Klépierre S.A.

LI.PA

Real Estate - Development · Real Estate

Price

€37.78

+0.60 (+1.61%)

Market Cap

€10.82B

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+12.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 285.9M (2021) → 321.6M (2025)

Klépierre is a European company that owns and manages large shopping malls. Its properties are spread across 14 countries in Europe, including France, Italy, Spain, and Scandinavia. The malls attract millions of shoppers each year and are home to hundreds of retail stores, restaurants, and entertainment venues.

Klépierre makes money by charging rent to the stores and businesses that operate inside its malls. It is structured as a real estate investment trust, meaning it is required to pay out most of its profits to shareholders as dividends. The company is one of the largest shopping mall owners in Europe, which gives it negotiating power with major retail tenants. However, the ongoing shift toward online shopping remains a significant risk, as fewer in-store shoppers can pressure retailers to shrink their physical footprints or close locations entirely, which could reduce rental income over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+49.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+20.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

22.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$832M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Klépierre S.A. grew revenue 50% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

50.4%

Healthy — 50.4% gross margin

Operating Margin

44.3%

Excellent — 44.3% operating margin

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.9%

Steady sales growth (9.9% YoY)

EPS YoY

+243.2%

Earnings growing fast (243.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

77%

Modest — 77% of profit becomes cash

FCF Margin

39.0%

Converts sales into free cash efficiently (39.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.91

Moderate — manageable debt (0.91)

Interest Cover

10.85x

Comfortably covers interest (10.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

5.2x

Attractive valuation — P/E 5.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-7.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

5.32%

Healthy income — 5.32% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+5.6%

Dividend growing modestly (5.6% YoY)

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