Mercialys up after Q1 beat, confirmed guidance

Mercialys SA

19/04/2024 09:00

** Shares in Mercialys  MERY.PA  rise 1.9% after the French
real estate operator posted higher Q1 rental revenues and
confirmed its 2024 guidance
    ** Q1 rental revenues rise +4.4% yr/yr to 45.5 million euros
 ($48.45 million)
    ** "A good start to the year," says Berenberg pointing to
"solid" rental growth that beat the broker's estimate of 42.9
million euros 
    ** "Due to its defensive debt expiry schedule (with no
larger maturities before February 2026), Mercialys's full
attention can now be turned on diversifying tenant structure
further and reducing exposure to Casino  CASP.PA , which is
undergoing a restructuring process," - Berenberg
    ** Degroof Petercam says Q1 shows "solid" rent indexation
which continues to persist thanks to higher inflation in France
in 2023
    ** The transfers of supermarkets from Casino to other
companies including Intermarché, Auchan Retail and
Carrefour CARR.PA , should support the appeal of Mercialys'
shopping centres, Degroof Petercam adds
    ** Mercialys shares are up 7.5% YTD​
    
    

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))