Reported Earnings • 16h
First quarter 2026 earnings released: EPS: €7.68 (vs €1.32 in 1Q 2025) First quarter 2026 results: EPS: €7.68 (up from €1.32 in 1Q 2025). Revenue: €117.8m (up 23% from 1Q 2025). Net income: €432.3m (up €369.5m from 1Q 2025). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Actualités en direct • May 19
Aedifica Secures 80% of Cofinimmo Shares and Sets July Date for Full Merger Aedifica has secured control of Cofinimmo, obtaining 80% of its shares through an exchange offer completed on 10 March 2026.
The company plans a merger by absorption of Cofinimmo, with the legal merger expected to be effective on 1 July 2026.
A new Board of Directors and a restructured Executive Committee have been appointed, taking effect from the date of the legal merger, and extraordinary general meetings for both companies are scheduled for June 2026 to approve the transaction.
This planned merger points to a significant reshaping of Aedifica’s corporate structure and asset base, with integration decisions now shifting to the newly appointed board and executive team.
Investors may want to watch the June 2026 extraordinary general meetings for any changes to the proposed merger terms, as well as details on post-merger governance and integration costs. Upcoming Dividend • May 08
Upcoming dividend of €2.80 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 19 May 2026. Trailing yield: 5.5%. Lower than top quartile of Belgian dividend payers (6.3%). Lower than average of industry peers (6.3%). Board Change • Apr 24
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Xavier de Walque was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 27
Dividend of €2.80 announced Shareholders will receive a dividend of €2.80. Ex-date: 14th May 2026 Payment date: 19th May 2026 Dividend yield will be 4.1%, which is lower than the industry average of 5.2%. Reported Earnings • Mar 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €5.14 (up from €4.31 in FY 2024). Revenue: €368.9m (up 6.5% from FY 2024). Net income: €244.4m (up 19% from FY 2024). Profit margin: 66% (up from 59% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. New Risk • Mar 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 76% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (76% increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (115% cash payout ratio). Annonce • Mar 05
Aedifica NV/SA, Annual General Meeting, May 12, 2026 Aedifica NV/SA, Annual General Meeting, May 12, 2026. Reported Earnings • Feb 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €5.14 (up from €4.31 in FY 2024). Revenue: €369.6m (up 6.6% from FY 2024). Net income: €244.4m (up 19% from FY 2024). Profit margin: 66% (up from 59% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Annonce • Feb 13
Aedifica Nv/Sa Proposes Dividend The Aedifica NV/SA proposed dividend of €4.00 per share (gross), to be distributed in May 2026, is confirmed. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: €1.70 (vs €0.61 in 3Q 2024) Third quarter 2025 results: EPS: €1.70 (up from €0.61 in 3Q 2024). Revenue: €93.8m (up 6.2% from 3Q 2024). Net income: €81.0m (up 181% from 3Q 2024). Profit margin: 86% (up from 33% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Global Health Care REITs industry. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annonce • Oct 14
Aedifica NV/SA to Report Fiscal Year 2025 Results on Feb 13, 2026 Aedifica NV/SA announced that they will report fiscal year 2025 results at 7:30 AM, Central European Standard Time on Feb 13, 2026 Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: €1.06 (vs €1.40 in 2Q 2024) Second quarter 2025 results: EPS: €1.06 (down from €1.40 in 2Q 2024). Revenue: €90.2m (up 3.9% from 2Q 2024). Net income: €50.3m (down 24% from 2Q 2024). Profit margin: 56% (down from 77% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, while revenues in the Health Care REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. Independent Director Kari Pitkin was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 08
