New Risk • Jun 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €84.0m (US$97.4m) This is considered a minor 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: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (€84.0m market cap, or US$97.4m). New Risk • May 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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: Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Price Target Changed • Apr 19
Price target decreased by 35% to €2.60 Down from €3.98, the current price target is an average from 3 analysts. New target price is 88% above last closing price of €1.38. Stock is down 30% over the past year. The company is forecast to post a net loss per share of €1.21 next year compared to a net loss per share of €3.36 last year. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. This is currently the only risk that has been identified for the company. Price Target Changed • Mar 23
Price target decreased by 7.3% to €3.98 Down from €4.29, the current price target is an average from 4 analysts. New target price is 194% above last closing price of €1.35. Stock is down 32% over the past year. The company is forecast to post a net loss per share of €1.21 next year compared to a net loss per share of €3.36 last year. Buy Or Sell Opportunity • Feb 11
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €1.91. The fair value is estimated to be €2.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 43% in a year. Earnings are forecast to grow by 93% in the next year. Price Target Changed • Jan 17
Price target decreased by 13% to €3.71 Down from €4.29, the current price target is an average from 5 analysts. New target price is 95% above last closing price of €1.90. Stock is down 15% over the past year. The company is forecast to post a net loss per share of €0.28 next year compared to a net loss per share of €3.36 last year. Buy Or Sell Opportunity • Nov 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €1.85. The fair value is estimated to be €2.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 41% in a year. Earnings are forecast to grow by 99% in the next year. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.25 to -€0.28 per share. Revenue forecast unchanged at €140.5m. Real Estate industry in Germany expected to see average net income decline 7.3% next year. Consensus price target broadly unchanged at €4.21. Share price was steady at €1.91 over the past week. Reported Earnings • Nov 07
Third quarter 2025 earnings released: €1.36 loss per share (vs €0.32 loss in 3Q 2024) Third quarter 2025 results: €1.36 loss per share (further deteriorated from €0.32 loss in 3Q 2024). Revenue: €51.8m (down 22% from 3Q 2024). Net loss: €113.4m (loss widened 328% from 3Q 2024). Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 17% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 29
VIB Vermögen AG (XTRA:VIH1) completed the acquisition of Institutional Business of Branicks Group AG (XTRA:DIC). VIB Vermögen AG (XTRA:VIH1) entered into a purchase agreement to acquire Institutional Business of Branicks Group AG (XTRA:DIC) on July 7, 2025. The volume of the transfer to VIB Vermögen is around €360 million. The business relationship with institutional investors will not change. The customer interface and account managers will remain unchanged. The Commercial Portfolio of Branicks Group AG is not affected by the organisational change. The closing of the transaction is still subject to the usual, purely formal closing conditions. Branicks and VIB have also agreed that upon completion of the transfer, all claims of VIB against Branicks arising from the loan granted by VIB Vermögen AG to Branicks Group AG on July 7, 2023 in the amount of around €300 million will be offset.
VIB Vermögen AG (XTRA:VIH1) completed the acquisition of Institutional Business of Branicks Group AG (XTRA:DIC) on August 27, 2025. Reported Earnings • Aug 27
Second quarter 2025 earnings released: €0.09 loss per share (vs €1.10 loss in 2Q 2024) Second quarter 2025 results: €0.09 loss per share (improved from €1.10 loss in 2Q 2024). Revenue: €53.3m (down 19% from 2Q 2024). Net loss: €7.78m (loss narrowed 92% from 2Q 2024). Revenue is expected to fall by 23% p.a. on average during the next 3 years compared to a 20% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Aankondiging • Jul 15
