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1. Company Snapshot

1.a. Company Description

The Belgian public real estate investment trust Retail Estates nv is a niche player specialised in making in out-of-town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users.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 building has an average area of 1,000 m².

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1.b. Last Insights on RET

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Is Retail Estates (ENXTBR:RET) Still Undervalued After Its Recent Quiet Climb?

Sep -21

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Societe Generale: shares & voting rights as of 31 August 2025

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.00%)

6. Segments

Real Estate Investment Trust

Expected Growth: 6.0%

Retail Estates N.V.'s 6.0% growth is driven by increasing demand for retail spaces, strategic acquisitions, and effective asset management. Strong foot traffic in prime locations, rising e-commerce penetration, and growing consumer spending power also contribute to the growth. Additionally, the REIT's diversified tenant base, long-term leases, and proactive capital recycling strategy support its growth momentum.

7. Detailed Products

Shopping Centers

Retail Estates N.V. develops and manages shopping centers, providing a platform for retailers to showcase their products and services to a large customer base.

Retail Parks

Retail Estates N.V. offers retail parks, which provide a convenient and accessible shopping experience for customers, with a focus on everyday essentials and services.

High Street Retail

Retail Estates N.V. manages high street retail properties, offering prime locations for retailers to establish a strong presence in urban areas.

Mixed-Use Developments

Retail Estates N.V. develops and manages mixed-use projects, combining retail, residential, and leisure spaces to create vibrant and dynamic destinations.

8. Retail Estates N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Retail Estates N.V. operates in a competitive market with many substitutes, but the company's strong brand recognition and customer loyalty mitigate the threat.

Bargaining Power Of Customers

Retail Estates N.V. has a large customer base, but individual customers have significant bargaining power due to the competitive nature of the market.

Bargaining Power Of Suppliers

Retail Estates N.V. has a diversified supplier base, reducing the bargaining power of individual suppliers.

Threat Of New Entrants

While there are barriers to entry in the market, new entrants can still pose a threat to Retail Estates N.V. through innovative business models or technologies.

Intensity Of Rivalry

The market in which Retail Estates N.V. operates is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.77%
Debt Cost 3.95%
Equity Weight 56.23%
Equity Cost 9.14%
WACC 6.87%
Leverage 77.85%

11. Quality Control: Retail Estates N.V. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Wereldhave

A-Score: 7.2/10

Value: 5.7

Growth: 4.0

Quality: 6.5

Yield: 10.0

Momentum: 7.5

Volatility: 9.7

1-Year Total Return ->

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Patrimoine et Commerce

A-Score: 6.8/10

Value: 4.5

Growth: 4.8

Quality: 4.9

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Retail Estates

A-Score: 6.4/10

Value: 5.4

Growth: 3.9

Quality: 6.9

Yield: 9.4

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Frey

A-Score: 5.9/10

Value: 3.3

Growth: 5.4

Quality: 4.5

Yield: 9.4

Momentum: 3.0

Volatility: 9.7

1-Year Total Return ->

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Mercialys

A-Score: 5.7/10

Value: 3.8

Growth: 3.1

Quality: 4.9

Yield: 10.0

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

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Vastned Retail

A-Score: 5.6/10

Value: 6.1

Growth: 3.7

Quality: 4.2

Yield: 10.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

62.6$

Current Price

62.6$

Potential

-0.00%

Expected Cash-Flows