View ValuationThis company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsMRM 将来の成長Future 基準チェック /06現在、 MRMの成長と収益を予測するのに十分なアナリストの調査がありません。主要情報n/a収益成長率n/aEPS成長率Retail REITs 収益成長7.0%収益成長率n/a将来の株主資本利益率n/aアナリストカバレッジNone最終更新日n/a今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesお知らせ • Sep 28SCOR SE Intends to Delist MRM by the End of 2024M.R.M. SA (the “Company” or “MRM”) has been informed that SCOR SE (“SCOR”) has reached an agreement to acquire Altarea SCA’s (“Altarea”) stake in MRM, representing circa 15.92% of the share capital, bringing SCOR’s shareholding in MRM to circa 72.5% of the share capital and voting rights. This transaction will result in the loss of MRM’s status as a listed real estate investment company subject to the French REIT regime (“Sociétés d’Investissements Immobiliers Cotées” or “SIIC”). The Board of Directors also noted that Altarea resigned from its position of member of the Company's Board of Directors, simultaneously with the signing of the share purchase agreement. The Board of Directors of the Company met on September 27, 2024 and noted that, following this acquisition, SCOR SE intends to file a simplified public tender offer to acquire the remaining MRM shares held by the minority shareholders. Provided the legal threshold is reached, this offer would be followed by a squeeze-out with the intent to delist the Company by the end of 2024 (the “Offer”). SCOR is considering an estimated Offer price of €35.4 per MRM share based on MRM's NTA Adjusted Net Asset at 30 June 2024, which may be adjusted for disposals not completed by the end of the first half of 2024. The Offer would remain subject to review and clearance from the Autorité des marchés financiers. The Board of Directors of the Company unanimously welcomed favorably this Offer.お知らせ • Sep 27SCOR SE (ENXTPA:SCR) intends to file a simplified public tender offer to acquire remaining 27.52% stake in MRM (ENXTPA:MRM) for €31.2 million.SCOR SE (ENXTPA:SCR) intends to file a simplified public tender offer to acquire remaining 27.52% stake in MRM (ENXTPA:MRM) for €31.2 million on September 26, 2024. Offer price is €35.4 per share. In related transaction, SCOR SE reached an agreement to acquire 15.92% stake in MRM from Altarea SCA. This offer price values MRM at €113.7 million for 100% of the share capital of MRM. If conditions are met, it will be followed by a squeeze-out resulting in a delisting of MRM by the end of 2024. The transaction is subject to examination and clearance by the Autorité des marchés financiers. The Offer will be subject to no regulatory approvals or other conditions and will be financed with SCOR’s available cash funds.Reported Earnings • Jul 29First half 2024 earnings released: €0.28 loss per share (vs €0.31 profit in 1H 2023)First half 2024 results: €0.28 loss per share (down from €0.31 profit in 1H 2023). Revenue: €5.80m (down 25% from 1H 2023). Net loss: €900.0k (down 191% from profit in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance.New Risk • Jul 26New major risk - Revenue and earnings growthEarnings have declined by 33% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 33% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€48.7m market cap, or US$52.9m).お知らせ • Jun 08MRM Approves Cash Dividend Payout in Respect of 2023 Financial Year, Payment Will Be Made on 12 June 2024MRM at the AGM held on June 5, 2024, approved cash dividend payout to shareholders of EUR 1.30 per share in respect of 2023 financial year. The planned ex-dividend date is 10 June 2024 and payment will be made on 12 June 2024.お知らせ • Jun 06MRM Approves Board ChangesMRM at the AGM held on June 5, 2024, approved the appointment of Thierry Lacaze as independent director, replacing Brigitte Gauthier-Darcet. As a result of those votes, the composition of the Board of Directors is now as follows: Louis Bourrousse, Chairman of the Board of Directors and director; SCOR SE, director, represented by Carole De Rozières; Altarea, director, represented by Rodrigo Clare; Thierry Lacaze, independent director; Valérie Ohannessian, independent director; and Karine Trébaticky, director. Having spent his entire career in commercial property,Thierry Lacaze now works as a consultant to companies in the sector. He began his career as a property manager in 1982 at SCC, before being promoted to department head. In 1985, he was appointed director of the EVRY2 shopping centre. In 1990, he joined Tréma as head of operations. From 1999, he served as portfolio manager and became a member of the Executive Committee at SCC, overseeing all operations and sales teams. He was then in charge of the company’s development and client relations. Thierry Lacaze holds a university degree in finance and accounting.Upcoming Dividend • Jun 03Upcoming dividend of €1.30 per shareEligible shareholders must have bought the stock before 10 June 2024. Payment date: 12 June 2024. Trailing yield: 6.8%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (5.1%).