Upcoming dividend of €2.73 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 20 May 2025. Trailing yield: 5.7%. Lower than top quartile of Belgian dividend payers (6.8%). In line with average of industry peers (6.3%). Buy Or Sell Opportunity • May 02
Now 22% undervalued Over the last 90 days, the stock has risen 18% to €68.60. The fair value is estimated to be €87.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 60%. Revenue is forecast to grow by 4.3% in 2 years. Earnings are forecast to grow by 72% in the next 2 years. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €1.32 (vs €1.59 in 1Q 2024) First quarter 2025 results: EPS: €1.32 (down from €1.59 in 1Q 2024). Revenue: €95.8m (up 14% from 1Q 2024). Net income: €62.8m (down 17% from 1Q 2024). Profit margin: 66% (down from 90% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, while revenues in the Health Care REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Declared Dividend • Apr 10
Dividend of €2.73 announced Shareholders will receive a dividend of €2.73. Ex-date: 15th May 2025 Payment date: 20th May 2025 Dividend yield will be 4.5%, which is lower than the industry average of 5.2%. Reported Earnings • Mar 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €4.31 (up from €0.56 in FY 2023). Revenue: €346.5m (up 7.9% from FY 2023). Net income: €204.8m (up €180.3m from FY 2023). Profit margin: 59% (up from 7.6% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Health Care REITs industry in Europe. 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 18% per year, which means it has not declined as severely as earnings. Annonce • Feb 27
Aedifica NV/SA to Report Nine Months, 2025 Results on Oct 28, 2025 Aedifica NV/SA announced that they will report nine months, 2025 results on Oct 28, 2025 Reported Earnings • Feb 21
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €4.31 (up from €0.56 in FY 2023). Revenue: €347.1m (up 8.1% from FY 2023). Net income: €204.8m (up €180.3m from FY 2023). Profit margin: 59% (up from 7.6% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Health Care REITs industry in Europe. 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 16% per year, which means it has not declined as severely as earnings. Annonce • Nov 22
Aedifica NV/SA to Report Q1, 2025 Results on Apr 29, 2025 Aedifica NV/SA announced that they will report Q1, 2025 results at 5:40 PM, Central European Standard Time on Apr 29, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: €0.61 (vs €0.69 in 3Q 2023) Third quarter 2024 results: EPS: €0.61 (down from €0.69 in 3Q 2023). Revenue: €87.8m (up 7.9% from 3Q 2023). Net income: €28.8m (down 12% from 3Q 2023). Profit margin: 33% (down from 40% in 3Q 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Annonce • Oct 30
Aedifica NV/SA Increases Earnings Guidance for the Year 2024 Aedifica NV/SA increased earnings guidance for the year 2024. For the year, the company Estimated EPRA Earnings per share for the full 2024 financial year are increased to at least €4.90/share (previously €4.85/share). Annonce • Oct 23
Aedifica NV/SA to Report Fiscal Year 2024 Results on Feb 19, 2025 Aedifica NV/SA announced that they will report fiscal year 2024 results at 7:30 AM, Central European Standard Time on Feb 19, 2025 Buy Or Sell Opportunity • Sep 17
Now 20% undervalued Over the last 90 days, the stock has risen 13% to €63.45. The fair value is estimated to be €79.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 46%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 162% in the next 2 years. Annonce • Sep 10
Aedifica NV/SA (ENXTBR:AED) acquired Furze Field Manor, Copperfield Court & Rownhams Manor Trading Care Homes in UK of Oyster Care Homes Limited. Aedifica NV/SA (ENXTBR:AED) acquired Furze Field Manor, Copperfield Court & Rownhams Manor Trading Care Homes in UK of Oyster Care Homes Limited on September 6, 2024. In a separate transaction, Aedifica NV/SA signed an agreement to acquire Somer Valley House in Midsomer Norton from Oyster Care Homes Limited. The transactions had a combined deal value of £61.5 million.
