Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Retail Estates NV is a Belgian public regulated real estate company (RREC), functioning as a Belgian REIT, specialized in out-of-town retail properties located on the periphery of residential areas or along main access roads to urban centers in Belgium and the Netherlands. Its primary purpose is to acquire properties from third parties, develop and commercialize retail buildings for its own account, and manage a diversified portfolio that ensures steady, long-term growth through strategic location, quality assets, and varied tenants. Typical retail buildings average 1,000 m² in Belgium and 1,500 m² in the Netherlands, with the portfolio comprising over 1,000 rental units totaling more than 1.2 million m² of retail space, maintaining high occupancy rates above 97% and fair values exceeding €2 billion as of mid-2025. Founded in 1988 and headquartered in Ternat, Belgium, Retail Estates NV plays a significant role in the retail real estate sector by focusing on peripheral 'clusters' that enhance management efficiency and portfolio value, benefiting from a favorable tax regime that supports substantial distributions to shareholders. With a lean team of around 43 employees and internal management, it emphasizes risk diversification and operational results in line with regulatory standards.
€69.80
€0.70 (-0.99%)
Live · 04:47 PM · Twelve Data
73.06% operating margin is above average. ROIC at 5.33%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue growth slowed to 1.6%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 18% versus the prior year, cash generation momentum has weakened. Net debt of €858M represents 9.1x FCF, leverage limits flexibility.
8.5x earnings, 11.0x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€162M
▲ +1.6% YoY
Net Income (TTM)
€124M
▲ +14.2% YoY
Op. Margin
73.06%
▲ +1.1pp YoY
ROIC
5.33%
Cash Flow & Balance Sheet
FCF (TTM)
€94M
▼ -18.0% YoY
Op. Cash Flow (TTM)
€135M
▲ +4.3% YoY
Net Debt
€858M
Cash & Equiv.
€2M
3Y CAGR: +5.2%
3Y CAGR: +1.4%
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At a P/E of 8.5 and a price-to-free-cash-flow of 11.0, Retail Estates NV (RET.XBRU) trades above a two-stage DCF intrinsic value of about €65.50 per share, so at €69.80 the stock looks overvalued (6.2% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Retail Estates NV scores 45/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 5.5%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €65.50 per share for RET.XBRU, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €49.13. At today's €69.80, that puts the stock about 6.2% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Retail Estates NV scores 45 out of 100 on Intrinsiqq's quality score, passing 3 of 8 checks, which makes it a mixed business on these measures. Recent fundamentals include a 73.1% operating margin and a 5.3% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full check-by-check breakdown is on the quality scorecard.
Yes, Retail Estates NV pays a regular dividend of about €3.81 per share per year (typically in quarterly installments), a yield of roughly 5.5% at the current price. That is a payout ratio of about 45.9% of earnings, so the dividend is well covered. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For RET.XBRU's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. RET.XBRU currently trades above its estimated intrinsic value and scores 45/100 on quality (mixed). It also yields about 5.5%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.