Major Estimate Revision • Mar 15
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €88.5m to €72.8m. EPS estimate fell from €5.51 to €3.30 per share. Net income forecast to grow 1.0% next year vs 1.9% decline forecast for REITs industry in Belgium. Consensus price target of €49.50 unchanged from last update. Share price was steady at €45.60 over the past week. New Risk • Feb 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Reported Earnings • Feb 13
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: €3.27 (up from €1.07 loss in FY 2024). Revenue: €135.1m (up 8.0% from FY 2024). Net income: €33.2m (up €44.1m from FY 2024). Profit margin: 25% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 46%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Bekanntmachung • Feb 12
Nextensa Nv/Sa Proposes to Distribute A Dividend Payment Nextensa NV/SA proposed to the ordinary general meeting of shareholders to distribute a dividend of €1.00 per share. Bekanntmachung • Aug 29
An undisclosed buyer acquired 8.99% stake in Retail Estates N.V. (ENXTBR:RET) from Nextensa NV/SA (ENXTBR:NEXTA) for €88 million. An undisclosed buyer acquired 8.99% stake in Retail Estates N.V. (ENXTBR:RET) from Nextensa NV/SA (ENXTBR:NEXTA) for €88 million on August 28, 2025. A cash consideration valued at €66.3 per share will be paid by the buyer. As part of consideration, an undisclosed value is paid towards common equity of Retail Estates N.V.
An undisclosed buyer completed the acquisition of 8.99% stake in Retail Estates N.V. (ENXTBR:RET) from Nextensa NV/SA (ENXTBR:NEXTA) on August 28, 2025. Reported Earnings • Aug 18
First half 2025 earnings released: EPS: €1.96 (vs €1.39 in 1H 2024) First half 2025 results: EPS: €1.96 (up from €1.39 in 1H 2024). Revenue: €50.7m (down 22% from 1H 2024). Net income: €19.9m (up 42% from 1H 2024). Profit margin: 39% (up from 22% in 1H 2024). Revenue is expected to decline by 7.1% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to grow by 4.9%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Bekanntmachung • Apr 04
Nextensa NV/SA (ENXTBR:NEXTA) signed an agreement to acquire Two office Towers of Proximus PLC from Proximus PLC (ENXTBR:PROX) for €62.5 million. Nextensa NV/SA (ENXTBR:NEXTA) signed an agreement to acquire Two office Towers of Proximus PLC from Proximus PLC (ENXTBR:PROX) for €62.5 million on April 2, 2025. A cash consideration of €62.5 million will be paid by Nextensa NV/SA. As part of consideration, €62.5 million is paid towards assets of Two office Towers of Proximus PLC. New Risk • Mar 02
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 Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 144% Dividend per share is over 6x cash flows per share. 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 (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). New Risk • Dec 27
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 Belgian stocks, typically moving 5.0% 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 Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 144% Dividend per share is over 6x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €41.90, the stock trades at a trailing P/E ratio of 19.7x. Average forward P/E is 9x in the REITs industry in Europe. Total loss to shareholders of 40% over the past three years. Reported Earnings • Aug 19
First half 2024 earnings released: EPS: €1.39 (vs €1.71 in 1H 2023) First half 2024 results: EPS: €1.39 (down from €1.71 in 1H 2023). Revenue: €65.1m (up 7.4% from 1H 2023). Net income: €14.1m (down 18% from 1H 2023). Profit margin: 22% (down from 28% in 1H 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €41.25. The fair value is estimated to be €51.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Upcoming Dividend • May 16
Upcoming dividend of €1.05 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 27 May 2024. Trailing yield: 3.1%. Lower than top quartile of Belgian dividend payers (6.8%). Lower than average of industry peers (6.0%). Declared Dividend • Feb 26
Dividend of €1.05 announced Shareholders will receive a dividend of €1.05. Ex-date: 23rd May 2024 Payment date: 27th May 2024 Dividend yield will be 2.4%, which is lower than the industry average of 5.4%. Reported Earnings • Feb 22
Full year 2023 earnings released Full year 2023 results: Revenue: €111.2m (down 33% from FY 2022). Net income: €24.5m (down 66% from FY 2022). Profit margin: 22% (down from 43% in FY 2022). Revenue is forecast to grow 27% p.a. on average during the next 2 years, while revenues in the REITs industry in Europe are expected to remain flat. Bekanntmachung • Oct 27
Luxembourg acquired Darwin II office building from Promobe SA and Nextensa NV/SA (ENXTBR:NEXTA). Luxembourg acquired Darwin II office building from Promobe SA and Nextensa NV/SA (ENXTBR:NEXTA) on October 25, 2023.Luxembourg completed the acquisition of Darwin II office building from Promobe SA and Nextensa NV/SA (ENXTBR:NEXTA) on October 25, 2023. Bekanntmachung • Aug 23
Nextensa NV/SA (ENXTBR:NEXTA) acquired Montoyer 24 from Fedustria. Nextensa NV/SA (ENXTBR:NEXTA) acquired Montoyer 24 from Fedustria on August 22, 2023.Nextensa NV/SA (ENXTBR:NEXTA) complete the acquisition of Montoyer 24 from Fedustria on August 22, 2023. Reported Earnings • Aug 20
First half 2023 earnings released: EPS: €1.71 (vs €3.08 in 1H 2022) First half 2023 results: EPS: €1.71 (down from €3.08 in 1H 2022). Revenue: €60.6m (down 8.2% from 1H 2022). Net income: €17.1m (down 44% from 1H 2022). Profit margin: 28% (down from 47% in 1H 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Aug 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 122% Dividend yield: 5.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 122% Board Change • May 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director of Leasinvest Real Estate Management SA Sigrid Hermans was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Bekanntmachung • May 16