Aedifica NV/SA (ENXTBR:AED) completed the acquisition of Furze Field Manor, Copperfield Court & Rownhams Manor Trading Care Homes in UK of Oyster Care Homes Limited on September 6, 2024. Buy Or Sell Opportunity • Aug 20
Now 20% undervalued Over the last 90 days, the stock has risen 2.2% to €61.10. The fair value is estimated to be €76.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 46%. Revenue is forecast to grow by 8.1% in 2 years. Earnings are forecast to grow by 162% in the next 2 years. Major Estimate Revision • Aug 07
Consensus EPS estimates increase by 101% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €2.36 to €4.75. Revenue forecast steady at €333.3m. Net income forecast to grow 126% next year vs 22% growth forecast for Health Care REITs industry in Belgium. Consensus price target of €66.41 unchanged from last update. Share price rose 2.3% to €60.15 over the past week. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €1.40 (vs €1.02 in 2Q 2023) Second quarter 2024 results: EPS: €1.40 (up from €1.02 in 2Q 2023). Revenue: €86.4m (up 8.3% from 2Q 2023). Net income: €66.5m (up 64% from 2Q 2023). Profit margin: 77% (up from 51% in 2Q 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Annonce • Jul 31
Aedifica NV/SA Provides Earnings Guidance for the Year 2024 Aedifica NV/SA provided earnings guidance for the year 2024. For the year, the company EPRA Earnings for 2024 are estimated at €231 million (previously €223 million). EPRA Earnings per share are estimated €4.85/share (previously €4.70/share). Buy Or Sell Opportunity • Jul 16
Now 20% undervalued Over the last 90 days, the stock has risen 3.4% to €59.30. The fair value is estimated to be €74.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 9.7% in 2 years. Earnings are forecast to grow by 234% in the next 2 years. Buy Or Sell Opportunity • Jun 07
Now 22% undervalued Over the last 90 days, the stock has risen 9.3% to €58.00. The fair value is estimated to be €74.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 9.1% in 2 years. Earnings are forecast to grow by 234% in the next 2 years. Buy Or Sell Opportunity • May 16
Now 22% undervalued Over the last 90 days, the stock has risen 11% to €62.00. The fair value is estimated to be €79.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 9.1% in 2 years. Earnings are forecast to grow by 234% in the next 2 years. Major Estimate Revision • May 12
Consensus EPS estimates fall by 40% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €3.83 to €2.30 per share. Revenue forecast steady at €335.3m. Net income forecast to grow 53% next year vs 25% growth forecast for Health Care REITs industry in Belgium. Consensus price target of €66.13 unchanged from last update. Share price was steady at €62.85 over the past week. Upcoming Dividend • May 10
Upcoming dividend of €1.60 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 22 May 2024. Trailing yield: 6.2%. Lower than top quartile of Belgian dividend payers (6.9%). Lower than average of industry peers (7.3%). Reported Earnings • May 03
First quarter 2024 earnings released: EPS: €1.59 (vs €0.40 in 1Q 2023) First quarter 2024 results: EPS: €1.59 (up from €0.40 in 1Q 2023). Revenue: €84.2m (up 7.2% from 1Q 2023). Net income: €75.6m (up 369% from 1Q 2023). Profit margin: 90% (up from 21% in 1Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% 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. Reported Earnings • Apr 05
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €0.56 (down from €8.71 in FY 2022). Revenue: €321.1m (up 15% from FY 2022). Net income: €24.5m (down 93% from FY 2022). Profit margin: 7.6% (down from 119% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 62%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 64% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €2.34 to €3.83. Revenue forecast steady at €336.0m. Net income forecast to grow 468% next year vs 35% growth forecast for Health Care REITs industry in Belgium. Consensus price target of €67.18 unchanged from last update. Share price was steady at €54.80 over the past week. Declared Dividend • Feb 23
Final dividend of €1.60 announced Shareholders will receive a dividend of €1.60. Ex-date: 16th May 2024 Payment date: 22nd May 2024 Dividend yield will be 5.8%, which is higher than the industry average of 5.2%. Reported Earnings • Feb 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €0.56 (down from €8.71 in FY 2022). Revenue: €321.4m (up 15% from FY 2022). Net income: €24.5m (down 93% from FY 2022). Profit margin: 7.6% (down from 119% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 62%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 19% per year. Buy Or Sell Opportunity • Feb 01
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €58.15. The fair value is estimated to be €74.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 5.3%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 41% per annum over the same time period. Major Estimate Revision • Jan 19
Consensus EPS estimates fall by 35% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €2.47 to €1.60 per share. Revenue forecast steady at €313.4m. Net income forecast to grow 296% next year vs 42% growth forecast for Health Care REITs industry in Belgium. Consensus price target broadly unchanged at €68.73. Share price fell 6.2% to €58.75 over the past week. Major Estimate Revision • Jan 11
