olivLaw · European equity research
Retail Estates RET.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Retail Estates is a Belgian public regulated real estate company (GVV) that owns and manages retail parks. For fiscal 2025-2026 the company expects a net rental result of 146 mio EUR and targets a modest dividend increase, which matters for investors focused on dividend income.
At the close of 05 Nov 2026, Retail Estates (RET.BR) stock was 63.20 EUR (−0.63% on the day), with market capitalisation 925.0 m EUR, P/E 8.7 on diluted EPS of 7.29 EUR over the last 12 months, dividend yield 8.07%, beta 0.29, 52-week range 61.50–71.60 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)
- 53.0
- neutral
- Bollinger (20, 2)
- 61.26 – 63.45
- in the upper half of the band · %B 0.89 · band width 3.5%
- SMA 50 / 200
- 63.51 / 66.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.34
- 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 | +0.5% | +0.4% | +0.1 pp | — |
| 3 months | −4.5% | −3.3% | −1.3 pp | — |
| 6 months | −6.4% | +4.0% | −10.3 pp | — |
| Year to date | −0.9% | +8.1% | −9.0 pp | — |
| 1 year | +0.8% | +10.7% | −9.9 pp | +7.2% |
| 3 years | +2.1% | +50.1% | −48.0 pp | −5.5% |
| 5 years | −11.2% | +43.6% | −54.8 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 100 percentile of its own 2-quarter history (min 7.6, median 7.9, max 8.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 123.0 m | 106.7 m |
| Net income YoY | unavailable | −13.2% |
| Diluted EPS | 8.60 | 7.29 |
| Diluted EPS YoY | unavailable | −15.2% |
| net % | unavailable | unavailable |
| Free cash flow | 75.2 m | 95.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 2.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.2 bn EUR
- Total assets
- 2.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.43x
- ROE
- 8.9%
- ROA
- 5.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 162.0 m | 144.1 m | esef· 17 Jun 2025verified |
| Interest expense | 21.7 m | 20.2 m | esef· 17 Jun 2025verified |
| Pre-tax income | 123.9 m | 110.8 m | esef· 17 Jun 2025verified |
| Income tax | 734.0 k | 2.4 m | esef· 17 Jun 2025verified |
| Net income | 123.0 m | 106.7 m | esef· 17 Jun 2025verified |
| Diluted EPS | 8.60 | 7.29 | esef· 17 Jun 2025verified |
| Dividend per share | 4.83 | 5.10 | esef· 17 Jun 2025verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 7.1 m | 2.9 m | esef· 17 Jun 2025verified |
| Current assets | 41.3 m | 42.5 m | esef· 17 Jun 2025verified |
| Intangibles (excl. goodwill) | 8.9 m | 8.7 m | esef· 17 Jun 2025verified |
| Total assets | 2.1 bn | 2.2 bn | esef· 17 Jun 2025verified |
| Accounts payable | 18.7 m | 15.7 m | esef· 17 Jun 2025verified |
| Current liabilities | 86.2 m | 98.6 m | esef· 17 Jun 2025verified |
| Total liabilities | 956.6 m | 929.1 m | esef· 17 Jun 2025verified |
| Equity | 1.2 bn | 1.2 bn | esef· 17 Jun 2025verified |
| Shares outstanding at year end | 14.3 m | 14.6 m | esef· 17 Jun 2025derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 75.9 m | 95.5 m | esef· 17 Jun 2025verified |
| Capex | 705.0 k | 429.0 k | esef· 17 Jun 2025verified |
| Free cash flow | 75.2 m ≈ | 95.0 m ≈ | esef· 17 Jun 2025derived |
| Investing cash flow | -92.3 m | -24.0 m | esef· 17 Jun 2025verified |
| Financing cash flow | 19.4 m | -75.6 m | esef· 17 Jun 2025verified |
| Dividends paid | 69.0 m | 71.9 m | esef· 17 Jun 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 925.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · 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: 69.36 – 169.97 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/E77.98 – 169.97 (Mid 106.56)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)69.36 – 94.58 (Mid 80.03)
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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 89.1% | 84 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.1x | 87 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 8.7x | 82 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.3% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 7.8% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 75.6% | 63 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial84/100 · 1/3 factors with a value
- Returns85/100 · 2/2 factors with a value
- Valuation90/100 · 2/3 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
RETAIL ESTATES (RET.BR). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: ROE 8.9%.
The estimated value range is 73.67–132.28 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 93.29 EUR, the price of 63.20 EUR leaves a potential of 47.6% (value / price − 1) and a margin of safety of 32.3% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 89.1%
- Interest coverage: 7.1x
- P/E (TTM): 8.7x
- FCF yield: 10.3%
- Shareholder yield (distributions): 7.8%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for RET.BR 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
Retail Estates is a Belgian public regulated real estate company (GVV) that owns and manages retail parks. For fiscal 2025-2026 the company expects a net rental result of 146 mio EUR and targets a modest dividend increase, which matters for investors focused on dividend income.
SWOT
Strengths
- A portfolio focused on retail parks, with periodic valuations by independent appraisers covering most of the assets.
- A record of stable earnings per share and a dividend policy shaped by the status of a regulated real estate company.