お知らせ • Apr 05MRM Announces Chief Executive Officer ChangesMRM announced At meeting that the Board noted François Matray’s decision not to seeks renewal of his mandate as Chief Executive Officer of MRM for personal and family reasons. He had held this position since 1 October 2020. The Board of Directors of MRM, a real estate company specializing in retail property, convened and announced the appointment of Damien Chiaffi as Chief Executive Officer. At meeting, the Board noted François Matray’s decision not to seek a renewal of his mandate as Chief Executive Officer of MRM for personal and family reasons. He had held this position since 1 October 2020. Damien Chiaffi has worked at MRM since 2015 and is currently Real Estate and CSR Director. His appointment as Chief Executive Officer will take effect following the General Meeting of Shareholders scheduled for 5 June 2024. Members of the Board praised the achievements of Mr. Matray during his term of office, most notably the acquisition of the Flins and Ollioules shopping centres at the end of 2022, which marked a change of scale for MRM.Declared Dividend • Mar 24Dividend of €1.30 announcedShareholders will receive a dividend of €1.30. Ex-date: 10th June 2024 Payment date: 12th June 2024 Dividend yield will be 7.3%, which is about the same as the industry average.Reported Earnings • Mar 08Full year 2023 earnings releasedFull year 2023 results: Revenue: €12.7m (up 24% from FY 2022). Net loss: €10.0m (loss widened 179% from FY 2022).New Risk • Feb 12New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€63.1m market cap, or US$68.1m).Buying Opportunity • Jan 09Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 6.3%. The fair value is estimated to be €24.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making.お知らせ • Dec 13MRM Announces Board ChangesMRM announced that at its meeting of 12 December 2023, the Board of Directors noted the resignation of its Chairman François de Varenne as Board member and decided to co-opt Louis Bourrousse as his replacement, as well as to appoint Louis Bourrousse as Chairman of the Board of Directors. François de Varenne had been a Board member and Chairman of the Board of Directors of MRM since the company’s recapitalisation, in which SCOR SE became MRM’s majority shareholder (1) in 2013. His duties at SCOR have since been extended. Having served as acting Chief Executive Officer of SCOR at the start of the year, he was appointed Chief Financial Officer and Deputy Chief Executive Officer of SCOR in late May. He is replaced by Louis Bourrousse, who in November was appointed Chief Executive Officer of SCOR Investment Partners, the SCOR Group’s asset management company. This decision appeared to be a way of ensuring continuity on MRM’s Board of Directors, with the desire to continue to have a Board member connected to SCOR SE, MRM’s majority shareholder, as Chairman. Louis Bourrousse is also now Chairman of the Investment Committee. The ratification of his appointment as Board member will be on the agenda for the next general meeting. At the same meeting on 12 December 2023, the Board also noted that Carole de Rozières has replaced Karina Lelièvre as permanent representative of SCOR SE. Karina Lelièvre, Deputy General Secretary of SCOR SE, had represented SCOR SE on MRM’s Board of Directors since 2013. Carole de Rozières is Chief Asset Owner Officer at the SCOR Group. As a result of the changes made during the meeting, the composition of MRM’s Board of Directors is now as follows: Louis Bourrousse, Chairman of the Board of Directors and Board member; SCOR SE, Board member, represented by Carole de Rozières; Altarea, Board member, represented by Rodrigo Clare; Brigitte Gauthier-Darcet, Board member; Valérie Ohannessian, independent Board member; and Karine Trébaticky, Board member. Louis Bourrousse joined SCOR in 2013 as Head of Strategy & Development at SCOR Global Investments, before being promoted to Head of Strategic Planning & Investments in 2017 and Head of Investment Business Performance in 2019. In November 2021, he was appointed Head of Business Development