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €2.12 to €2.47. Revenue forecast steady at €313.7m. Net income forecast to grow 333% next year vs 43% growth forecast for Health Care REITs industry in Belgium. Consensus price target broadly unchanged at €68.95. Share price fell 2.2% to €61.50 over the past week. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: €0.69 (vs €3.49 in 3Q 2022) Third quarter 2023 results: EPS: €0.69 (down from €3.49 in 3Q 2022). Revenue: €81.4m (up 15% from 3Q 2022). Net income: €32.8m (down 76% from 3Q 2022). Profit margin: 40% (down from 196% in 3Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Price Target Changed • Oct 13
Price target decreased by 9.2% to €69.25 Down from €76.25, the current price target is an average from 10 analysts. New target price is 39% above last closing price of €49.86. Stock is down 33% over the past year. The company is forecast to post earnings per share of €2.63 for next year compared to €8.71 last year. Major Estimate Revision • Oct 05
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €4.05 to €3.03 per share. Revenue forecast steady at €313.5m. Net income forecast to grow 40% next year vs 28% growth forecast for Health Care REITs industry in Belgium. Consensus price target of €76.25 unchanged from last update. Share price fell 2.5% to €51.30 over the past week. Annonce • Aug 04
Aedifica NV/SA Revises Earnings Guidance for the Year 2023 Aedifica NV/SA revised earnings guidance for the year 2023. Estimated EPRA Earnings for the 2023 financial year slightly increased to €212 million (previously €209 million) and EPRA Earnings per share are estimated at €4.85/share (previously €4.78/share). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: €1.02 (vs €3.35 in 2Q 2022) Second quarter 2023 results: EPS: €1.02 (down from €3.35 in 2Q 2022). Revenue: €79.8m (up 16% from 2Q 2022). Net income: €40.6m (down 67% from 2Q 2022). Profit margin: 51% (down from 177% in 2Q 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Health Care REITs industry in Europe. 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 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 10
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €4.62 to €3.89 per share. Revenue forecast steady at €312.4m. Net income forecast to shrink 45% next year vs 34% growth forecast for Health Care REITs industry in Belgium . Consensus price target down from €96.50 to €85.39. Share price was steady at €61.10 over the past week. Buying Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €75.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Price Target Changed • Jul 05
Price target decreased by 8.5% to €85.39 Down from €93.36, the current price target is an average from 9 analysts. New target price is 36% above last closing price of €62.90. Stock is down 32% over the past year. The company is forecast to post earnings per share of €4.58 for next year compared to €8.71 last year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €56.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 20x in the Health Care REITs industry globally. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €73.59 per share. Buying Opportunity • Jun 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €73.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Annonce • Jun 02
An unknown buyer entered into an agreement to acquire portfolio of 10 buildings in Finland from Aedifica NV/SA (ENXTBR:AED) for €25.6 million. An unknown buyer entered into an agreement to acquire portfolio of 10 buildings in Finland from Aedifica NV/SA (ENXTBR:AED) for €25.6 million on June 1, 2023.The transaction is expected to be completed by the end of June 2023. Major Estimate Revision • Jun 01
Consensus EPS estimates increase by 50% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €3.08 to €4.61. Revenue forecast steady at €313.6m. Net income forecast to shrink 49% next year vs 31% growth forecast for Health Care REITs industry in Belgium . Consensus price target broadly unchanged at €93.56. Share price fell 3.0% to €63.45 over the past week. Major Estimate Revision • May 17
Consensus EPS estimates fall by 63% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €3.52 to €1.29 per share. Revenue forecast steady at €312.1m. Net income forecast to shrink 75% next year vs 10% decline forecast for Health Care REITs industry in Belgium. Consensus price target broadly unchanged at €94.81. Share price fell 4.7% to €69.25 over the past week. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: €0.40 (vs €3.23 in 1Q 2022) First quarter 2023 results: EPS: €0.40 (down from €3.23 in 1Q 2022). Revenue: €78.6m (up 17% from 1Q 2022). Net income: €16.1m (down 86% from 1Q 2022). Profit margin: 21% (down from 174% in 1Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 05
Upcoming dividend of €1.60 per share at 4.9% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 16 May 2023. Trailing yield: 4.9%. Lower than top quartile of Belgian dividend payers (6.5%). Lower than average of industry peers (6.3%). Reported Earnings • Apr 10
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: €8.71 (up from €8.10 in FY 2021). Revenue: €279.2m (up 15% from FY 2021). Net income: €331.8m (up 18% from FY 2021). Net asset value (NAV) per share: €82.37 (up 12% from FY 2021). The current share price is 10% lower than NAV per share. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 24
