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Klépierre

ENXTPA:LI
Snowflake Description

6 star dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LI
ENXTPA
€9B
Market Cap
  1. Home
  2. FR
  3. Real Estate
Company description

Klépierre, the European leader in shopping malls, combines development, property and asset management skills. The last earnings update was 129 days ago. More info.


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LI Share Price and Events
7 Day Returns
-2.3%
ENXTPA:LI
-0.4%
FR REITs
0.9%
FR Market
1 Year Returns
11.6%
ENXTPA:LI
18.5%
FR REITs
18.9%
FR Market
LI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Klépierre (LI) -2.3% -1.7% 6.7% 11.6% -10.3% -8.1%
FR REITs -0.4% 1% 7.7% 18.5% 16.5% 30.8%
FR Market 0.9% -0.5% 3.3% 18.9% 27.8% 46.3%
1 Year Return vs Industry and Market
  • LI underperformed the REITs industry which returned 18.5% over the past year.
  • LI underperformed the Market in France which returned 18.9% over the past year.
Price Volatility
LI
Industry
5yr Volatility vs Market

LI Value

 Is Klépierre undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Klépierre to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Klépierre.

ENXTPA:LI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year FR Government Bond Rate -0.1%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:LI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 6.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.482 (1 + (1- 33%) (101.27%))
0.872
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.11% + (0.872 * 6.07%)
5.19%

Discounted Cash Flow Calculation for ENXTPA:LI using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

ENXTPA:LI Discount to Share Price
Calculation Result
Value per share (EUR) From above. €58.13
Current discount Discount to share price of €32.28
= -1 x (€32.28 - €58.13) / €58.13
44.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Klépierre is available for.
Intrinsic value
44%
Share price is €32.28 vs Future cash flow value of €58.13
Current Discount Checks
For Klépierre to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Klépierre's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Klépierre's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Klépierre's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Klépierre's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:LI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €1.31
ENXTPA:LI Share Price ** ENXTPA (2019-12-13) in EUR €32.28
France REITs Industry PE Ratio Median Figure of 22 Publicly-Listed REITs Companies 11.38x
France Market PE Ratio Median Figure of 406 Publicly-Listed Companies 17.66x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Klépierre.

ENXTPA:LI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:LI Share Price ÷ EPS (both in EUR)

= 32.28 ÷ 1.31

24.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Klépierre is overvalued based on earnings compared to the FR REITs industry average.
  • Klépierre is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Klépierre's expected growth come at a high price?
Raw Data
ENXTPA:LI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 24.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
10.4%per year
France REITs Industry PEG Ratio Median Figure of 9 Publicly-Listed REITs Companies -0.22x
France Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

ENXTPA:LI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 24.69x ÷ 10.4%

2.37x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Klépierre is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Klépierre's assets?
Raw Data
ENXTPA:LI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €33.31
ENXTPA:LI Share Price * ENXTPA (2019-12-13) in EUR €32.28
France REITs Industry PB Ratio Median Figure of 27 Publicly-Listed REITs Companies 1.01x
France Market PB Ratio Median Figure of 593 Publicly-Listed Companies 1.45x
ENXTPA:LI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:LI Share Price ÷ Book Value per Share (both in EUR)

= 32.28 ÷ 33.31

0.97x

* Primary Listing of Klépierre.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Klépierre is good value based on assets compared to the FR REITs industry average.
X
Value checks
We assess Klépierre's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Klépierre has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

LI Future Performance

 How is Klépierre expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Klépierre expected to grow at an attractive rate?
  • Klépierre's earnings growth is expected to exceed the low risk savings rate of -0.1%.
Growth vs Market Checks
  • Klépierre's earnings growth is positive but not above the France market average.
  • Klépierre's revenues are expected to decrease over the next 1-3 years, this is below the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:LI Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:LI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 10.4%
ENXTPA:LI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts -1%
France REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.5%
France REITs Industry Revenue Growth Rate Market Cap Weighted Average 1.1%
France Market Earnings Growth Rate Market Cap Weighted Average 11.5%
France Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:LI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:LI Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,195 1
2022-12-31 1,183 2
2021-12-31 1,275 865 584 8
2020-12-31 1,259 871 527 8
2019-12-31 1,252 881 511 9
2019-12-13
ENXTPA:LI Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 1,348 1,034 389
2019-03-31 1,363 1,027 614
2018-12-31 1,378 1,020 839
2018-09-30 1,540 1,026 1,058
2018-06-30 1,560 1,032 1,277
2018-03-31 1,483 1,033 1,253
2017-12-31 1,407 1,034 1,229
2017-09-30 1,404 1,006 1,220
2017-06-30 1,401 979 1,212
2017-03-31 1,405 967 1,202
2016-12-31 1,408 956 1,191
2016-09-30 1,427 938 976

