Major Estimate Revision • Jul 13
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €2.26 to €1.60 per share. Revenue forecast steady at €478.0m. Net income forecast to shrink 56% next year vs 7.9% growth forecast for Specialized REITs industry in Belgium . Consensus price target broadly unchanged at €34.04. Share price was steady at €26.00 over the past week. Declared Dividend • May 24
Final dividend of €0.41 announced Shareholders will receive a dividend of €0.41. Ex-date: 25th May 2026 Payment date: 27th May 2026 Dividend yield will be 3.4%, which is lower than the industry average of 4.0%. Major Estimate Revision • May 20
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €3.07 to €2.61 per share. Revenue forecast steady at €480.1m. Net income forecast to shrink 45% next year vs 8.7% growth forecast for Specialized REITs industry in Belgium . Consensus price target down from €36.23 to €35.38. Share price fell 4.4% to €24.15 over the past week. Major Estimate Revision • May 17
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €3.07 to €2.75 per share. Revenue forecast steady at €480.9m. Net income forecast to shrink 45% next year vs 8.5% growth forecast for Specialized REITs industry in Belgium . Consensus price target broadly unchanged at €35.69. Share price fell 9.8% to €23.50 over the past week. Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €6.00 (up from €4.13 in FY 2024). Revenue: €450.9m (up 11% from FY 2024). Net income: €597.8m (up 48% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 40%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Global Specialized REITs industry. 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 15% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jan 15
Consensus EPS estimates increase by 26% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €2.93 to €3.68. Revenue forecast steady at €451.1m. Net income forecast to shrink 34% next year vs 8.6% growth forecast for Specialized REITs industry in Belgium . Consensus price target broadly unchanged at €39.82. Share price rose 2.7% to €32.35 over the past week. Annuncio • Nov 23
Shurgard Self Storage Ltd to Report Fiscal Year 2025 Results on Feb 26, 2026 Shurgard Self Storage Ltd announced that they will report fiscal year 2025 results on Feb 26, 2026 Declared Dividend • Aug 22
First half dividend of €0.41 announced Shareholders will receive a dividend of €0.41. Ex-date: 11th September 2025 Payment date: 15th September 2025 Dividend yield will be 2.4%, which is lower than the industry average of 4.0%. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: €3.22 (vs €1.61 in 2Q 2024) Second quarter 2025 results: EPS: €3.22 (up from €1.61 in 2Q 2024). Revenue: €111.5m (up 16% from 2Q 2024). Net income: €318.2m (up 103% from 2Q 2024). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Global Specialized REITs industry. 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 12% per year. Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 34% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €2.24 to €3.00. Revenue forecast steady at €450.5m. Net income forecast to shrink 22% next year vs 5.1% growth forecast for Specialized REITs industry in Belgium . Consensus price target broadly unchanged at €40.41. Share price fell 4.1% to €34.00 over the past week. Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from €2.24 to €2.47. Revenues were reaffirmed at €450.1m. Net income forecast to shrink 27% next year vs 7.4% growth forecast for Specialized REITs industry in Belgium . Consensus price target broadly unchanged at €40.45. Share price fell 2.7% to €34.40 over the past week. Major Estimate Revision • Jun 30
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from €2.13 to €2.40. Revenues were reaffirmed at €450.1m. Net income forecast to shrink 31% next year vs 4.7% growth forecast for Specialized REITs industry in Belgium . Consensus price target broadly unchanged at €41.08. Share price rose 3.7% to €37.65 over the past week. New Risk • May 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.1% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (99% net profit margin). Declared Dividend • May 18
Final dividend of €0.41 announced Shareholders will receive a dividend of €0.41. Ex-date: 19th May 2025 Payment date: 13th June 2025 Dividend yield will be 2.3%, which is lower than the industry average of 4.0%. Annuncio • Mar 31
Shurgard Self Storage Ltd to Report Fiscal Year 2024 Final Results on Apr 29, 2025 Shurgard Self Storage Ltd announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Apr 29, 2025 Annuncio • Mar 03
