2025-06-11-Jefferies-板块前沿_11页_158kb

Equity Research Daily Summary (June 11, 2025)

Daily Market Update

Key Events

• Shaftesbury Capital: Positive retail sales density management drives higher rents. Jefferies raises PT to 171p (previously 155p), upholds Buy recommendation; targets 7x ND/EBITDA.
• Cibus Nordic Real Estate: Raises SEK 1bn via 7.6% share dilution, priced at 24.7% premium. Proceeds support acquisitions, guided at 6.5% internal yield.
• TAG: Strategic focus on Poland's residential market amidst housing shortages. 15,000-unit (B-T-H/B-T-S) expansion target by 2028.
• UK Housing: Long Harbour proposes £700m bid for PRS REIT, backing acquisition with financing.
• France Retail: Fnac Darty plans €200m/year investments, 150 new stores by 2030. Strategy includes subscriptions/renewals driving revenue.
• WDP: Acquires €30m Belgian logistics portfolio at 6% yield.
• Spain Student Housing: Greystar targets €140m acquisition of four assets.
• Germany Retail: Eurofund pursues 50% stake at €350m. Mall of Berlin Jav yield stands at 5.9%.
• Deutsche Euroshop: €500m bond at 4.50%, spreads tighter than market guidance.

Analyst Notes & Valuation Changes

• Cibus: Earnings per share accretive expected (2025E: +1.6% NTAps); acknowledges higher leverage vs peers.
• PRS REIT: Potential volatility on acquisition; stock trades at 117.4p, ~€640m market cap.
• Mercialys: Recommending Buy with 13.00 target. Sensitivity to inflation/cap rates.

Rating & Price Target

• Cibus: HOLD.
• Mercialys: BUY @€13.00.
• PRS REIT: HOLD.
• Shaftesbury: BUY.

Risks

• Cibus: Higher interest rate impact, slowed investments, aggressive leverage.
• PRS REIT: Sales process timing, management/eviction risks.
• Mercialys: Inflation risk, retail sales underperformance.

Summary

Highlights continued listings in major European real estate sectors: retail, residential, and logistics. Elevated capitalization reflects premium financing strategies in developed markets, coupled with cautious growth outlooks primarily due to interest rate sensitivity and complex geopolitical/economic conditions compared to upbeat expansion narratives in residential supply or retail renewals.