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Klépierre's earnings are expected to grow by 10.4% yearly, however this is not considered high growth (20% yearly).
  • Klépierre's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:LI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Klépierre Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:LI Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.24 2.96 1.47 4.00
2020-12-31 1.83 2.17 1.29 4.00
2019-12-31 2.02 2.69 1.63 4.00
2019-12-13
ENXTPA:LI Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 1.31
2019-03-31 2.06
2018-12-31 2.80
2018-09-30 3.52
2018-06-30 4.23
2018-03-31 4.12
2017-12-31 4.01
2017-09-30 3.96
2017-06-30 3.90
2017-03-31 3.86
2016-12-31 3.82
2016-09-30 3.15

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Klépierre is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Klépierre's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Klépierre has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

LI Past Performance

  How has Klépierre performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Klépierre's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Klépierre's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Klépierre's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Klépierre's 1-year earnings growth is negative, it can't be compared to the FR REITs industry average.
Earnings and Revenue History
Klépierre's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Klépierre Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:LI Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,348.00 388.80 171.10
2019-03-31 1,363.05 613.80 178.25
2018-12-31 1,378.10 838.80 185.40
2018-09-30 1,539.95 1,057.90 189.45
2018-06-30 1,559.60 1,277.00 192.20
2018-03-31 1,483.05 1,252.80 190.85
2017-12-31 1,406.50 1,228.60 189.50
2017-09-30 1,403.95 1,220.40 192.15
2017-06-30 1,401.40 1,212.20 194.80
2017-03-31 1,404.90 1,201.75 196.20
2016-12-31 1,408.40 1,191.30 197.60
2016-09-30 1,426.65 976.45 199.95
2016-06-30 1,444.90 761.60 202.30
2016-03-31 1,425.75 518.15 215.85
2015-12-31 1,406.60 274.70 229.40
2015-09-30 1,217.65 -250.00 216.45
2015-06-30 1,107.10 -0.20 203.50
2015-03-31 1,017.50 319.90 182.10
2014-12-31 927.90 640.00 160.70
2014-09-30 975.03 678.71 164.38
2014-06-30 1,022.17 717.42 168.05
2014-03-31 1,044.25 385.51 169.67
2013-12-31 1,066.34 53.60 171.28
2013-09-30 1,077.31 95.30 171.46
2013-06-30 1,088.27 137.01 171.64
2013-03-31 1,093.16 151.80 169.05
2012-12-31 1,098.04 166.59 166.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Klépierre has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Klépierre used its assets less efficiently than the FR REITs industry average last year based on Return on Assets.
  • Klépierre's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Klépierre's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Klépierre has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

LI Health

 How is Klépierre's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Klépierre's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Klépierre's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Klépierre's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Klépierre's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Klépierre Company Filings, last reported 5 months ago.

