Retail Estates N.V. (RET.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+112.7%

€132.71

vs €62.40 price

Levered DCF

€65.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

Distress zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.03×	8.27×	7.59×	5.01×	7.22×	12.02×	10.09×	16.94×
P/B	0.77×	0.73×	0.8×	0.83×	1.03×	0.91×	0.73×	1.3×
P/S	6.11×	5.58×	6.06×	6.52×	7.46×	6.53×	4.88×	8.73×
EV / EBITDA	12.24×	13.37×	12.53×	8.93×	11.76×	19.2×	17.55×	22.86×
Gross margin	76.9%	76.7%	76.3%	77.3%	80.1%	80.8%	80.6%	85.7%
Operating margin	74.4%	64.7%	61.5%	99.5%	101.8%	79.0%	54.8%	63.3%
Net margin	76.1%	67.1%	79.8%	130.1%	103.2%	54.3%	48.4%	51.5%
Current ratio	0.09×	0.43×	0.48×	0.3×	0.16×	0.21×	0.74×	0.23×
Debt / equity	0.67×	0.73×	0.78×	0.77×	0.94×	1.11×	1.17×	1.11×
Interest coverage	5.78×	5.08×	4.37×	7.22×	7.01×	4.34×	3.41×	3.61×
Dividend yield	5.8%	8.1%	7.4%	6.7%	6.0%	7.2%	4.3%	4.4%
Payout ratio	46.3%	67.4%	56.1%	33.7%	43.2%	86.9%	43.9%	75.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.6%	8.7%	10.5%	16.5%	14.3%	7.6%	7.3%	7.7%
Return on invested capital	5.3%	4.7%	4.5%	7.4%	7.2%	5.0%	3.6%	4.3%
Return on assets	5.6%	4.9%	5.8%	9.1%	7.3%	3.5%	3.3%	3.5%
Free cash flow yield	9.6%	10.6%	7.7%	10.0%	8.2%	8.3%	8.2%	4.9%
Earnings yield	12.5%	12.0%	13.2%	19.9%	13.8%	8.3%	9.9%	5.9%
Enterprise value	€1.8B	€1.8B	€1.8B	€1.7B	€1.8B	€1.6B	€1.4B	€1.7B
Net debt / EBITDA	5.69×	6.69×	6.17×	4.29×	5.6×	10.5×	10.31×	10.51×
Cash conversion cycle (days)	33	32	27	27	6	12	15	8