New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (20% average weekly change). Market cap is less than US$10m (€2.36m market cap, or US$2.68m). Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Noemie Barbier was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공고 • Sep 29
Réalités S.A., Annual General Meeting, Oct 31, 2025 Réalités S.A., Annual General Meeting, Oct 31, 2025. Location: 40 rue de strasbourg, nantes France Reported Earnings • Oct 29
First half 2024 earnings released: €17.78 loss per share (vs €0.83 profit in 1H 2023) First half 2024 results: €17.78 loss per share (down from €0.83 profit in 1H 2023). Revenue: €121.4m (down 35% from 1H 2023). Net loss: €84.4m (down €88.0m from profit in 1H 2023). New Risk • Oct 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.54m (US$9.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (€8.54m market cap, or US$9.28m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). New Risk • Oct 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 14% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€9.59m market cap, or US$10.4m). New Risk • Sep 30
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 German stocks, typically moving 19% 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 14% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€9.97m market cap, or US$11.1m). Buy Or Sell Opportunity • Jul 12
Now 20% overvalued Over the last 90 days, the stock has fallen 49% to €6.88. The fair value is estimated to be €5.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 03
Full year 2023 earnings released Full year 2023 results: Revenue: €402.0m (up 10% from FY 2022). Net income: €2.70m (down 75% from FY 2022). Profit margin: 0.7% (down from 3.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 15% decline forecast for the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €14.40, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 2x in the Real Estate industry in Germany. Total loss to shareholders of 43% over the past year. Buy Or Sell Opportunity • Feb 05
Now 20% overvalued Over the last 90 days, the stock has fallen 1.1% to €17.30. The fair value is estimated to be €14.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 9.7%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Buying Opportunity • Nov 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be €23.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 9.7%. Revenue is forecast to grow by 52% in 2 years. Earnings is forecast to grow by 145% in the next 2 years. Reported Earnings • Oct 25
First half 2023 earnings released: EPS: €0.83 (vs €0.72 in 1H 2022) First half 2023 results: EPS: €0.83 (up from €0.72 in 1H 2022). Revenue: €187.1m (up 33% from 1H 2022). Net income: €3.62m (up 29% from 1H 2022). Profit margin: 1.9% (down from 2.0% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 14% decline forecast for the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €23.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Real Estate industry in Germany. Total loss to shareholders of 23% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €25.90 per share. Buying Opportunity • Sep 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €25.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 3.1%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings is also forecast to grow by 39% per annum over the same time period. New Risk • Jul 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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 Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (€84.3m market cap, or US$93.9m). Board Change • Mar 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.