Buy Or Sell Opportunity • Jul 21
Now 21% overvalued Over the last 90 days, the stock has fallen 4.1% to €8.18. The fair value is estimated to be €6.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 1.2% in 2 years. Earnings are forecast to decline by 1.9% in the next 2 years. Buy Or Sell Opportunity • Jun 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to €8.35. The fair value is estimated to be €6.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 1.2% in 2 years. Earnings are forecast to decline by 1.9% in the next 2 years. Reported Earnings • May 25
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.19. Revenue: €418.2m (up 14% from 1Q 2025). Net income: €12.5m (up 19% from 1Q 2025). Profit margin: 3.0% (in line with 1Q 2025). Revenue is forecast to stay flat during the next 2 years compared to a 6.0% growth forecast for the Construction industry in Spain. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 25% per year. Upcoming Dividend • May 12
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 19 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Spanish dividend payers (5.2%). Higher than average of industry peers (1.8%). Buy Or Sell Opportunity • Apr 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.0% to €8.20. The fair value is estimated to be €6.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 3.4% in 2 years. Earnings are forecast to grow by 1.6% in the next 2 years. Buy Or Sell Opportunity • Mar 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to €8.57. The fair value is estimated to be €6.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 5.4% in 2 years. Earnings are forecast to grow by 8.2% in the next 2 years. Announcement • Feb 27
Grupo Empresarial San José, S.A., Annual General Meeting, Apr 16, 2026 Grupo Empresarial San José, S.A., Annual General Meeting, Apr 16, 2026. New Risk • Nov 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Aug 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €390.2m (down 2.2% from 2Q 2024). Net income: €6.23m (down 52% from 2Q 2024). Profit margin: 1.6% (down from 3.2% in 2Q 2024). Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Construction industry in Spain are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 23
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.16. Revenue: €368.5m (up 2.4% from 1Q 2024). Net income: €10.6m (up 2.8% from 1Q 2024). Profit margin: 2.9% (in line with 1Q 2024). Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Construction industry in Spain are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 20 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Spanish dividend payers (5.2%). In line with average of industry peers (2.9%). Major Estimate Revision • Mar 09
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €1.43b to €1.57b. EPS estimate increased from €0.44 to €0.51 per share. Net income forecast to grow 1.1% next year vs 1.1% growth forecast for Construction industry in Spain. Consensus price target of €9.62 unchanged from last update. Share price was steady at €5.70 over the past week. Reported Earnings • Mar 04
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €0.51 (up from €0.31 in FY 2023). Revenue: €1.56b (up 17% from FY 2023). Net income: €33.0m (up 66% from FY 2023). Profit margin: 2.1% (up from 1.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is expected to decline by 5.6% p.a. on average during the next 2 years, while revenues in the Construction industry in Spain are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 28
Grupo Empresarial San José, S.A., Annual General Meeting, Apr 08, 2025 Grupo Empresarial San José, S.A., Annual General Meeting, Apr 08, 2025. Location: ronda de poniente 11, tres cantos, madrid Spain Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.42, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Construction industry in Spain. Total returns to shareholders of 19% over the past three years. Reported Earnings • Nov 22
Third quarter 2024 earnings released Third quarter 2024 results: €0.001 loss per share. Revenue: €395.1m (up 20% from 3Q 2023). Net loss: €82.0k (down 103% from profit in 3Q 2023). Profit margin: 0% (down from 0.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Construction industry in Spain are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 18
Price target increased by 9.6% to €9.62 Up from €8.78, the current price target is provided by 1 analyst. New target price is 106% above last closing price of €4.68. Stock is up 34% over the past year. The company is forecast to post earnings per share of €0.54 for next year compared to €0.31 last year. Major Estimate Revision • Oct 18
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €0.47 to €0.54. Revenue forecast steady at €1.45b. Net income forecast to shrink 5.6% next year vs 7.8% decline forecast for Construction industry in Spain. Consensus price target up from €8.78 to €9.62. Share price rose 2.2% to €4.68 over the past week. Reported Earnings • Jul 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €399.1m (up 14% from 2Q 2023). Net income: €13.0m (up €11.5m from 2Q 2023). Profit margin: 3.2% (up from 0.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Construction industry in Spain. Reported Earnings • May 26
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.16. Revenue: €363.5m (up 24% from 1Q 2023). Net income: €10.3m (up 29% from 1Q 2023). Profit margin: 2.8% (up from 2.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Construction industry in Spain are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 14
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 21 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Spanish dividend payers (5.7%). Lower than average of industry peers (4.0%). Announcement • Apr 20
Grupo Empresarial San José, S.A., Annual General Meeting, Apr 18, 2024 Grupo Empresarial San José, S.A., Annual General Meeting, Apr 18, 2024. Major Estimate Revision • Mar 07
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from €1.19b to €1.34b. EPS estimate increased from €0.41 to €0.46 per share. Net income forecast to grow 49% next year vs 32% growth forecast for Construction industry in Spain. Consensus price target of €8.78 unchanged from last update. Share price rose 8.7% to €3.98 over the past week. Reported Earnings • Mar 04
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: €0.31 (up from €0.26 in FY 2022). Revenue: €1.34b (up 22% from FY 2022). Net income: €19.9m (up 20% from FY 2022). Profit margin: 1.5% (in line with FY 2022). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 6.9%. Revenue is expected to decline by 6.5% p.a. on average during the next 2 years, while revenues in the Construction industry in Spain are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. New Risk • Jan 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.4% average weekly change). Major Estimate Revision • Nov 24