and member of the Executive Board of SCOR Investment Partners, becoming Chief Executive Officer in November 2023. Louis Bourrousse began his career in 2006 as an investment banker specialising in mergers and acquisitions at Oddo BHF and Nomura. He is a graduate of the Ecole Polytechnique and holds a Master’s degree in Finance from ENSAE ParisTech. Carole de Rozières joined SCOR in September 2022 as Chief Asset Owner Officer. She began her career in 2002 as an actuary at AXA France, before moving to the Investment Department as a financial controller in 2007 and then being promoted to Head of Asset Allocation for individual life insurance portfolios, followed by Head of Investment and Allocation for AXA entities in France. Before joining SCOR, she was head of Unit Linked Products and Duty of Advice within the Savings and Protection business unit. Carole de Rozières is a CFA charterholder. She studied Finance and Actuarial Science at ENSEA and holds a diploma in Mathematical Modelling and Methods in Economics from Université Paris I Panthéon Sorbonne.お知らせ • Nov 10+ 3 more updatesMRM to Report Q1, 2024 Results on May 16, 2024MRM announced that they will report Q1, 2024 results on May 16, 2024Reported Earnings • Jul 31First half 2023 earnings released: EPS: €0.46 (vs €1.36 in 1H 2022)First half 2023 results: EPS: €0.46 (down from €1.36 in 1H 2022). Revenue: €6.20m (up 32% from 1H 2022). Net income: €1.00m (down 66% from 1H 2022). Profit margin: 16% (down from 63% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.お知らせ • Jun 08MRM Approves Cash Payout for the 2022 Financial Year, Payable on 14 June 2023MRM at the AGM to be held on June 7, 2023, approved cash payout to shareholders of €1.80 per share in respect of the 2022 financial year. The ex-dividend date is 12 June 2023 and payment will be made on 14 June 2023.Upcoming Dividend • Jun 05Upcoming dividend of €1.80 per share at 7.2% yieldEligible shareholders must have bought the stock before 12 June 2023. Payment date: 14 June 2023. Trailing yield: 7.2%. Within top quartile of French dividend payers (5.2%). In line with average of industry peers (7.9%).Board Change • Mar 28Less than half of directors are independentFollowing 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. 3 non-independent directors. Independent Director Valérie Ohannessian 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 • Mar 08Full year 2022 earnings releasedFull year 2022 results: Net loss: €3.60m (down 164% from profit in FY 2021).Buying Opportunity • Jan 02Now 25% undervalued after recent price dropOver the last 90 days, the stock is down 6.7%. The fair value is estimated to be €31.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Meanwhile, the company has become profitable.お知らせ • Dec 21+ 3 more updatesM.R.M. SA to Report First Half, 2023 Results on Jul 27, 2023M.R.M. SA announced that they will report first half, 2023 results on Jul 27, 2023お知らせ • Dec 09+ 1 more updateM.R.M. SA (ENXTPA:MRM) acquired two shopping centers from Altarea SCA (ENXTPA:ALTA) for €90.4 million.M.R.M. SA (ENXTPA:MRM) acquired two shopping centers from Altarea SCA (ENXTPA:ALTA) for €90.4 million on December 07, 2022. MRM’s advisors for the whole transaction are Gimar & Co (financial advisor), De Pardieu Brocas Maffei (legal advisor) and Lasaygues (notary). M.R.M. SA (ENXTPA:MRM) completed the acquisition of two shopping centers from Altarea SCA (ENXTPA:ALTA) on December 07, 2022.Board Change • Nov 16Less than half of directors are independentFollowing 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 Valérie Ohannessian 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 • Aug 02First half 2022 earnings released: EPS: €1.38 (vs €1.60 in 1H 2021)First half 2022 results: EPS: €1.38 (down from €1.60 in 1H 2021). Revenue: €3.30m (down 33% from 1H 2021). Net income: €3.00m (down 8.6% from 1H 2021). Profit margin: 91% (up from 67% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.お知らせ • Jul 29+ 1 more updateM.R.M. SA (ENXTPA:MRM) entered into an agreement to acquire Flins regional shopping centre and Carrefour Ollioules shopping centre from Snc Altarea Commerce for EUR 89.9 million.M.R.M. SA (ENXTPA:MRM) entered into an agreement to acquire Flins regional shopping centre and Carrefour Ollioules shopping centre from Snc Altarea Commerce for EUR 89.9 million on July 28, 2022. The will be paid partly in cash totaling EUR 68.9 million and partly by means of issuing of new MRM shares worth a total of EUR 21 million, in the form of a capital increase by MRM at an issue price corresponding to its replacement NAV as at 30 June 2022, i.e., EUR 48.92 per share. As of July 28, 2022, the acquisition was approved by MRM’s Board of Directors. The deal is subject to approval by MRM’s shareholders at the Extraordinary General Meeting to be held in the fourth quarter of 2022.