Shurgard Self Storage Ltd, Annual General Meeting, May 14, 2025 Shurgard Self Storage Ltd, Annual General Meeting, May 14, 2025. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €4.13 (down from €5.91 in FY 2023). Revenue: €406.5m (up 14% from FY 2023). Net income: €402.9m (down 25% from FY 2023). Profit margin: 99% (down from 149% in FY 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 56%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 11% per year. New Risk • Mar 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 99% Last year net profit margin: 149% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (99% net profit margin). Board Change • Feb 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Candy Krol was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Nov 08
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.9% to €40.85. The fair value is estimated to be €33.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 3.5%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to decline by 27% in the next 2 years. Major Estimate Revision • Oct 03
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €2.48 to €2.74. Revenue forecast steady at €398.2m. Net income forecast to shrink 28% next year vs 1.6% decline forecast for Specialized REITs industry in Belgium. Consensus price target of €47.04 unchanged from last update. Share price was steady at €41.50 over the past week. Declared Dividend • Aug 21
First half dividend of €0.41 announced Shareholders will receive a dividend of €0.41. Ex-date: 24th September 2024 Payment date: 26th September 2024 Dividend yield will be 2.1%, which is lower than the industry average of 4.0%. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: €1.61 (vs €1.56 in 2Q 2023) Second quarter 2024 results: EPS: €1.61 (up from €1.56 in 2Q 2023). Revenue: €96.0m (up 9.5% from 2Q 2023). Net income: €157.0m (up 13% from 2Q 2023). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Global Specialized REITs industry. 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 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €2.07 to €2.32. Revenue forecast unchanged at €392.5m. Net income forecast to shrink 64% next year vs 0.8% decline forecast for Specialized REITs industry in Belgium. Consensus price target broadly unchanged at €46.68. Share price rose 4.0% to €38.60 over the past week. Annuncio • Aug 01
Shurgard Self Storage Ltd (ENXTBR:SHUR) completed the acquisition of Lok'nStore Group Plc (AIM : LOK) from group of sellers. Shurgard Self Storage Ltd (ENXTBR:SHUR) have reached agreement to acquire Lok'nStore Group Plc (AIM : LOK) from group of sellers for approximately £370 million on April 11, 2024. Cash price per share is £11.1. Lok'nStore had 32,897,949 ordinary shares. As a result of the Acquisition, Shurgard will acquire an additional total MLA of 171,000 sq. m. The Acquisition also brings with it income from 17 stores under management contract with one management contract store in the pipeline. This income includes £1.7 million in fees for the year end July 31, 2023. Shurgard has no intention to make material changes to the terms and conditions of employment of Lok'nStore employees as a result of the Acquisition. The Chair, Finance Director and Non-Executive Directors of Lok'nStore are expected to step down from their positions with effect from the Effective Date. Shurgard has received irrevocable undertakings to vote in favour (or procure a vote in favour) of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting from those Lok'nStore Directors who hold Lok'nStore Shares in respect of their own beneficial shareholdings, totalling 6,302,453 Lok'nStore Shares representing approximately 19%. of the issued share capital of Lok'nStore as at April 10, 2024, being the last Business Day before the date of this Announcement. Shurgard Luxembourg, a member of the Shurgard Group, has entered into a loan facility agreement with JPMorgan and J.P. Morgan SE as agent and mandated lead arranger dated 11 April 2024 (the "Facility Agreement"), pursuant to which a £430 million credit facility is being made available to Shurgard Luxembourg to finance the cash payable to Lok'nStore Shareholders under the terms of the Acquisition. The Acquisition is subject to a number of Conditions i.e., the approval of the Scheme by a majority in number of the Scheme Shareholders, representing not less than 75%. in value of the Scheme Shares held by those Scheme Shareholders, present and voting, either in person or by proxy, at the Court Meeting, the passing of the Resolutions by the requisite majority at the General Meeting; and the Scheme being sanctioned by the Court and a copy of the Court Order being delivered to the Registrar of Companies, Accordingly, the Lok'nStore Directors intend to recommend unanimously that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and Lok'nStore Shareholders vote in favour of the resolutions to be proposed at the General Meeting and it is expected that the Scheme will become Effective in July 2024. It is intended that dealings in, and registration of transfers of, Lok'nStore Shares on AIM will be suspended shortly before the Effective Date at a time to be set out in the Scheme Document. As of July 18, 2024 that the Court had sanctioned the Scheme.