Consensus EPS estimates fall by 33%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €1.17b to €1.20b. EPS estimate fell from €0.43 to €0.29 per share. Net income forecast to grow 34% next year vs 31% growth forecast for Construction industry in Spain. Consensus price target of €8.78 unchanged from last update. Share price was steady at €3.56 over the past week. Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.036. Revenue: €330.3m (up 22% from 3Q 2022). Net income: €2.36m (up 54% from 3Q 2022). Profit margin: 0.7% (up from 0.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Construction industry in Spain are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €350.5m (up 27% from 2Q 2022). Net income: €1.47m (down 40% from 2Q 2022). Profit margin: 0.4% (down from 0.9% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Construction industry in Spain. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Buying Opportunity • Jun 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €4.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 90%. Revenue is forecast to grow by 3.9% in 2 years. Earnings is forecast to grow by 60% in the next 2 years. Price Target Changed • Jun 22
Price target decreased by 12% to €8.78 Down from €9.98, the current price target is provided by 1 analyst. New target price is 134% above last closing price of €3.76. Stock is down 9.2% over the past year. The company is forecast to post earnings per share of €0.43 for next year compared to €0.26 last year. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: €296.9m (up 16% from 1Q 2022). Net income: €7.98m (up 30% from 1Q 2022). Profit margin: 2.7% (up from 2.4% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.4% growth forecast for the Construction industry in Spain. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 28
Upcoming dividend of €0.081 per share at 2.5% yield Eligible shareholders must have bought the stock before 05 May 2023. Payment date: 11 May 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Spanish dividend payers (6.0%). In line with average of industry peers (2.6%). Board Change • Mar 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Amparo Alonso Betanzos was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: €0.26 (vs €0.19 in FY 2021) Full year 2022 results: EPS: €0.26 (up from €0.19 in FY 2021). Revenue: €1.10b (up 18% from FY 2021). Net income: €16.6m (up 37% from FY 2021). Profit margin: 1.5% (up from 1.3% in FY 2021). Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Construction industry in Spain. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.024. Revenue: €270.5m (up 22% from 3Q 2021). Net income: €1.53m (down 34% from 3Q 2021). Profit margin: 0.6% (down from 1.0% in 3Q 2021). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Construction industry in Spain. Reported Earnings • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.024. Revenue: €289.3m (up 30% from 3Q 2021). Net income: €1.53m (down 34% from 3Q 2021). Profit margin: 0.5% (down from 1.0% in 3Q 2021). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Construction industry in Spain. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 16% share price gain to €3.97, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Construction industry in Europe. Total loss to shareholders of 46% over the past three years. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €275.1m (up 14% from 2Q 2021). Net income: €2.45m (up 93% from 2Q 2021). Profit margin: 0.9% (up from 0.5% in 2Q 2021). Over the next year, revenue is forecast to grow 5.0%, compared to a 4.3% growth forecast for the industry in Spain. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: €0.094. Revenue: €251.5m (up 18% from 1Q 2021). Net income: €6.12m (up 11% from 1Q 2021). Profit margin: 2.4% (down from 2.6% in 1Q 2021). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 3.2%, compared to a 3.6% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 06
Upcoming dividend of €0.081 per share Eligible shareholders must have bought the stock before 13 April 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Spanish dividend payers (5.4%). Lower than average of industry peers (3.8%). Reported Earnings • Feb 26
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.19 (down from €0.35 in FY 2020). Revenue: €930.7m (down 3.3% from FY 2020). Net income: €12.1m (down 47% from FY 2020). Profit margin: 1.3% (down from 2.4% in FY 2020). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 12% while the industry in Spain is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 17% share price gain to €4.53, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Construction industry in Europe. Negligible returns to shareholders over past three years. Reported Earnings • Nov 20
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: €233.9m (down 11% from 3Q 2020). Net income: €2.31m (up 62% from 3Q 2020). Profit margin: 1.0% (up from 0.5% in 3Q 2020). Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: €242.3m (up 16% from 2Q 2020). Net income: €1.27m (down 41% from 2Q 2020). Profit margin: 0.5% (down from 1.0% in 2Q 2020). Reported Earnings • May 21
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €215.4m (down 6.2% from 1Q 2020). Net income: €5.50m (up 2.2% from 1Q 2020). Profit margin: 2.6% (up from 2.3% in 1Q 2020). Upcoming Dividend • Apr 07
Upcoming dividend of €0.081 per share Eligible shareholders must have bought the stock before 14 April 2021. Payment date: 11 May 2021. Trailing yield: 1.6%. Lower than top quartile of Spanish dividend payers (5.4%). Lower than average of industry peers (3.2%). Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €962.6m (flat on FY 2019). Net income: €22.8m (down 86% from FY 2019). Profit margin: 2.4% (down from 17% in FY 2019). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 26
New 90-day high: €5.27 The company is up 11% from its price of €4.74 on 27 November 2020. The Spanish market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 4.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: €4.74 The company is up 1.0% from its price of €4.68 on 28 August 2020. The Spanish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 9.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS €0.022 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: €262.5m (up 5.7% from 3Q 2019). Net income: €1.43m (down 73% from 3Q 2019). Profit margin: 0.5% (down from 2.1% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.