Klépierre stock drops nearly 8% over one month and breaks its support levels
The shopping center real estate investment trust continues its decline in early October, in a Paris market weighed down by pressure from French sovereign debt. The decline is part of a downtrend that has accelerated since the beginning of September.
A decline of 2.59% that pushes the stock below its three moving averages
Klépierre loses 2.59% in trading at €34.56, falling clearly below its 20, 50 and 200-day moving averages, respectively at €36.71, €38.01 and €35.21. The gap with the 50-day MA reaches nearly 9%, a sign of a downtrend established over several weeks. The RSI falls to 28, in clear oversold territory, which reflects the intensity of the selling movement but does not prejudge a reversal.
Over one month, the stock declines 7.74%, following a brief rebound recorded on September 25. The next support level is far below the current price, at €35.48, a level already breached downward, while resistance at €39.14 appears out of reach in the short term.
Tension in French sovereign rates weighs on all listed real estate investment trusts
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The yield on French ten-year government bonds reached 4.75% this Thursday, at its highest level since July 2008, with a spread against the German Bund of 1.17 percentage points, its highest level since June 2012. This context directly impacts the valuations of real estate investment trusts, whose business model is structurally sensitive to the cost of debt. When publishing H1 2026 results on July 29, Klépierre had indicated that the cost of its new financing was already 3.42%, higher than the current average cost of its debt of 1.9%, a gap expected to weigh on future results.
The company had nonetheless raised its 2026 targets, aiming for a minimum EBITDA of €1,150 million. Budget uncertainty in France, with a 2027 budget proposal being examined this very day in the Council of Ministers in a context of a fragmented Parliament, increases nervousness in listed assets in general, and in real estate investment trusts in particular. Analysts' views on the stock remain to be followed in this context of rising rates.
Révision à la hausse des objectifs pour l'ensemble de l'année 2026
Risks mentioned
Dépendance à la fréquentation des centres commerciaux, en hausse limitée de 1,2 % au premier semestre
Taux d'effort des locataires stable à 12,5 %, limitant les marges de hausse des loyers
Coût des nouveaux financements à 3,42 %, supérieur au coût moyen actuel de la dette de 1,9 %
Opportunities identified
Relèvement des objectifs 2026 : EBE minimum de 1 150 M€ et cash-flow net courant par action de 2,77 à 2,80 €
Projets d'extension à Le Gru (Turin) et Romagna (Rimini) avec rendements prévus de 10 % et plus de 8 %
Réversion locative positive de 5,0 % sur renouvellements et recommercialisations
Outlook / guidance
Expected EBITDA: 1 150 millions d'euros
Management commentary: atteinte d'un EBE 1 minimum de 1 150 millions d'euros et d'un cash-flow net courant par action dans le haut d'une fourchette de 2,77 à 2,80 euros
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
