Retail Estates

ENXTBR:RET

Snowflake Description

Established dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

RET

ENXTBR

€972M

Market Cap

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Last updated 2019/05/20 21:09

Company description

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RET Share Price and Events

7 Day Returns

1.7%

ENXTBR:RET

0.5%

BE REITs

0.5%

BE Market

1 Year Returns

12%

ENXTBR:RET

12.5%

BE REITs

-8%

BE Market

RET Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Retail Estates (RET)	1.7%	0.8%	6.5%	12%	6.7%	41.1%
BE REITs	0.5%	-1%	3.1%	12.5%	17.6%	43.4%
BE Market	0.5%	-6.4%	3.1%	-8%	-14.1%	3.6%

1 Year Return vs Industry and Market

RET outperformed the Market in Belgium which returned -8% over the past year.

Price Volatility

RET

Industry

5yr Volatility vs Market

Related Companies

Value

Is Retail Estates undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of Retail Estates to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Retail Estates.

ENXTBR:RET Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 2 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	6.6%
Perpetual Growth Rate	10-Year BE Government Bond Rate	0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTBR:RET
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year BE Govt Bond Rate	0.8%
Equity Risk Premium	S&P Global	6.8%
REITs Unlevered Beta	Simply Wall St/ S&P Global	0.52
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.523 (1 + (1- 29%) (73.3%))	0.863
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	0.86
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.77% + (0.863 * 6.8%)	6.64%

Discounted Cash Flow Calculation for ENXTBR:RET using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Retail Estates is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTBR:RET DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (EUR, Millions)	Source	Present Value Discounted (@ 6.64%)
2019	72.74	Est @ 20.36%	68.21
2020	83.27	Est @ 14.48%	73.23
2021	91.91	Est @ 10.37%	75.79
2022	98.79	Est @ 7.49%	76.40
2023	104.20	Est @ 5.47%	75.57
2024	108.43	Est @ 4.06%	73.75
2025	111.76	Est @ 3.07%	71.28
2026	114.43	Est @ 2.38%	68.44
2027	116.60	Est @ 1.9%	65.40
2028	118.42	Est @ 1.56%	62.29
Present value of next 10 years cash flows			€710.37

ENXTBR:RET DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = €118.42 × (1 + 0.77%) ÷ (6.64% – 0.77%)	€2,034.59
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = €2,034.59 ÷ (1 + 6.64%)¹⁰	€1,070.22

ENXTBR:RET Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = €710.37 + €1,070.22	€1,780.59
Equity Value per Share (EUR)	= Total value / Shares Outstanding = €1,780.59 / 11.42	€155.88

ENXTBR:RET Discount to Share Price
	Calculation	Result
Value per share (EUR)	From above.	€155.88
Current discount	Discount to share price of €85.10 = -1 x (€85.10 - €155.88) / €155.88	45.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount

Amount off the current price Retail Estates is available for.

45%

Share price is €85.1 vs Future cash flow value of €155.88

Current Discount Checks

For Retail Estates to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.

Retail Estates's share price is below the future cash flow value, and at a moderate discount (> 20%).
Retail Estates's share price is below the future cash flow value, and at a substantial discount (> 40%).

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Retail Estates's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Retail Estates's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

ENXTBR:RET PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-09-30) in EUR	€4.95
ENXTBR:RET Share Price **	ENXTBR (2019-05-20) in EUR	€85.1
Belgium REITs Industry PE Ratio	Median Figure of 15 Publicly-Listed REITs Companies	14.71x
Belgium Market PE Ratio	Median Figure of 86 Publicly-Listed Companies	14.92x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Retail Estates.

ENXTBR:RET PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= ENXTBR:RET Share Price ÷ EPS (both in EUR) = 85.1 ÷ 4.95	17.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Retail Estates is overvalued based on earnings compared to the BE REITs industry average.
Retail Estates is overvalued based on earnings compared to the Belgium market.

Price based on expected Growth

Does Retail Estates's expected growth come at a high price?