The Lok'nStore Directors, who have been so advised by Goldman Sachs and Cavendish as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Goldman Sachs and Cavendish are providing independent financial advice to the Lok'nStore. J.P. Morgan Cazenove, as financial adviser to Shurgard is satisfied that sufficient resources are available to Shurgard to satisfy in full the cash consideration payable to Scheme Shareholders pursuant to the terms of the Acquisition. Allen & Overy LLPis acting as legal adviser toShurgard. Travers Smith LLP is acting as legal adviser to Lok'nStore.
Shurgard Self Storage Ltd (ENXTBR:SHUR) completed the acquisition of Lok'nStore Group Plc (AIM : LOK) from group of sellers on August 1, 2024. Declared Dividend • May 23
Final dividend of €0.41 announced Shareholders will receive a dividend of €0.41. Ex-date: 27th May 2024 Payment date: 29th May 2024 Dividend yield will be 2.0%, which is lower than the industry average of 4.0%. Annuncio • Apr 11
Shurgard Self Storage Ltd (ENXTBR:SHUR) have reached agreement to acquire Lok'nStore Group Plc (AIM : LOK) from group of sellers for approximately £370 million. Shurgard Self Storage Ltd (ENXTBR:SHUR) have reached agreement to acquire Lok'nStore Group Plc (AIM : LOK) from group of sellers for approximately £370 million on April 11, 2024. Cash price per share is £11.1. Lok'nStore had 32,897,949 ordinary shares. As a result of the Acquisition, Shurgard will acquire an additional total MLA of 171,000 sq. m. The Acquisition also brings with it income from 17 stores under management contract with one management contract store in the pipeline. This income includes £1.7 million in fees for the year end July 31, 2023. Shurgard has no intention to make material changes to the terms and conditions of employment of Lok'nStore employees as a result of the Acquisition. The Chair, Finance Director and Non-Executive Directors of Lok'nStore are expected to step down from their positions with effect from the Effective Date. Shurgard has received irrevocable undertakings to vote in favour (or procure a vote in favour) of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting from those Lok'nStore Directors who hold Lok'nStore Shares in respect of their own beneficial shareholdings, totalling 6,302,453 Lok'nStore Shares representing approximately 19%. of the issued share capital of Lok'nStore as at April 10, 2024, being the last Business Day before the date of this Announcement. Shurgard Luxembourg, a member of the Shurgard Group, has entered into a loan facility agreement with JPMorgan and J.P. Morgan SE as agent and mandated lead arranger dated 11 April 2024 (the "Facility Agreement"), pursuant to which a £430 million credit facility is being made available to Shurgard Luxembourg to finance the cash payable to Lok'nStore Shareholders under the terms of the Acquisition. The Acquisition is subject to a number of Conditions i.e., the approval of the Scheme by a majority in number of the Scheme Shareholders, representing not less than 75%. in value of the Scheme Shares held by those Scheme Shareholders, present and voting, either in person or by proxy, at the Court Meeting, the passing of the Resolutions by the requisite majority at the General Meeting; and the Scheme being sanctioned by the Court and a copy of the Court Order being delivered to the Registrar of Companies, Accordingly, the Lok'nStore Directors intend to recommend unanimously that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and Lok'nStore Shareholders vote in favour of the resolutions to be proposed at the General Meeting and it is expected that the Scheme will become Effective in July 2024. It is intended that dealings in, and registration of transfers of, Lok'nStore Shares on AIM will be suspended shortly before the Effective Date at a time to be set out in the Scheme Document.
