Interesting Belgian company which has been listed in Amsterdam since 2018.
Has been growing a retail (out of town) real estate portfolio in a time where it has been fashionable to sell retail real estate because of the rise of E-commerce. (People have bought more online in the Netherlands than in Belgium in the past 2 decades).
Good overview here: https://www.retailestates.com/en/investors/key-figures
For example how realistic is the share price?
Over-/undervaluation compared to net asset value IFRS
3/2020 3/2019 3/2018 3/2017 3/2016
-25,07% 31,01% 19,30% 34,51% 45,85%
Sales 2019 EUR 107m
Dividend: EUR 4,40 / EUR 62 = 7%
Portfolio EUR 1,65b strong growth during the financial crisis EUR 250m in 2008 and EUR 500m in 2011. Also bought real estate during the 2020 coronacrisis.
Portfolio % growth faster than per share NAV % growth due to the sales of new shares, whilst paying out a dividend.
Conclusion 2018 ( I wrote the name of the company incorrectly) was seemed expensive, but the share price and NAV have done much better than Wereldhave: https://sinaas.blogspot.com/2018/11/real-estates-share-price-and-intrinsic.html
Retail Estates might book a loss in 2020 due to impairments linked to the coronacrisis?
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