Branicks Group AG, Annual General Meeting, Aug 20, 2025 Branicks Group AG, Annual General Meeting, Aug 20, 2025, at 10:00 W. Europe Standard Time. Buy Or Sell Opportunity • Jul 07
Now 22% undervalued Over the last 90 days, the stock has risen 21% to €2.18. The fair value is estimated to be €2.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 46% in a year. Earnings are forecast to grow by 93% in the next year. Reported Earnings • May 09
First quarter 2025 earnings released: €0.18 loss per share (vs €0.11 loss in 1Q 2024) First quarter 2025 results: €0.18 loss per share (further deteriorated from €0.11 loss in 1Q 2024). Revenue: €54.4m (down 14% from 1Q 2024). Net loss: €15.1m (loss widened 61% from 1Q 2024). Revenue is expected to fall by 29% p.a. on average during the next 3 years compared to a 20% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Major Estimate Revision • May 06
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €143.3m to €138.9m. Losses expected to increase from €0.20 per share to €0.24. Real Estate industry in Germany expected to see average net income growth of 15% next year. Consensus price target of €4.01 unchanged from last update. Share price fell 3.4% to €1.91 over the past week. Reported Earnings • Mar 12
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €3.36 loss per share (further deteriorated from €0.79 loss in FY 2023). Revenue: €251.6m (down 9.6% from FY 2023). Net loss: €281.1m (loss widened 326% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates significantly. Revenue is expected to fall by 28% p.a. on average during the next 2 years compared to a 13% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Mar 07
Consensus EPS estimates upgraded to €0.54 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €172.0m to €168.7m. 2024 losses expected to reduce from -€0.757 to -€0.54 per share. Real Estate industry in Germany expected to see average net income growth of 65% next year. Consensus price target of €3.99 unchanged from last update. Share price fell 5.6% to €2.34 over the past week. Aankondiging • Nov 21
BRESTADT GmbH agreed to acquire Galeria Kaufhof in Bremen City Center from Branicks Group AG (XTRA:DIC) for €37.2 million. BRESTADT GmbH agreed to acquire Galeria Kaufhof in Bremen City Center from Branicks Group AG (XTRA:DIC) for €37.2 million on November 18, 2024. A cash consideration of €37.2 million will be paid by BRESTADT GmbH. The transaction is expected to close by the end of 2024. Reported Earnings • Nov 12
Third quarter 2024 earnings released: €0.32 loss per share (vs €0.08 loss in 3Q 2023) Third quarter 2024 results: €0.32 loss per share (further deteriorated from €0.08 loss in 3Q 2023). Revenue: €66.5m (down 1.8% from 3Q 2023). Net loss: €26.5m (loss widened 321% from 3Q 2023). Revenue is expected to fall by 22% p.a. on average during the next 3 years compared to a 15% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Sep 11
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.76 to -€0.981 per share. Revenue forecast unchanged at €167.3m. Real Estate industry in Germany expected to see average net income growth of 5.8% next year. Consensus price target down from €3.68 to €3.51. Share price fell 11% to €1.96 over the past week. Reported Earnings • Aug 28
Second quarter 2024 earnings released: €1.10 loss per share (vs €0.18 loss in 2Q 2023) Second quarter 2024 results: €1.10 loss per share (further deteriorated from €0.18 loss in 2Q 2023). Revenue: €64.3m (down 3.6% from 2Q 2023). Net loss: €92.2m (loss widened €77.0m from 2Q 2023). Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 16% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 21
Now 23% overvalued Over the last 90 days, the stock has fallen 10% to €1.93. The fair value is estimated to be €1.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 40% in 2 years. Earnings are forecast to grow by 94% in the next 2 years. Price Target Changed • Aug 19
Price target increased by 9.6% to €3.71 Up from €3.38, the current price target is an average from 6 analysts. New target price is 102% above last closing price of €1.83. Stock is down 56% over the past year. The company is forecast to post a net loss per share of €0.41 next year compared to a net loss per share of €0.79 last year. Aankondiging • Aug 16
An undisclosed buyer acquired Retail park property located in Stockstadt from Branicks Group AG (XTRA:DIC). An undisclosed buyer acquired Retail park property located in Stockstadt from Branicks Group AG (XTRA:DIC) on August 16, 2024.
