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1. Company Snapshot

1.a. Company Description

Deutsche EuroShop AG is a German-based international real estate investment company headquartered in Hamburg.It is the largest German investor in shopping centers, and the country's only publicly traded company to do so exclusively.At the end of 2010 the firm held investments in 18 properties, of which 14 were in Germany, two in Poland and one each in Austria and Hungary.

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1.b. Last Insights on DEQ

Deutsche EuroShop AG's recent performance was driven by robust earnings, with a 2.7% year-over-year decline in revenue offset by a 15% share price growth. The company's first-quarter 2025 earnings release showed a decent performance, with earnings per share (EPS) of €0.42, slightly below the €0.43 in the same period last year. Additionally, the company's strong cash position and potential for share buybacks could provide a catalyst for future growth. Furthermore, the market's muted reaction to the earnings release suggests that the company's fundamentals are being overlooked, presenting an opportunity for investors.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Deutsche EuroShop AG (WBO:DEQ) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Nov -15

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Deutsche EuroShop AG (WBO:DEQ) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Nov -14

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LVMH: Share transactions disclosure

Sep -09

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The BANK of Greenland issued and early redemption of Senior Non-Preferred capital

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.66%)

6. Segments

Minimum Rental

Expected Growth: 4.65%

Deutsche EuroShop AG's minimum rental growth of 4.65% is driven by increasing foot traffic in prime shopping centers, strong retailer demand, and a solid pipeline of new leases. Additionally, the company's focus on omnichannel retailing and experiential shopping experiences attracts high-quality tenants, supporting rental growth.

Rent

Expected Growth: 4.65%

Deutsche EuroShop AG's 4.65% rent growth is driven by strong demand for prime retail space, increasing foot traffic, and a solid tenant mix. Additionally, the company's focus on high-quality shopping centers in Germany and Eastern Europe, coupled with its proactive asset management, contributes to the growth. Furthermore, the company's ability to negotiate rent increases and its long-term lease agreements also support the growth.

Allocable Property Tax and Insurance

Expected Growth: 4.83%

Deutsche EuroShop AG's 4.83% growth in Allocable Property Tax and Insurance is driven by increasing property values, rising insurance premiums, and a growing portfolio of shopping centers. Additionally, the company's focus on prime locations and high-quality tenants contributes to higher property tax assessments, further boosting this segment's growth.

Other

Expected Growth: 4.83%

Deutsche EuroShop AG's 4.83% growth is driven by increasing foot traffic in prime shopping centers, successful asset management, and a strong retail real estate market in Europe. Additionally, the company's diversified tenant base, long-term leases, and low vacancy rates contribute to its stable and growing income stream.

7. Detailed Products

Shopping Centers

Deutsche EuroShop AG develops, owns, and operates shopping centers across Europe, offering a range of retail spaces for various tenants.

Retail Properties

The company acquires, develops, and manages retail properties, including shopping centers, retail parks, and high-street stores.

Real Estate Services

Deutsche EuroShop AG provides real estate services, including property management, leasing, and facility management.

Investment Management

The company offers investment management services for retail properties, including portfolio management and asset management.

8. Deutsche EuroShop AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Deutsche EuroShop AG operates in a competitive market with many substitutes, but its strong brand recognition and customer loyalty mitigate the threat.

Bargaining Power Of Customers

Deutsche EuroShop AG's customers have limited bargaining power due to the company's strong market position and diversified customer base.

Bargaining Power Of Suppliers

Deutsche EuroShop AG's suppliers have moderate bargaining power due to the company's dependence on a few large suppliers, but the company's strong relationships and long-term contracts mitigate the risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the retail property market, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The retail property market is highly competitive, with many established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.19%
Debt Cost 3.95%
Equity Weight 55.81%
Equity Cost 11.12%
WACC 7.95%
Leverage 79.18%

11. Quality Control: Deutsche EuroShop AG passed 3 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

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Fiducial Real Estate

A-Score: 6.0/10

Value: 5.4

Growth: 4.0

Quality: 6.6

Yield: 3.1

Momentum: 7.0

Volatility: 10.0

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Plazza

A-Score: 6.0/10

Value: 2.4

Growth: 4.4

Quality: 6.2

Yield: 3.8

Momentum: 9.0

Volatility: 10.0

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Foxtons

A-Score: 5.7/10

Value: 7.8

Growth: 5.6

Quality: 7.8

Yield: 3.1

Momentum: 2.5

Volatility: 7.3

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Deutsche EuroShop

A-Score: 5.4/10

Value: 5.7

Growth: 3.1

Quality: 6.2

Yield: 8.8

Momentum: 2.5

Volatility: 6.3

1-Year Total Return ->

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Tritax EuroBox

A-Score: 4.7/10

Value: 7.2

Growth: 3.6

Quality: 3.8

Yield: 4.4

Momentum: 4.0

Volatility: 5.3

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Corem Property

A-Score: 3.4/10

Value: 6.5

Growth: 2.7

Quality: 3.6

Yield: 5.6

Momentum: 0.5

Volatility: 1.7

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

18.48$

Current Price

18.48$

Potential

-0.00%

Expected Cash-Flows