Dividend IncreaseThe refinancing secured by the company paved the way for an increase in the dividend proposed for FY24, doubling expectations.
Financial PerformanceSolid FY24 results included good business indicators such as positive upside from renegotiations, increased WALB, financial occupancy in Italy, and good performance in terms of footfall and tenant sales.
Stock ValuationThe stock is trading at a 73% discount to 2025E NAV vs. an average of 37% for retail real estate stocks, which supports the stock’s re-rating path.