Raw Data

ENXTBR:RET PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	17.2x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts	Not available
Belgium REITs Industry PEG Ratio	Median Figure of 6 Publicly-Listed REITs Companies	0.4x
Belgium Market PEG Ratio	Median Figure of 42 Publicly-Listed Companies	1.86x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Unable to calculate PEG ratio for Retail Estates, we can't assess if its growth is good value.

Price based on value of assets

What value do investors place on Retail Estates's assets?

Raw Data

ENXTBR:RET PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-09-30) in EUR	€59.63
ENXTBR:RET Share Price *	ENXTBR (2019-05-20) in EUR	€85.1
Belgium REITs Industry PB Ratio	Median Figure of 16 Publicly-Listed REITs Companies	1.27x
Belgium Market PB Ratio	Median Figure of 120 Publicly-Listed Companies	1.54x

ENXTBR:RET PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= ENXTBR:RET Share Price ÷ Book Value per Share (both in EUR) = 85.1 ÷ 59.63	1.43x

* Primary Listing of Retail Estates.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Retail Estates is overvalued based on assets compared to the BE REITs industry average.

Value checks

We assess Retail Estates's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

How is Retail Estates expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

12.1%

Expected annual growth in earnings per share.

Earnings growth vs Low Risk Savings

Is Retail Estates expected to grow at an attractive rate?

Retail Estates's earnings growth is expected to exceed the low risk savings rate of 0.8%.

Growth vs Market Checks

Retail Estates's earnings growth is expected to exceed the Belgium market average.
Retail Estates's revenue growth is expected to exceed the Belgium market average.

Annual Growth Rates Comparison

Raw Data

ENXTBR:RET Future Growth Rates Data Sources
Data Point	Source	Value (per year)
ENXTBR:RET Future Earnings per Share Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts	12.1%
ENXTBR:RET Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts	10.2%
Belgium REITs Industry Earnings Growth Rate	Market Cap Weighted Average	7.1%
Belgium REITs Industry Revenue Growth Rate	Market Cap Weighted Average	7.6%
Belgium Market Earnings Growth Rate	Market Cap Weighted Average	9.6%
Belgium Market Revenue Growth Rate	Market Cap Weighted Average	3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

ENXTBR:RET Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (7 months ago)	See Below
Future Estimates	Average of up to 2 Analyst Estimates (S&P Global)	See Below

All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:RET Future Estimates Data
Date (Data in EUR Millions)	Revenue	Net Income *	Avg. No. Analysts
2021-03-31	113		1
2020-03-31	106		1
2019-03-31	95	73	1

ENXTBR:RET Past Financials Data
Date (Data in EUR Millions)	Revenue	Cash Flow	Net Income *
2018-09-30	87	62	51
2018-06-30	82	56	49
2018-03-31	77	50	47
2017-12-31	72		45
2017-09-30	70	46	56
2017-06-30	68	40	54
2017-03-31	66	33	52
2016-12-31	65		49
2016-09-30	65	4	43
2016-06-30	63	17	43
2016-03-31	62	29	42
2015-12-31	59	47	40

*GAAP earnings excluding extraordinary items.

High Growth Checks

Retail Estates's earnings are expected to grow by 12.1% yearly, however this is not considered high growth (20% yearly).
Retail Estates's revenue is expected to grow by 10.2% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

ENXTBR:RET Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (7 months ago)	See Below
Future Estimates	Average of up to 2 Analyst Estimates (S&P Global)	See Below

All data from Retail Estates Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:RET Future Estimates Data
Date (Data in EUR Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-03-31	7.23	7.23	7.23	1.00
2020-03-31	7.46	7.46	7.46	1.00
2019-03-31	6.64	6.64	6.64	1.00

ENXTBR:RET Past Financials Data
Date (Data in EUR Millions)	EPS *
2018-09-30	4.95
2018-06-30	4.98
2018-03-31	5.00
2017-12-31	4.92
2017-09-30	6.19
2017-06-30	6.02
2017-03-31	5.85
2016-12-31	5.48
2016-09-30	4.91
2016-06-30	4.89
2016-03-31	4.87
2015-12-31	4.86

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

Retail Estates is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Show me more growth companies in the REITs industry

Future performance checks

We assess Retail Estates's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Belgium market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Belgium market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Retail Estates has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

How has Retail Estates performed over the past 5 years?