ENXTPA:LI Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 12,283.30 9,140.70 195.00
2019-03-31 12,283.30 9,140.70 195.00
2018-12-31 12,893.20 9,330.60 304.50
2018-09-30 12,893.20 9,330.60 304.50
2018-06-30 12,806.80 9,558.50 246.00
2018-03-31 12,806.80 9,558.50 246.00
2017-12-31 12,960.40 9,715.40 564.50
2017-09-30 12,960.40 9,715.40 564.50
2017-06-30 12,352.00 9,795.40 461.40
2017-03-31 12,352.00 9,795.40 461.40
2016-12-31 12,536.30 9,360.40 578.80
2016-09-30 12,536.30 9,360.40 578.80
2016-06-30 6,581.30 9,963.40 570.00
2016-03-31 6,581.30 9,963.40 570.00
2015-12-31 11,729.30 9,583.90 413.70
2015-09-30 7,039.20 9,583.90 418.00
2015-06-30 7,591.90 10,351.90 367.40
2015-03-31 7,591.90 10,351.90 367.40
2014-12-31 3,565.90 5,830.30 144.30
2014-09-30 3,565.90 5,830.30 144.30
2014-06-30 3,638.87 6,288.27 178.11
2014-03-31 3,638.87 6,288.27 178.11
2013-12-31 3,397.46 7,714.35 127.50
2013-09-30 3,397.46 7,714.35 127.50
2013-06-30 3,304.73 8,150.03 225.97
2013-03-31 3,304.73 8,150.03 225.97
2012-12-31 3,620.72 8,203.17 206.01
  • Klépierre's level of debt (74.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (172.7% vs 74.4% today).
  • Debt is not well covered by operating cash flow (11.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8x coverage).
X
Financial health checks
We assess Klépierre's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Klépierre has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

LI Dividends

 What is Klépierre's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.51%
Current annual income from Klépierre dividends. Estimated to be 6.98% next year.
If you bought €2,000 of Klépierre shares you are expected to receive €130 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Klépierre's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.49%).
  • Klépierre's dividend is above the markets top 25% of dividend payers in France (4.61%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:LI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
France REITs Industry Average Dividend Yield Market Cap Weighted Average of 23 Stocks 5.1%
France Market Average Dividend Yield Market Cap Weighted Average of 310 Stocks 2.9%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.5%
France Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:LI Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.40 1.00
2022-12-31 2.10 2.00
2021-12-31 2.29 13.00
2020-12-31 2.27 13.00
2019-12-31 2.21 13.00
2019-12-13
ENXTPA:LI Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-06 2.100 6.887
2018-02-07 1.960 6.273
2017-02-06 1.820 5.163
2016-02-09 1.700 4.355
2015-03-10 1.600 3.889
2015-02-12 1.600 3.609
2014-03-10 1.550 4.396
2014-02-03 1.550 4.700
2013-01-31 1.500 4.677
2012-08-09 1.450 5.100
2012-02-07 1.450 5.782
2011-02-08 1.350 5.548
2010-03-08 1.250 4.842
2010-02-09 1.250 4.556
2009-03-10 1.250 5.811

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Klépierre's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (386.1x coverage).
X
Income/ dividend checks
We assess Klépierre's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Klépierre afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Klépierre has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LI Management

 What is the CEO of Klépierre's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jean-March Jestin
COMPENSATION €2,265,989
AGE 50
TENURE AS CEO 3.1 years
CEO Bio

Mr. Jean-March Jestin has been Chairman of the Klepierre Executive Board since November 2016, after serving as Chief Operating Officer and Member of the Klepierre Executive Board since October 2012. Previously, he held a number of positions in real estate companies. He was Chief Financial Officer and then Chief Operating Officer of the pan-European platform Simon Ivanhoe from 1999 to 2007. He then changed to Unibail-Rodamco International team, acting as Deputy Chief Investment Officer in charge of acquisitions, sales and M&A transactions. He started his career in 1991 at Arthur Andersen in an audit function where he contributed to the development of the Real Estate Practice. Appointments expired during the last five years: • Chairman and Deputy CEO: - SAS Immobiliere Lidice - Rodamco France • Non-Partner Manager: Societe Fonciere Immobiliere • Chairman: Uni-Commerces • Deputy CEO: - Alba - SAS Immobiliere Chateau Garnier - Unibail Management • Co-Managing partner: - Unibail Rodamco SIF France - Groupe BEG - Fonciere d’Investissement - Unibail Rodamco SIF Services - BAY 1 BAY 2 - BEG Investissements - TC Design • Managing Partner: - Rodamco Ceska republika s.r.o. (renamed Unibail-Rodamco Ceska republika s.r.o.) (Czech Republic) - Centrum Cerny Most a.s. (Czech Republic) - Centrum Praha Jih - Chodov s.r.o. (Czech Republic) - Rodamco Pankrac a.s. (Czech Republic) - Moravska Obchodni, a.s. (Czech Republic) - Euro-Mall Kft (Hungary) - Vezer Center Kft (Hungary) - Rodamco Deutschland GmbH (Germany) - Arkadia Centrum Handlowe Sp. z o.o. (Poland) - Wilenska Centrum Handlowe Sp. z o.o. (Poland) - Gdansk Station Shopping Mall Sp. z o.o. (Poland) - Wilenska Station Shopping Mall Sp. z o.o. (Poland) - Lodz Nord Shopping Mall Sp. z o.o. (liquidated) (Poland) - Wroclaw Garage Shopping Mall Sp. z o.o. (liquidated) (Poland) - Bydgoszcz Shopping Mall Sp. z o.o. (liquidated) (Poland) - Gliwice Shopping Mall Sp. z o.o. (liquidated) (Poland) - Polskie Domy Handlowe Sp. z o.o. (liquidated) (Poland) • Supervisory Board Member: Rodamco CH1 Sp. z o.o. (Poland)

