View Future GrowthFrey 과거 순이익 실적과거 기준 점검 3/6Frey의 수입은 연평균 -6.6%의 비율로 감소해 온 반면, Retail REITs 산업은 수입이 연평균 24.8% 증가했습니다. 매출은 연평균 16.3%의 비율로 증가해 왔습니다. Frey의 자기자본이익률은 6.5%이고 순이익률은 33.2%입니다.핵심 정보-6.63%순이익 성장률-10.61%주당순이익(EPS) 성장률Retail REITs 산업 성장률8.05%매출 성장률16.32%자기자본이익률6.53%순이익률33.17%최근 순이익 업데이트31 Dec 2025최근 과거 실적 업데이트공시 • Jul 23Frey SA to Report First Half, 2025 Results on Jul 24, 2025Frey SA announced that they will report first half, 2025 results on Jul 24, 2025공시 • Jan 21Frey SA to Report Fiscal Year 2024 Results on Mar 06, 2025Frey SA announced that they will report fiscal year 2024 results After-Market on Mar 06, 2025Reported Earnings • Jul 30First half 2024 earnings released: EPS: €1.46 (vs €1.30 in 1H 2023)First half 2024 results: EPS: €1.46 (up from €1.30 in 1H 2023). Revenue: €95.7m (up 36% from 1H 2023). Net income: €46.5m (up 27% from 1H 2023). Profit margin: 49% (down from 52% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.공시 • Jul 24+ 1 more updateFrey SA to Report Q2, 2024 Results on Jul 25, 2024Frey SA announced that they will report Q2, 2024 results After-Market on Jul 25, 2024Reported Earnings • Mar 03Full year 2023 earnings releasedFull year 2023 results: Revenue: €148.5m (up 20% from FY 2022). Net income: €18.9m (down 85% from FY 2022). Profit margin: 13% (down from 104% in FY 2022).Reported Earnings • Jul 27First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €25.0m from profit in 1H 2021). Profit margin: (down from 59% in 1H 2021).모든 업데이트 보기Recent updatesDeclared Dividend • Jun 01Dividend increased to €2.00Dividend of €2.00 is 5.3% higher than last year. Ex-date: 1st July 2026 Payment date: 3rd July 2026 Dividend yield will be 5.9%, which is higher than the industry average of 5.6%.공시 • May 21Frey SA, Annual General Meeting, Jun 25, 2026Frey SA, Annual General Meeting, Jun 25, 2026. Location: 1 rue rene cassin parc d affaires tgv reims, bezannes FranceBoard Change • May 20Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Director Valerie Pancrazi was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.공시 • Jul 23Frey SA to Report First Half, 2025 Results on Jul 24, 2025Frey SA announced that they will report first half, 2025 results on Jul 24, 2025공시 • May 23Frey SA, Annual General Meeting, Jun 25, 2025Frey SA, Annual General Meeting, Jun 25, 2025. Location: 1 rue rene cassin parc d affaires, tgv reims bezannes, bezannes France공시 • Jan 21Frey SA to Report Fiscal Year 2024 Results on Mar 06, 2025Frey SA announced that they will report fiscal year 2024 results After-Market on Mar 06, 2025Reported Earnings • Jul 30First half 2024 earnings released: EPS: €1.46 (vs €1.30 in 1H 2023)First half 2024 results: EPS: €1.46 (up from €1.30 in 1H 2023). Revenue: €95.7m (up 36% from 1H 2023). Net income: €46.5m (up 27% from 1H 2023). Profit margin: 49% (down from 52% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.공시 • Jul 24+ 1 more updateFrey SA to Report Q2, 2024 Results on Jul 25, 2024Frey SA announced that they will report Q2, 2024 results After-Market on Jul 25, 2024Buy Or Sell Opportunity • Jul 01Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at €26.80. The fair value is estimated to be €21.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%.Buy Or Sell Opportunity • Jun 27Now 20% overvaluedThe stock has been flat over the last 90 days, currently trading at €26.60. The fair value is estimated to be €22.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%.Upcoming Dividend • May 14Upcoming dividend of €1.80 per shareEligible shareholders must have bought the stock before 21 May 2024. Payment date: 23 May 2024. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (5.3%).Buy Or Sell Opportunity • May 10Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 4.6% to €27.20. The fair value is estimated to be €22.