Consensus EPS estimates increase by 28% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €3.81 to €4.87. Revenue forecast steady at €311.3m. Consensus price target broadly unchanged at €96.06. Share price fell 4.3% to €72.05 over the past week. Reported Earnings • Feb 17
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Net income: €331.8m (up 18% from FY 2021). Revenue missed analyst estimates by 1.2%. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the REITs industry in Belgium. Price Target Changed • Jan 25
Price target decreased by 11% to €105 Down from €118, the current price target is an average from 8 analysts. New target price is 27% above last closing price of €83.00. Stock is down 21% over the past year. The company is forecast to post earnings per share of €9.77 for next year compared to €8.10 last year. Major Estimate Revision • Jan 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €12.29 to €11.00 per share. Revenue forecast steady at €277.2m. Net income forecast to shrink 30% next year vs 41% decline forecast for REITs industry in Belgium. Consensus price target down from €118 to €110. Share price rose 2.8% to €83.45 over the past week. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: €3.48 (vs €1.61 in 3Q 2021) Third quarter 2022 results: EPS: €3.48 (up from €1.61 in 3Q 2021). Revenue: €64.4m (up 7.6% from 3Q 2021). Net income: €138.9m (up 139% from 3Q 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the REITs industry in Belgium. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Annonce • Oct 07
Aedifica SA (ENXTBR:AED) acquired St Mary’s Riverside. Aedifica SA (ENXTBR:AED) acquired St Mary’s Riverside on October 5, 2022. Aedifica SA is also investing in the development of care home named St Mary’s Lincoln and the total consideration value is £27 million.Aedifica SA (ENXTBR:AED) completed the acquisition of St Mary’s Riverside on October 5, 2022. Annonce • Sep 27
Aedifica SA (ENXTBR:AED) acquired Marston Moretaine Gee View. Aedifica SA (ENXTBR:AED) acquired Marston Moretaine Gee View on September 23, 2022. Aedifica SA is also investing in the development of two other care homes named Whitby Castle Road and Holt Health Farm, and the total consideration value is £45.5 million. Aedifica acquired ownership of the Marston Moretaine Gee View care home by taking control of 100% of the shares in a real estate company. Marston Moretaine Gee View is developed by the LNT Group and operated by Ideal Care Homes.
Aedifica SA (ENXTBR:AED) completed the acquisition of Marston Moretaine Gee View on September 23, 2022. Annonce • Aug 20
Aedifica SA (ENXTBR:AED) acquired Four nursing homes in Dublin from bartra Healthcare for €161 million. Aedifica SA (ENXTBR:AED) acquired Four nursing homes in Dublin from bartra Healthcare for €161 million on August 19, 2022.
Aedifica SA (ENXTBR:AED) completed the acquisition of Four nursing homes in Dublin from bartra Healthcare for €161 million on August 19, 2022. Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €9.56 to €11.57. Revenue forecast steady at €278.5m. Net income forecast to shrink 2.4% next year vs 18% decline forecast for REITs industry in Belgium. Consensus price target of €127 unchanged from last update. Share price rose 5.4% to €104 over the past week. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €3.34 (vs €2.03 in 2Q 2021) Second quarter 2022 results: EPS: €3.34 (up from €2.03 in 2Q 2021). Revenue: €67.3m (up 17% from 2Q 2021). Net income: €121.9m (up 79% from 2Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 1.6% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annonce • Aug 05
Aedifica SA Reconfirms Dividend Guidance for the Financial Year 2022 Aedifica SA reconfirmed the proposed gross dividend of €3.70 per share for the financial year 2022. Annonce • Jul 21
Aedifica SA (ENXTBR:AED) announced an agreement to acquire A Care Home In Isle Of Man for approx. £10 million. Aedifica SA (ENXTBR:AED) announced an agreement to acquire A Care Home In Isle Of Man for approx. £10 million on July 20, 2022. Upon completion of theconstruction works in 2024, Aedifica will pay the purchase price and acquire ownership of the site bytaking control of 100% of the shares in a real estate company. The contractual value will amount to approx. £10 million. Annonce • Jul 08
Aedifica SA (ENXTBR:AED) acquired Two Senior Housing Properties in Belgium for €50.2 million. Aedifica SA (ENXTBR:AED) acquired Two Senior Housing Properties in Belgium for €50.2 million on July 6, 2022.
Aedifica SA (ENXTBR:AED) completed the acquisition of Two Senior Housing Properties in Belgium on July 6, 2022. Annonce • Jun 22
Aedifica SA (ENXTBR:AED) acquired Creggan Bahn Court in Ayr for £8.5 million Aedifica SA (ENXTBR:AED) acquired Creggan Bahn Court in Ayr for £8.5 million on June 20, 2022. The care home is to be operated from acquisition by the Maria Mallaband Care Group, an established private UK care operator
Aedifica SA (ENXTBR:AED) completed the acquisition of Creggan Bahn Court in Ayr on June 20, 2022. Board Change • Jun 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • May 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Henrike Waldburg was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.