お知らせ • Jun 10+ 1 more updateM.R.M. SA Approves Payment of Premiums for the Financial Year 2021, Payable on June 15, 2022M.R.M. SA at its ordinary general meeting held on June 9, 2022, approved payment of premiums of €0.67 per share in respect of the financial year 2021. The ex-dividend date is June 13, 2022 and payment will be made on June 15, 2022.Upcoming Dividend • Jun 06Upcoming dividend of €1.80 per shareEligible shareholders must have bought the stock before 13 June 2022. Payment date: 15 June 2022. Trailing yield: 4.2%. Lower than top quartile of French dividend payers (4.9%). Lower than average of industry peers (5.9%).Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Valérie Ohannessian was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Feb 28Full year 2021 earnings: Revenues in line with analyst expectationsFull year 2021 results: Revenue: €8.00m (down 16% from FY 2020). Net income: €5.60m (up €12.8m from FY 2020). Profit margin: 70% (up from net loss in FY 2020). Revenue was in line with analyst estimates.Valuation Update With 7 Day Price Move • Nov 08Investor sentiment improved over the past weekAfter last week's 17% share price gain to €1.21, the stock trades at a trailing P/E ratio of 54.1x. Average trailing P/E is 12x in the REITs industry in France. Total loss to shareholders of 11% over the past three years.Upcoming Dividend • Jun 24Upcoming dividend of €0.05 per shareEligible shareholders must have bought the stock before 30 June 2021. Payment date: 02 July 2021. Trailing yield: 4.9%. Within top quartile of French dividend payers (3.8%). Higher than average of industry peers (4.0%).Reported Earnings • Feb 28Full year 2020 earnings releasedFull year 2020 results: Net loss: €7.20m (down 328% from profit in FY 2019).Is New 90 Day High Low • Feb 22New 90-day low: €0.87The company is down 9.0% from its price of €0.96 on 24 November 2020. The French market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 5.0% over the same period.分析記事 • Nov 18If You Had Bought M.R.M's (EPA:MRM) Shares Three Years Ago You Would Be Down 47%As an investor its worth striving to ensure your overall portfolio beats the market average. But its virtually certain...お知らせ • Nov 08+ 2 more updatesM.R.M. SA to Report First Half, 2021 Results on Jul 30, 2021M.R.M. SA announced that they will report first half, 2021 results on Jul 30, 2021お知らせ • Nov 06M.R.M. SA to Report Fiscal Year 2020 Results on Feb 26, 2021M.R.M. SA announced that they will report fiscal year 2020 results at 9:00 AM, Romance Standard Time on Feb 26, 2021Is New 90 Day High Low • Oct 24New 90-day low: €0.85The company is down 13% from its price of €0.98 on 24 July 2020. The French 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 down 10.0% over the same period.お知らせ • Sep 24MRM Announces Executive ChangesMRM announced the appointment of François Matray as Chief Executive Officer. This appointment, which will be effective as of 1 October 2020, follows Jacques Blanchard’s decision to retire. After joining MRM and becoming a member of the Board of directors when MRM was established as a real estate investment company in 2007, Jacques Blanchard has held the role of Chief Executive Officer since 2009. He will remain a director of the company. He began his career in 2004 at Axa IM Real Assets, where he initially held various positions within the finance department. In 2013, he became Asset Manager in charge of a portfolio of shopping centres and office properties.Is New 90 Day High Low • Sep 19New 90-day low: €0.92The company is down 19% from its price of €1.13 on 19 June 2020. The French market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 13% over the same period. このセクションでは通常、投資家が会社の利益創出能力を理解する一助となるよう、プロのアナリストのコンセンサス予想に基づく収益と利益の成長予測を提示する。しかし、MRM は十分な過去のデータを提供しておらず、アナリストの予測もないため、過去のデータを外挿したり、アナリストの予測を使用しても、その将来の収益を確実に算出することはできません。 シンプリー・ウォール・ストリートがカバーする企業の97%は過去の財務データを持っているため、これはかなり稀な状況です。 