商业公司：一笔1.46亿欧元、收益率接近8%的收购

April 28, 2025February 12, 2025October 24, 2024 Stephanie Dossmann * | Equity Analyst+33 1 8665 6367 | sdossmann@jefferies.comPierre-Emmanuel Clouard, CFA * | EquityAnalyst+33 1 8665 6373 | pclouard@jefferies.comStephane Afonso * | Equity Analyst+33 1 8665 6327 | safonso@jefferies.com Company DescriptionMercialysMercialys has been listed in 2005 as a spin-off from the Casino group, which has totally divested its stake since 2022. Mercialys is a pure player inFrench shopping centres (100% of the portfolio), mainly anchored by powerful food retailers such as Auchan, Intermarché, or Carrefour. Mercialysowns a streamlined portfolio of 47 shopping centres in France (100% of GAV) valued at €2.9bn (including transfer duties). 85% of Mercialys’ portfoliocomprises regional and large shopping centres.Company Valuation/RisksMercialysOur target price is a blended average of three valuation methodologies: a DCF calculating a terminal value by using an exit yield in year 10 (WACC 7.7%,Beta 0.7, CoE 10.1%, Exit yield 6.1%), a DDM assuming a terminal value equal to NAV 10 years out, and an Adjusted NAV.Downside risks: Higher-than-expected CPI figures leading to higher LT rates, yield expansion, decline of retail sales.Analyst Certification:I, Stephanie Dossmann, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Pierre-Emmanuel Clouard, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Stephane Afonso, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Stephanie Dossmann is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Pierre-Emmanuel Clouard, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may notbe subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a researchanalyst.Registration of non-US analysts:Stephane Afonso is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these comp