- A transparent governance structure with dedicated committees for audit, remuneration and investment.
Weaknesses
- Dependence on property market values, which make up a very large part of the balance sheet, can amplify the effect of a correction.
- The portfolio is relatively small and geographically concentrated, which limits diversification.
- Deviations from the governance code, such as the lack of clawback clauses for variable remuneration.
Opportunities
- Sustained demand for retail parks could allow rent increases when leases are renewed.
- Recycling the portfolio through disposals could free capital for assets with better returns.
- Modernising properties could attract new retailers and maintain high occupancy.
Threats
- Limited supply of good locations may intensify competition and pressure on rents.
- Changes in transport infrastructure around properties could affect customer traffic.
- Stricter ESG requirements could generate extra costs to adapt buildings.
Risks
- Market value of propertieshigh
A fall in valuations could affect net asset value and accounting results, given the large weight of the portfolio on the balance sheet 1.
- Tenant market developmentsmedium
Difficulties faced by some tenants could lead to vacancy and lower rental income 1.
- Financial and liquidity risksmedium
The company cites liquidity risk, use of financial instruments and bank covenants, which could limit flexibility 1.
- Environmental and ESG risksmedium
Soil contamination and stricter ESG requirements could generate remediation and compliance costs 1.
- Regulatory and permit riskslow
Regulatory changes and permit issues could delay development or redevelopment projects 1.
Investment thesis
What would need to be true (bull case)
- Solid demand for retail parks and low vacancy could support rents and the net rental result 1.
- A dividend policy aimed at moderate growth, with a record of stable earnings, could attract income-oriented investors 1.
- Asset recycling could free capital for more productive investments if transactions proceed as planned 1.
What would break the thesis
- Dependence on property values could lead to accounting write-downs if the market corrects 1.
- Limited supply of good locations could intensify competition and reduce growth opportunities through acquisitions 1.
- If asset sales do not close at the expected prices, revenue and the dividend plan could be affected 1.
What to watch
- Delivery of the net rental result estimate of 146 mio EURfiscal 2025-2026
- Execution of the planned asset sales of about 50 mio EURfiscal 2025-2026
- Evolution of the targeted gross dividend of 5.20 EURfiscal 2025-2026
- Quarterly results and changes in property valuationsnext annual report
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
Retail Estates is a Belgian public regulated real estate company (GVV) based in Belgium, specialised in retail parks. Its core activity is owning, developing and leasing commercial space to retailers. It conducted no research and development and has no branches, according to the annual report 1. Its main revenue comes from the net rental result, expected at 146 mio EUR for fiscal 2025-2026 1.
The governance structure is monistic, with a board of directors and a management committee, and the company largely applies the Belgian Corporate Governance Code 2020 with a few explained deviations 1. Notable shareholders include Nextensa and AXA, while most of the capital is held by the public 1.
The property portfolio is valued by four independent appraisers and makes up about 95% of the balance sheet total, which makes the market value of properties the main accounting risk factor 1. The company plans asset sales to recycle capital, with the first step being the sale of retail units in Veenendaal (Netherlands) in April 2025 1.
Segments
Retail parks
The main segment is the portfolio of retail parks in Belgium and other European countries, where the company leases space to retailers. The net rental result of 146 mio EUR estimated for fiscal 2025-2026 comes mainly from this segment 1.
Transactions and portfolio recycling
A second area is buying and selling assets. The company intends to sell assets of about 50 mio EUR in fiscal 2025-2026 to optimise the portfolio 1.
Market context
European studies cited in the report expect rents in retail parks to rise faster than in other retail property types, supported by strong demand and low vacancy 1. Limited availability of quality locations remains a challenge, which intensifies competition among retailers for these spaces 1.
The retail park market is driven by demand for well-located space, and limited availability of suitable land could support rents if demand holds 1. Risks include financing costs and the evolution of the tenant market, which could influence property values 1.
Trends
- Solid demand for retail parkstailwind
European studies point to sustained demand for retail park space and low vacancy, which supports rent levels 1.
- Shortage of quality locationsmixed
Limited availability of good locations intensifies competition among retailers and may limit portfolio growth through acquisitions 1.
- Portfolio rotationmixed
Planned asset sales to recycle capital could support returns but temporarily reduce the rental income base 1.
- Regulatory and ESG pressureheadwind
Stricter application of ESG rules is cited as a risk, which could create compliance costs for properties 1.
Competitive position
Retail Estates competes with other retail park owners and commercial real estate companies for tenants and quality assets. The annual report does not name direct competitors, so the comparative analysis is limited to the information available 1.
Competitive position depends on location, building quality and the ability to attract stable retailers. Competition for good spaces can influence rents and yields, but the source gives no market share figure 1.
- Other European retail park owners
Direct competitors for the same retailers and locations; the source does not name them.
- Commercial real estate developers and investors
Compete for quality assets and for investment capital in retail property.
- Retailers with physical space
Not direct competitors, but they shape demand and rent negotiations.
- Other listed regulated real estate funds
Compete for the same income-oriented investors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Jun 2025
- Annual report 202517 Jun 2025
- Annual report 202417 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2025-03-31 (ESEF) · SEC / Retail Estates · 31 Mar 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.