業績と収益の成長予測ENXTPA:MRM - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数6/30/202415-1299N/A3/31/202415-1188N/A12/31/202315-1077N/A9/30/202314-877N/A6/30/202313-677N/A3/31/202312-577N/A12/31/202210-466N/A9/30/202210166N/A6/30/202210566N/A3/31/202210566N/A12/31/202110666N/A9/30/202110355N/A6/30/202110144N/A3/31/202110-344N/A12/31/202010-744N/A9/30/20209-644N/A6/30/20209-444N/A3/31/20209033N/A12/31/20199333N/A9/30/20199033N/A6/30/20199-322N/A3/31/20199-733N/A12/31/201810-1044N/A9/30/201810-955N/A6/30/201811-755N/A3/31/201811-6N/A4N/A12/31/201711-5N/A2N/A9/30/201712-2N/A3N/A6/30/2017121N/A3N/A3/31/2017123N/A5N/A12/31/2016135N/A7N/A9/30/2016136N/A6N/A6/30/2016136N/A5N/A3/31/2016147N/A5N/A12/31/2015147N/A5N/A9/30/2015145N/A5N/A6/30/2015142N/A5N/A3/31/201514-2N/A6N/A12/31/201415-7N/A6N/A9/30/201415-5N/A6N/A6/30/201415-2N/A6N/A3/31/20141618N/A5N/A12/31/20131638N/A4N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: MRMの予測収益成長が 貯蓄率 ( 1.4% ) を上回っているかどうかを判断するにはデータが不十分です。収益対市場: MRMの収益がFrench市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です高成長収益: MRMの収益が今後 3 年間で 大幅に 増加すると予想されるかどうかを判断するにはデータが不十分です。収益対市場: MRMの収益がFrench市場よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。高い収益成長: MRMの収益が年間20%よりも速く成長すると予測されるかどうかを判断するにはデータが不十分です。一株当たり利益成長率予想将来の株主資本利益率将来のROE: MRMの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YReal-estate 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2024/12/23 14:47終値2024/12/20 00:00収益2024/06/30年間収益2023/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋MRM 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
お知らせ • Sep 28SCOR SE Intends to Delist MRM by the End of 2024M.R.M. SA (the “Company” or “MRM”) has been informed that SCOR SE (“SCOR”) has reached an agreement to acquire Altarea SCA’s (“Altarea”) stake in MRM, representing circa 15.92% of the share capital, bringing SCOR’s shareholding in MRM to circa 72.5% of the share capital and voting rights. This transaction will result in the loss of MRM’s status as a listed real estate investment company subject to the French REIT regime (“Sociétés d’Investissements Immobiliers Cotées” or “SIIC”). The Board of Directors also noted that Altarea resigned from its position of member of the Company's Board of Directors, simultaneously with the signing of the share purchase agreement. The Board of Directors of the Company met on September 27, 2024 and noted that, following this acquisition, SCOR SE intends to file a simplified public tender offer to acquire the remaining MRM shares held by the minority shareholders. Provided the legal threshold is reached, this offer would be followed by a squeeze-out with the intent to delist the Company by the end of 2024 (the “Offer”). SCOR is considering an estimated Offer price of €35.4 per MRM share based on MRM's NTA Adjusted Net Asset at 30 June 2024, which may be adjusted for disposals not completed by the end of the first half of 2024. The Offer would remain subject to review and clearance from the Autorité des marchés financiers. The Board of Directors of the Company unanimously welcomed favorably this Offer.
お知らせ • Sep 27SCOR SE (ENXTPA:SCR) intends to file a simplified public tender offer to acquire remaining 27.52% stake in MRM (ENXTPA:MRM) for €31.2 million.SCOR SE (ENXTPA:SCR) intends to file a simplified public tender offer to acquire remaining 27.52% stake in MRM (ENXTPA:MRM) for €31.2 million on September 26, 2024. Offer price is €35.4 per share. In related transaction, SCOR SE reached an agreement to acquire 15.92% stake in MRM from Altarea SCA. This offer price values MRM at €113.7 million for 100% of the share capital of MRM. If conditions are met, it will be followed by a squeeze-out resulting in a delisting of MRM by the end of 2024. The transaction is subject to examination and clearance by the Autorité des marchés financiers. The Offer will be subject to no regulatory approvals or other conditions and will be financed with SCOR’s available cash funds.
Reported Earnings • Jul 29First half 2024 earnings released: €0.28 loss per share (vs €0.31 profit in 1H 2023)First half 2024 results: €0.28 loss per share (down from €0.31 profit in 1H 2023). Revenue: €5.80m (down 25% from 1H 2023). Net loss: €900.0k (down 191% from profit in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance.
New Risk • Jul 26New major risk - Revenue and earnings growthEarnings have declined by 33% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 33% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€48.7m market cap, or US$52.9m).
お知らせ • Jun 08MRM Approves Cash Dividend Payout in Respect of 2023 Financial Year, Payment Will Be Made on 12 June 2024MRM at the AGM held on June 5, 2024, approved cash dividend payout to shareholders of EUR 1.30 per share in respect of 2023 financial year. The planned ex-dividend date is 10 June 2024 and payment will be made on 12 June 2024.
