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Eurocommercial Properties NV
(ECMPA)
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Rating:68Neutral
Price Target:
€29.00
â–²(7.21% Upside)
Action:Reiterated
Date:09/15/26
The score is driven primarily by improving financial performance with steady cash generation, tempered by leverage and earnings/cash-conversion volatility. Valuation is supportive thanks to a low P/E and high dividend yield, while the earnings call tone was constructive with solid operating metrics and 2027 project upside. Technical indicators are the main drag, showing weak near-term momentum below key moving averages.
Positive Factors
High occupancy and rental growth
Very low vacancy and rental growth above indexation indicate strong tenant demand and effective asset management. High occupancy supports recurring rental income, while reletting and renewal uplifts provide a durable path for organic growth across the portfolio.
Negative Factors
Meaningful debt and rate sensitivity
The company remains materially exposed to refinancing and interest-rate movements because absolute debt is high and recent debt increased. Unhedged floating borrowings can raise interest expense, reducing distributable earnings and limiting flexibility for acquisitions or projects.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and rental growth
Very low vacancy and rental growth above indexation indicate strong tenant demand and effective asset management. High occupancy supports recurring rental income, while reletting and renewal uplifts provide a durable path for organic growth across the portfolio.
Read all positive factors
Eurocommercial Properties NV (ECMPA) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€1.40B
Dividend Yield7.18%
Average Volume (3M)63.42K
Price to Earnings (P/E)8.7
Beta (1Y)0.72
Revenue Growth4.05%
EPS Growth21.63%
CountryNL
Employees98
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.94
Shares Outstanding55,508,667
10 Day Avg. Volume62,000
30 Day Avg. Volume63,422
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)0.65
Price to Sales (P/S)4.97
P/FCF Ratio16.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.5
Revenue Forecast (FY)€241.98M
Eurocommercial Properties NV Business Overview & Revenue Model
Company Description
Eurocommercial began by investing in a range of countries, making its initial foray into France in 1992 with the acquisition of the Les Atlantes shopping centre in Tours. Its first Italian purchase, Curno in Bergamo, took place in 1994. The compan...
How the Company Makes Money
Eurocommercial Properties makes money primarily by generating recurring rental income from tenants in its retail properties. Its core revenue stream is base rent paid under lease agreements by retailers and other occupants; the company’s earnings ...
Eurocommercial Properties NV Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call was predominantly positive. Management reported broad-based footfall and retail sales growth, strong leasing activity, low vacancy, improved direct investment results, successful acquisitions, a resilient balance sheet, and significant expected benefits from remerchandising projects in 2027. The main challenges were temporary project disruption, weaker French performance, higher bad debt provisions, higher net interest expenses, currency exposure, and a cautious decision to reaffirm rather than raise guidance.Positive Updates
Strong Portfolio Operating Performance
During the first half of 2026, centers attracted more visitors, retailers delivered good sales, and occupancy remained exceptionally high. Key indicators included 4.7% rental uplift, 4.6% retail sales growth, 1% vacancy, stable OCR of 9.2%, and 3.2% footfall growth.
Negative Updates
Temporary Income Disruption from Remerchandising
Affected units can be temporarily non-income producing during remerchandising projects. Management said this limited rental growth in 2025 and 2026, and that the second half of 2026 would not show the full return from the projects.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Portfolio Operating Performance
During the first half of 2026, centers attracted more visitors, retailers delivered good sales, and occupancy remained exceptionally high. Key indicators included 4.7% rental uplift, 4.6% retail sales growth, 1% vacancy, stable OCR of 9.2%, and 3.2% footfall growth.
Read all positive updates
Company Guidance
Management reaffirmed guidance for the direct investment result at 45 to 50 per share, with further growth expected in 2027; the full effect of the current major projects and the full contribution of Avion are expected in 2027, while Val Thoiry tenants may open by end of 2028, maybe early 2029 even. Financial targets remain a net loan to value around 40%, net debt to EBITDA at eight, and 80% of hedging, with average cost of debt guidance at 245 to 250. For Carosello and I Gigli, management hopes to obtain proper approval for the planning in the coming two years, maybe.Eurocommercial Properties NV Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 284.39M | 283.29M | 271.78M | 261.69M | 242.05M | 237.74M |
| Gross Profit | 188.32M | 189.06M | 199.28M | 185.56M | 182.80M | 174.29M |
| EBITDA | 247.69M | 264.91M | 270.36M | 33.12M | 293.98M | 174.70M |
| Net Income | 160.16M | 124.37M | 176.82M | -26.87M | 200.74M | 104.69M |
Balance Sheet | ||||||
| Total Assets | 4.24B | 4.10B | 3.93B | 3.83B | 3.94B | 4.03B |
| Cash, Cash Equivalents and Short-Term Investments | 72.30M | 67.58M | 35.96M | 40.52M | 65.31M | 55.62M |
| Total Debt | 1.69B | 1.58B | 1.56B | 1.56B | 1.52B | 1.65B |
| Total Liabilities | 2.09B | 1.93B | 1.84B | 1.82B | 1.83B | 2.01B |
| Stockholders Equity | 2.15B | 2.16B | 2.09B | 2.01B | 2.04B | 1.96B |
Cash Flow | ||||||
| Free Cash Flow | 82.62M | 85.18M | 63.13M | 88.28M | 82.73M | 70.24M |
| Operating Cash Flow | 121.71M | 121.95M | 102.10M | 117.00M | 108.47M | 96.47M |
| Investing Cash Flow | -138.92M | -26.20M | -30.98M | -98.67M | 82.15M | 14.19M |
| Financing Cash Flow | 28.23M | -64.45M | -74.97M | -42.65M | -179.51M | -115.25M |
Eurocommercial Properties NV Technical Analysis
Negative
27.05
Price Trends
26.85
Negative
27.07
Negative
26.34
Negative
Market Momentum
-0.44
Positive
38.95
Neutral
12.36
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:ECMPA, the sentiment is Negative. The current price of 27.05 is above the 20-day moving average (MA) of 26.30, above the 50-day MA of 26.85, and above the 200-day MA of 26.34, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 38.95 is Neutral, neither overbought nor oversold. The STOCH value of 12.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:ECMPA.
Eurocommercial Properties NV Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
Performance Comparison
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.