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%.Reported Earnings • Mar 03Full year 2023 earnings releasedFull year 2023 results: Revenue: €148.5m (up 20% from FY 2022). Net income: €18.9m (down 85% from FY 2022). Profit margin: 13% (down from 104% in FY 2022).공시 • Feb 29Frey SA, Annual General Meeting, May 15, 2024Frey SA, Annual General Meeting, May 15, 2024.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 Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (13% increase in shares outstanding).New Risk • Jan 24New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding).공시 • Dec 16Frey SA has completed a Follow-on Equity Offering in the amount of €97.082375 million.Frey SA has completed a Follow-on Equity Offering in the amount of €97.082375 million. Security Name: Shares Security Type: Common Stock Securities Offered: 3,883,295 Price\Range: €25 Transaction Features: Subsequent Direct Listing공시 • Oct 19Frey SA (ENXTPA:FREY) completed the acquisition of Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW).Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million on October 12, 2023.The acquisition was financed through a mortgage loan for a total of €120 million structured with BNP Paribas and Crédit Agricole Corporate & Investment Bank and the residual amount with the company’s own resources. The transaction is expected to be completed during Q4-2023. De Pardieu Brocas Maffei acted as legal advisor to Frey SA (ENXTPA:FREY). Delrez Graux Jacques Karnik advised Frey SA (ENXTPA:FREY) in the transaction. The Banks were advised by the firm Lacourte Raquin Tatar and the firm Wargny-Katz. Frey SA (ENXTPA:FREY) completed the acquisition of Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) on October 18, 2023.공시 • Oct 13Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million.Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million on October 12, 2023. The transaction is expected to be completed during Q4-2023.New Risk • Jun 17New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results.Upcoming Dividend • May 08Upcoming dividend of €1.70 per share at 5.2% yieldEligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.8%).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. 8 non-independent directors. Independent Director Muriel Faure 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.공시 • Sep 01Frey SA (ENXTPA:FREY) acquired Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S for EUR 105 million.Frey SA (ENXTPA:FREY) acquired Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S for EUR 105 million on August 31, 2022.Frey SA (ENXTPA:FREY) completed the acquisition of Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S on August 31, 2022.Reported Earnings • Jul 27First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €25.0m from profit in 1H 2021). Profit margin: (down from 59% in 1H 2021).공시 • Jul 08Frey SA (ENXTPA:FREY) acquired Parque Mediterráneo Retail Park from private investors for €83 million.Frey SA (ENXTPA:FREY) acquired Parque Mediterráneo Retail Park from private investors for €83 million on July 6, 2022. The acquisition was financed from Frey's own resources. Arcadis Sp Z O O and Pérez-Llorca Abogados, S.L.P. y CÍA, S.Com.P. acted as legal advisor to Frey. The sellers were advised by CBRE. Frey SA (ENXTPA:FREY) completed the acquisition of Parque Mediterráneo Retail Park from private investors on July 6, 2022.공시 • Jun 24Frey SA (ENXTPA:FREY) acquired Finestrelles Shopping Centre from Equilis SA for €127.5 millionFrey SA (ENXTPA:FREY) acquired Finestrelles Shopping Centre from Equilis SA for €127.5 million. The purchase price will be subject to adjustment based on the actual performance of the asset and will be calculated in 2023 and 2024 at the seller’s discretion. FREY will have a rental guarantee of an annual amount of €7.9 million for the period from closing to the time of the earn-out calculation. The acquisition was financed by Frey from the its own resources. Arcadis Sp Z O O and Pérez-Llorca acted as legal advisor to Frey. Grant Thornton JRP, S.L. acted as accountant to Frey. Frey SA (ENXTPA:FREY) completed the acquisition of Finestrelles Shopping Centre from Equilis SA for €127.5 million on June 22, 2022.Upcoming Dividend • May 17Upcoming dividend of €1.60 per shareEligible shareholders must have bought the stock before 24 May 2022. Payment date: 26 May 2022. