Financials Simon Property Group, Inc.

Equities

SPG

US8288061091

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-12-10 pm EST			5-day change	1st Jan Change
179.23 ^USD	-1.58%		-1.18%	+25.65%

Dec. 06	BMO Capital Adjusts Price Target on Simon Property to $195 From $180, Maintains Market Perform Rating	MT
Dec. 06	Argus Research Adjusts Simon Property Group Price Target to $190 From $179	MT

Projected Income Statement: Simon Property Group, Inc.

income-statement-evolution-chart SIMON-PROPERTY-GROUP-INC

Fiscal Period: Diciembre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,755	4,608	5,117	5,291	5,659	5,372	5,517	5,719
Change	-	-19.94%	11.05%	3.41%	6.94%	-5.07%	2.69%	3.66%
EBITDA ¹	4,248	3,290	3,676	3,811	4,069	4,353	4,446	4,592
Change	-	-22.56%	11.74%	3.67%	6.78%	6.98%	2.13%	3.28%
EBIT ¹	2,908	1,972	2,413	2,584	2,807	2,957	3,108	3,216
Change	-	-32.19%	22.38%	7.06%	8.65%	5.35%	5.09%	3.47%
Interest Paid ¹	-789.4	-784.4	-795.7	-761.3	-854.6	-896.4	-911.2	-961.2
Earnings before Tax (EBT) ¹	2,002	1,187	1,617	1,822	2,314	3,748	2,299	2,423
Change	-	-40.7%	36.22%	12.66%	27%	61.96%	-38.67%	5.37%
Net income ¹	2,098	1,109	2,246	2,136	2,280	2,383	2,226	2,328
Change	-	-47.14%	102.51%	-4.9%	6.72%	4.51%	-6.55%	4.54%
Announcement Date	2/4/20	2/8/21	2/7/22	2/6/23	2/5/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	1,489	1,353	1,062	1,061	1,131	1,240	1,254	1,297	1,326	1,296	1,280	1,316	1,400	1,351	1,370	1,411	1,527	1,443	1,458	1,481	1,416	1,319	1,345	1,356	1,465	1,318	1,349	1,380
Change	-	-9.09%	-21.53%	-0.13%	6.67%	9.59%	1.14%	3.38%	2.28%	-2.28%	-1.24%	2.81%	6.39%	-3.5%	1.39%	3.02%	8.26%	-5.55%	1.09%	1.54%	-4.4%	-6.83%	1.98%	0.86%	7.97%	-10%	2.37%	2.24%
EBITDA ¹	1,101	983.1	775	737.8	793.9	920.4	920.5	923.7	911.4	930.6	925	821.6	1,001	969.8	977.5	1,009	1,112	1,043	1,064	1,088	1,166	1,017	1,054	1,090	1,212	1,032	1,055	1,155
Change	-	-10.72%	-21.17%	-4.8%	7.61%	15.93%	0.01%	0.35%	-1.33%	2.1%	-0.59%	-11.18%	21.88%	-3.16%	0.79%	3.28%	10.19%	-6.28%	2.07%	2.26%	7.15%	-12.77%	3.6%	3.41%	11.25%	-14.83%	2.15%	9.54%
EBIT ¹	776.9	654.9	450.9	404	462	604.6	604.7	612.3	591.5	620.4	626.8	652.2	684.2	662.7	657.9	694.2	792.1	735.2	754.1	767.8	789.3	715.1	743.1	773.6	874	736.3	756.5	813.8
Change	-	-15.7%	-31.15%	-10.39%	14.36%	30.86%	0.02%	1.26%	-3.4%	4.88%	1.03%	4.06%	4.91%	-3.14%	-0.72%	5.52%	14.1%	-7.19%	2.57%	1.81%	2.81%	-9.4%	3.92%	4.1%	12.97%	-15.75%	2.75%	7.58%
Charge d'intérêts ¹	-189.8	-187.6	-197.1	-201.9	-197.9	-202	-200.4	-199.8	-193.5	-185.2	-187.3	-187.9	-200.9	-199.4	-218.1	-212.2	-224.9	-230.6	-221.3	-226.4	-222.2	-227.5	-229.9	-232.4	-234.4	-246.1	-249	-251.6
Earnings before Tax (EBT) ¹	-	467.2	253.8	202.2	264.2	402.6	404.3	412.6	398	435.2	439.4	464.3	483.3	463.3	439.8	640.2	734.6	919.3	532.8	541.3	604.2	550.9	555.7	573.3	674.3	588.8	587.3	602.8
Change	-	-	-45.68%	-20.35%	30.68%	52.39%	0.42%	2.04%	-3.52%	9.35%	0.97%	5.66%	4.09%	-4.14%	-5.06%	45.56%	14.74%	25.15%	-42.05%	1.61%	11.61%	-8.83%	0.88%	3.16%	17.62%	-12.68%	-0.26%	2.65%
Net income ¹	510.2	437.6	254.2	145.9	271.5	445.9	617.3	679.9	503.2	426.6	496.7	539	673.8	451.8	486.3	594.1	747.5	731.7	493.5	475.2	656.2	462.5	528.7	535.6	646.8	398.2	529.1	630.9
Change	-	-14.23%	-41.91%	-42.6%	86.04%	64.23%	38.44%	10.15%	-25.99%	-15.22%	16.43%	8.51%	25%	-32.94%	7.64%	22.16%	25.81%	-2.11%	-32.56%	-3.71%	38.1%	-29.51%	14.31%	1.29%	20.76%	-38.44%	32.9%	19.22%
Announcement Date	2/4/20	5/11/20	8/10/20	11/9/20	2/8/21	5/10/21	8/2/21	11/1/21	2/7/22	5/9/22	8/1/22	11/1/22	2/6/23	5/2/23	8/2/23	10/30/23	2/5/24	5/6/24	8/5/24	11/1/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Simon Property Group, Inc.

