Eurocommercial Properties NV (ECMPA) AI Stock Analysis

• Market Cap: €1.43B
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): 11.3
• Beta (1Y): 0.57
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: NL
• Employees: 100
• Sector: Financial
• Sector Strength: 70
• Industry: REIT - Retail
• EPS (TTM): 0.92
• Shares Outstanding: 54,887,520
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: -0.38
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 4.97
• P/FCF Ratio: 16.53
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €31.27
• Price Target Upside: 18.67% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 2.56
• Revenue Forecast (FY): €248.42M

• Rating: 66 Neutral
• Price Target: €29.00 ▲(10.06% Upside)
• Action: N/A Date: 03/09/26
• Date: Action: N/A 03/09/26

The score is driven primarily by moderate financial performance (steady revenue and cash generation but volatile earnings and uneven cash conversion). Valuation is a key positive with a low P/E and high dividend yield, while technical indicators are mixed and do not strongly reinforce upside momentum.

Positive Factors

Steady revenue growth

Consistent revenue expansion from 2020–2025 indicates durable demand for the company’s retail assets and growing rental receipts. A rising topline supports long-term cash generation, underwriting maintenance, reinvestment in centres and tenant services, and reduces reliance on one-off gains.

Stable operating cash flow

Positive and broadly steady operating cash flow over several years demonstrates recurring cash generation from rental operations. This provides the company with the ability to fund dividends, routine capex and leasing activity without consistently depending on asset sales or new financing.

Solid balance-sheet equity

Growing equity and sizable asset base give structural support to the business, creating financial flexibility versus peers. Moderate sector-relative leverage suggests capacity to absorb shocks, access refinancing and pursue asset management or selective capital projects over the medium term.

Negative Factors

Earnings volatility

Material year-to-year swings in reported net income indicate earnings are exposed to valuation adjustments, one-off items or timing effects common in real estate accounting. This volatility undermines predictability of distributable earnings and complicates long-term planning for capital allocation and dividend sustainability.

High absolute debt

While leverage metrics sit in a moderate range, the company carries substantial absolute debt, making it sensitive to refinancing cycles and interest-rate swings. Large outstanding debt raises structural funding risk and could constrain growth or require higher cash flow allocation to interest costs during tighter credit conditions.

Uneven cash conversion

Instances where free cash flow materially lags reported net income point to timing differences, non-cash gains or working-capital effects that weaken earnings quality. Persistent uneven conversion could limit the firm’s ability to support dividends, fund refurbishments or absorb occupancy downturns without external financing.

Eurocommercial Properties NV Business Overview & Revenue Model

Company Description

At the outset Eurocommercial invested in a variety of countries, including France where the Company made its first investment in 1992 with the acquisition of Les Atlantes shopping centre in Tours. In 1994 Eurocommercial purchased Curno in Bergamo, marking its first acquisition in Italy. Eurocommercial moved into the Swedish market in 2001. It re-entered the Belgian market in 2018 with the purchase of the Woluwe shopping centre. The Company is now one of Europe's most experienced property investors with a portfolio of shopping centres of €4.1 billion.

How the Company Makes Money

Eurocommercial Properties NV Financial Statement Overview

Summary

Steady revenue growth (2020–2025) and positive, generally stable operating cash flow support performance, but earnings have been volatile (including a loss in 2023) and cash conversion has been uneven versus reported profits.

Income Statement

Revenue shows steady growth from 2020 to 2025 (from 233.99M to 283.29M), indicating improving topline momentum. Profitability, however, has been volatile: net income swung from a loss in 2023 (-26.87M) to strong profits in 2024 (176.83M) and moderated in 2025 (124.37M). Margins provided in prior years were extremely high and inconsistent, reinforcing that earnings quality and year-to-year comparability can fluctuate for this REIT.

Balance Sheet

The balance sheet looks reasonably supported by equity, with equity rising to 2.16B in 2025 and assets at 4.10B. Leverage appears moderate for the sector, with debt-to-equity around the mid-0.7x range in 2022–2024 (and 0.93x back in 2020), showing improvement from earlier periods. Total debt has remained high and fairly steady (about 1.52B–1.58B recently), which keeps refinancing and rate sensitivity as a continuing risk.

Cash Flow

Operating cash flow has been positive and generally stable (84.78M in 2020 to 121.95M in 2025), and free cash flow improved in 2025 (85.18M) after a weaker 2024 (63.13M). Still, cash conversion versus earnings can be uneven: in 2024, free cash flow was meaningfully below net income (free cash flow of 63.13M vs. net income of 176.83M), suggesting profits are not consistently translating into cash at the same pace.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	283.29M	271.78M	261.69M	242.05M	237.74M
Gross Profit	189.06M	199.28M	185.56M	182.80M	174.29M
EBITDA	264.91M	270.36M	33.12M	287.93M	139.69M
Net Income	124.37M	176.82M	-26.87M	200.74M	104.69M
Balance Sheet
Total Assets	4.10B	3.93B	3.83B	3.94B	4.03B
Cash, Cash Equivalents and Short-Term Investments	67.58M	35.96M	40.52M	65.31M	55.62M
Total Debt	1.58B	1.56B	1.56B	1.52B	1.65B
Total Liabilities	1.93B	1.84B	1.82B	1.83B	2.01B
Stockholders Equity	2.16B	2.09B	2.01B	2.04B	1.96B
Cash Flow
Free Cash Flow	85.18M	63.13M	88.28M	82.73M	70.24M
Operating Cash Flow	121.95M	102.10M	117.00M	108.47M	96.47M
Investing Cash Flow	-26.20M	-30.98M	-98.67M	82.15M	14.19M
Financing Cash Flow	-64.45M	-74.97M	-42.65M	-179.51M	-115.25M

Eurocommercial Properties NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%