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (4.3%).Board Change • Apr 27Less 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. 8 non-independent directors. Independent Director Muriel Faure 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 31Full year 2021 earnings released: EPS: €2.62 (vs €0.097 in FY 2020)Full year 2021 results: EPS: €2.62 (up from €0.097 in FY 2020). Revenue: €98.7m (down 7.9% from FY 2020). Net income: €65.4m (up €63.1m from FY 2020). Profit margin: 66% (up from 2.2% in FY 2020).Reported Earnings • Sep 26First half 2021 earnings released: EPS €1.02 (vs €0.14 loss in 1H 2020)The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €42.3m (up 5.4% from 1H 2020). Net income: €25.0m (up €28.3m from 1H 2020). Profit margin: 59% (up from net loss in 1H 2020). The move to profitability was primarily driven by lower expenses.Board Change • Jul 27Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Muriel Faure 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.매출 및 비용 세부 내역Frey가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이DB:943 매출, 비용 및 순이익 (EUR Millions)날짜매출순이익일반관리비연구개발비31 Dec 252337723030 Sep 252094221030 Jun 25185619031 Mar 251862317031 Dec 241874014030 Sep 241803413030 Jun 241742912031 Mar 241622412031 Dec 231501912030 Sep 231445712030 Jun 231389512031 Mar 2313211213031 Dec 2212712913030 Sep 2212312013030 Jun 2211911112031 Mar 221108811031 Dec 211016511030 Sep 21105489030 Jun 21110318031 Mar 21107178031 Dec 2010529030 Sep 2096179030 Jun 2086319031 Mar 2082409031 Dec 1978509030 Sep 1976429030 Jun 1974359031 Mar 1969409031 Dec 1864459030 Sep 1853589030 Jun 1843719031 Mar 1841668031 Dec 1738617030 Sep 1736505030 Jun 1734394031 Mar 1732364031 Dec 1630334030 Sep 1635274030 Jun 1640225031 Mar 1643215031 Dec 1547205030 Sep 1545184030 Jun 15441540양질의 수익: 943는 €49.9M 규모의 큰 일회성 이익이 있어 31st December, 2025까지 지난 12개월 재무 결과에 영향을 미쳤습니다.이익 마진 증가: 943의 현재 순 이익률 (33.2%)은 지난해 (21.4%)보다 높습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: 943의 수익은 지난 5년 동안 연평균 6.6% 감소했습니다.성장 가속화: 지난 1년간 943 의 수익 증가율(93.5%)은 연간 평균(-6.6%)을 초과합니다.수익 대 산업: 943의 지난 1년 수익 증가율(93.5%)은 Retail REITs 업계의 15.2%를 상회했습니다.자기자본이익률높은 ROE: 943의 자본 수익률(6.5%)은 낮음으로 평가됩니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YReal-estate 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/06/04 10:22종가2026/06/04 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Frey SA는 1명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Gregory TuttlePiper Sandler Companies
공시 • Jul 23Frey SA to Report First Half, 2025 Results on Jul 24, 2025Frey SA announced that they will report first half, 2025 results on Jul 24, 2025
공시 • Jan 21Frey SA to Report Fiscal Year 2024 Results on Mar 06, 2025Frey SA announced that they will report fiscal year 2024 results After-Market on Mar 06, 2025
Reported Earnings • Jul 30First half 2024 earnings released: EPS: €1.46 (vs €1.30 in 1H 2023)First half 2024 results: EPS: €1.46 (up from €1.30 in 1H 2023). Revenue: €95.7m (up 36% from 1H 2023). Net income: €46.5m (up 27% from 1H 2023). Profit margin: 49% (down from 52% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
공시 • Jul 24+ 1 more updateFrey SA to Report Q2, 2024 Results on Jul 25, 2024Frey SA announced that they will report Q2, 2024 results After-Market on Jul 25, 2024
Reported Earnings • Mar 03Full year 2023 earnings releasedFull year 2023 results: Revenue: €148.5m (up 20% from FY 2022). Net income: €18.9m (down 85% from FY 2022). Profit margin: 13% (down from 104% in FY 2022).