CEO Compensation
  • Jean-March's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Jean-March's remuneration is lower than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Klépierre management team in years:

3.1
Average Tenure
53
Average Age
  • The tenure for the Klépierre management team is about average.
Management Team

Jean-March Jestin

TITLE
Chairman of the Executive Board
COMPENSATION
€2M
AGE
50
TENURE
3.1 yrs

Jean-Michel Gault

TITLE
Deputy CEO
COMPENSATION
€2M
AGE
59
TENURE
21.9 yrs

Beñat Ortega

TITLE
Chief Operating Officer
TENURE
3.1 yrs

Cyrille Deslandes

TITLE
Chief Investment Officer
TENURE
1.9 yrs

Hubert d’AILLIÈRES

TITLE
Group Head of Investor Relations & Financial Communication

Marie-Thérèse Dimasi

TITLE
Chief Legal & Human Resources Officer
AGE
56
TENURE
8.5 yrs

Julien Goubault

TITLE
Chief Communications Officer
AGE
41
TENURE
3.1 yrs

Sonia Torti

TITLE
Head of Marketing Arcades / France

Gilles Latini

TITLE
Head of Southeast Development

Michaël Farbos

TITLE
Chief Development Officer
Board of Directors Tenure

Average tenure and age of the Klépierre board of directors in years:

4.7
Average Tenure
57
Average Age
  • The tenure for the Klépierre board of directors is about average.
Board of Directors

David Simon

TITLE
Supervisory Board Chairman
COMPENSATION
€98K
AGE
57
TENURE
7.8 yrs

Rose-Marie Van Lerberghe

TITLE
Vice Chairman of the Board
COMPENSATION
€84K
AGE
72
TENURE
2.9 yrs

Catherine Simoni

TITLE
Supervisory Board Member
COMPENSATION
€86K
AGE
55
TENURE
7 yrs

John Carrafiell

TITLE
Supervisory Board Member
COMPENSATION
€71K
AGE
54
TENURE
5 yrs

Steve Fivel

TITLE
Supervisory Board Member
COMPENSATION
€106K
AGE
58
TENURE
7.8 yrs

Stanley Shashoua

TITLE
Supervisory Board Member
COMPENSATION
€80K
AGE
48
TENURE
4.7 yrs

Florence von Erb

TITLE
Supervisory Board Member
COMPENSATION
€49K
AGE
59
TENURE
3.8 yrs

Béatrice de Clermont-Tonnerre

TITLE
Supervisory Board Member
COMPENSATION
€49K
AGE
46
TENURE
3.7 yrs

Robert Fowlds

TITLE
Supervisory Board Member
COMPENSATION
€37K
AGE
57
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Klépierre's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Klépierre has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

LI News

Simply Wall St News

Do Directors Own Klépierre SA (EPA:LI) Shares?

