Klepierre (LOIM.PA): Momentum building with stock upside risk building

研报英文原文证据摘录

Klepierre (LOIM.PA): Momentum building with stock upside risk building

Action |

03 Aug 2026 00:00:21 ET │ 20 pages

Klepierre (LOIM.PA)

Momentum building with stock upside risk building

CITI'S TAKE

We reiterate our Buy rating and increase our price target 11% to €44.2, as

upside momentum is building following strong H1 results. We raise our NAV

estimates by an average of 5% and see potential for c.30% in medium-term Buy

property value upside, driven by strong rental growth that continues to Price (31 Jul 26 17:30) €39.34

outperform valuer assumptions. Our estimates project an attractive

earnings growth profile that should push EPS to new record highs, placing Target price €44.20↑

our forecasts above consensus. We believe the market underestimates the from €39.70

compounding growth of the existing portfolio long term, and view Expected share price return 12.4%management's disciplined acquisition strategy as a positive. While a

cyclical downturn remains the key long-term risk, we expect the stock's Expected dividend yield 5.1%

valuation shorter term to benefit as the property cycle gains momentum. Expected total return 17.4%

Market Cap €11,285M

Price Target Raised on Bullish Outlook vs. Consensus — We reiterate our Buy rating

US$13,009Mand increase our price target, positioning us 24% above the consensus average. Our

NAV estimates rise 5% on average following strong H1 asset performance driven by

cash flow growth, and we estimate c.30% medium-term upside to property values

should cash flow growth from H1 2026 continue and the attractive IRRs we estimate

attract buyers of shopping centers, generating greater market support. External Price Performance

valuers use a conservative 2.8% net rental income CAGR, whereas Klepierre (RIC: LOIM.PA, BB: LI FP)