Financials Realty Income Corporation

Equities

O

US7561091049

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-05-14 pm EDT			5-day change	1st Jan Change
54.87 ^USD	-0.16%		-0.27%	-4.44%

May. 10	Mizuho Adjusts Price Target on Realty Income to $59 From $56	MT
May. 07	Transcript : Realty Income Corporation, Q1 2024 Earnings Call, May 07, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,997	21,821	40,507	39,780	41,569	47,779	-	-
Enterprise Value (EV) ¹	31,845	29,814	55,691	57,720	62,856	73,144	75,199	76,616
P/E ratio	53.4 x	54.5 x	82.3 x	44.7 x	45.6 x	36.4 x	31.8 x	30.8 x
Yield	3.68%	4.49%	3.96%	4.68%	5.31%	5.67%	5.88%	6.08%
Capitalization / Revenue	17 x	14 x	20.7 x	12.1 x	10.5 x	9.87 x	10.1 x	10.5 x
EV / Revenue	22.5 x	19.1 x	28.4 x	17.5 x	15.9 x	15.1 x	15.9 x	16.8 x
EV / EBITDA	23.8 x	20.2 x	30.1 x	19.4 x	17.4 x	15.6 x	14.8 x	14.2 x
EV / FCF	-12,600,986 x	26,936,307 x	42,736,718 x	23,384,118 x	-	-	-	-
FCF Yield	-0%	0%	0%	0%	-	-	-	-
Price to Book	2.51 x	2.04 x	1.69 x	1.46 x	1.31 x	1.25 x	1.2 x	1.16 x
Nbr of stocks (in thousands)	325,919	350,990	565,813	627,154	723,949	870,774	-	-
Reference price ²	73.63	62.17	71.59	63.43	57.42	54.87	54.87	54.87
Announcement Date	2/19/20	2/22/21	2/22/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,416	1,560	1,960	3,300	3,958	4,843	4,729	4,566
EBITDA ¹	1,337	1,474	1,850	2,979	3,617	4,692	5,085	5,385
EBIT ¹	742.6	796.8	952	1,309	1,722	2,307	2,685	2,779
Operating Margin	52.45%	51.07%	48.57%	39.66%	43.51%	47.64%	56.78%	60.85%
Earnings before Tax (EBT) ¹	451.6	487.4	392.4	917.6	928.9	1,560	1,817	1,912
Net income ¹	436.5	395.5	359.5	869.4	872.3	1,319	1,487	1,550
Net margin	30.83%	25.35%	18.34%	26.35%	22.04%	27.24%	31.44%	33.94%
EPS ²	1.380	1.140	0.8700	1.420	1.260	1.506	1.726	1.780
Free Cash Flow	-2,527	1,107	1,303	2,468	-	-	-	-
FCF margin	-178.51%	70.94%	66.48%	74.81%	-	-	-	-
FCF Conversion (EBITDA)	-	75.1%	70.44%	82.86%	-	-	-	-
FCF Conversion (Net income)	-	279.87%	362.52%	283.91%	-	-	-	-
Dividend per Share ²	2.711	2.794	2.833	2.967	3.051	3.110	3.224	3.334
Announcement Date	2/19/20	2/22/21	2/22/22	2/21/23	2/20/24	-	-	-

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	643.3	755.6	800.8	825.9	873.3	865.7	995.3	1,009	1,029	1,208	1,185	1,205	1,226	1,199	1,212
EBITDA ¹	610.8	722.3	724.1	750.5	782	840.8	887.7	932.6	956.4	1,130	1,173	1,189	1,205	1,227	1,262
EBIT ¹	277.6	318.5	314.7	331.4	343.9	389.4	249.1	437	480.5	549.2	585.8	604.7	621.8	608	637.4
Operating Margin	43.15%	42.16%	39.29%	40.13%	39.37%	44.98%	25.03%	43.32%	46.71%	45.46%	49.42%	50.17%	50.73%	50.71%	52.59%
Earnings before Tax (EBT) ¹	14.6	211	238.5	-	-	-	-	-	-	149.4	419.2	425.3	428.1	407.6	414.8
Net income ¹	4.041	199.4	223.2	219.6	227.3	225	195.4	233.5	218.4	129.7	360.8	368.3	373.8	339.1	349
Net margin	0.63%	26.39%	27.87%	26.58%	26.02%	25.99%	19.63%	23.14%	21.23%	10.73%	30.44%	30.56%	30.5%	28.29%	28.79%
EPS ²	0.0100	0.3400	0.3700	0.3600	0.3600	0.3400	0.2900	0.3300	0.3000	0.1600	0.4258	0.4345	0.4381	0.3929	0.4015
Dividend per Share ²	0.7180	0.7395	0.7410	0.7425	0.7440	0.7515	0.7650	0.7665	0.7680	0.7695	0.7706	0.7726	0.7745	0.7853	0.7889
Announcement Date	2/22/22	5/4/22	8/3/22	11/2/22	2/21/23	5/3/23	8/2/23	11/6/23	2/20/24	5/6/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,848	7,993	15,184	17,940	21,287	25,365	27,419	28,836
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.872 x	5.423 x	8.208 x	6.022 x	5.885 x	5.406 x	5.393 x	5.355 x
Free Cash Flow	-2,527	1,107	1,303	2,468	-	-	-	-
ROE (net income / shareholders' equity)	4.89%	3.81%	3.34%	3.23%	2.83%	3.52%	4.13%	4.42%
ROA (Net income/ Total Assets)	2.58%	2.01%	1.13%	1.87%	1.62%	1.9%	2.15%	2.3%
Assets ¹	16,907	19,648	31,939	46,406	53,727	69,428	69,320	67,474
Book Value Per Share ²	29.30	30.40	42.40	43.50	43.80	43.90	45.60	47.20
Cash Flow per Share	3.380	3.230	3.190	4.190	-	-	-	-
Capex ¹	23.5	8.71	19.1	95.5	-	92	100	105
Capex / Sales	1.66%	0.56%	0.97%	2.89%	-	1.9%	2.12%	2.3%
Announcement Date	2/19/20	2/22/21	2/22/22	2/21/23	2/20/24	-	-	-

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 Realty Income Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

54.87 USD

Average target price

60.1 USD

Spread / Average Target

+9.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
REALTY INCOME CORPORATION	-4.44%	47.78B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-2.17%	21.69B
SEGRO PLC	+0.16%	13.71B
UNIBAIL-RODAMCO-WESTFIELD SE	+17.24%	11.81B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-5.34%	9.71B
CAPITALAND ASCENDAS REIT	-14.52%	8.51B
FEDERAL REALTY INVESTMENT TRUST	-0.56%	8.5B
KLÉPIERRE	+2.59%	7.82B
FIBRA UNO	-18.06%	5.75B
MERLIN PROPERTIES SOCIMI, S.A.	+6.36%	5.42B

Other Commercial REITs