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1. Company Snapshot

1.a. Company Description

Klépierre is the European leader in shopping malls, combining property development and asset management skills.The Company's portfolio is valued at €20.7 billion at December 31, 2021, and comprises large shopping centers in more than 10 countries in Continental Europe which together host hundreds of millions of visitors 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 and EPRA Euro Zone Indexes.It is also included in ethical indexes, such as Euronext CAC 40 ESG, MSCI Europe ESG Leaders, FTSE4Good, Euronext Vigeo Europe 120, and features in CDP's “A-list”.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.

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1.b. Last Insights on LI

Klépierre's recent performance was driven by a double upgrade in credit ratings to "A−" by S&P, solidifying its financial flexibility and cash flow generation capabilities. The company's strong asset base and prudent financial policy have been successful in outperforming expectations. Additionally, the confirmation of 2025 guidance and the availability of the universal registration document for fiscal year 2024 demonstrate the company's commitment to transparency and financial discipline.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Simon Property Stock: Is SPG Outperforming the Real Estate Sector?

Dec -02

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Klépierre (ENXTPA:LI) Valuation Revisited Following Recent Share Price Recovery

Nov -09

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KLÉPIERRE: INFORMATION REGARDING THE TOTAL VOTING RIGHTS AND SHARES OF KLÉPIERRE SA  AS OF OCTOBER 31, 2025

Nov -07

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KLÉPIERRE: EARNINGS GUIDANCE UPGRADED AND GROWING OPERATING MOMENTUM YEAR-TO-DATE

Oct -22

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KLÉPIERRE: INFORMATION REGARDING THE TOTAL VOTING RIGHTS AND SHARES OF KLÉPIERRE SA AS OF SEPTEMBER 30, 2025

Oct -10

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KLÉPIERRE: ISSUANCE OF A 12-YEAR INAUGURAL GREEN BOND FOR €500M

Sep -23

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Does Heineken’s Slump Signal Opportunity After Record Low US Alcohol Consumption?

Sep -09

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Enel (BIT:ENEL): Is the Current Valuation Overlooking Subtle Shifts in Performance?

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 (7.36%)

6. Segments

Vehicle

Expected Growth: 7.43%

Klépierre's 7.43% growth in Vehicle segment is driven by increasing foot traffic in shopping centers, successful integration of digital platforms, and strategic partnerships with e-commerce players, resulting in higher conversion rates and average transaction values. Additionally, the company's focus on experiential retail and omnichannel strategies has enhanced the overall shopping experience, attracting more customers and driving sales growth.

Other and Services

Expected Growth: 4.83%

Klépierre's Other and Services segment growth of 4.83% is driven by increasing demand for omnichannel retail experiences, expansion of services such as click-and-collect, and growth in advertising and sponsorship revenue. Additionally, the company's focus on enhancing customer experience through digitalization and investments in data analytics are contributing to the segment's growth.

7. Detailed Products

Shopping Centers

Klépierre owns and operates a portfolio of shopping centers across Europe, offering a range of retail spaces for various brands and retailers.

Retail Parks

Klépierre develops and manages retail parks, providing large retail spaces for big-box retailers and other large format stores.

High Street Retail

Klépierre owns and operates high street retail properties in prime locations, offering retail spaces for various brands and retailers.

Office Spaces

Klépierre offers office spaces for rent, providing flexible and modern workspaces for businesses.

Mixed-Use Developments

Klépierre develops and manages mixed-use projects, combining retail, office, and residential spaces in a single development.

8. Klépierre's Porter Forces

Forces Ranking

Threat Of Substitutes

Klépierre operates in the shopping center industry, where substitutes are limited. However, the rise of e-commerce and changing consumer behavior pose a moderate threat.

Bargaining Power Of Customers

Klépierre's customers, being retailers, have significant bargaining power due to their large volumes and ability to negotiate rents and terms.

Bargaining Power Of Suppliers

Klépierre has a diverse supplier base, and its suppliers have limited bargaining power due to the company's large scale and negotiating power.

Threat Of New Entrants

The shopping center industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to compete with Klépierre.

Intensity Of Rivalry

Klépierre operates in a competitive industry, but its strong market position, diversified portfolio, and focus on innovation help mitigate the 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 48.74%
Debt Cost 4.65%
Equity Weight 51.26%
Equity Cost 12.18%
WACC 8.51%
Leverage 95.07%

11. Quality Control: Klépierre passed 2 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
Carmila

A-Score: 6.9/10

Value: 6.8

Growth: 5.2

Quality: 6.6

Yield: 10.0

Momentum: 4.0

Volatility: 8.7

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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Klépierre

A-Score: 6.6/10

Value: 4.3

Growth: 4.6

Quality: 5.8

Yield: 9.4

Momentum: 6.0

Volatility: 9.7

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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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

32.94$

Current Price

32.94$

Potential

-0.00%

Expected Cash-Flows