Nextensa NV/SA to Report Fiscal Year 2023 Results on Mar 29, 2024 Nextensa NV/SA announced that they will report fiscal year 2023 results on Mar 29, 2024 Upcoming Dividend • May 11
Upcoming dividend of €1.82 per share at 5.5% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 22 May 2023. Trailing yield: 5.5%. Lower than top quartile of Belgian dividend payers (6.8%). In line with average of industry peers (5.2%). Buying Opportunity • Mar 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be €55.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: €148.5m (up 60% from FY 2021). Net income: €71.3m (up 34% from FY 2021). Profit margin: 48% (down from 57% in FY 2021). The decrease in margin was driven by higher expenses. Bekanntmachung • Dec 30
Codic International SA completed the acquisition of GK5 Sàrl from Codic International SA. Codic International SA agreed to acquire GK5 Sàrl from Codic International SA for €110 million on November 15, 2021.
Codic International SA completed the acquisition of GK5 Sàrl from Codic International SA on December 29, 2022. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director of Leasinvest Real Estate Management SA Marcia De Wachter was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Bekanntmachung • Oct 30
REInvest Asset Management S.A. acquired Bronze Gate office property from Nextensa (ENXTBR:NEXTA) and Promobe SA for €65 million. REInvest Asset Management S.A. acquired Bronze Gate office property from Nextensa (ENXTBR:NEXTA) and Promobe SA for €65 million on October 28, 2022. The property was acquired for the DEREIF SICAV-FIS fund which invests in European real estate. The main investor in the Luxembourg-based real estate special fund is a major German insurance company. Bronze Gate is set to receive a BREEAM “Excellent” sustainability certification. The law firms Linklaters LLP and Clifford Chance provided buy-side and sell-side advice respectively during the transaction. Drees & Sommer advised REInvest on the technical issues associated with the purchase and were responsible for monitoring the construction phase.
REInvest Asset Management S.A. completed the acquisition of Bronze Gate office property from Nextensa (ENXTBR:NEXTA) and Promobe SA on October 28, 2022. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 17% share price gain to €54.10, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 6x in the REITs industry in Belgium. Total loss to shareholders of 49% over the past three years. Reported Earnings • Aug 19
First half 2022 earnings released: EPS: €3.08 (vs €4.72 in 1H 2021) First half 2022 results: EPS: €3.08. Revenue: €57.4m (up 94% from 1H 2021). Net income: €30.8m (up 10.0% from 1H 2021). Profit margin: 54% (down from 95% in 1H 2021). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 21% share price gain to €63.10, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 9x in the REITs industry in Belgium. Total loss to shareholders of 30% over the past three years. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director of Leasinvest Real Estate Management SA Marcia De Wachter was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 12
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 24 May 2022. Trailing yield: 3.8%. Lower than top quartile of Belgian dividend payers (5.9%). In line with average of industry peers (3.8%). Bekanntmachung • Apr 14
Leasinvest Real Estate SCA, Annual General Meeting, May 16, 2022 Leasinvest Real Estate SCA, Annual General Meeting, May 16, 2022, at 16:00 Central European Standard Time. Location: Maison de la Poste, Picardstraat 5 box 7, 1000 Brussels Brussels Belgium Agenda: To acknowledge the annual report of the Board of Directors regarding the statutory and consolidated financial statements per December 31, 2021; to acknowledge the reports of the statutory auditor regarding the statutory and consolidated annual accounts per December 31, 2021; to acknowledge the consolidated annual accounts closed on December 31, 2021; to approve the statutory annual accounts closed on December 31, 2021 and allocation of the results; to consider the remuneration report; to consider reappointment of directors; and to consider other matters. Reported Earnings • Apr 06
Full year 2021 earnings released: EPS: €6.85 (vs €1.30 in FY 2020) Full year 2021 results: EPS: €6.85 (up from €1.30 in FY 2020). Revenue: €93.0m (up 79% from FY 2020). Net income: €53.2m (up €45.6m from FY 2020). Profit margin: 57% (up from 15% in FY 2020). Net asset value (NAV) per share: €79.03 (down 3.9% from FY 2020). The current share price is 13% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €55.9m (down 6.5% from FY 2020). Net income: €53.2m (up €45.6m from FY 2020). Profit margin: 95% (up from 13% in FY 2020). Revenue was in line with analyst estimates. Bekanntmachung • Feb 18
Benelux Commercial Real Estate Fund, fund managed by Edmond de Rothschild Real Estate Investment Management acquired MONNET Building in Luxembourg from Leasinvest Real Estate SCA (ENXTBR:NEXTA). Benelux Commercial Real Estate Fund, fund managed by Edmond de Rothschild Real Estate Investment Management acquired MONNET Building in Luxembourg from Leasinvest Real Estate SCA (ENXTBR:NEXTA) on February 17, 2022. In a related transaction, DES / De Weer acquired CRESCENT from Leasinvest Real Estate. Both properties were sold together for €72 million. Edmond de Rothschild REIM was advised by Cushman & Wakefield, Loyens & Loeff as legal advisor and SGS Search. PWC Legal acted as legal advisor for Leasinvest.
