olivLaw · European equity research
Klépierre LI.PA
France · Euronext Paris · Vertical: Listed companies from France
Klépierre is a European owner and manager of shopping centres, whose activity depends on the security, compliance and energy performance of its buildings. Amid climate pressures and stricter European rules, these factors are becoming central to the value of its portfolio.
At the close of 05 Nov 2026, Klépierre (LI.PA) stock was 36.58 EUR (+0.49% on the day), with market capitalisation 10.5 bn EUR, P/E 8.1 on diluted EPS of 4.54 EUR over the last 12 months, dividend yield 5.06%, beta 0.32, 52-week range 31.04–39.98 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.2
- strong (55–70)
- Bollinger (20, 2)
- 34.54 – 36.31
- above the upper band · %B 1.15 · band width 5.0%
- SMA 50 / 200
- 36.04 / 35.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.5% | −0.6% | +4.1 pp | — |
| 3 months | −8.4% | −4.2% | −4.2 pp | — |
| 6 months | +6.5% | +4.3% | +2.1 pp | — |
| Year to date | +8.4% | +7.5% | +0.9 pp | — |
| 1 year | +10.2% | +9.9% | +0.3 pp | −8.8% |
| 3 years | +53.2% | +49.8% | +3.3 pp | −10.0% |
| 5 years | +63.7% | +42.8% | +20.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.3, median 7.4, max 36.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 192.7 m | 1.1 bn | 1.3 bn |
| Net income YoY | unavailable | +469.5% | +18.4% |
| Diluted EPS | 0.67 | 3.83 | 4.54 |
| Diluted EPS YoY | unavailable | +471.6% | +18.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 831.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 11.5 bn EUR
- Total assets
- 22.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.56x
- ROE
- 11.8%
- ROA
- 6.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 457.2 m | 1.5 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 17.7 m | 17.0 m | 16.7 m | esef· 07 Apr 2026verified |
| EBITDA | 474.9 m ≈ | 1.6 bn ≈ | 1.7 bn ≈ | esef· 07 Apr 2026derived |
| Interest expense | 236.2 m | 284.4 m | 302.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 275.1 m | 1.4 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Income tax | 100.8 m | 186.0 m | 159.2 m | esef· 07 Apr 2026verified |
| Net income | 192.7 m | 1.1 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Diluted EPS | 0.67 | 3.83 | 4.54 | esef· 07 Apr 2026verified |
| Weighted average diluted shares | 286.3 m | 286.6 m | 286.5 m | esef· 07 Apr 2026verified |
| Dividend per share | — | 1.80 | 1.85 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 358.7 m | 400.8 m | 831.9 m | esef· 07 Apr 2026verified |
| Current assets | 906.1 m | 909.4 m | 1.3 bn | esef· 07 Apr 2026verified |
| Goodwill | 467.0 m | 466.5 m | 465.4 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 23.2 m | 23.5 m | 36.5 m | esef· 07 Apr 2026verified |
| Total assets | 20.1 bn | 21.0 bn | 22.3 bn | esef· 07 Apr 2026verified |
| Current liabilities | 2.3 bn | 2.1 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Equity | 10.0 bn | 10.6 bn | 11.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 283.4 m | 285.8 m | 286.2 m | esef· 07 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 10.5 bn EUR
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 25.16 – 133.89 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E52.16 – 133.89 (Mid 80.80)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)25.16 – 34.31 (Mid 29.03)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.7x | 65 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 8.1x | 83 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KLEPIERRE (LI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 14.5%.
The estimated value range is 38.66–84.10 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 54.91 EUR, the price of 36.58 EUR leaves a potential of 50.1% (value / price − 1) and a margin of safety of 33.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 8.1x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for LI.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Klépierre is a European owner and manager of shopping centres, whose activity depends on the security, compliance and energy performance of its buildings. Amid climate pressures and stricter European rules, these factors are becoming central to the value of its portfolio.
SWOT
Strengths
- Geographic diversification of the portfolio limits exposure to localised weather events, according to the climate risk analysis.
- Security procedures and structural audit routines are formalised and tracked through precise indicators.
- Absenteeism remains low and employee engagement has risen, suggesting stable teams.
Weaknesses
- The group's relatively modest size limits internal career prospects and can generate staff departures.
- Five Italian assets require significant efforts to align with decarbonisation pathways.
- Dependence on a limited number of key suppliers increases exposure in case of failure or contractual dispute.
Opportunities
- Climate actions aligned with sector standards can protect asset value and attract sustainability-minded investors and tenants.
- On-site renewable energy production could reduce costs for tenants and open new revenue streams.