Reported Earnings • Jul 27First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €25.0m from profit in 1H 2021). Profit margin: (down from 59% in 1H 2021).
Declared Dividend • Jun 01Dividend increased to €2.00Dividend of €2.00 is 5.3% higher than last year. Ex-date: 1st July 2026 Payment date: 3rd July 2026 Dividend yield will be 5.9%, which is higher than the industry average of 5.6%.
공시 • May 21Frey SA, Annual General Meeting, Jun 25, 2026Frey SA, Annual General Meeting, Jun 25, 2026. Location: 1 rue rene cassin parc d affaires tgv reims, bezannes France
Board Change • May 20Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Director Valerie Pancrazi was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
공시 • Jul 23Frey SA to Report First Half, 2025 Results on Jul 24, 2025Frey SA announced that they will report first half, 2025 results on Jul 24, 2025
공시 • May 23Frey SA, Annual General Meeting, Jun 25, 2025Frey SA, Annual General Meeting, Jun 25, 2025. Location: 1 rue rene cassin parc d affaires, tgv reims bezannes, bezannes France
공시 • Jan 21Frey SA to Report Fiscal Year 2024 Results on Mar 06, 2025Frey SA announced that they will report fiscal year 2024 results After-Market on Mar 06, 2025
Reported Earnings • Jul 30First half 2024 earnings released: EPS: €1.46 (vs €1.30 in 1H 2023)First half 2024 results: EPS: €1.46 (up from €1.30 in 1H 2023). Revenue: €95.7m (up 36% from 1H 2023). Net income: €46.5m (up 27% from 1H 2023). Profit margin: 49% (down from 52% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
공시 • Jul 24+ 1 more updateFrey SA to Report Q2, 2024 Results on Jul 25, 2024Frey SA announced that they will report Q2, 2024 results After-Market on Jul 25, 2024
Buy Or Sell Opportunity • Jul 01Now 22% overvaluedThe stock has been flat over the last 90 days, currently trading at €26.80. The fair value is estimated to be €21.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%.
Buy Or Sell Opportunity • Jun 27Now 20% overvaluedThe stock has been flat over the last 90 days, currently trading at €26.60. The fair value is estimated to be €22.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%.
Upcoming Dividend • May 14Upcoming dividend of €1.80 per shareEligible shareholders must have bought the stock before 21 May 2024. Payment date: 23 May 2024. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (5.3%).
Buy Or Sell Opportunity • May 10Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 4.6% to €27.20. The fair value is estimated to be €22.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%.
Reported Earnings • Mar 03Full year 2023 earnings releasedFull year 2023 results: Revenue: €148.5m (up 20% from FY 2022). Net income: €18.9m (down 85% from FY 2022). Profit margin: 13% (down from 104% in FY 2022).
공시 • Feb 29Frey SA, Annual General Meeting, May 15, 2024Frey SA, Annual General Meeting, May 15, 2024.
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 Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (13% increase in shares outstanding).
New Risk • Jan 24New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding).
