Eurocommercial Properties NV (NL:ECMPA)
:ECMPA
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Eurocommercial Properties NV
(ECMPA)
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Rating:66Neutral
Price Target:
€30.00
▲(4.90% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by attractive valuation (low P/E and high dividend yield) and decent overall financial quality (manageable leverage and strong recent margins). These positives are moderated by weak cash conversion versus reported earnings and a choppy multi-year profit history, while technical signals are mixed and not strongly supportive.
Positive Factors
Business model / recurring rents
Eurocommercial's core model—owning and actively managing retail shopping centres—generates largely contractual base rent and service charge recoveries. That recurring lease income and landlord-tenant alignment create durable, predictable cashflows and long-term value capture from leasing and asset improvements.
Negative Factors
Weak cash conversion
Operating cash flow materially lags reported earnings, implying non-cash items or timing differences drive profits. Persistent weak cash conversion can constrain dividend sustainability, capex funding and debt service, increasing dependence on external financing or asset sales in stress periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Business model / recurring rents
Eurocommercial's core model—owning and actively managing retail shopping centres—generates largely contractual base rent and service charge recoveries. That recurring lease income and landlord-tenant alignment create durable, predictable cashflows and long-term value capture from leasing and asset improvements.
Read all positive factors
Eurocommercial Properties NV (ECMPA) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€1.49B
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)9.4
Beta (1Y)0.58
Revenue Growth4.47%
EPS Growth-31.54%
CountryNL
Employees100
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.33
Shares Outstanding54,887,520
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)0.65
Price to Sales (P/S)4.97
P/FCF Ratio16.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€30.80Price Target Upside7.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.49
Revenue Forecast (FY)€252.28M
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,...
How the Company Makes Money
Eurocommercial Properties makes money primarily by owning retail properties and earning recurring rental income from tenants that lease space in its shopping centres. Its key revenue stream is base rent paid under lease contracts, typically comple...
Eurocommercial Properties NV Earnings Call Summary
Earnings Call Date:Mar 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance: strong rental and sales growth, very low vacancy (1%), high collection (99%), successful leasing uplifts, extensive refinancing to extend maturities, an accretive strategic acquisition (Avion) and meaningful ESG progress. Lowlights are manageable and mostly relate to transactional details (Avion vacancy needing leasing work), modest indexation in 2026, cautious near‑term guidance, small remerchandising rent loss (~EUR 1.5m) and a slight expected uptick in interest expense as debt is re‑profiled long term. On balance the highlights substantially outweigh the lowlights, indicating confidence in portfolio resilience and value‑creation prospects.Positive Updates
Strategic Acquisition of Avion Shopping (Sweden)
Announced acquisition for ~EUR 110 million of Avion Shopping (Umea): ~45,000 sqm GLA, ~80 shops/restaurants, 7 new large-format retail boxes, direct internal link to IKEA. Expected close 31 March 2026. Transaction increases Sweden exposure to 23% of portfolio and is described as accretive with an expected unlevered net initial yield of ~8% and ~1.5% estimated contribution to group value/NTA.
Negative Updates
Avion Vacancy and Required Value‑Add Work
Avion Shopping has vacancy close to ~5% at acquisition, requiring leasing/remerchandising work and some CapEx to achieve the stated ~8% yield and uplift in value.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Acquisition of Avion Shopping (Sweden)
Announced acquisition for ~EUR 110 million of Avion Shopping (Umea): ~45,000 sqm GLA, ~80 shops/restaurants, 7 new large-format retail boxes, direct internal link to IKEA. Expected close 31 March 2026. Transaction increases Sweden exposure to 23% of portfolio and is described as accretive with an expected unlevered net initial yield of ~8% and ~1.5% estimated contribution to group value/NTA.
Read all positive updates
Company Guidance
The company issued cautious guidance of EUR 245–250 million for 2026, based on scenario analysis and including only a partial contribution from the Avion Shopping acquisition (expected to add roughly +1.5% to net value and raise LTV by ~1.5–1.6pp on closing). Key metrics framing that guidance: EPRA NTA EUR 42.81, net debt ~EUR 1.6bn, net LTV 39.8% (long‑term target ~40%), interest‑rate hedging 87% (expected ~80% in coming years), average loan maturity ~5 years after ~EUR 1bn of long‑term refinancing in 2025, 2025 direct investment result EUR 131.8m, dividend EUR 1.83, occupancy cost ratio 9.4%, vacancy 1%, rent collection 99%, like‑for‑like rental growth 3.4% and rental uplift on 297 renewals/relettings 4.8% (101 new relettings +8.8% uplift), all of which underpins the board’s conservative outlook.Eurocommercial Properties NV Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
66
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 281.14M | 283.29M | 271.78M | 261.69M | 242.05M | 237.74M |
| Gross Profit | 187.03M | 189.06M | 199.28M | 185.56M | 182.80M | 174.29M |
| EBITDA | 267.79M | 264.91M | 270.36M | 33.12M | 287.93M | 139.69M |
| Net Income | 126.70M | 124.37M | 176.82M | -26.87M | 200.74M | 104.69M |
Balance Sheet | ||||||
| Total Assets | 4.12B | 4.10B | 3.93B | 3.83B | 3.94B | 4.03B |
| Cash, Cash Equivalents and Short-Term Investments | 78.33M | 67.58M | 35.96M | 40.52M | 65.31M | 55.62M |
| Total Debt | 1.61B | 1.58B | 1.56B | 1.56B | 1.52B | 1.65B |
| Total Liabilities | 1.96B | 1.93B | 1.84B | 1.82B | 1.83B | 2.01B |
| Stockholders Equity | 2.17B | 2.16B | 2.09B | 2.01B | 2.04B | 1.96B |
Cash Flow | ||||||
| Free Cash Flow | 77.29M | 85.18M | 63.13M | 88.28M | 82.73M | 70.24M |
| Operating Cash Flow | 115.38M | 121.95M | 102.10M | 117.00M | 108.47M | 96.47M |
| Investing Cash Flow | -29.38M | -26.20M | -30.98M | -98.67M | 82.15M | 14.19M |
| Financing Cash Flow | -37.14M | -64.45M | -74.97M | -42.65M | -179.51M | -115.25M |
Eurocommercial Properties NV Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
Performance Comparison
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.