balance-sheet-analysis-chart SIMON-PROPERTY-GROUP-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	23,494	25,712	24,787	24,339	24,864	24,752	24,190	24,030
Change	-	9.44%	-3.6%	-1.81%	2.16%	-0.45%	-2.27%	-0.66%
Announcement Date	2/4/20	2/8/21	2/7/22	2/6/23	2/5/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Simon Property Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	876	484.1	527.9	650	793.3	773.7	803.6	999
Change	-	-44.74%	9.05%	23.13%	22.04%	-2.47%	3.87%	24.32%
Free Cash Flow (FCF) ¹	2,932	1,843	3,109	3,117	3,138	905.1	902.3	889.2
Change	-	-37.15%	68.76%	0.23%	0.67%	-71.15%	-0.31%	-1.45%
Announcement Date	2/4/20	2/8/21	2/7/22	2/6/23	2/5/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Simon Property Group, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	73.82%	71.4%	71.84%	72.02%	71.91%	81.04%	80.59%	80.3%
EBIT Margin (%)	50.53%	42.8%	47.16%	48.83%	49.6%	55.05%	56.34%	56.23%
EBT Margin (%)	34.79%	25.77%	31.61%	34.44%	40.9%	69.78%	41.68%	42.36%
Net margin (%)	36.46%	24.07%	43.9%	40.37%	40.29%	44.35%	40.36%	40.7%
FCF margin (%)	50.94%	39.99%	60.77%	58.9%	55.44%	16.85%	16.36%	15.55%
FCF / Net Income (%)	139.73%	166.11%	138.43%	145.89%	137.62%	37.99%	40.53%	38.2%
Profitability
ROA	6.78%	3.36%	6.55%	6.4%	5.67%	6.85%	6.99%	7.31%
ROE	72.07%	39.86%	70.19%	63.71%	61.96%	88.18%	100.09%	164.88%
Financial Health
Leverage (Debt/EBITDA)	5.53x	7.82x	6.74x	6.39x	6.11x	5.69x	5.44x	5.23x
Debt / Free cash flow	8.01x	13.95x	7.97x	7.81x	7.92x	27.35x	26.81x	27.02x
Capital Intensity
CAPEX / Current Assets (%)	15.22%	10.51%	10.32%	12.28%	14.02%	14.4%	14.57%	17.47%
CAPEX / EBITDA (%)	20.62%	14.72%	14.36%	17.06%	19.5%	17.77%	18.08%	21.76%
CAPEX / FCF (%)	29.88%	26.27%	16.98%	20.86%	25.28%	85.48%	89.06%	112.35%
Items per share
Cash flow per share ¹	12.37	7.536	11.07	10.04	-	-	-	-
Change	-	-39.05%	46.89%	-9.29%	-	-	-	-
Dividend per Share ¹	8.3	6	5.85	6.9	7.45	8.098	8.542	8.806
Change	-	-27.71%	-2.5%	17.95%	7.97%	8.69%	5.49%	3.09%
Book Value Per Share ¹	8.233	9.253	10.23	8.746	9.275	7.653	5.929	4.644
Change	-	12.39%	10.55%	-14.5%	6.05%	-17.48%	-22.53%	-21.67%
EPS ¹	6.81	3.59	6.84	6.52	6.98	6.682	6.164	6.462
Change	-	-47.28%	90.53%	-4.68%	7.06%	-4.28%	-7.75%	4.84%
Nbr of stocks (in thousands)	306,869	328,136	328,619	328,619	326,247	326,278	326,278	326,278
Announcement Date	2/4/20	2/8/21	2/7/22	2/6/23	2/5/24	-	-	-