Financials Kimco Realty Corporation

Equities

KIM

US49446R1095

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-05-20 pm EDT			5-day change	1st Jan Change
18.91 ^USD	-1.61%		-1.25%	-11.26%

May. 20	Truist Lowers Price Target on Kimco Realty to $22 From $23, Maintains Hold Rating	MT
May. 16	BMO Capital Adjusts Price Target on Kimco Realty to $22 From $23, Keeps Market Perform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,744	6,492	15,195	13,099	13,210	12,748	-	-
Enterprise Value (EV) ¹	13,936	11,554	22,336	20,107	20,043	20,403	20,460	20,678
P/E ratio	25.9 x	6.67 x	15.4 x	132 x	20.9 x	36.5 x	26.9 x	25 x
Yield	5.41%	5.46%	2.76%	3.97%	4.36%	5.11%	5.44%	5.82%
Capitalization / Revenue	7.65 x	6.21 x	11.3 x	7.66 x	7.48 x	6.64 x	6.29 x	5.92 x
EV / Revenue	12.2 x	11.1 x	16.5 x	11.8 x	11.3 x	10.6 x	10.1 x	9.61 x
EV / EBITDA	19.2 x	18.6 x	26.5 x	17 x	18.4 x	15.2 x	14.6 x	14.1 x
EV / FCF	99.6 x	33.4 x	-	-	29 x	27.6 x	29.5 x	32.1 x
FCF Yield	1%	3%	-	-	3.44%	3.62%	3.39%	3.12%
Price to Book	1.84 x	1.16 x	1.54 x	1.38 x	1.39 x	1.21 x	1.25 x	1.29 x
Nbr of stocks (in thousands)	422,233	432,499	616,428	618,461	619,874	674,116	-	-
Reference price ²	20.71	15.01	24.65	21.18	21.31	18.91	18.91	18.91
Announcement Date	1/30/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,142	1,045	1,350	1,711	1,767	1,920	2,025	2,153
EBITDA ¹	725	621.7	842.6	1,184	1,090	1,346	1,399	1,471
EBIT ¹	447.1	332.8	447.2	572.2	582.6	715.4	788.6	843.1
Operating Margin	39.14%	31.85%	33.14%	33.45%	32.97%	37.27%	38.94%	39.16%
Earnings before Tax (EBT) ¹	312	927.9	745.1	44.3	643.9	408.3	436	426.9
Net income ¹	340	975.4	818.6	100.8	629.3	338.5	459.1	501.3
Net margin	29.76%	93.35%	60.65%	5.89%	35.61%	17.63%	22.67%	23.29%
EPS ²	0.8000	2.250	1.600	0.1600	1.020	0.5174	0.7042	0.7571
Free Cash Flow ¹	140	346.3	-	-	690	738.1	693.8	645.2
FCF margin	12.25%	33.14%	-	-	39.05%	38.45%	34.26%	29.97%
FCF Conversion (EBITDA)	19.31%	55.7%	-	-	63.31%	54.84%	49.6%	43.86%
FCF Conversion (Net income)	41.17%	35.5%	-	-	109.65%	218.07%	151.14%	128.7%
Dividend per Share ²	1.120	0.8200	0.6800	0.8400	0.9300	0.9658	1.029	1.100
Announcement Date	1/30/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

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	420.4	422.7	423.3	429	435.9	438.3	439	441.8	447.9	498.9	468.1	471	477.2	476.3	519
EBITDA ¹	262.1	298.6	296.8	299.9	288.9	271.4	273.3	272.8	271.3	314	338.9	338.7	340.2	348.1	356
EBIT ¹	128.4	139.4	144.7	147.6	140.6	145.1	144	146.5	147	159.3	178.5	178.6	179.1	179.9	191.2
Operating Margin	30.55%	32.98%	34.18%	34.4%	32.26%	33.1%	32.81%	33.16%	32.82%	31.93%	38.14%	37.91%	37.54%	37.76%	36.84%
Earnings before Tax (EBT) ¹	38.94	206.9	-	22.24	-6.652	-	118.6	101.7	125.3	40.53	100.7	99.97	103.4	106	104.8
Net income ¹	75.33	230.9	-125.8	51.65	-56.09	283.5	100.4	112	133.4	-18.92	105.6	106.2	108.2	110	114.2
Net margin	17.92%	54.64%	-29.71%	12.04%	-12.87%	64.68%	22.88%	25.34%	29.77%	-3.79%	22.55%	22.55%	22.68%	23.09%	22%
EPS ²	0.1300	0.3700	-0.2100	0.0800	-0.0900	0.4600	0.1600	0.1800	0.2200	-0.0300	0.1577	0.1595	0.1604	0.1753	0.1858
Dividend per Share ²	0.1700	0.1900	0.2000	0.2200	0.2300	-	0.2300	0.2400	0.2400	-	0.2400	0.2411	0.2433	0.2569	0.2569
Announcement Date	2/10/22	4/28/22	7/28/22	10/27/22	2/9/23	4/27/23	7/27/23	10/26/23	2/8/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,192	5,062	7,141	7,008	6,833	7,656	7,712	7,931
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.161 x	8.143 x	8.475 x	5.918 x	6.27 x	5.688 x	5.514 x	5.392 x
Free Cash Flow ¹	140	346	-	-	690	738	694	645
ROE (net income / shareholders' equity)	6.67%	18.6%	10.6%	1.04%	6.61%	3.79%	4.87%	5.66%
ROA (Net income/ Total Assets)	3.09%	8.63%	5.44%	0.56%	3.49%	1.89%	2.32%	2.72%
Assets ¹	10,999	11,307	15,037	18,142	18,050	17,885	19,749	18,440
Book Value Per Share ²	11.30	13.00	16.10	15.40	15.40	15.60	15.10	14.70
Cash Flow per Share ²	1.380	1.370	1.210	1.390	1.730	1.560	1.580	1.620
Capex ¹	465	244	164	310	378	69.8	199	145
Capex / Sales	40.73%	23.32%	12.13%	18.13%	21.4%	3.64%	9.82%	6.75%
Announcement Date	1/30/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

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 Kimco Realty Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

18.91 USD

Average target price

22.42 USD

Spread / Average Target

+18.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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BRIXMOR PROPERTY GROUP INC.	-4.81%	6.67B
AGREE REALTY CORPORATION	-4.03%	6.06B
VICINITY CENTRES	-3.92%	5.9B
KITE REALTY GROUP TRUST	-7.92%	4.62B
GENERAL DE GALERÍAS COMERCIALES SOCIMI, S.A.	0.00%	4.01B

Retail REITs