공시 • Dec 16Frey SA has completed a Follow-on Equity Offering in the amount of €97.082375 million.Frey SA has completed a Follow-on Equity Offering in the amount of €97.082375 million. Security Name: Shares Security Type: Common Stock Securities Offered: 3,883,295 Price\Range: €25 Transaction Features: Subsequent Direct Listing
공시 • Oct 19Frey SA (ENXTPA:FREY) completed the acquisition of Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW).Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million on October 12, 2023.The acquisition was financed through a mortgage loan for a total of €120 million structured with BNP Paribas and Crédit Agricole Corporate & Investment Bank and the residual amount with the company’s own resources. The transaction is expected to be completed during Q4-2023. De Pardieu Brocas Maffei acted as legal advisor to Frey SA (ENXTPA:FREY). Delrez Graux Jacques Karnik advised Frey SA (ENXTPA:FREY) in the transaction. The Banks were advised by the firm Lacourte Raquin Tatar and the firm Wargny-Katz. Frey SA (ENXTPA:FREY) completed the acquisition of Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) on October 18, 2023.
공시 • Oct 13Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million.Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million on October 12, 2023. The transaction is expected to be completed during Q4-2023.
New Risk • Jun 17New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results.
Upcoming Dividend • May 08Upcoming dividend of €1.70 per share at 5.2% yieldEligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.8%).
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. 8 non-independent directors. Independent Director Muriel Faure 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.
공시 • Sep 01Frey SA (ENXTPA:FREY) acquired Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S for EUR 105 million.Frey SA (ENXTPA:FREY) acquired Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S for EUR 105 million on August 31, 2022.Frey SA (ENXTPA:FREY) completed the acquisition of Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S on August 31, 2022.
Reported Earnings • Jul 27First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €25.0m from profit in 1H 2021). Profit margin: (down from 59% in 1H 2021).
공시 • Jul 08Frey SA (ENXTPA:FREY) acquired Parque Mediterráneo Retail Park from private investors for €83 million.Frey SA (ENXTPA:FREY) acquired Parque Mediterráneo Retail Park from private investors for €83 million on July 6, 2022. The acquisition was financed from Frey's own resources. Arcadis Sp Z O O and Pérez-Llorca Abogados, S.L.P. y CÍA, S.Com.P. acted as legal advisor to Frey. The sellers were advised by CBRE. Frey SA (ENXTPA:FREY) completed the acquisition of Parque Mediterráneo Retail Park from private investors on July 6, 2022.
공시 • Jun 24Frey SA (ENXTPA:FREY) acquired Finestrelles Shopping Centre from Equilis SA for €127.5 millionFrey SA (ENXTPA:FREY) acquired Finestrelles Shopping Centre from Equilis SA for €127.5 million. The purchase price will be subject to adjustment based on the actual performance of the asset and will be calculated in 2023 and 2024 at the seller’s discretion. FREY will have a rental guarantee of an annual amount of €7.9 million for the period from closing to the time of the earn-out calculation. The acquisition was financed by Frey from the its own resources. Arcadis Sp Z O O and Pérez-Llorca acted as legal advisor to Frey. Grant Thornton JRP, S.L. acted as accountant to Frey. Frey SA (ENXTPA:FREY) completed the acquisition of Finestrelles Shopping Centre from Equilis SA for €127.5 million on June 22, 2022.
Upcoming Dividend • May 17Upcoming dividend of €1.60 per shareEligible shareholders must have bought the stock before 24 May 2022. Payment date: 26 May 2022. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (4.3%).
Board Change • Apr 27Less 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. 8 non-independent directors. Independent Director Muriel Faure 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 31Full year 2021 earnings released: EPS: €2.62 (vs €0.097 in FY 2020)Full year 2021 results: EPS: €2.62 (up from €0.097 in FY 2020). Revenue: €98.7m (down 7.9% from FY 2020). Net income: €65.4m (up €63.1m from FY 2020). Profit margin: 66% (up from 2.2% in FY 2020).
Reported Earnings • Sep 26First half 2021 earnings released: EPS €1.02 (vs €0.14 loss in 1H 2020)The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €42.3m (up 5.4% from 1H 2020). Net income: €25.0m (up €28.3m from 1H 2020). Profit margin: 59% (up from net loss in 1H 2020). The move to profitability was primarily driven by lower expenses.
Board Change • Jul 27Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Muriel Faure 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.