An undisclosed buyer completed the acquisition of Retail park property located in Stockstadt from Branicks Group AG (XTRA:DIC) on August 16, 2024. Aankondiging • Jul 12
Branicks Group AG, Annual General Meeting, Aug 22, 2024 Branicks Group AG, Annual General Meeting, Aug 22, 2024, at 10:00 W. Europe Standard Time. Major Estimate Revision • May 16
Consensus EPS estimates fall by 100% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.28 to -€0.56 per share. Revenue forecast of €175.3m unchanged since last update. Real Estate industry in Germany expected to see average net income growth of 37% next year. Consensus price target up from €3.22 to €3.38. Share price rose 22% to €2.02 over the past week. Major Estimate Revision • May 07
Consensus EPS estimates upgraded to €0.12 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €178.9m to €166.0m. 2024 losses expected to reduce from -€0.144 to -€0.12 per share. Real Estate industry in Germany expected to see average net income growth of 36% next year. Consensus price target of €3.22 unchanged from last update. Share price was steady at €1.67 over the past week. Reported Earnings • May 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: €0.79 loss per share (down from €0.38 profit in FY 2022). Revenue: €272.0m (down 14% from FY 2022). Net loss: €66.0m (down 313% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 177%. Revenue is expected to fall by 23% p.a. on average during the next 2 years compared to a 16% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 06
Branicks Group AG to Report Fiscal Year 2023 Results on Apr 30, 2024 Branicks Group AG announced that they will report fiscal year 2023 results on Apr 30, 2024 Price Target Changed • Jan 23
Price target decreased by 7.2% to €5.98 Down from €6.45, the current price target is an average from 6 analysts. New target price is 168% above last closing price of €2.24. Stock is down 75% over the past year. The company is forecast to post a net loss per share of €0.28 compared to earnings per share of €0.38 last year. New Risk • Dec 07
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 9.4% 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 Interest payments are not well covered by earnings (0.9x net interest cover). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risk Paying a dividend despite being loss-making. Price Target Changed • Nov 15
Price target decreased by 11% to €6.45 Down from €7.24, the current price target is an average from 5 analysts. New target price is 63% above last closing price of €3.95. Stock is down 49% over the past year. The company is forecast to post a net loss per share of €0.26 compared to earnings per share of €0.38 last year. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 14% 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 (1.1x net interest cover). Earnings have declined by 14% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Oct 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Reported Earnings • Aug 04
Second quarter 2023 earnings released: €0.18 loss per share (vs €0.18 profit in 2Q 2022) Second quarter 2023 results: €0.18 loss per share (down from €0.18 profit in 2Q 2022). Revenue: €66.7m (down 22% from 2Q 2022). Net loss: €15.2m (down 205% from profit in 2Q 2022). Revenue is expected to fall by 17% p.a. on average during the next 3 years compared to a 13% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. New Risk • Jul 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 (1.5x net interest cover). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (287% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.7% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (287% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.7% net profit margin). New Risk • Jul 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (287% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.7% net profit margin). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.63, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 5x in the Real Estate industry in Germany. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.37 per share. Major Estimate Revision • Jun 20
Consensus EPS estimates increase by 74% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.25 to €0.435. Revenue forecast unchanged at €188.4m. Net income forecast to grow 39% next year vs 35% growth forecast for Real Estate industry in Germany. Consensus price target of €10.40 unchanged from last update. Share price fell 3.9% to €5.22 over the past week. Aankondiging • May 31
DIC Asset AG Appoints Michael Tegeder as Head of Corporate Finance DIC Asset AG appointed Michael Tegeder as its new Head of Corporate Finance. He takes over the position from Rutger Kaeding, who is leaving the company at his own request to pursue a new challenge. Mr. Tegeder has many years of industry experience in the real estate sector and is a financial expert. Before joining DIC he held senior positions at listed real estate companies with responsibility for corporate finance and investor relations, among them B&O Group, Patrizia AG and DAX-listed Vonovia SE. Reported Earnings • May 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: €70.4m (up 17% from 1Q 2022). Net income: €96.0k (down 99% from 1Q 2022). Profit margin: 0.1% (down from 16% in 1Q 2022). Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 21% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Aankondiging • May 11
