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IGD SIIIQ S.p.A. (IT:IGD)
:IGD
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IGD SIIIQ S.p.A.
(LSE:IGD)
62Neutral
Positive Factors
Dividend Increase
The refinancing secured by the company paved the way for an increase in the dividend proposed for FY24, doubling expectations.
Financial Performance
Solid FY24 results included good business indicators such as positive upside from renegotiations, increased WALB, financial occupancy in Italy, and good performance in terms of footfall and tenant sales.
Stock Valuation
The stock is trading at a 73% discount to 2025E NAV vs. an average of 37% for retail real estate stocks, which supports the stock’s re-rating path.
Negative Factors
Financial Constraints
Negotiations for refinancing bonds maturing in 2027 are at an advanced stage, with management expressing high confidence in reaching an agreement.
Net Income Impact
Net income was impacted mainly by the higher than expected adjustment of portfolio FV.
Portfolio Adjustment
The stock is trading at a significant discount compared to the average of retail real estate stocks, indicating potential for re-rating.
IGD SIIIQ S.p.A. (IGD) vs. S&P 500 (SPY)
Market Cap
€332.68M
Dividend YieldN/A
Average Volume (3M)239.53K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue Growth-7.31%
EPS Growth63.18%
CountryIT
Employees139
SectorReal Estate
Sector Strength80
IndustryREIT - Diversified
Share Statistics
EPS (TTM)N/A
Shares Outstanding110,341,900
10 Day Avg. Volume197,073
30 Day Avg. Volume239,525
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€3.30Price Target Upside7.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
IGD SIIIQ S.p.A. Business Overview & Revenue Model
Company DescriptionIGD SIIIQ S.p.A. (IGD) is a leading Italian real estate investment trust (REIT) that specializes in the retail property sector. The company primarily focuses on the acquisition, development, and management of shopping centers and retail properties across Italy and Romania. With a portfolio that includes several prominent shopping malls and retail parks, IGD is committed to providing high-quality retail spaces that meet the evolving needs of both tenants and consumers.
How the Company Makes MoneyIGD SIIIQ S.p.A. generates revenue primarily through the leasing of commercial retail spaces within its shopping centers and retail properties. The company's revenue model is based on rental income from tenants, which includes a mix of fixed rent and variable rent components linked to the sales performance of the tenants. Additionally, IGD may engage in property management activities, earning fees for managing properties on behalf of third parties. The company also benefits from periodic property sales and revaluations, which can contribute to its financial performance. Strategic partnerships with retailers and development of new properties further enhance IGD's ability to generate income and expand its market presence.
IGD SIIIQ S.p.A. Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | ||||
| Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 148.62M | 144.79M | 145.53M | 146.29M | 155.66M | Gross Profit |
| 112.61M | 108.59M | 121.50M | 122.86M | 129.84M | EBIT |
| -17.62M | 7.73M | 88.70M | 108.22M | 117.43M | EBITDA |
| -28.81M | 98.80M | 112.96M | -57.41M | 118.45M | Net Income Common Stockholders |
| -81.73M | -22.32M | 52.77M | -74.32M | 12.59M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 6.07M | 27.07M | 158.08M | 117.34M | 128.68M | Total Assets |
| 2.06B | 2.21B | 2.41B | 2.48B | 2.61B | Total Debt |
| 974.67M | 1.00B | 1.14B | 1.27B | 1.25B | Net Debt |
| 968.60M | 977.12M | 985.97M | 1.16B | 1.12B | Total Liabilities |
| 1.06B | 1.09B | 1.23B | 1.36B | 1.39B | Stockholders Equity |
| 1.00B | 1.12B | 1.17B | 1.11B | 1.21B |
| Cash Flow | Free Cash Flow | |||
| 54.20M | 50.29M | 59.97M | 39.19M | 52.30M | Operating Cash Flow |
| 77.38M | 82.98M | 78.68M | 54.03M | 92.53M | Investing Cash Flow |
| -23.18M | -32.70M | 95.16M | -14.81M | -27.50M | Financing Cash Flow |
| -75.16M | -181.33M | -133.01M | -50.46M | 61.22M |
IGD SIIIQ S.p.A. Technical Analysis
Positive
3.07
Price Trends
2.85
Positive
2.73
Positive
2.53
Positive
Market Momentum
0.07
Negative
59.64
Neutral
54.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:IGD, the sentiment is Positive. The current price of 3.07 is above the 20-day moving average (MA) of 2.94, above the 50-day MA of 2.85, and above the 200-day MA of 2.53, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 59.64 is Neutral, neither overbought nor oversold. The STOCH value of 54.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:IGD.
IGD SIIIQ S.p.A. Peers Comparison
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Performance Comparison
IT:IGD
IGD SIIIQ S.p.A.
3.07
1.33
76.84%
IT:REY
Reply SPA
156.40
30.33
24.06%
IT:CIR
CIR SpA - Compagnie Industriali Riunite
0.61
0.04
7.16%
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.