お知らせ • Jun 06MRM Approves Board ChangesMRM at the AGM held on June 5, 2024, approved the appointment of Thierry Lacaze as independent director, replacing Brigitte Gauthier-Darcet. As a result of those votes, the composition of the Board of Directors is now as follows: Louis Bourrousse, Chairman of the Board of Directors and director; SCOR SE, director, represented by Carole De Rozières; Altarea, director, represented by Rodrigo Clare; Thierry Lacaze, independent director; Valérie Ohannessian, independent director; and Karine Trébaticky, director. Having spent his entire career in commercial property,Thierry Lacaze now works as a consultant to companies in the sector. He began his career as a property manager in 1982 at SCC, before being promoted to department head. In 1985, he was appointed director of the EVRY2 shopping centre. In 1990, he joined Tréma as head of operations. From 1999, he served as portfolio manager and became a member of the Executive Committee at SCC, overseeing all operations and sales teams. He was then in charge of the company’s development and client relations. Thierry Lacaze holds a university degree in finance and accounting.
Upcoming Dividend • Jun 03Upcoming dividend of €1.30 per shareEligible shareholders must have bought the stock before 10 June 2024. Payment date: 12 June 2024. Trailing yield: 6.8%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (5.1%).
お知らせ • Apr 05MRM Announces Chief Executive Officer ChangesMRM announced At meeting that the Board noted François Matray’s decision not to seeks renewal of his mandate as Chief Executive Officer of MRM for personal and family reasons. He had held this position since 1 October 2020. The Board of Directors of MRM, a real estate company specializing in retail property, convened and announced the appointment of Damien Chiaffi as Chief Executive Officer. At meeting, the Board noted François Matray’s decision not to seek a renewal of his mandate as Chief Executive Officer of MRM for personal and family reasons. He had held this position since 1 October 2020. Damien Chiaffi has worked at MRM since 2015 and is currently Real Estate and CSR Director. His appointment as Chief Executive Officer will take effect following the General Meeting of Shareholders scheduled for 5 June 2024. Members of the Board praised the achievements of Mr. Matray during his term of office, most notably the acquisition of the Flins and Ollioules shopping centres at the end of 2022, which marked a change of scale for MRM.
Declared Dividend • Mar 24Dividend of €1.30 announcedShareholders will receive a dividend of €1.30. Ex-date: 10th June 2024 Payment date: 12th June 2024 Dividend yield will be 7.3%, which is about the same as the industry average.
Reported Earnings • Mar 08Full year 2023 earnings releasedFull year 2023 results: Revenue: €12.7m (up 24% from FY 2022). Net loss: €10.0m (loss widened 179% from FY 2022).
New Risk • Feb 12New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€63.1m market cap, or US$68.1m).
Buying Opportunity • Jan 09Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 6.3%. The fair value is estimated to be €24.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making.
お知らせ • Dec 13MRM Announces Board ChangesMRM announced that at its meeting of 12 December 2023, the Board of Directors noted the resignation of its Chairman François de Varenne as Board member and decided to co-opt Louis Bourrousse as his replacement, as well as to appoint Louis Bourrousse as Chairman of the Board of Directors. François de Varenne had been a Board member and Chairman of the Board of Directors of MRM since the company’s recapitalisation, in which SCOR SE became MRM’s majority shareholder (1) in 2013. His duties at SCOR have since been extended. Having served as acting Chief Executive Officer of SCOR at the start of the year, he was appointed Chief Financial Officer and Deputy Chief Executive Officer of SCOR in late May. He is replaced by Louis Bourrousse, who in November was appointed Chief Executive Officer of SCOR Investment Partners, the SCOR Group’s asset management company. This decision appeared to be a way of ensuring continuity on MRM’s Board of Directors, with the desire to continue to have a Board member connected to SCOR SE, MRM’s majority shareholder, as Chairman. Louis Bourrousse is also now Chairman of the Investment Committee. The ratification of his appointment as Board member will be on the agenda for the next general meeting. At the same meeting on 12 December 2023, the Board also noted that Carole de Rozières has replaced Karina Lelièvre as permanent representative of SCOR SE. Karina Lelièvre, Deputy General Secretary of SCOR SE, had represented SCOR SE on MRM’s Board of Directors since 