Annonce • Nov 18
Befimmo SA Appoints Olivier De Bisscop as New Chief Portfolio Officer, Effective January 2023 Befimmo SA announced the appointment of Olivier De Bisscop as the new Chief Portfolio Officer. Olivier De Bisscop will officially take up his duties as Chief Portfolio Officer in January 2023. In this capacity, he will have oversight of the Investment, Commercial and Property Management of the existing portfolio. Olivier will also drive several of the key strategic objectives which have been set under the new strategy. He will be part of the Senior Leadership of Befimmo and will report to Jean-Philip Vroninks, CEO. Olivier comes to Befimmo with very strong real estate credentials, as he is currently the Regional Head for Western Europe Core/Core+ Real Estate at Macquarie Asset Management (MAM) and worked for several years as Head of Transactions for GLL Real Estate Partners, Western Europe. Olivier De Bisscop's career path demonstrates a recognised international expertise in the field of real estate. This expertise is marked both by the quality of the positions he has held and by his strong track record and value creation in Transactions and Asset Management. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton 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. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: €2.99 (vs €0.58 in 2Q 2021) Second quarter 2022 results: EPS: €2.99 (up from €0.58 in 2Q 2021). Revenue: €33.6m (up 5.2% from 2Q 2021). Net income: €80.9m (up 416% from 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 1.2% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • Jun 24
Befimmo Announces the Appointment of Philippe Berlamont as the New Chief Financial Officer Befimmo announced the appointment of Philippe Berlamont as the new Chief Financial Officer (CFO). 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. 4 experienced directors. 4 highly experienced directors. CEO, MD & Executive Director Jean-Philip Vroninks was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 02
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. 4 experienced directors. 4 highly experienced directors. CEO, MD & Executive Director Jean-Philip Vroninks was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 27
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 06 May 2022. Trailing yield: 3.9%. Lower than top quartile of Belgian dividend payers (5.4%). In line with average of industry peers (3.6%). Reported Earnings • Mar 28
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €3.31 (up from €2.13 in FY 2020). Revenue: €132.0m (down 9.5% from FY 2020). Net income: €89.4m (up 55% from FY 2020). Profit margin: 68% (up from 40% in FY 2020). Net asset value (NAV) per share: €60.35 (up 2.5% from FY 2020). The current share price is 22% lower than NAV per share. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) exceeded analyst estimates by 27%. Over the next year, revenue is expected to shrink by 3.0% compared to a 2.3% growth forecast for the reits industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 01
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €123.0m to €128.0m. EPS estimate increased from €1.52 to €1.82 per share. Net income forecast to shrink 45% next year vs 18% decline forecast for REITs industry in Belgium. Consensus price target broadly unchanged at €49.33. Share price rose 48% to €47.55 over the past week. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 48% share price gain to €47.70, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 14x in the REITs industry in Belgium. Total returns to shareholders of 12% over the past three years. Reported Earnings • Feb 20
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €3.31 (up from €2.13 in FY 2020). Revenue: €132.0m (down 9.5% from FY 2020). Net income: €89.4m (up 55% from FY 2020). Profit margin: 68% (up from 40% in FY 2020). Net asset value (NAV) per share: €60.35 (up 2.5% from FY 2020). The current share price is 47% lower than NAV per share. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) exceeded analyst estimates by 27%. Over the next year, revenue is forecast to decline by -6.8% while the reits industry in Belgium is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 08
Upcoming dividend of €0.88 per share Eligible shareholders must have bought the stock before 15 December 2021. Payment date: 17 December 2021. Trailing yield: 7.0%. Within top quartile of Belgian dividend payers (4.8%). Higher than average of industry peers (3.5%). Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €1.05 (vs €1.11 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: €29.9m (down 15% from 3Q 2020). Net income: €28.4m (down 4.0% from 3Q 2020). Profit margin: 95% (up from 85% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.58 (vs €0.54 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €31.9m (down 12% from 2Q 2020). Net income: €15.7m (up 8.3% from 2Q 2020). Profit margin: 49% (up from 40% in 2Q 2020). 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. Reported Earnings • May 13
First quarter 2021 earnings released: EPS €1.15 (vs €0.38 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €38.6m (down 10% from 1Q 2020). Net income: €31.1m (up 204% from 1Q 2020). Profit margin: 81% (up from 24% in 1Q 2020). The increase in margin was driven by lower expenses. 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 13% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 28
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 07 May 2021. Trailing yield: 6.4%. Within top quartile of Belgian dividend payers (4.5%). Higher than average of industry peers (4.0%). Major Estimate Revision • Mar 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €123.4m to €130.6m. EPS estimate fell from €1.72 to €1.15 per share. Net income forecast to shrink 111% next year vs 45% growth forecast for REITs industry in Belgium . Consensus price target down from €49.10 to €48.10. Share price fell 3.5% to €33.15 over the past week. Major Estimate Revision • Feb 25
Analysts update estimates The 2021 consensus revenue estimate was lowered from €143.5m to €123.4m. Earning per share (EPS) estimate was unchanged from the last update at €0.65. The REITs industry in Belgium is expected to see an average net income growth of 5.1% next year. The consensus price target of €49.10 was unchanged from the last update. Share price is down by 1.0% to €33.95 over the past week. Annonce • Feb 24
Befimmo SA (ENXTBR : BEFB) acquired 94-year long lease on the office building of the "Esprit Courbevoie" project for €27 million. Befimmo SA (ENXTBR : BEFB) acquired 94-year long lease on the office building of the "Esprit Courbevoie" project for €27 million on February 22, 2021.
