Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: €87.27 (vs €61.68 in FY 2024) Full year 2025 results: EPS: €87.27 (up from €61.68 in FY 2024). Revenue: €251.6m (up 35% from FY 2024). Net income: €34.5m (up 41% from FY 2024). Profit margin: 14% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 04
Dividend of €12.25 announced Shareholders will receive a dividend of €12.25. Ex-date: 13th June 2025 Payment date: 17th June 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • Jun 03
Moury Construct SA announces Annual dividend, payable on June 17, 2025 Moury Construct SA announced Annual dividend of EUR 12.2500 per share payable on June 17, 2025, ex-date on June 13, 2025 and record date on June 16, 2025. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: €61.67 (vs €61.52 in FY 2023) Full year 2024 results: EPS: €61.67 (up from €61.52 in FY 2023). Revenue: €188.3m (down 2.9% from FY 2023). Net income: €24.4m (flat on FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €515, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 14x in the Construction industry in Europe. Total returns to shareholders of 67% over the past three years. Reported Earnings • Sep 26
First half 2024 earnings released: EPS: €35.87 (vs €30.77 in 1H 2023) First half 2024 results: EPS: €35.87 (up from €30.77 in 1H 2023). Revenue: €98.0m (up 4.5% from 1H 2023). Net income: €14.2m (up 16% from 1H 2023). Profit margin: 14% (up from 13% in 1H 2023). The increase in margin was driven by higher revenue. 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 22% per year, which means it is significantly lagging earnings growth. New Risk • Jun 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Belgian stocks, typically moving 7.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 06
Upcoming dividend of €7.70 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 17 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Belgian dividend payers (6.8%). Lower than average of industry peers (3.9%). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: €61.52 (vs €43.85 in FY 2022) Full year 2023 results: EPS: €61.52 (up from €43.85 in FY 2022). Revenue: €196.3m (up 26% from FY 2022). Net income: €24.4m (up 41% from FY 2022). Profit margin: 12% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €520, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 11x in the Construction industry in Belgium. Total returns to shareholders of 133% over the past three years. Reported Earnings • Sep 29
First half 2023 earnings released: EPS: €30.77 (vs €20.90 in 1H 2022) First half 2023 results: EPS: €30.77 (up from €20.90 in 1H 2022). Revenue: €93.7m (up 18% from 1H 2022). Net income: €12.2m (up 48% from 1H 2022). Profit margin: 13% (up from 10% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year and the company’s share price has also increased by 31% per year. New Risk • Jul 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 135% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 08
Upcoming dividend of €6.79 per share at 2.6% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 19 June 2023. Trailing yield: 2.6%. Lower than top quartile of Belgian dividend payers (6.7%). Lower than average of industry peers (3.7%). Upcoming Dividend • Jun 01
Upcoming dividend of €6.79 per share at 2.6% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 12 June 2023. Trailing yield: 2.6%. Lower than top quartile of Belgian dividend payers (6.8%). Lower than average of industry peers (3.7%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: €43.85 (vs €33.02 in FY 2021) Full year 2022 results: EPS: €43.85 (up from €33.02 in FY 2021). Revenue: €157.0m (up 16% from FY 2021). Net income: €17.3m (up 33% from FY 2021). Profit margin: 11% (up from 9.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 33% per year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €354, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 183% over the past three years. Board Change • Dec 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Françoise Belfroid was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 18
First half 2022 earnings released: EPS: €20.90 (vs €16.93 in 1H 2021) First half 2022 results: EPS: €20.90 (up from €16.93 in 1H 2021). Revenue: €80.2m (up 5.8% from 1H 2021). Net income: €8.23m (up 23% from 1H 2021). Profit margin: 10% (up from 8.8% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 03
First half 2021 earnings released: EPS €16.93 (vs €11.36 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €75.8m (up 17% from 1H 2020). Net income: €6.67m (up 49% from 1H 2020). Profit margin: 8.8% (up from 6.9% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 34% per year. Upcoming Dividend • Jun 08
Upcoming dividend of €4.90 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 17 June 2021. Trailing yield: 2.6%. Lower than top quartile of Belgian dividend payers (4.4%). In line with average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 17% share price gain to €276, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 14x in the Construction industry in Europe. Total returns to shareholders of 123% over the past three years. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS €23.09 (vs €15.21 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €129.8m (up 2.4% from FY 2019). Net income: €9.09m (up 51% from FY 2019). Profit margin: 7.0% (up from 4.7% in FY 2019). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 11
New 90-day high: €192 The company is up 9.0% from its price of €176 on 13 November 2020. The Belgian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: €186 The company is up 25% from its price of €149 on 25 September 2020. The Belgian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: €180 The company is up 19% from its price of €151 on 18 August 2020. The Belgian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 4.0% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total profits of €8.03m, up 62% from the prior year. Total revenue was €128.1m over the last 12 months, up 7.1% from the prior year. Is New 90 Day High Low • Sep 28
New 90-day high: €156 The company is up 8.0% from its price of €145 on 30 June 2020. The Belgian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 8.0% over the same period. Reported Earnings • Sep 28
First half earnings released Over the last 12 months the company has reported total profits of €8.03m, up 62% from the prior year. Total revenue was €128.2m over the last 12 months, up 7.2% from the prior year.