Financials Federal Realty Investment Trust

Equities

FRT

US3137451015

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-07-05 pm EDT			5-day change	1st Jan Change
100.8 ^USD	+0.15%		-0.17%	-2.18%

Jun. 28	Stifel Adjusts Price Target on Federal Realty Investment Trust to $107.50 From $107, Maintains Hold Rating	MT
Jun. 06	Federal Realty Investment Trust Completes Third Street Promenade Portfolio Sale	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,722	6,439	10,604	8,205	8,411	8,361	-	-
Enterprise Value (EV) ¹	13,023	10,077	14,634	12,595	12,760	12,823	12,799	12,754
P/E ratio	27.9 x	52.5 x	41.8 x	21.5 x	36.8 x	35.5 x	32.3 x	29 x
Yield	3.24%	4.96%	3.13%	4.26%	4.21%	4.35%	4.41%	4.49%
Capitalization / Revenue	10.4 x	7.74 x	11.2 x	7.65 x	7.44 x	7.04 x	6.69 x	6.35 x
EV / Revenue	14 x	12.1 x	15.4 x	11.7 x	11.3 x	10.8 x	10.2 x	9.68 x
EV / EBITDA	21.9 x	20 x	25 x	18.9 x	17.8 x	17 x	16 x	15 x
EV / FCF	250 x	-76.3 x	475 x	126 x	52.1 x	77 x	52 x	41.9 x
FCF Yield	0.4%	-1.31%	0.21%	0.79%	1.92%	1.3%	1.92%	2.39%
Price to Book	3.84 x	2.65 x	4.15 x	2.78 x	2.88 x	2.95 x	3.03 x	3.15 x
Nbr of stocks (in thousands)	75,523	75,647	77,789	81,209	81,623	82,949	-	-
Reference price ²	128.7	85.12	136.3	101.0	103.0	100.8	100.8	100.8
Announcement Date	2/10/20	2/11/21	2/10/22	2/8/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	932.7	832.2	948.8	1,073	1,131	1,187	1,251	1,317
EBITDA ¹	594.3	503.7	584.8	665	718.4	754.5	799.8	847.7
EBIT ¹	354.5	248.6	304.8	362.6	396.6	417	450.9	499.9
Operating Margin	38.01%	29.88%	32.12%	33.78%	35.06%	35.13%	36.05%	37.95%
Earnings before Tax (EBT) ¹	360.5	135.9	269.1	395.7	247.2	246.6	293.6	329.4
Net income ¹	345.8	123.7	253.5	377.5	229	236.2	264.5	303.6
Net margin	37.08%	14.86%	26.71%	35.17%	20.24%	19.9%	21.15%	23.05%
EPS ²	4.610	1.620	3.260	4.710	2.800	2.842	3.124	3.472
Free Cash Flow ¹	52.01	-132	30.84	100.1	244.7	166.4	246.2	304.7
FCF margin	5.58%	-15.86%	3.25%	9.32%	21.64%	14.02%	19.69%	23.13%
FCF Conversion (EBITDA)	8.75%	-	5.27%	15.05%	34.07%	22.06%	30.79%	35.95%
FCF Conversion (Net income)	15.04%	-	12.17%	26.51%	106.88%	70.47%	93.11%	100.36%
Dividend per Share ²	4.170	4.220	4.260	4.300	4.340	4.380	4.447	4.529
Announcement Date	2/10/20	2/11/21	2/10/22	2/8/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	247	253.9	256.8	263.8	273.2	279.8	272.8	280.4	286.3	291.5	291	292.3	298.4	305.3	308.3
EBITDA ¹	156.2	152.8	157.7	168.1	168.7	170.5	172.7	180.8	181.8	183	183.6	187.1	190.8	194.7	194.7
EBIT ¹	85.57	74.97	85.98	93.6	91.63	91.34	94.11	101.8	100.1	100.6	100.2	104.1	106.4	109	110.3
Operating Margin	34.64%	29.53%	33.49%	35.48%	33.54%	32.65%	34.5%	36.31%	34.95%	34.51%	34.43%	35.62%	35.67%	35.71%	35.77%
Earnings before Tax (EBT) ¹	54.54	-	54.73	64.47	158.8	117.7	57.73	-	-	67.09	58.02	61.54	62.69	64.35	67.64
Net income ¹	50.11	112.9	49.97	59.67	154.1	113.7	53.33	58.49	55.04	62.1	54.73	58.11	60.9	63.61	63
Net margin	20.29%	44.48%	19.46%	22.62%	56.42%	40.63%	19.55%	20.86%	19.22%	21.3%	18.8%	19.88%	20.41%	20.84%	20.44%
EPS ²	0.6400	1.440	0.6300	0.7500	1.890	1.400	0.6500	0.7200	0.6700	0.7600	0.6600	0.7032	0.7343	0.7631	0.7426
Dividend per Share ²	1.070	1.070	1.070	1.070	1.080	1.110	1.080	1.090	1.090	1.090	1.090	1.089	1.102	1.101	1.109
Announcement Date	11/4/21	2/10/22	5/5/22	8/4/22	11/3/22	2/8/23	5/4/23	8/2/23	11/2/23	2/12/24	5/2/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,301	3,638	4,030	4,389	4,348	4,461	4,438	4,393
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.555 x	7.222 x	6.892 x	6.601 x	6.053 x	5.913 x	5.548 x	5.182 x
Free Cash Flow ¹	52	-132	30.8	100	245	166	246	305
ROE (net income / shareholders' equity)	14.2%	4.95%	6.48%	7.72%	7.74%	8.23%	9.59%	11.5%
ROA (Net income/ Total Assets)	5.29%	1.72%	2.15%	4.76%	2.75%	2.79%	3.12%	3.8%
Assets ¹	6,542	7,201	11,804	7,928	8,335	8,468	8,481	7,989
Book Value Per Share ²	33.60	32.10	32.80	36.30	35.80	34.10	33.30	32.00
Cash Flow per Share ²	6.180	4.900	6.090	6.420	6.840	6.560	7.240	7.700
Capex ¹	410	502	441	417	311	267	208	237
Capex / Sales	43.95%	60.32%	46.43%	38.82%	27.51%	22.52%	16.61%	17.97%
Announcement Date	2/10/20	2/11/21	2/10/22	2/8/23	2/12/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Federal Realty Investment Trust

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

100.8 USD

Average target price

115.1 USD

Spread / Average Target

+14.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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KLÉPIERRE	+4.70%	7.99B
COVIVIO	-4.81%	5.55B
MERLIN PROPERTIES SOCIMI, S.A.	+6.76%	5.45B

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