Klepierre S.A.

Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.
  • TickerLI
  • ISINFR0000121964
  • ExchangeEuronext Paris
  • SectorReal Estate Investment Trusts
  • CountryFrance

Analysts

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2019

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). Cf. report published this morning. - ...

Florent Laroche-Joubert

Klépierre : Optimising the cost of debt!

>Bond placement of € 600m at 0.625% over 11 years… - Klépierre yesterday evening announced it had placed a bond issue of € 600m at 0.625% over 11 years (maturity at 1 July 2030). The bond has been priced at 45bp above the swap rate; this corresponds to a negative issue premium and equates to the tightest spread for a European REIT over a maturity of 11 years. The issue was subscribed 2.8 times and the bonds were placed with global investors, notably in France, Ge...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2019

...

Florent Laroche-Joubert

Klépierre : Coût de la dette en voie d’être optimisé !

>Un placement obligataire de 600 M€ à 0.625% sur 11 ans… - Klépierre a annoncé hier soir avoir placé une émission obligataire de 600 M€ à 0.625% sur 11 ans (maturité 1er juillet 2030). L’obligation a été pricée à 45 pb au-dessus du taux de swap ; ce qui correspond à une prime d’émission négative et représente le spread le plus serré pour une SIIC européenne sur une maturité de 11 ans. L’émission a été souscrite 2.8 fois et les obligations ont été placées auprès ...

Florent Laroche-Joubert

Klépierre : Optimising the cost of debt!

>Bond placement of € 600m at 0.625% over 11 years… - Klépierre yesterday evening announced it had placed a bond issue of € 600m at 0.625% over 11 years (maturity at 1 July 2030). The bond has been priced at 45bp above the swap rate; this corresponds to a negative issue premium and equates to the tightest spread for a European REIT over a maturity of 11 years. The issue was subscribed 2.8 times and the bonds were placed with global investors, notably in France, Ge...

Florent Laroche-Joubert

Klépierre : Coût de la dette en voie d’être optimisé !

>Un placement obligataire de 600 M€ à 0.625% sur 11 ans… - Klépierre a annoncé hier soir avoir placé une émission obligataire de 600 M€ à 0.625% sur 11 ans (maturité 1er juillet 2030). L’obligation a été pricée à 45 pb au-dessus du taux de swap ; ce qui correspond à une prime d’émission négative et représente le spread le plus serré pour une SIIC européenne sur une maturité de 11 ans. L’émission a été souscrite 2.8 fois et les obligations ont été placées auprès ...

Benoît Faure-Jarrosson ...
  • Bruno Duclos
  • Vladimir Minot

INVEST SECURITIES - KLEPIERRE : Confiance sur le locatif, prudence sur les valeurs - ACHAT, OC 37€

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2019

...

1 director bought

A director at Klepierre bought 6,250 shares at 32.000EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2019

While the 2019 Paris Air Show ended on a lacklustre note in terms of orders, it was marked by the launch of the A321XLR (which complicates the equation for the NMA) and the shelving of a rapid increase in production rates to 70 aircraft per month (a relief for the supply chain). Our hierarchy of recommendations is unchanged and we continue to prefer engine makers with MTU our Top Pick (Buy - € 220). Cf. report published this morning. - ...

Alfred Glaser ...
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/07/2019

The stabilisation of eurozone PMI indices in January contributes, albeit still modestly, to the abating of the excessive risk aversion end-2018. This is in addition to the welcome change in the Fed’s tone with the announced pause in monetary normalisation, pushing back the spectre of recession. Against this backdrop, the decent nature of results publications is contributing to the improvement in sentiment. However, questions about growth, or rather its rate of deceleration, persist. I...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/02/2019

La stabilisation des PMI Eurozone en janvier contribue, encore modestement, au reflux de l’excessive aversion au risque de la fin 2018. Ceci s’ajoute au bon accueil du changement de ton de la FED avec la pause annoncée dans la normalisation monétaire et repousse le spectre de la récession. Dans ce contexte, le caractère convenable des résultats participe à l’amélioration du sentiment. Pour autant les questions sur la croissance, ou plutôt son rythme de ralentissement, ne sont pas levé...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Léopold Authié
  • Nicolas David
  • Olfa Taamallah
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2018

At the Capital Markets Day on 8 November, ASML should again outline an upbeat vision out to 2025. We expect further strong growth in sales (to between € 15bn and € 20bn in 2025 vs a target of € 11bn in the 2020 plan), along with growth in EPS, which we see reaching between € 11 (bear case) and € 18 (bull case) vs € 8.4 in 2020e. Based on our average scenario in 2025 (sales of € 17.5bn and EPS of € 15), the share price could potentially double, hence our Buy recommendation. Cf report p...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

MarketLine Department

Covivio - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Covivio Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Covivio since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This re...

Jehanne Leroy

Klépierre, 16 Avril 2019

En termes de gouvernance, la société Klépierre est à saluer. Cela s'explique notamment par la séparation des fonctions de Président du Conseil et celui du Directoire. Aussi, la société jouit d'un bon taux d'indépendance du Conseil (55,56%). Concernant les rémunérations attribuées en 2018 et attribuables en 2019, le seul changement proposé concerne l’augmentation du fixe. Si cette hausse porte le fixe à des montants acceptables, les conséquences de cet écart ne le sont pas. En effet la société n’a pas modifié la structure de la rémunération variable à court et à moyen terme : cette hausse en ...

Klépierre - Assemblée générale des actionnaires du 16 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Klépierre – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 24/04/2018

We commend the company for its fair governance: indeed the Chairman and CEO functions are split and the Board has 55.56% of independent members. Regarding the 2017 and 2018 remunerations, amounts at stake are not excessive compared to French and European practice. Likewise, the structure of the remuneration is well balanced. However, we regret that neither the potential golden hello, nor the exceptional remunerations are capped. Moreover, we regret that the AGM will not be able to vote on any granted golden hello.

Jehanne Leroy

Proxy Report - 24/04/2018

En termes de gouvernance, la société Klépierre est à saluer. Cela s’explique notamment par la séparation des fonctions de Président du Conseil et celui du Directoire. Aussi, la société jouit d’un bon taux d’indépendance du Conseil (55,56%). Concernant les rémunérations attribuées en 2017 et attribuables en 2018, les montants en jeu ne sont pas excessifs au regard de l'indice d'appartenance de la société et de ses pairs européens. De même, la structure de rémunération, bien que comportant une part qualitative excessive, est plutôt équilibrée. On regrettera pourtant que ni l'indemnité de pris...

Valérie GASTALDY

Short term view - KLEPIERRE : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €29.96. The next target is at €27.60, then €25.06. Passing €29.96 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - KLEPIERRE : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 29,96 € prochainement. Le prochain objectif est à 27,60 €, puis 25,06 €. Le franchissement de 29,96 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - KLEPIERRE : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €29.96. The next target is at €27.60, then €25.06. Passing €29.96 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - KLEPIERRE : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 29,96 € prochainement. Le prochain objectif est à 27,60 €, puis 25,06 €. Le franchissement de 29,96 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Medium term view - KLEPIERRE : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €30.00, then €24.82. Passing €40.84 would question the continuation of the fall.

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