Financials Citycon Oyj

Equities

CTY1S

FI4000369947

Real Estate Development & Operations

Market Closed - Nasdaq Helsinki Other stock markets 11:29:31 2024-05-16 am EDT			5-day change	1st Jan Change
4.1 ^EUR	+0.44%		+2.19%	-21.15%

May. 16	Finland's Citycon to Sell Shopping Center in Norway	MT
May. 15	Tranche Update on Citycon Oyj's Equity Buyback Plan announced on August 7, 2023.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,667	1,412	1,177	1,051	894.4	754	-	-
Enterprise Value (EV) ¹	3,527	3,507	3,001	2,789	2,734	2,829	2,797	2,798
P/E ratio	234 x	-31.7 x	13 x	-	-7.43 x	8.45 x	11.9 x	12.6 x
Yield	6.94%	6.78%	7.14%	7.99%	9.62%	7.32%	7.32%	7.32%
Capitalization / Revenue	5.39 x	4.78 x	4.03 x	3.49 x	3.08 x	2.38 x	2.3 x	2.25 x
EV / Revenue	11.4 x	11.9 x	10.3 x	9.25 x	9.43 x	8.93 x	8.53 x	8.35 x
EV / EBITDA	18.2 x	19.4 x	17 x	15.9 x	16.6 x	15.4 x	14.3 x	14 x
EV / FCF	34.9 x	-108 x	25.8 x	-37.6 x	90.8 x	27.2 x	44.8 x	31.1 x
FCF Yield	2.87%	-0.93%	3.88%	-2.66%	1.1%	3.68%	2.23%	3.22%
Price to Book	0.72 x	0.65 x	0.47 x	0.45 x	0.45 x	0.53 x	0.42 x	0.36 x
Nbr of stocks (in thousands)	177,999	177,999	168,202	168,009	171,994	183,894	-	-
Reference price ²	9.365	7.930	7.000	6.255	5.200	4.100	4.100	4.100
Announcement Date	2/6/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	309.2	295.5	292.4	301.5	290	316.7	327.8	335.1
EBITDA ¹	193.4	180.3	176.7	175.2	164.8	183.7	195.7	199.9
EBIT ¹	193.5	180.4	176.1	175.2	164.8	186.5	196	200
Operating Margin	62.58%	61.05%	60.23%	58.11%	56.83%	58.88%	59.79%	59.68%
Earnings before Tax (EBT) ¹	2.2	-45.7	156.5	15.1	-122.3	61.5	86.42	85.32
Net income ¹	8.9	-28	121	5.3	-115	86.85	60.84	58.09
Net margin	2.88%	-9.48%	41.38%	1.76%	-39.66%	27.42%	18.56%	17.34%
EPS ²	0.0400	-0.2500	0.5400	-	-0.7000	0.4853	0.3433	0.3253
Free Cash Flow ¹	101.1	-32.6	116.5	-74.2	30.1	104	62.5	90
FCF margin	32.7%	-11.03%	39.84%	-24.61%	10.38%	32.83%	19.06%	26.86%
FCF Conversion (EBITDA)	52.28%	-	65.93%	-	18.26%	56.62%	31.94%	45.02%
FCF Conversion (Net income)	1,135.96%	-	96.28%	-	-	119.75%	102.73%	154.92%
Dividend per Share ²	0.6500	0.5375	0.5000	0.5000	0.5000	0.3000	0.3000	0.3000
Announcement Date	2/6/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	74.3	72.9	74.3	75.6	78.8	74.1	70	71.2	74.6	79.1	77	78	82	82	80
EBITDA ¹	42.9	40.2	46.3	43.7	45.1	38.3	42.2	42.7	41.7	39.7	47	46	47	46	49
EBIT ¹	42.4	40.2	46.3	43.7	45.1	38.3	42.2	42.6	41.7	39.7	47	47	48.5	46	49
Operating Margin	57.07%	55.14%	62.31%	57.8%	57.23%	51.69%	60.29%	59.83%	55.9%	50.19%	61.04%	60.26%	59.15%	56.1%	61.25%
Earnings before Tax (EBT) ¹	66.8	33.9	38	28.2	-85.1	55.1	49.5	-53.5	-173.4	67.3	30	26	28	29	30
Net income ¹	47.4	29.8	28.7	22.7	-75.9	44.7	36.7	-46.2	-150.1	64.9	17	14	15	14	15
Net margin	63.8%	40.88%	38.63%	30.03%	-96.32%	60.32%	52.43%	-64.89%	-201.21%	82.05%	22.08%	17.95%	18.29%	17.07%	18.75%
EPS ²	0.2200	0.1300	0.1300	0.0900	-0.5000	0.3100	0.1800	-0.3200	-0.8800	0.3300	0.0900	0.0800	0.0800	0.0700	0.0800
Dividend per Share ²	0.1250	0.1250	0.1250	0.1250	0.1250	-	0.1250	0.1250	0.1250	-	0.0800	0.0800	0.0800	-	-
Announcement Date	2/17/22	5/5/22	8/10/22	11/10/22	2/16/23	4/30/23	7/18/23	11/1/23	2/15/24	5/15/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,860	2,095	1,824	1,739	1,839	2,075	2,044	2,044
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.618 x	11.62 x	10.32 x	9.923 x	11.16 x	11.3 x	10.44 x	10.23 x
Free Cash Flow ¹	101	-32.6	117	-74.2	30.1	104	62.5	90
ROE (net income / shareholders' equity)	7.08%	-1.47%	6.69%	0.22%	3.75%	5.2%	2.99%	2.83%
ROA (Net income/ Total Assets)	0.19%	-0.6%	2.55%	0.11%	-2.65%	2.4%	1.34%	1.3%
Assets ¹	4,602	4,631	4,742	4,633	4,335	3,619	4,554	4,457
Book Value Per Share ²	13.10	12.20	14.80	13.80	11.60	7.710	9.880	11.50
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	99.7	158	217	174	96.7	30	36	36.5
Capex / Sales	32.24%	53.57%	74.11%	57.68%	33.34%	9.47%	10.98%	10.89%
Announcement Date	2/6/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Citycon Oyj

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

4.1 EUR

Average target price

3.75 EUR

Spread / Average Target

-8.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail Real Estate Development

	1st Jan change	Capi.
CITYCON OYJ	-21.15%	816M
SCENTRE GROUP	+7.69%	10.99B
THE PHOENIX MILLS LIMITED	+32.99%	6.29B
PLAZA S.A.	+19.32%	3.24B
ARABIAN CENTRES COMPANY	+8.47%	3.02B
MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.	-15.48%	2.73B
AEON MALL CO., LTD.	+3.02%	2.63B
EASYHOME NEW RETAIL GROUP CORPORATION LIMITED	-7.27%	2.58B
ATRIUM LJUNGBERG AB	-10.47%	2.48B
ALLOS S.A.	-16.95%	2.39B

Retail Real Estate Development