DIC Asset AG Reaffirms Earnings Guidance for the Year 2023 DIC Asset AG reaffirmed earnings guidance for the year 2023. The company forecast for its key earnings figures for the current financial year, which was issued in the context of the publication of the annual figures for 2022, remains unchanged. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €7.34, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 6x in the Real Estate industry in Germany. Total loss to shareholders of 5.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.31 per share. Upcoming Dividend • Mar 24
Upcoming dividend of €0.75 per share at 8.7% yield Eligible shareholders must have bought the stock before 31 March 2023. Payment date: 02 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%). Aankondiging • Feb 18
DIC Asset AG Proposes Dividend for the Year 2022 DIC Asset AG's Supervisory Board con-curred with the Management Board's recommendation to propose to the General Shareholders' Meeting that a dividend of EUR 0.75 per share carrying dividend rights be distributed to the shareholders from the retained earnings of financial year 2022 and that the remaining amount be carried forward to new account. Reported Earnings • Feb 16
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.38 (down from €0.71 in FY 2021). Revenue: €295.6m (up 24% from FY 2021). Net income: €31.0m (down 46% from FY 2021). Profit margin: 11% (down from 24% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 13% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 05
Price target decreased by 14% to €11.68 Down from €13.58, the current price target is an average from 6 analysts. New target price is 29% above last closing price of €9.09. Stock is down 39% over the past year. The company is forecast to post earnings per share of €0.49 for next year compared to €0.71 last year. Price Target Changed • Nov 30
Price target decreased to €14.08 Down from €15.50, the current price target is an average from 7 analysts. New target price is 88% above last closing price of €7.51. Stock is down 49% over the past year. The company is forecast to post earnings per share of €0.51 for next year compared to €0.71 last year. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €0.54 to €0.59. Revenue forecast steady at €176.5m. Net income forecast to grow 62% next year vs 12% decline forecast for Real Estate industry in Germany. Consensus price target of €15.50 unchanged from last update. Share price was steady at €7.69 over the past week. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: €0.03 (vs €0.16 in 3Q 2021) Third quarter 2022 results: EPS: €0.03 (down from €0.16 in 3Q 2021). Revenue: €75.8m (up 24% from 3Q 2021). Net income: €2.53m (down 81% from 3Q 2021). Profit margin: 3.3% (down from 22% in 3Q 2021). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 17% per year. Price Target Changed • Oct 29
Price target decreased to €17.96 Down from €19.46, the current price target is an average from 7 analysts. New target price is 142% above last closing price of €7.41. Stock is down 51% over the past year. The company is forecast to post earnings per share of €1.29 for next year compared to €0.71 last year. Major Estimate Revision • Oct 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €1.14 to €1.29. Revenue forecast steady at €176.5m. Net income forecast to grow 104% next year vs 1.4% decline forecast for Real Estate industry in Germany. Consensus price target down from €19.46 to €17.96. Share price rose 2.8% to €7.41 over the past week. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: €0.18 (vs €0.19 in 2Q 2021) Second quarter 2022 results: EPS: €0.18 (down from €0.19 in 2Q 2021). Revenue: €73.2m (up 25% from 2Q 2021). Net income: €14.5m (down 5.7% from 2Q 2021). Profit margin: 20% (down from 26% in 2Q 2021). Over the next year, revenue is expected to shrink by 25% compared to a 45% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €9.84, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Real Estate industry in Germany. Total returns to shareholders of 8.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.03 per share. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.12 (down from €0.27 in 1Q 2021). Revenue: €60.0m (up 9.3% from 1Q 2021). Net income: €9.39m (down 57% from 1Q 2021). Profit margin: 16% (down from 40% in 1Q 2021). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 23% compared to a 41% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Major Estimate Revision • May 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 consensus EPS estimate fell from €0.81 to €0.73. Revenue forecast reaffirmed at €177.6m. Net income forecast to grow 4.6% next year vs 12% growth forecast for Real Estate industry in Germany. Consensus price target down from €21.88 to €21.11. Share price fell 5.1% to €12.34 over the past week. Major Estimate Revision • Apr 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €109.3m to €144.4m. EPS estimate fell from €0.86 to €0.84. Net income forecast to grow 20% next year vs 6.5% growth forecast for Real Estate industry in Germany. Consensus price target up from €21.45 to €21.88. Share price was steady at €14.40 over the past week. Price Target Changed • Apr 05
Price target increased to €21.45 Up from €19.92, the current price target is an average from 5 analysts. New target price is 46% above last closing price of €14.66. Stock is down 3.9% over the past year. The company is forecast to post earnings per share of €0.94 for next year compared to €0.71 last year. Upcoming Dividend • Mar 18
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 25 March 2022. Payment date: 02 May 2022. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 4.9%. Within top quartile of German dividend payers (3.6%). Higher than average of industry peers (3.2%). 