Retail Estates's last earnings update was 184 days ago.

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare Retail Estates's growth in the last year to its industry (REITs).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

Retail Estates's year on year earnings growth rate has been positive over the past 5 years.
Retail Estates's 1-year earnings growth is negative, it can't be compared to the 5-year average.
Retail Estates's 1-year earnings growth is negative, it can't be compared to the BE REITs industry average.

Earnings and Revenue History

Retail Estates's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from Retail Estates Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:RET Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions)	Revenue	Net Income *	G+A Expenses
2018-09-30	86.80	50.71	4.78
2018-06-30	81.94	48.70	4.52
2018-03-31	77.07	46.70	4.25
2017-12-31	72.19	45.47	3.92
2017-09-30	69.68	56.41	3.43
2017-06-30	67.84	54.27	3.15
2017-03-31	66.00	52.14	2.87
2016-12-31	64.97	48.61	2.88
2016-09-30	64.63	43.41	2.80
2016-06-30	63.20	42.72	2.79
2016-03-31	61.78	42.04	2.77
2015-12-31	59.18	40.26	2.76
2015-09-30	56.57	38.49	2.76
2015-06-30	54.70	36.86	2.82
2015-03-31	52.82	35.24	2.89
2014-12-31	51.66	32.47	2.80
2014-09-30	50.50	29.70	2.72
2014-06-30	48.96	29.13	2.52
2014-03-31	47.43	28.57	2.32
2013-12-31	47.04	29.51	1.99
2013-09-30	46.66	30.46	1.65
2013-06-30	46.16	30.02	1.90
2013-03-31	45.67	29.58	2.16
2012-12-31	43.39	28.98	2.15
2012-09-30	41.12	28.39	2.14
2012-06-30	39.88	27.87	2.17

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

Retail Estates has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Retail Estates used its assets more efficiently than the BE REITs industry average last year based on Return on Assets.
Retail Estates's use of capital has not improved over the past 3 years (Return on Capital Employed).

Past performance checks

We assess Retail Estates's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Retail Estates has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

How is Retail Estates's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Retail Estates's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Retail Estates's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
Retail Estates's long term commitments exceed its cash and other short term assets.

Balance sheet

This treemap shows a more detailed breakdown of Retail Estates's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is not covered by short term assets, assets are 0x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from Retail Estates Company Filings, last reported 7 months ago.

ENXTBR:RET Past Debt and Equity Data
Date (Data in EUR Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-09-30	681.15	712.50	2.35
2018-06-30	681.15	712.50	2.35
2018-03-31	568.33	796.07	3.39
2017-12-31	543.52	790.60	4.30
2017-09-30	536.18	616.31	3.76
2017-06-30	536.18	616.31	3.76
2017-03-31	514.97	535.39	0.98
2016-12-31
2016-09-30	469.36	531.83	2.87
2016-06-30	469.36	531.83	2.87
2016-03-31	474.17	498.78	1.32
2015-12-31	474.17	498.78	1.32
2015-09-30	447.47	472.75	7.95
2015-06-30	447.47	472.75	7.95
2015-03-31	381.21	422.18	1.47
2014-12-31	381.21	422.18	1.47
2014-09-30	346.70	380.81	2.56
2014-06-30	346.70	380.81	2.56
2014-03-31	356.52	373.98	2.19
2013-12-31	356.52	373.98	2.19
2013-09-30	342.89	353.25	42.99
2013-06-30	342.89	353.25	42.99
2013-03-31	269.59	376.76	1.88
2012-12-31	269.59	376.76	1.88
2012-09-30	261.85	367.82	1.15
2012-06-30	261.85	367.82	1.15

Retail Estates's level of debt (104.6%) compared to net worth is high (greater than 40%).
The level of debt compared to net worth has increased over the past 5 years (103% vs 104.6% today).
Debt is not well covered by operating cash flow (8.6%, less than 20% of total debt).
Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).

