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Retail Estates SA is a real estate investment trust that invests mainly in retail properties located on the periphery of residential areas or along access roads to urban centers, mainly in the Flemish and Wallonia Regions of Belgium. The company buys these properties from third parties or builds and markets retail buildings for its account. It rents its properties in a structural state, with the furnishings, fittings, and maintenance left to the discretion of the tenants. Geographically, it derives a majority of its revenue in the form of rental income from Belgium.
1988
44
LTM Revenue $156M
LTM EBITDA $127M
$1.9B
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Retail Estates has a last 12-month revenue of $156M and a last 12-month EBITDA of $127M.
In the most recent fiscal year, Retail Estates achieved revenue of $166M and an EBITDA of $158M.
Retail Estates expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Retail Estates valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $149M | $166M | XXX | XXX | XXX |
| Gross Profit | $112M | $118M | XXX | XXX | XXX |
| Gross Margin | 75% | 71% | XXX | XXX | XXX |
| EBITDA | $210M | $158M | XXX | XXX | XXX |
| EBITDA Margin | 140% | 95% | XXX | XXX | XXX |
| Net Profit | $142M | $194M | XXX | XXX | XXX |
| Net Margin | 95% | 117% | XXX | XXX | XXX |
| Net Debt | $924M | $894M | XXX | XXX | XXX |
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As of April 15, 2025, Retail Estates's stock price is EUR 59 (or $63).
Retail Estates has current market cap of EUR 868M (or $932M), and EV of EUR 1.8B (or $1.9B).
See Retail Estates trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1.9B | $932M | XXX | XXX | XXX | XXX | $6.80 |
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Sign UpAs of April 15, 2025, Retail Estates has market cap of $932M and EV of $1.9B.
Retail Estates's trades at 12.3x LTM EV/Revenue multiple, and 15.1x LTM EBITDA.
Analysts estimate Retail Estates's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Retail Estates and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $1.9B | XXX | XXX | XXX |
| EV/Revenue | 12.1x | XXX | XXX | XXX |
| EV/EBITDA | 14.2x | XXX | XXX | XXX |
| P/E | 7.7x | XXX | XXX | XXX |
| P/E/Growth | 7.9x | XXX | XXX | XXX |
| EV/FCF | 56.4x | XXX | XXX | XXX |
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Sign UpRetail Estates's NTM/LTM revenue growth is 5%
Retail Estates's revenue per employee for the last fiscal year averaged $3.8M, while opex per employee averaged $0.2M for the same period.
Over next 12 months, Retail Estates's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Retail Estates's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Retail Estates and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 11% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 85% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -25% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 90% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $3.8M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.2M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 1% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 2% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 6% | XXX | XXX | XXX | XXX |
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| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Investcorp Capital | XXX | XXX | XXX | XXX | XXX | XXX |
| Waha Capital | XXX | XXX | XXX | XXX | XXX | XXX |
| ASR Nederland | XXX | XXX | XXX | XXX | XXX | XXX |
| CVC Capital Partners | XXX | XXX | XXX | XXX | XXX | XXX |
| Eurocommercial Props | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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Retail Estates acquired XXX companies to date.
Last acquisition by Retail Estates was XXXXXXXX, XXXXX XXXXX XXXXXX . Retail Estates acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was Retail Estates founded? | Retail Estates was founded in 1988. |
| Where is Retail Estates headquartered? | Retail Estates is headquartered in Belgium. |
| How many employees does Retail Estates have? | As of today, Retail Estates has 44 employees. |
| Is Retail Estates publicy listed? | Yes, Retail Estates is a public company listed on BRU. |
| What is the stock symbol of Retail Estates? | Retail Estates trades under RET ticker. |
| When did Retail Estates go public? | Retail Estates went public in 1998. |
| Who are competitors of Retail Estates? | Similar companies to Retail Estates include e.g. Investcorp Capital, Waha Capital, ASR Nederland, CVC Capital Partners. |
| What is the current market cap of Retail Estates? | Retail Estates's current market cap is $932M |
| What is the current revenue of Retail Estates? | Retail Estates's last 12-month revenue is $156M. |
| What is the current EBITDA of Retail Estates? | Retail Estates's last 12-month EBITDA is $127M. |
| What is the current EV/Revenue multiple of Retail Estates? | Current revenue multiple of Retail Estates is 12.3x. |
| What is the current EV/EBITDA multiple of Retail Estates? | Current EBITDA multiple of Retail Estates is 15.1x. |
| What is the current revenue growth of Retail Estates? | Retail Estates revenue growth between 2023 and 2024 was 11%. |
| Is Retail Estates profitable? | Yes, Retail Estates is EBITDA-positive (as of the last 12 months). |
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