2013. Carole de Rozières is Chief Asset Owner Officer at the SCOR Group. As a result of the changes made during the meeting, the composition of MRM’s Board of Directors is now as follows: Louis Bourrousse, Chairman of the Board of Directors and Board member; SCOR SE, Board member, represented by Carole de Rozières; Altarea, Board member, represented by Rodrigo Clare; Brigitte Gauthier-Darcet, Board member; Valérie Ohannessian, independent Board member; and Karine Trébaticky, Board member. Louis Bourrousse joined SCOR in 2013 as Head of Strategy & Development at SCOR Global Investments, before being promoted to Head of Strategic Planning & Investments in 2017 and Head of Investment Business Performance in 2019. In November 2021, he was appointed Head of Business Development and member of the Executive Board of SCOR Investment Partners, becoming Chief Executive Officer in November 2023. Louis Bourrousse began his career in 2006 as an investment banker specialising in mergers and acquisitions at Oddo BHF and Nomura. He is a graduate of the Ecole Polytechnique and holds a Master’s degree in Finance from ENSAE ParisTech. Carole de Rozières joined SCOR in September 2022 as Chief Asset Owner Officer. She began her career in 2002 as an actuary at AXA France, before moving to the Investment Department as a financial controller in 2007 and then being promoted to Head of Asset Allocation for individual life insurance portfolios, followed by Head of Investment and Allocation for AXA entities in France. Before joining SCOR, she was head of Unit Linked Products and Duty of Advice within the Savings and Protection business unit. Carole de Rozières is a CFA charterholder. She studied Finance and Actuarial Science at ENSEA and holds a diploma in Mathematical Modelling and Methods in Economics from Université Paris I Panthéon Sorbonne.
お知らせ • Nov 10+ 3 more updatesMRM to Report Q1, 2024 Results on May 16, 2024MRM announced that they will report Q1, 2024 results on May 16, 2024
Reported Earnings • Jul 31First half 2023 earnings released: EPS: €0.46 (vs €1.36 in 1H 2022)First half 2023 results: EPS: €0.46 (down from €1.36 in 1H 2022). Revenue: €6.20m (up 32% from 1H 2022). Net income: €1.00m (down 66% from 1H 2022). Profit margin: 16% (down from 63% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
お知らせ • Jun 08MRM Approves Cash Payout for the 2022 Financial Year, Payable on 14 June 2023MRM at the AGM to be held on June 7, 2023, approved cash payout to shareholders of €1.80 per share in respect of the 2022 financial year. The ex-dividend date is 12 June 2023 and payment will be made on 14 June 2023.
Upcoming Dividend • Jun 05Upcoming dividend of €1.80 per share at 7.2% yieldEligible shareholders must have bought the stock before 12 June 2023. Payment date: 14 June 2023. Trailing yield: 7.2%. Within top quartile of French dividend payers (5.2%). In line with average of industry peers (7.9%).
Board Change • Mar 28Less than half of directors are independentFollowing 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. 3 non-independent directors. Independent Director Valérie Ohannessian 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 • Mar 08Full year 2022 earnings releasedFull year 2022 results: Net loss: €3.60m (down 164% from profit in FY 2021).
Buying Opportunity • Jan 02Now 25% undervalued after recent price dropOver the last 90 days, the stock is down 6.7%. The fair value is estimated to be €31.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Meanwhile, the company has become profitable.
お知らせ • Dec 21+ 3 more updatesM.R.M. SA to Report First Half, 2023 Results on Jul 27, 2023M.R.M. SA announced that they will report first half, 2023 results on Jul 27, 2023
お知らせ • Dec 09+ 1 more updateM.R.M. SA (ENXTPA:MRM) acquired two shopping centers from Altarea SCA (ENXTPA:ALTA) for €90.4 million.M.R.M. SA (ENXTPA:MRM) acquired two shopping centers from Altarea SCA (ENXTPA:ALTA) for €90.4 million on December 07, 2022. MRM’s advisors for the whole transaction are Gimar & Co (financial advisor), De Pardieu Brocas Maffei (legal advisor) and Lasaygues (notary). M.R.M. SA (ENXTPA:MRM) completed the acquisition of two shopping centers from Altarea SCA (ENXTPA:ALTA) on December 07, 2022.
Board Change • Nov 16Less than half of directors are independentFollowing 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 Valérie Ohannessian 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 • Aug 02First half 2022 earnings released: EPS: €1.38 (vs €1.60 in 1H 2021)First half 2022 results: EPS: €1.38 (down from €1.60 in 1H 2021). Revenue: €3.30m (down 33% from 1H 2021). Net income: €3.00m (down 8.6% from 1H 2021). Profit margin: 91% (up from 67% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.