Financial health checks

We assess Retail Estates's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

Dividends

What is Retail Estates's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

4.23%

Current annual income from Retail Estates dividends. Estimated to be 5.21% next year.

If you bought €2,000 of Retail Estates shares you are expected to receive €85 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

Retail Estates's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.43%).
Retail Estates's dividend is below the markets top 25% of dividend payers in Belgium (4.9%).

Upcoming dividend payment

Purchase Retail Estates before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

ENXTBR:RET Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 2 Analyst Estimates (S&P Global)	See Below
Belgium REITs Industry Average Dividend Yield	Market Cap Weighted Average of 16 Stocks	4.4%
Belgium Market Average Dividend Yield	Market Cap Weighted Average of 78 Stocks	3.7%
Belgium Minimum Threshold Dividend Yield	10th Percentile	1.2%
Belgium Bottom 25% Dividend Yield	25th Percentile	2.4%
Belgium Top 25% Dividend Yield	75th Percentile	4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTBR:RET Future Dividends Estimate Data
Date (Data in €)	Dividend per Share (annual)	Avg. No. Analysts
2021-03-31	4.44	1.00
2020-03-31	4.44	2.00
2019-03-31	4.03	2.00

ENXTBR:RET Past Annualized Dividends Data
Date (Data in €)	Dividend per share (annual)	Avg. Yield (%)
2018-06-15	3.600	4.693
2018-05-18	3.600	4.660
2017-06-20	3.300	4.498
2017-05-23	3.300	4.111
2016-05-26	3.200	4.141
2016-05-25	3.200	4.091
2015-06-01	3.100	4.159
2015-02-27	3.100	4.260
2014-05-26	3.000	4.629
2014-05-23	3.100	5.200
2013-11-29	3.000	5.237
2013-06-05	2.900	5.231
2013-02-15	2.900	5.099
2012-11-30	2.900	5.429
2012-05-25	2.800	5.465
2011-11-25	2.800	5.679
2011-05-30	2.700	5.459
2011-04-15	2.700	5.399
2010-11-26	2.700	5.705
2010-05-28	2.230	5.095
2009-09-30	2.160	5.262

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Dividends per share have been stable in the past 10 years.
Dividends per share have increased over the past 10 years.

Current Payout to shareholders

What portion of Retail Estates's earnings are paid to the shareholders as a dividend.

Dividends paid are covered by earnings (1.5x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be covered by earnings (1.4x coverage).

Show me more dividend paying companies in the REITs industry

Income/ dividend checks

We assess Retail Estates's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Retail Estates afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

Management

What is the CEO of Retail Estates's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Jan De Nys

COMPENSATION	€394,000
AGE	59
TENURE AS CEO	21.3 years

CEO Bio

Mr. Jan De Nys is Managing Director and Chief Executive Officer of Retail Estates N.V. since 1998 and serves as its Director. Most important other positions:- Director at Orelio nv (Maes/Alides Construction and Property Group), Director at First Retail International I and II nv, Chairman of the Private Privak BEM II (set up under the aegis of the Flemish Building Federation), Managing Director of Infradis Real Estate Management nv and Managing Director of Snowdonia nv, Administrateur délégué at Snowdonia sa.

CEO Compensation

Jan's compensation has been consistent with company performance over the past year, both up more than 20%.
Jan's remuneration is about average for companies of similar size in Belgium.

Management Team Tenure

Average tenure and age of the Retail Estates management team in years:

10.8

Average Tenure

Average Age

The average tenure for the Retail Estates management team is over 5 years, this suggests they are a seasoned and experienced team.

