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1. Company Snapshot

1.a. Company Description


In 2015 LAR ESPAÑA was included in the FTSA EPRA / NAREIT Global index, a selective global index designed to represent general trends in listed real estate companies around the world.Likewise, in 2018 it was included in the Ibex Top Dividend index.In September 2020, for the sixth consecutive year, Lar España was awarded the EPRA Gold Award for the quality of financial information made available to its main stakeholders.


Regarding the information published on ESG, Lar España has obtained the highest distinction from EPRA, achieving the Gold Award for the third consecutive year.">

LAR ESPAÑA REAL ESTATE SOCIMI, SA is a company listed on the Spanish Stock Exchanges, constituted SOCIMI "Sociedad Anónima Quizada de Inversión en el Mercado Inmobiliario" in March 2014.The company, which aims to invest in the Spanish real estate sector, especially in the retail segment.Today it is the Spanish market leader in retail, with nearly 600,000 square meters for rent and 1,509 million euros in asset value.


In 2015 LAR ESPAÑA was included in the FTSA EPRA / NAREIT Global index, a selective global index designed to represent general trends in listed real estate companies around the world.Likewise, in 2018 it was included in the Ibex Top Dividend index.In September 2020, for the sixth consecutive year, Lar España was awarded the EPRA Gold Award for the quality of financial information made available to its main stakeholders.


Regarding the information published on ESG, Lar España has obtained the highest distinction from EPRA, achieving the Gold Award for the third consecutive year.

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1.b. Last Insights on LRE

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.27%)

6. Segments

Shopping Centres

Expected Growth: 3.5%

Lar España's 3.5% growth in Shopping Centres is driven by increasing foot traffic, boosted by strategic location renovations and enhanced customer experiences. Additionally, a strong focus on omnichannel integration and e-commerce partnerships has improved tenant sales, while proactive asset management and cost control measures have optimized operational efficiency.

Retail Parks

Expected Growth: 2.8%

Lar España's Retail Parks segment growth of 2.8% is driven by increasing foot traffic, strategic location of parks, and a diversified tenant mix. Additionally, the company's focus on experiential retail, investment in digital marketing, and active asset management contribute to the growth. Furthermore, the Spanish economy's steady recovery and growing consumer spending also support the segment's expansion.

7. Detailed Products

Office Buildings

Lar España Real Estate SOCIMI, S.A. offers high-quality office spaces for rent, providing businesses with modern and comfortable work environments.

Shopping Centers

The company develops and manages shopping centers, offering a variety of retail spaces for lease, catering to diverse consumer needs.

Logistics and Industrial Properties

Lar España Real Estate SOCIMI, S.A. provides logistics and industrial properties for rent, supporting the storage and distribution needs of businesses.

Residential Properties

The company offers a range of residential properties for rent, including apartments and houses, catering to diverse housing needs.

8. Lar España Real Estate SOCIMI, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for Lar España Real Estate SOCIMI, S.A. due to the availability of alternative investment options in the real estate market.

Bargaining Power Of Customers

The bargaining power of customers is low for Lar España Real Estate SOCIMI, S.A. as the company has a diversified portfolio of properties and a strong brand reputation.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Lar España Real Estate SOCIMI, S.A. as the company relies on a network of contractors and suppliers for its development projects.

Threat Of New Entrants

The threat of new entrants is high for Lar España Real Estate SOCIMI, S.A. due to the relatively low barriers to entry in the Spanish real estate market.

Intensity Of Rivalry

The intensity of rivalry is high for Lar España Real Estate SOCIMI, S.A. due to the competitive nature of the Spanish real estate market and the presence of established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.36%
Debt Cost 3.95%
Equity Weight 57.64%
Equity Cost 11.36%
WACC 8.22%
Leverage 73.49%

11. Quality Control: Lar España Real Estate SOCIMI, S.A. passed 4 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
Dassault

A-Score: 6.5/10

Value: 5.0

Growth: 5.0

Quality: 7.5

Yield: 6.9

Momentum: 6.5

Volatility: 8.3

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Custodian REIT

A-Score: 6.3/10

Value: 5.0

Growth: 4.0

Quality: 7.4

Yield: 9.4

Momentum: 3.5

Volatility: 8.7

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Lar España Real Estate

A-Score: 5.7/10

Value: 4.5

Growth: 7.2

Quality: 6.1

Yield: 5.0

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

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Xior Student Housing

A-Score: 5.6/10

Value: 3.2

Growth: 5.8

Quality: 4.5

Yield: 8.8

Momentum: 2.5

Volatility: 8.7

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Hamborner REIT

A-Score: 5.4/10

Value: 4.5

Growth: 2.4

Quality: 4.6

Yield: 9.4

Momentum: 2.0

Volatility: 9.7

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abrdn Property Income Trust

A-Score: 4.6/10

Value: 9.8

Growth: 1.0

Quality: 6.6

Yield: 9.4

Momentum: 0.0

Volatility: 0.7

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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

8.29$

Current Price

8.29$

Potential

-0.00%

Expected Cash-Flows