- Sustainable finance linked to emission targets may facilitate access to capital on favourable terms.
Threats
- Volatile energy price increases may raise operating and adaptation investment costs.
- Extreme weather events can interrupt centre operations and generate unforeseen costs.
- Fraud and cyberattack risks remain high as operations become more digital.
Risks
- Physical climate riskshigh
River flooding and rising temperatures can affect assets and activity, and 24 assets were identified with the highest physical risk by 2030.
- Energy transition riskshigh
Carbon taxes and energy prices can depreciate assets and affect access to capital if climate performance falls short of expectations.
- Fraud and corruptionmedium
The risk remains elevated due to persistent external threats, digitalisation and the complexity of purchasing and leasing processes.
- Talent managementmedium
The group's modest size and the 2025 reorganisations have tested the talent management framework, although the indicators remain under control.
- Supplier dependencelow
Concentration on a few key suppliers, or their dependence on the group, can create operational and financial vulnerabilities.
Investment thesis
What would need to be true (bull case)
- If investments in energy efficiency and renewable energy translate into lower costs, the portfolio could keep its appeal to tenants and investors.
- Safety procedures and structural audit routines, combined with moderate staff turnover, can support operational continuity.
- Access to sustainable finance linked to climate targets could support the investment needed for adaptation.
What would break the thesis
- If five Italian assets fail to reach decarbonisation pathways, their value could be affected by high energy costs.
- Rising compliance and maintenance requirements could increase expenses without necessarily increasing revenues.
- Extreme weather and social unrest could interrupt centre activity and affect tenants.
What to watch
- Progress of the climate transition plans for mitigation and adaptation, including on-site assessments2026
- Completion of the full review of climate risks required under CSRD2026
- Trend in staff turnover rate and engagement indicators2026
- Progress in aligning the five Italian assets with CRREM pathways2030
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Klépierre manages shopping centres, and their daily operations require technical maintenance, purchasing of services and external providers for security, cleaning and visitor services. According to the annual report for fiscal 2025, the group emphasises building safety, through five-yearly structural audits and engineering studies before renovations.
The group also monitors anti-corruption compliance, with a Code of Conduct available in 10 languages and a confidential alert system. These mechanisms are described as part of fraud risk management, which the annual report still rates as elevated.
The Act4Good strategy includes a net-zero carbon pillar, supported by climate transition plans for mitigation and adaptation adopted in 2025. The group links financing to emission reduction targets, which makes energy performance part of the business model.
Segments
Shopping centre management
The core activity is operating and maintaining shopping centres, including security, technical upkeep and tenant relations, as described in the annual report.
Development and renovation
Renovation projects are preceded by structural engineering and energy performance assessments, and investments aim to reduce emissions and adapt to climate risks.
Purchasing and services
Purchases of technical, security and cleaning services are centralised at group level, with mandatory tenders and supplier evaluation on reputation, quality and financial strength.
Market context
The report describes an environment where social protests, public order risks and targeted violence complicate shopping centre management. European requirements for new buildings and fire safety equipment are rising, which could increase compliance costs.
The market is moving towards greener, more energy-efficient commercial spaces. If retailers with long-term leases prefer centres with better energy performance, the portfolio could be reshaped over the medium term.
Trends
- Stricter climate and energy rulesmixed
Energy performance and emission reduction requirements raise compliance costs, but they can support the value of efficient assets and access to sustainable finance.
- Tougher building safety requirementsheadwind
New European directives impose greater resistance to fire, flooding and earthquakes, which could increase construction and maintenance investment.
- Demand for green buildingstailwind
Consumer and investor preference for green buildings can support tenant attraction and financing, if the portfolio improves its performance.
- Social fragmentation and security risksheadwind
Protests and targeted violence make it harder to keep centres open and welcoming, pushing the group towards prevention and crisis management measures.
Competitive position
The source provided does not explicitly identify competitors in the market. Comparisons with peers are made through their answers to the CDP questionnaire, cited as an analysis method, without names.
Differentiation may come from energy performance, green building certifications and the ability to meet tenant requirements, which the report places at the centre of its strategy.
- Market peers (unnamed in source)
The report mentions comparisons with peers through CDP questionnaire answers, without naming the companies.
- Retail tenants
Tenants with long-term leases influence centre attractiveness, and their energy requirements can shape competition between owners.
- Other shopping centre owners
Competition for tenants is implicit in the portfolio analysis, but the source does not identify other companies.
- Security and maintenance service providers
These providers are part of operations, and dependence on a few key suppliers is a listed risk factor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Klépierre · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.