The Lok'nStore Directors, who have been so advised by Goldman Sachs and Cavendish as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Goldman Sachs and Cavendish are providing independent financial advice to the Lok'nStore. J.P. Morgan Cazenove, as financial adviser to Shurgard is satisfied that sufficient resources are available to Shurgard to satisfy in full the cash consideration payable to Scheme Shareholders pursuant to the terms of the Acquisition. Allen & Overy LLPis acting as legal adviser toShurgard. Travers Smith LLP is acting as legal adviser to Lok'nStore. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: €5.91 (vs €6.45 in FY 2022) Full year 2023 results: EPS: €5.91 (down from €6.45 in FY 2022). Revenue: €357.9m (up 6.8% from FY 2022). Net income: €533.3m (down 7.1% from FY 2022). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 01
Shurgard Self Storage Ltd to Report Q1, 2024 Results on May 22, 2024 Shurgard Self Storage Ltd announced that they will report Q1, 2024 results on May 22, 2024 New Risk • Jan 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.2% This is considered a minor 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 Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (9.2% increase in shares outstanding). Buying Opportunity • Jan 02
Now 22% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be €55.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is forecast to decline by 19% per annum over the same time period. Major Estimate Revision • Nov 26
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €2.73 to €3.17. Revenue forecast steady at €360.9m. Net income forecast to shrink 55% next year vs 6.1% growth forecast for Real Estate industry in Belgium . Consensus price target of €43.13 unchanged from last update. Share price was steady at €39.15 over the past week. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €39.69, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Real Estate industry in Europe. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.30 per share. Major Estimate Revision • Oct 12
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €2.30 to €2.73. Revenue forecast steady at €356.1m. Net income forecast to shrink 59% next year vs 9.7% decline forecast for Real Estate industry in Belgium. Consensus price target of €46.12 unchanged from last update. Share price rose 3.1% to €37.80 over the past week. Annuncio • Oct 11
Shurgard Self Storage Ltd (ENXTBR:SHUR) acquired Top Box Self-Storage. Shurgard Self Storage Ltd (ENXTBR:SHUR) acquired Top Box Self-Storage on October 10, 2023.Shurgard Self Storage Ltd (ENXTBR:SHUR) completed the acquisition of Top Box Self-Storage on October 10, 2023. Upcoming Dividend • Sep 26
Upcoming dividend of €0.41 per share at 3.1% yield Eligible shareholders must have bought the stock before 03 October 2023. Payment date: 05 October 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Belgian dividend payers (7.7%). Lower than average of industry peers (4.6%). Annuncio • Aug 19
Shurgard Self Storage Ltd to Pay Dividend, Payable in October Shurgard Self Storage Ltd. announced that it confirmed the payment of a dividend of EUR 1.17 per share for the year, with a half year dividend of EUR 0.58 per share payable in October. Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: €6.45 (vs €5.03 in FY 2021) Full year 2022 results: EPS: €6.45 (up from €5.03 in FY 2021). Revenue: €335.3m (up 12% from FY 2021). Net income: €574.3m (up 28% from FY 2021). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 18
Price target decreased to €47.15 Down from €51.15, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of €45.55. Stock is down 11% over the past year. The company is forecast to post earnings per share of €4.97 for next year compared to €5.03 last year. Annuncio • Jan 14
Shurgard Self Storage S.A. to Report First Half, 2023 Results on Aug 18, 2023 Shurgard Self Storage S.A. announced that they will report first half, 2023 results on Aug 18, 2023 Annuncio • Jan 06
Shurgard Self Storage S.A. to Report Q3, 2023 Results on Nov 03, 2023 Shurgard Self Storage S.A. announced that they will report Q3, 2023 results on Nov 03, 2023 Recent Insider Transactions Derivative • Nov 25
Vice President of Operations exercised options to buy €438k worth of stock. On the 17th of November, Duncan Bell exercised options to buy 10k shares at a strike price of around €8.77, costing a total of €88k. This transaction amounted to 82% of their direct individual holding at the time of the trade. Since December 2021, Duncan has owned 12.17k shares directly. This was the only transaction from an insider over the last 12 months. Board Change • Nov 16
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. 10 experienced directors. No highly experienced directors. Director Skip Miller was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €336.7m to €313.5m. EPS estimate rose from €4.38 to €5.35. Net income forecast to shrink 37% next year vs 38% decline forecast for Real Estate industry in Belgium. Consensus price target broadly unchanged at €50.25. Share price fell 6.2% to €38.40 over the past week. Annuncio • Oct 08