Check out our latest analysis for Klépierre ENXTPA:LI Ownership Summary, August 27th 2019 What Does The Institutional Ownership Tell Us About Klépierre? … We can see that Klépierre does have institutional investors; and they hold 77% of the stock. … Insider Ownership Of Klépierre The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Klépierre SA's (EPA:LI) 7.7% Dividend Yield Looks Pretty Interesting

ENXTPA:LI Historical Dividend Yield, August 6th 2019 Payout ratios Dividends are usually paid out of company earnings. … Dividend Growth Potential Dividend payments have been consistent over the past few years, but we should always check if earnings per share (EPS) are growing, as this will help maintain the purchasing power of the dividend. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Klépierre has grown its earnings per share at 37% per annum over the past five years. With high earnings per share growth in recent times and a modest payout ratio, we think this is an attractive combination if earnings can be reinvested to generate further growth. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Does Klépierre SA's (EPA:LI) CEO Pay Reflect Performance?

First, this article will compare CEO compensation with compensation at other large companies. … See our latest analysis for Klépierre How Does Jean-March Jestin's Compensation Compare With Similar Sized Companies? … This would give shareholders a good impression of the company, since most large companies pay more, leaving less for shareholders.

Simply Wall St -

Will Klépierre SA's (EPA:LI) Earnings Grow In The Years Ahead?

Today I want to provide a brief commentary on how market analysts perceive Klépierre's earnings growth outlook over the next few years and whether the future looks brighter. … Check out our latest analysis for Klépierre Analysts' outlook for this coming year seems pessimistic, with earnings falling by -0.7%. … ENXTPA:LI Past and Future Earnings, June 17th 2019 Although it is useful to understand the rate of growth year by year relative to today’s value, it may be more valuable to analyze the rate at which the business is growing every year, on average.

Simply Wall St -

Investors Who Bought Klépierre (EPA:LI) Shares Three Years Ago Are Now Down 27%

We regret to report that long term Klépierre SA (EPA:LI) shareholders have had that experience, with the share price dropping 27% in three years, versus a market return of about 37%. … Although the share price is down over three years, Klépierre actually managed to grow EPS by 46% per year in that time. … As it happens, Klépierre's TSR for the last 3 years was -15%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Is Klépierre SA (EPA:LI) A Healthy REIT?

This tells us how long it will take LI to pay off its debt using its income from its main business activities, and gives us an insight into LI’s ability to service its borrowings. … Klépierre can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for LI’s future growth? … Take a look at our free research report of analyst consensus for LI’s outlook.

Simply Wall St -

What Can We Expect From Klépierre SA's (EPA:LI) Earnings In Next 12 Months?

Help shape the future of investing tools and you could win a $250 gift card! … After Klépierre SA's (EPA:LI) recent earnings announcement in December 2018, … with earnings expected to decline by -0.7% in the upcoming year

Simply Wall St -

Klépierre SA (EPA:LI) Has A ROE Of 8.0%

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every €1 worth of shareholders' equity, it generated €0.080 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Kind Of Shareholder Owns Most Klépierre SA (EPA:LI) Stock?

The big shareholder groups in Klépierre SA (EPA:LI) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … We'd expect to see both institutions and retail investors owning a portion of the company.

Simply Wall St -

What Should We Expect From Klépierre SA's (EPA:LI) Earnings In The Years Ahead?

Klépierre SA's (EPA:LI) latest earnings update in December 2018a … signalled … business

Simply Wall St -

LI Company Info

Description

Klépierre, the European leader in shopping malls, combines development, property and asset management skills. The company’s portfolio is valued at €24.0 billion at June 30, 2019 and comprises large shopping centers in 16 countries in Continental Europe which together host 1.1 billion visits 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 included in the CAC Next 20, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120, and figures 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.

Details
Name: Klépierre SA
LI
Exchange: ENXTPA
Founded: 1968
€9,436,719,060
292,339,500
Website: http://www.klepierre.com
Address: Klépierre SA
26 boulevard des Capucines,
CS 20062,
Paris,
Ile-de-France, 75009,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA LI Ordinary Shares Euronext Paris FR EUR 02. Jan 1992
OTCPK KLPE.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB KPR Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0F4I Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE LIP Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
1,119
Klépierre employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/13 20:44
End of day share price update: 2019/12/13 00:00
Last estimates confirmation: 2019/12/10
Last earnings filing: 2019/08/06
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.