New Risk • 2h
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 74% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Declared Dividend • Jun 18
Dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 20th August 2026 Payment date: 24th August 2026 Dividend yield will be 0.6%, which is lower than the industry average of 3.2%. Payout Ratios Payout ratio: 11%. Cash payout ratio: 9%. Reported Earnings • Jun 16
Full year 2025 earnings released: EPS: €16.51 (vs €9.81 in FY 2024) Full year 2025 results: EPS: €16.51 (up from €9.81 in FY 2024). Revenue: €15.3m (up 40% from FY 2024). Net income: €7.93m (up 68% from FY 2024). Profit margin: 52% (up from 43% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 38% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€84.0m market cap, or US$96.9m). New Risk • Feb 03
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 German stocks, typically moving 8.0% 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: Major Risk Earnings have declined by 38% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€73.9m market cap, or US$87.4m). New Risk • Sep 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €84.0m (US$98.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 38% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€84.0m market cap, or US$98.4m). Upcoming Dividend • Aug 14
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 25 August 2025. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (3.2%). New Risk • Jul 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 45% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€73.0m market cap, or US$85.7m). Buy Or Sell Opportunity • Jul 22
Now 38% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to €189. The fair value is estimated to be €137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jul 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€73.0m market cap, or US$85.1m). Declared Dividend • Jul 09
Dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 21st August 2025 Payment date: 25th August 2025 Dividend yield will be 0.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (11% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Jul 07
Full year 2024 earnings released: EPS: €9.81 (vs €18.08 loss in FY 2023) Full year 2024 results: EPS: €9.81 (up from €18.08 loss in FY 2023). Revenue: €11.3m (up 2.0% from FY 2023). Net income: €4.71m (up €13.4m from FY 2023). Profit margin: 42% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (€76.3m market cap, or US$89.6m). Buy Or Sell Opportunity • Jun 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.4% to €145. The fair value is estimated to be €186, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company became loss making. New Risk • May 28
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 German stocks, typically moving 8.8% 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: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (€81.6m market cap, or US$92.1m). Buy Or Sell Opportunity • Apr 11
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to €140. The fair value is estimated to be €181, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€79.7m market cap, or US$87.2m). Buy Or Sell Opportunity • Dec 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €150. The fair value is estimated to be €191, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €151. The fair value is estimated to be €190, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Sep 05
First half 2024 earnings released: EPS: €5.91 (vs €4.59 in 1H 2023) First half 2024 results: EPS: €5.91 (up from €4.59 in 1H 2023). Revenue: €5.36m (down 1.5% from 1H 2023). Net income: €2.83m (up 28% from 1H 2023). Profit margin: 53% (up from 41% in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 08
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 19 August 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.9%). New Risk • Jul 25
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 German stocks, typically moving 6.8% 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: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€77.8m market cap, or US$84.3m). Reported Earnings • Jun 18
Full year 2023 earnings released: €18.08 loss per share (vs €4.58 loss in FY 2022) Full year 2023 results: €18.08 loss per share (further deteriorated from €4.58 loss in FY 2022). Revenue: €11.1m (up 7.5% from FY 2022). Net loss: €8.68m (loss widened 295% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Announcement • Jun 18
Hasen-Immobilien AG, Annual General Meeting, Aug 14, 2024 Hasen-Immobilien AG, Annual General Meeting, Aug 14, 2024, at 11:00 W. Europe Standard Time. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €195, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 25x in the Real Estate industry in Germany. Total loss to shareholders of 14% over the past three years. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.6% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (€91.2m market cap, or US$99.3m). 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 German stocks, typically moving 7.1% 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: Major Risk Earnings have declined by 8.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (€67.2m market cap, or US$72.9m). Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to €140, the stock trades at a trailing P/E ratio of 43.7x. Average trailing P/E is 26x in the Real Estate industry in Germany. Total loss to shareholders of 36% over the past three years. New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings have declined by 8.6% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (€79.2m market cap, or US$85.9m). Upcoming Dividend • Aug 17
Upcoming dividend of €1.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 28 August 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.7%). Reported Earnings • Jul 02
Full year 2022 earnings released: €4.58 loss per share (vs €35.08 profit in FY 2021) Full year 2022 results: €4.58 loss per share (down from €35.08 profit in FY 2021). Revenue: €10.4m (up 7.3% from FY 2021). Net loss: €2.20m (down 113% from profit in FY 2021). 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 11% per year. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €168, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 17x in the Real Estate industry in Germany. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €162, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 17x in the Real Estate industry in Germany. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €165, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 13x in the Real Estate industry in Germany. Total loss to shareholders of 30% over the past three years. Reported Earnings • Sep 10
First half 2022 earnings released: €3.19 loss per share (vs €3.90 profit in 1H 2021) First half 2022 results: €3.19 loss per share (down from €3.90 profit in 1H 2021). Revenue: €5.01m (up 6.7% from 1H 2021). Net loss: €1.53m (down 182% from profit in 1H 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 17
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 29 August 2022. Payout ratio is a comfortable 2.9% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.5%). Reported Earnings • Jun 23
Full year 2021 earnings released: EPS: €35.08 (vs €11.07 in FY 2020) Full year 2021 results: EPS: €35.08 (up from €11.07 in FY 2020). Revenue: €29.4m (up 212% from FY 2020). Net income: €16.8m (up 217% from FY 2020). Profit margin: 57% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 18% share price gain to €228, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 13x in the Real Estate industry in Germany. Total returns to shareholders of 5.5% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €192, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 14x in the Real Estate industry in Germany. Total loss to shareholders of 5.2% over the past three years. Reported Earnings • Sep 07
First half 2021 earnings released: EPS €3.90 (vs €2.15 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €4.70m (down 10% from 1H 2020). Net income: €1.87m (up 82% from 1H 2020). Profit margin: 40% (up from 20% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 19
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 30 August 2021. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (2.8%). Reported Earnings • Jul 01
Full year 2020 earnings released: EPS €11.07 (vs €21.64 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €10.7m (up 11% from FY 2019). Net income: €5.32m (down 49% from FY 2019). Profit margin: 50% (down from 107% in FY 2019). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Nov 26
New 90-day high: €248 The company is up 16% from its price of €214 on 20 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 3.0% over the same period.