EU REAL ESTATE: Deutsche Euroshop (DEQGR: BBB-) Roadshow Summary
• Shopping centre operator. 21 in total with 17 in Germany and 1 each in Austria, Czechia, Hungary, Poland.
• Majority owned by Hercules BidCo a partnership of Otto family and Oaktree c76%.
• Managed by ECE which operates 200 shopping centres in total.
• Tenants are mixed with 2,600 individual stores (123/store average).
• Fashion 48%; Non-Food/Electronics 19%; Food 11%; Health & Beauty 7%.
• H&M largest at 2.7%; top 10 account for 21% of earnings.
• Revenue €271m; NOI €217m; EBIT €216m.
• Total Assets €4.4bn of which Property €4.1bn.
• Financial Liabilities €1.81bn. Debt average 5.5yrs at 2.76%.
• LTV 38.5% at YE, 37.9% at Q1 on revaluations.
• ICR 5.7x.
• Occupancy 95.4% with 97-99% rent collection.
• 100% of debt is currently secured. They are moving to more unsecured.
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Historical bullets
EURJPY TECHS: Retracement Extends
- RES 4: 165.92 2.0% 10-dma envelope
- RES 3: 165.43 High Nov 8
- RES 2: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 1: 164.63 High Mar 18 and the bull trigger
- PRICE: 161.74 @ 14:59 GMT May 6
- SUP 1: 161.69/60 50-day EMA / Intraday low
- SUP 2: 160.99 Low Apr 22
- SUP 3: 159.48 Low Apr 9
- SUP 4: 158.56 61.8% retracement of the Feb 28 - May 2 bull leg
A bullish theme in EURJPY remains intact despite the pullback from last Friday’s high. The recent print above key resistance at 164.19, Mar 18 high, is a positive development for bulls. A clear break of this hurdle would confirm a resumption of the upleg that started Feb 28. This would open 164.90 next, the Dec 30 ‘24 high. First key support to watch is 161.69, the 50-day EMA. It has been pierced, a clear break would undermine the bull cycle.
MNI: CANADA APR IVEY PURCHASING MANAGERS INDEX 47.9 SA
- CANADA APR IVEY PURCHASING MANAGERS INDEX 47.9 SA
US TSY OPTIONS: 5Y Midcurve Call Spread
- +10,000 wk2 FV 108.75/109 call spds, 3
