Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton 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 • Jul 30
Second quarter 2022 earnings released: EPS: €2.99 (vs €0.58 in 2Q 2021) Second quarter 2022 results: EPS: €2.99 (up from €0.58 in 2Q 2021). Revenue: €33.6m (up 5.2% from 2Q 2021). Net income: €80.9m (up 416% from 2Q 2021). Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. CEO, MD & Executive Director Jean-Philip Vroninks was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. CEO, MD & Executive Director Jean-Philip Vroninks was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 27
Upcoming dividend of €0.41 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 06 May 2022. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.0%). In line with average of industry peers (4.1%). Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: €3.31 (vs €2.13 in FY 2020) Full year 2021 results: EPS: €3.31 (up from €2.13 in FY 2020). Revenue: €132.0m (down 9.5% from FY 2020). Net income: €89.4m (up 55% from FY 2020). Profit margin: 68% (up from 40% in FY 2020). Net asset value (NAV) per share: €60.35 (up 2.5% from FY 2020). The current share price is 23% lower than NAV per share. Over the next year, revenue is forecast to decline by 3.0% while the reits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 50% share price gain to €46.50, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the REITs industry in Europe. Total returns to shareholders of 4.5% over the past three years. Reported Earnings • Feb 20
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €3.31 (up from €2.13 in FY 2020). Revenue: €132.0m (down 9.5% from FY 2020). Net income: €89.4m (up 55% from FY 2020). Profit margin: 68% (up from 40% in FY 2020). Net asset value (NAV) per share: €60.35 (up 2.5% from FY 2020). The current share price is 48% lower than NAV per share. Revenue missed analyst estimates by 5.0%. Over the next year, revenue is forecast to decline by -6.8% while the reits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 08
Upcoming dividend of €0.88 per share Eligible shareholders must have bought the stock before 15 December 2021. Payment date: 17 December 2021. Trailing yield: 7.1%. Within top quartile of German dividend payers (3.4%). Higher than average of industry peers (2.8%). Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €1.05 (vs €1.11 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: €29.9m (down 15% from 3Q 2020). Net income: €28.4m (down 4.0% from 3Q 2020). Profit margin: 95% (up from 85% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.58 (vs €0.54 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €31.9m (down 12% from 2Q 2020). Net income: €15.7m (up 8.3% from 2Q 2020). Profit margin: 49% (up from 40% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS €1.15 (vs €0.38 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €38.6m (down 10% from 1Q 2020). Net income: €31.1m (up 204% from 1Q 2020). Profit margin: 81% (up from 24% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 28
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 07 May 2021. Trailing yield: 6.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.5%). Aankondiging • Feb 25
Befimmo SA, Annual General Meeting, Apr 26, 2022 Befimmo SA, Annual General Meeting, Apr 26, 2022. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS €2.13 (vs €6.95 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €148.1m (down 2.6% from FY 2019). Net income: €57.7m (down 68% from FY 2019). Profit margin: 39% (down from 117% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue misses expectations Revenue missed analyst estimates by 1.9%. Over the next year, revenue is expected to shrink by 12% compared to a 55% growth forecast for the REITs industry in Germany. Is New 90 Day High Low • Feb 13
New 90-day low: €34.00 The company is down 6.0% from its price of €36.30 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €64.48 per share. Upcoming Dividend • Dec 09
Upcoming Dividend of €1.18 Per Share Will be paid on the 18th of December to those who are registered shareholders by the 16th of December. The trailing yield of 7.2% is in the top quartile of German dividend payers (3.6%), and it is higher than industry peers (4.7%). Is New 90 Day High Low • Nov 02
New 90-day low: €32.90 The company is down 13% from its price of €38.00 on 04 August 2020. The German market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.39 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of €117.3m, down 8.0% from the prior year. Total revenue was €154.1m over the last 12 months, up 2.2% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Is New 90 Day High Low • Oct 16
New 90-day low: €35.70 The company is down 4.0% from its price of €37.10 on 17 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €66.80 per share. Is New 90 Day High Low • Sep 25
New 90-day low: €36.30 The company is down 7.0% from its price of €39.00 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €66.44 per share. 