Shurgard Self Storage S.A. Approves Interim Dividend, Payable on or Around September 29, 2022 Shurgard Self Storage S.A.s approved an interim dividend of EUR 0.58 per share. Based on the number of shares outstanding as of June 30, 2022, the dividend to be distributed will amount to approximately EUR 51.7 million. This interim dividend will be payable on or around September 29, 2022 to shareholders on the record at close of business on September 28, 2022. Major Estimate Revision • Oct 03
Consensus EPS estimates increase by 42% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €332.8m to €336.7m. EPS estimate increased from €3.09 to €4.38 per share. Net income forecast to shrink 38% next year vs 38% decline forecast for Real Estate industry in Belgium. Consensus price target down from €52.85 to €51.15. Share price was steady at €40.25 over the past week. Major Estimate Revision • Sep 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €3.09 to €4.63. Revenue forecast steady at €331.9m. Net income forecast to shrink 46% next year vs 39% decline forecast for Real Estate industry in Belgium. Consensus price target broadly unchanged at €53.85. Share price fell 7.5% to €42.90 over the past week. Reported Earnings • Aug 23
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €5.03 (up from €3.26 in FY 2020). Revenue: €300.4m (up 11% from FY 2020). Net income: €446.8m (up 54% from FY 2020). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 9.0% compared to a 7.6% decline forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €4.42 to €4.94. Revenue forecast steady at €327.4m. Net income forecast to shrink 32% next year vs 32% decline forecast for Real Estate industry in Belgium. Consensus price target of €54.75 unchanged from last update. Share price fell 7.1% to €48.70 over the past week. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €46.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Real Estate industry in Europe. Total returns to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.02 per share. Upcoming Dividend • May 03
Upcoming dividend of €0.43 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 12 May 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Belgian dividend payers (5.4%). Lower than average of industry peers (3.0%). Board Change • Apr 27
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. 10 experienced directors. No highly experienced directors. Director Skip Miller was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €325.4m to €298.6m. EPS estimate rose from €3.75 to €4.37. Net income forecast to shrink 44% next year vs 20% decline forecast for Real Estate industry in Belgium. Consensus price target of €54.90 unchanged from last update. Share price was steady at €53.70 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €5.03 (up from €3.26 in FY 2020). Revenue: €300.4m (up 11% from FY 2020). Net income: €446.8m (up 54% from FY 2020). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 7.4% while the industry in Belgium is not expected to grow. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €5.03 (up from €3.26 in FY 2020). Revenue: €300.4m (up 11% from FY 2020). Net income: €446.8m (up 54% from FY 2020). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 7.4% while the industry in Belgium is not expected to grow. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €4.11 to €4.58. Revenue forecast steady at €295.4m. Net income forecast to grow 13% next year vs 50% growth forecast for Real Estate industry in Belgium. Consensus price target up from €50.64 to €52.20. Share price fell 2.8% to €55.10 over the past week. Upcoming Dividend • Sep 22
Upcoming dividend of €0.39 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 October 2021. Trailing yield: 2.3%. Lower than top quartile of Belgian dividend payers (4.5%). In line with average of industry peers (2.3%). Price Target Changed • Aug 26
Price target increased to €49.61 Up from €45.94, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of €50.20. Stock is up 39% over the past year. Reported Earnings • Aug 24
Second quarter 2021 earnings released: EPS €1.35 (vs €1.43 in 2Q 2020) Second quarter 2021 results: Revenue: €72.8m (up 10.0% from 2Q 2020). Net income: €120.2m (down 5.4% from 2Q 2020). Price Target Changed • Aug 24
Price target increased to €48.67 Up from €45.28, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of €51.00. Stock is up 47% over the past year. Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €289.9m to €277.5m. EPS estimate rose from €2.93 to €3.37. Net income forecast to shrink 10% next year vs 46% growth forecast for Real Estate industry in Belgium . Consensus price target up from €44.17 to €45.28. Share price was steady at €47.40 over the past week. Upcoming Dividend • May 03
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 2.7%. Lower than top quartile of Belgian dividend payers (4.6%). In line with average of industry peers (2.9%). 