お知らせ • Jul 29+ 1 more updateM.R.M. SA (ENXTPA:MRM) entered into an agreement to acquire Flins regional shopping centre and Carrefour Ollioules shopping centre from Snc Altarea Commerce for EUR 89.9 million.M.R.M. SA (ENXTPA:MRM) entered into an agreement to acquire Flins regional shopping centre and Carrefour Ollioules shopping centre from Snc Altarea Commerce for EUR 89.9 million on July 28, 2022. The will be paid partly in cash totaling EUR 68.9 million and partly by means of issuing of new MRM shares worth a total of EUR 21 million, in the form of a capital increase by MRM at an issue price corresponding to its replacement NAV as at 30 June 2022, i.e., EUR 48.92 per share. As of July 28, 2022, the acquisition was approved by MRM’s Board of Directors. The deal is subject to approval by MRM’s shareholders at the Extraordinary General Meeting to be held in the fourth quarter of 2022.
お知らせ • Jun 10+ 1 more updateM.R.M. SA Approves Payment of Premiums for the Financial Year 2021, Payable on June 15, 2022M.R.M. SA at its ordinary general meeting held on June 9, 2022, approved payment of premiums of €0.67 per share in respect of the financial year 2021. The ex-dividend date is June 13, 2022 and payment will be made on June 15, 2022.
Upcoming Dividend • Jun 06Upcoming dividend of €1.80 per shareEligible shareholders must have bought the stock before 13 June 2022. Payment date: 15 June 2022. Trailing yield: 4.2%. Lower than top quartile of French dividend payers (4.9%). Lower than average of industry peers (5.9%).
Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Valérie Ohannessian was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Feb 28Full year 2021 earnings: Revenues in line with analyst expectationsFull year 2021 results: Revenue: €8.00m (down 16% from FY 2020). Net income: €5.60m (up €12.8m from FY 2020). Profit margin: 70% (up from net loss in FY 2020). Revenue was in line with analyst estimates.
Valuation Update With 7 Day Price Move • Nov 08Investor sentiment improved over the past weekAfter last week's 17% share price gain to €1.21, the stock trades at a trailing P/E ratio of 54.1x. Average trailing P/E is 12x in the REITs industry in France. Total loss to shareholders of 11% over the past three years.
Upcoming Dividend • Jun 24Upcoming dividend of €0.05 per shareEligible shareholders must have bought the stock before 30 June 2021. Payment date: 02 July 2021. Trailing yield: 4.9%. Within top quartile of French dividend payers (3.8%). Higher than average of industry peers (4.0%).
Reported Earnings • Feb 28Full year 2020 earnings releasedFull year 2020 results: Net loss: €7.20m (down 328% from profit in FY 2019).
Is New 90 Day High Low • Feb 22New 90-day low: €0.87The company is down 9.0% from its price of €0.96 on 24 November 2020. The French market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 5.0% over the same period.
分析記事 • Nov 18If You Had Bought M.R.M's (EPA:MRM) Shares Three Years Ago You Would Be Down 47%As an investor its worth striving to ensure your overall portfolio beats the market average. But its virtually certain...
お知らせ • Nov 08+ 2 more updatesM.R.M. SA to Report First Half, 2021 Results on Jul 30, 2021M.R.M. SA announced that they will report first half, 2021 results on Jul 30, 2021
お知らせ • Nov 06M.R.M. SA to Report Fiscal Year 2020 Results on Feb 26, 2021M.R.M. SA announced that they will report fiscal year 2020 results at 9:00 AM, Romance Standard Time on Feb 26, 2021
Is New 90 Day High Low • Oct 24New 90-day low: €0.85The company is down 13% from its price of €0.98 on 24 July 2020. The French 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 down 10.0% over the same period.
お知らせ • Sep 24MRM Announces Executive ChangesMRM announced the appointment of François Matray as Chief Executive Officer. This appointment, which will be effective as of 1 October 2020, follows Jacques Blanchard’s decision to retire. After joining MRM and becoming a member of the Board of directors when MRM was established as a real estate investment company in 2007, Jacques Blanchard has held the role of Chief Executive Officer since 2009. He will remain a director of the company. He began his career in 2004 at Axa IM Real Assets, where he initially held various positions within the finance department. In 2013, he became Asset Manager in charge of a portfolio of shopping centres and office properties.
Is New 90 Day High Low • Sep 19New 90-day low: €0.92The company is down 19% from its price of €1.13 on 19 June 2020. The French market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 13% over the same period.