102,500081,775.00 KLEPIERRE22-Jan-202207,5000243,050.000 KLEPIERRE23-Jan-203162,5002,65280,950.0086,349.80 KLEPIERRE24-Jan-2004509,8480321,831.50 KLEPIERRE27-Jan-20421,0003,50031,880.00112,245.00 KLEPIERRE28-Jan-2018185,0002,500157,283.0678,745.00 KLEPIERRE29-Jan-2003605,0000158,255.79 KLEPIERRE30-Jan-201302,500077,925.000 KLEPIERRE31-Jan-2031237,5005,000232,875.00157,703.28 SOUS TOTAL KLEPIERREJan-20659456173,728121,2285,802,516.564,071,436.26 KLEPIERRE3-Feb-209104,0004,000122,720.00124,075.00 KLEPIERRE4-Feb-2002405,0000155,250.00 KLEPIERRE5-Feb-2001302,500078,000.00 KLEPIERRE6-Feb-2097435,5005001,062,900.0015,600.00 KLEPIERRE7-Feb-201747,5001,000221,300.0029,789.20 KLEPIERRE10-Feb-2014221,5432,04345,911.4061,010.70 KLEPIERRE11-Feb-2051267,0003,000210,600.0090,825.00 KLEPIERRE12-Feb-2004206,0000181,990.00 KLEPIERRE13-Feb-2017632,0008,00061,030.00245,600.00 KLEPIERRE14-Feb-2030755,50010,500170,830.00328,279.92 KLEPIERRE17-Feb-200150020,5000640,040.30 KLEPIERRE18-Feb-2031637,50010,000232,792.19311,922.50 KLEPIERRE19-Feb-20201195,00017,500155,300.00548,230.00 KLEPIERRE20-Feb-201131,1893,53036,966.01110,260.20 KLEPIERRE21-Feb-2044019,8410605,632.170 KLEPIERRE24-Feb-20802,500074,150.000 KLEPIERRE25-Feb-207241,0005,00029,200.00150,250.00 SOUS TOTAL KLEPIERREFeb-20346652100,07399,0733,029,331.773,071,122.82 TOTAL  KLEPIERRE 1,0051,108273,801220,3018,831,848.337,142,559.08 Attachment * PR_KLEPIERRE_LIQUIDITYCONTRACT_JULY 2020_ENG VF