Management Team

Paul Borghgraef

TITLE

Chairman & Compliance Officer

COMPENSATION

€60K

AGE

64

Jan De Nys

TITLE

MD, CEO & Director

COMPENSATION

€394K

AGE

59

TENURE

21.3 yrs

Kara De Smet

TITLE

CFO & Executive Director

AGE

42

TENURE

13.3 yrs

Koenraad Van Nieuwenburg

TITLE

Chief Investment Officer

Sara Hautier

Bernadette Rossel

TITLE

Senior Property Manager

TENURE

14.3 yrs

Kevin Tirmarche

TITLE

Property Manager

TENURE

7.1 yrs

Board of Directors Tenure

Average tenure and age of the Retail Estates board of directors in years:

3.8

Average Tenure

59.5

Average Age

The tenure for the Retail Estates board of directors is about average.

Board of Directors

Paul Borghgraef

TITLE

Chairman & Compliance Officer

COMPENSATION

€60K

AGE

64

TENURE

3.3 yrs

Jan De Nys

TITLE

MD, CEO & Director

COMPENSATION

€394K

AGE

Recent Insider Trading

No 3 month insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Role		Start	End	Shares	Max Price (€)	Value (€)

Management checks

We assess Retail Estates's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Does Retail Estates N.V. (EBR:RET) Fare As A Dividend Stock?

(EBR:RET) be an attractive dividend share to own for the long haul? Investors are often drawn to a company for its dividend.. … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations.. … With Retail Estates yielding 4.3% and having paid a dividend for over 10 years, many investors likely find the company quite interesting.!

Simply Wall St - 2 weeks ago – Full article

If You Had Bought Retail Estates (EBR:RET) Stock Five Years Ago, You Could Pocket A 43% Gain Today

To wit, the Retail Estates share price has climbed 43% in five years, easily topping the market return of 9.9% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, Retail Estates managed to grow its earnings per share at 0.1% a year.

Simply Wall St - 1 month ago – Full article

How Should You Analyze REIT Stock Retail Estates N.V. (EBR:RET)?

Retail Estates N.V. … Funds from Operations (FFO) is a higher quality measure of RET's earnings compared to net income … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St - 2 months ago – Full article

Is Retail Estates N.V.'s (EBR:RET) CEO Overpaid Relative To Its Peers?

Jan De Nys became the CEO of Retail Estates N.V. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Jan De Nys's Compensation Compare With Similar Sized Companies?

Simply Wall St - 3 months ago – Full article

How Did Retail Estates N.V.'s (EBR:RET) 7.4% ROE Fare Against The Industry?

To keep the lesson grounded in practicality, we'll use ROE to better understand Retail Estates N.V. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.074 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - 4 months ago – Full article

What You Need To Know Before Investing In Retail Estates NV (EBR:RET)

Retail Estates NV is a €802m. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much RET actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St - 6 months ago – Full article

Retail Estates NV (EBR:RET): A Fundamentally Attractive Investment

Retail Estates NV (EBR:RET) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … is a company with a

Simply Wall St - 6 months ago – Full article

Why Retail Estates NV (EBR:RET) May Not Be As Efficient As Its Industry

and want to begin learning the link between Retail Estates NV (EBR:RET)’s return fundamentals and stock market performance. … With an ROE of 8.22%, Retail Estates NV (EBR:RET) returned in-line to its own industry which delivered 8.26% over the past year. … But what is more interesting is whether RET can sustain or improve on this level of return

Simply Wall St - 10 months ago – Full article

Is Retail Estates NV (ENXTBR:RET) A Smart Pick For Income Investors?

Retail Estates NV (ENXTBR:RET) has pleased shareholders over the past 10 years, paying out an average dividend of 5.00% annually. … Does tick all the boxes of a great dividend stock? … 5 checks you should use to assess a dividend stock

Simply Wall St - 11 months ago – Full article

How Retail Estates NV. (EBR:RET) Can Impact Your Portfolio Volatility

Not every stock is exposed to the same level of market risk. … Retail Estates's beta of 0.18 indicates that the stock value will be less variable compared to the whole stock market. … RET’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio.