Benelux Commercial Real Estate Fund, fund managed by Edmond de Rothschild Real Estate Investment Management completed the acquisition of MONNET Building in Luxembourg from Leasinvest Real Estate SCA (ENXTBR:NEXTA) on February 17, 2022. Bekanntmachung • Dec 17
Leasinvest Real Estate SCA (ENXTBR:NEXTA) commences an Equity Buyback Plan under the authorization approved on July 18, 2021. Leasinvest Real Estate SCA (ENXTBR:NEXTA) commences share repurchases on December 9, 2021, under the program mandated by the Extraordinary General Meeting held on July 19, 2021. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital, such that the company’s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. The shares will be repurchased at a maximum price per share equal to the highest of the last 20 closing prices preceding the day of acquisition of own shares, plus 10%. This authorization is granted for a period of 5 years from the authorization date. As of July 19, 2021, the company had 10,002,102 shares excluding treasury shares.
On December 8, 2021, the company announced a share repurchase program. Under the program, the company will repurchase 65,000 shares for a total amount of no more than €4.8 million. The goal of the share repurchase is to enable to meet its obligations resulting from the purchase plans for the benefit of its executive management. The repurchases will commence from December 9, 2021 and end on January 31, 2022. Reported Earnings • Aug 23
First half 2021 earnings released: EPS €4.72 (vs €5.18 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €29.6m (up 5.2% from 1H 2020). Net income: €28.0m (up €58.7m from 1H 2020). Profit margin: 95% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 27% 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. Upcoming Dividend • May 13
Upcoming dividend of €3.68 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 25 May 2021. Trailing yield: 6.8%. Within top quartile of Belgian dividend payers (4.4%). Higher than average of industry peers (4.0%). Reported Earnings • Apr 06
Full year 2020 earnings released: EPS €1.30 (vs €8.42 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €59.8m (down 5.3% from FY 2019). Net income: €7.68m (down 85% from FY 2019). Profit margin: 13% (down from 79% in FY 2019). Net asset value (NAV) per share: €82.20 (down 1.1% from FY 2019). The current share price is 9.2% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 03
New 90-day low: €72.20 The company is down 7.0% from its price of €78.00 on 03 December 2020. The Belgian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 1.0% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS €1.30 (vs €8.42 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €59.8m (down 5.3% from FY 2019). Net income: €7.68m (down 85% from FY 2019). Profit margin: 13% (down from 79% in FY 2019). Net asset value (NAV) per share: €82.20 (down 1.1% from FY 2019). The current share price is 10% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.8%. Earnings per share (EPS) also missed analyst estimates by 71%. Over the next year, revenue is forecast to grow 14%, compared to a 2.2% growth forecast for the REITs industry in Belgium. Bekanntmachung • Dec 17
An unknown buyer acquired an office building of 1,750 m², located Route d'Esch 25 in Luxembourg City from Leasinvest Real Estate SCA (ENXTBR:LEAS) for €13 million. An unknown buyer acquired an office building of 1,750 m², located Route d'Esch 25 in Luxembourg City from Leasinvest Real Estate SCA (ENXTBR:LEAS) for €13 million on December 15, 2020.
An unknown buyer completed the acquisition of an office building of 1,750 m², located Route d'Esch 25 in Luxembourg City from Leasinvest Real Estate SCA (ENXTBR:LEAS) on December 15, 2020. Is New 90 Day High Low • Nov 07
New 90-day low: €66.20 The company is down 18% from its price of €81.00 on 07 August 2020. The Belgian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €134 per share. Is New 90 Day High Low • Oct 12
New 90-day low: €78.80 The company is down 9.0% from its price of €86.60 on 14 July 2020. The Belgian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €143 per share. Bekanntmachung • Aug 22
Leasinvest Real Estate SCA to Report Q1, 2021 Results on May 17, 2021 Leasinvest Real Estate SCA announced that they will report Q1, 2021 results on May 17, 2021 Bekanntmachung • Jun 28
Leasinvest Real Estate SCA to Report Q3, 2020 Results on Nov 17, 2020 Leasinvest Real Estate SCA announced that they will report Q3, 2020 results on Nov 17, 2020