Reference is made to the program aimed at enhancing the liquidity of the shares of IGD – Immobiliare Grande Distribuzione SIIQ S.p.A. listed on the Mercato Telematico Azionario – STAR segment, disclosed to the market on 4 August 2017, that was renewed until 04/09/2020, in accordance with market practice n. 1 issued by CONSOB in […]
IGD’s stock price rose 15.2% in 2019 and provided a Total Shareholder Return of 25.5%. Even at recent levels, however, the stock is still trading at an ample discount compared to its NNNAV per share of €10.92 and the consensus target price of €7.83 which indicates that the stock is still significantly undervalued.
The second half of the year was witness to the launch of “Social Borgo. Verso un Centro Commerciale partecipato”, a project that well represents how IGD intends to give its shopping centers a new role, broader in scope than just a place for shopping, which also reflects the specific needs of each community.
2019 was the first year of the three- year Business Plan 2019-2021. Aware of the challenging path we have undertaken in a weak global environment and an increasingly complex scenario for retail, in this first year we completed a significant number of investment projects and finalized a series of debt optimization transactions which have put us in a position to benefit as quickly as possible from the growth in FFO that these initiatives should trigger.
FFO: €3 million (+4.5%) Rental income: €3 million, +2.3% (LFL +0.5%) Net rental income: €136.6 million, +10.1% (+1.8% ex IFRS16[1]) Sales of retailers in Italian malls +0.5%; financial occupancy Italy 96.9%; Romania 97.6% Average cost of debt 2.35%; ICR 3.8X[2] EPRA NNNAV per share €10.92 Proposed dividend of 50 euro cents per share, in line […]