Befimmo SA (ENXTBR : BEFB) completed the acquisition of 94-year long lease on the office building of the "Esprit Courbevoie" project on February 22, 2021. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS €2.13 (vs €6.95 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €148.1m (down 2.6% from FY 2019). Net income: €57.7m (down 68% from FY 2019). Profit margin: 39% (down from 117% in FY 2019). 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 15% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 20%. Over the next year, revenue is expected to shrink by 12% compared to a 2.6% growth forecast for the REITs industry in Belgium. Annonce • Feb 18
Befimmo SA (ENXTBR : BEFB) acquired Cubus building in Howald, Luxembourg for €30 million. Befimmo SA (ENXTBR : BEFB) acquired Cubus building in Howald, Luxembourg for €30 million on February 17, 2021.
Befimmo SA (ENXTBR : BEFB) completed the acquisition of the Cubus building in Howald, Luxembourg on February 17, 2021. Is New 90 Day High Low • Feb 13
New 90-day low: €34.25 The company is down 6.0% from its price of €36.55 on 13 November 2020. The Belgian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.59 per share. Annonce • Feb 05
Befimmo Appoints Jean-Philip Vroninks as CEO The Board of Directors of Befimmo announced the appointment, upon proposal of the Nomination and Remuneration Committee, of Jean-Philip Vroninks as CEO of the Company. His appointment as Managing Director will be submitted for approval at the next General Meeting of Shareholders in April 2021. Jean-Philip, currently Executive Director of Jones Lang Lasalle Belgium-Luxembourg, will join Befimmo in the coming months. Annonce • Dec 26
An unknown buyer acquired Five Office Buildings in Brussels from Befimmo SA (ENXTBR:BEFB) for approximately €140 million. An unknown buyer acquired Five Office Buildings in Brussels from Befimmo SA (ENXTBR:BEFB) for approximately €140 million on December 24, 2020. The buildings include Media building, Guimard, Froissart, Schuman 3 and Schuman 11 buildings. The proceeds of the disposals will be used to finance ongoing development projects and ensure Befimmo’s capacity for growth.
An unknown buyer completed the acquisition of Five Office Buildings in Brussels from Befimmo SA (ENXTBR:BEFB) on December 24, 2020. Major Estimate Revision • Nov 04
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €2.67 to €3.36. No change was made to the revenue estimate which at the last update was €134.8m. Net income is expected to shrink by 39% next year compared to 25% decline forecast for the REITs industry in Belgium. The consensus price target was lowered from €49.67 to €49.17. Share price is down by 2.9% to €33.15 over the past week. Is New 90 Day High Low • Nov 04
New 90-day low: €33.15 The company is down 15% from its price of €38.90 on 05 August 2020. The Belgian market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €61.69 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of €117.3m, down 8.0% from the prior year. Total revenue was €154.1m over the last 12 months, up 2.2% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Is New 90 Day High Low • Oct 16
New 90-day low: €35.85 The company is down 4.0% from its price of €37.45 on 17 July 2020. The Belgian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €64.50 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €36.65 The company is down 7.0% from its price of €39.60 on 26 June 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 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €64.50 per share.