Simply Wall St - 1 year ago – Full article

Company Info

Description

Retail Estates nv is a public regulated real estate company and more specifically a niche company that specialises in investing in out-of-town retail properties which are located on the periphery of residential areas or along main access roads into urban centres. Real Estates NV acquires these real properties from third parties or builds and commercialises retail buildings for its own account. The buildings have useful areas ranging between 500m2 and 3,000m2. A typical retail property has an average area of 1,000 m2. As of 31 December 2018, Retail Estates nv has 907 premises in its portfolio with a total retail area of 1,038.20 m², spread over Belgium and the Netherlands. The occupancy rate of the portfolio was 98.04% on 31 December 2018, compared to 98.11% on 31 March 2018. The fair value of the consolidated real estate portfolio of Retail Estates NV as at 31 December 2018 is estimated at EUR 1.514,78 million by independent real estate experts. Retail Estates NV is listed on Euronext Brussels and Euronext Amsterdam and is registered as a public regulated real estate company. At at 31 December 2018, the stock market capitalisation of the shares amounts to EUR 879.54 million.

Details

Name:	Retail Estates N.V.
Ticker:	RET
Exchange:	ENXTBR
Founded:	1988
Market Cap:	€972,062,664
Shares outstanding:	11,422,593
Website:	http://www.retailestates.com
Address:	Retail Estates N.V. Industrielaan 6, B-1740 Ternat, Brussels, Brussels, 1000, Belgium

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
ENXTBR	RET	Ordinary Shares	Euronext Brussels	BE	EUR	31. Dec 2004
DB	R6N	Ordinary Shares	Deutsche Boerse AG	DE	EUR	31. Dec 2004
LSE	0FSO	Ordinary Shares	London Stock Exchange	GB	EUR	31. Dec 2004
BATS-CHIXE	RETB	Ordinary Shares	BATS 'Chi-X Europe'	GB	EUR	31. Dec 2004

Number of employees

Current staff

Retail Estates employees.

Industry

Industry:	Retail REITs
Sector:	Real Estate

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/05/20 21:09
End of day share price update:	2019/05/20 00:00
Last estimates confirmation:	2019/04/16
Last earnings filing:	2018/11/17
Last earnings reported:	2018/09/30
Last annual earnings reported:	2018/03/31

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)

Retail Estates

RET Share Price and Events

7 Day Returns

1 Year Returns

RET Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

Related Companies

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Value

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Current Discount

Current Discount Checks

PRICE RELATIVE TO MARKET

Price based on past earnings

Price based on expected Growth

Price based on value of assets

Value checks

Future Performance

Earnings growth vs Low Risk Savings

Growth vs Market Checks

Annual Growth Rates Comparison

Analysts growth expectations

High Growth Checks

Past and Future Earnings per Share

Performance in 3 years

Future performance checks

Past Performance

Past earnings growth

Past Earnings growth analysis

Earnings and Revenue History

Performance last year

Past performance checks

Health

Net Worth

Balance sheet

Assets

Liabilities and shares

Historical Debt

Financial health checks

Dividends

Annual Dividend Income

Dividend Amount

Upcoming dividend payment

Annualized Historical and Future Dividends

Current Payout to shareholders

Future Payout to shareholders

Income/ dividend checks

Management

CEO

CEO Bio

CEO Compensation

Management Team Tenure

Management Team

Paul Borghgraef

Chairman & Compliance Officer

€60K

64

Jan De Nys

MD, CEO & Director

€394K

59

21.3 yrs

Kara De Smet

CFO & Executive Director

42

13.3 yrs

Koenraad Van Nieuwenburg

Chief Investment Officer

Sara Hautier

Accounting Manager

Tom Ooms

Construction & Technical Manager

8.3 yrs

Runa Eeckt

Chief Legal Officer

0.3 yrs

Wilfried Van Laethem