Market: Milan
ISIN: IT0005322612
Industry: Retail Real Estate

Company presentation

Immobiliare Grande Distribizione SIIQ SpA's real estate assets are concentrated in the retail sector and the fair value, based on the independent experts' appraisals at 30 June 2022, is equal to €2.14 billion. Almost 93,7% of the assets are in Italy: thanks to these numbers IGD is one of the biggest retail real estate company in the country. IGD purchases and manages properties - primarily hypermarkets and shopping malls - with a long term view in order to extract value through commercial and real estate operations designed to maintain the quality of the assets over time. In 2008 IGD, currently listed on the Italian Stock Exchange's Euronext STAR segment, was the first Italian company to become a REIT (Società di Investimento Immobiliare Quotata or SIIQ) as most of its income is generated through rental activities. IGD's portfolio is very segmented and diversified in terms of geographic distribution; its shopping centers, typically mid-size, are generally located on the outskirts of urban centers and have a food anchor next to a shopping mall with different sized stores. As at 30 June 2022, IGD’s real estate portfolio in Italy is comprised of 27 shopping malls and retail parks, 19 hypermarkets and supermarkets, 1 plots of land for development, 1 asset held for trading and 6 other properties. Following the acquisition of the company Winmarkt Magazine SA in 2008, 14 shopping centers and 1 office building in Romania were added to the portfolio.

Currency EUR
Last Closing Price 2.87
Change (%) 1.78
Volume 489,458
Number of Shares (mln) 110.34
Market Cap (mln) 316.13
Key figures (EUR thousand) 2018 2019 2020 2021 1H 2022
Rental revenues 151,760 155,259 145,578 145,095 68,961
EBIT 81,247 50,343 -52,275 88,701 41,023
Net profit for the period 46,388 12,591 -74,321 52,769 26,457
Loan to value, % 45.80 47.60 49.90 44.80 45.50
Core business EBITDA 113,723 125,195 99,441 107,272 51,798
Core business EBITDA Margin, % 71.9 77.5 65.4 70.8 70.6
Core business FFO 79,695 83,284 55,441 64,724 34,000
Average cost of debt, %
2.65 2.35 2.30 2.20 2.08
Epra NRV   11.40 10.38 10.85 10.73
Epra NTA   11.29 10.31 10.78 10.66
Epra NDV   10.81 10.42 10.43 10.92
Dividend, EUR 0.50 0.50 0.00 0.35 -
Dividend Yield, % 9.29 8.10 - 8.60 -
.