Reported Earnings • Jul 24
First half 2026 earnings released: €0.17 loss per share (vs €3.91 profit in 1H 2025) First half 2026 results: €0.17 loss per share (down from €3.91 profit in 1H 2025). Revenue: €361.8m (down 22% from 1H 2025). Net loss: €12.6m (down 104% from profit in 1H 2025). Revenue is expected to fall by 2.7% p.a. on average during the next 3 years compared to a 2.4% decline forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Jul 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 75% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Upcoming Dividend • Jun 30
Upcoming dividend of €2.75 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 09 July 2026. Trailing yield: 7.5%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (5.4%). Live-nieuws • May 28
Gecina Issues €500 Million Green Bond With New 2031 Maturity After Strong Investor Demand Gecina has issued a €500 million green bond with a 5-year maturity, due in June 2031.
The bond is intended to anticipate the refinancing of an existing bond that matures in 2027.
Investor demand was strong, with the issue significantly oversubscribed, and the new bond adds a 2031 line to Gecina's debt profile.
This new green bond gives Gecina a longer debt maturity ladder and additional flexibility around the 2027 refinancing.
Key points to watch include how the company allocates the green bond proceeds within its portfolio and any future updates on average debt cost or covenant headroom. Aankondiging • Apr 23
Gecina Approves Dividend for the Year 2025, Payable on July 9, 2026 Gecina at the Ordinary General Meeting was held on April 22, 2026, approved the payment of a dividend of EUR 5.50 per share for 2025. An interim dividend of EUR 2.75 per share was paid out previously on March 12. The balance on the dividend, representing EUR 2.75 per share, will have an ex-dividend date of July 7, 2026 and will be paid in cash on July 9, 2026. Declared Dividend • Mar 13
Dividend of €2.75 announced Shareholders will receive a dividend of €2.75. Ex-date: 7th July 2026 Payment date: 9th July 2026 Dividend yield will be 8.0%, which is higher than the industry average of 5.5%. Aankondiging • Mar 09
Gecina, Annual General Meeting, Apr 22, 2026 Gecina, Annual General Meeting, Apr 22, 2026. Location: hotel kimpton saint honore, 20 rue daunou, paris France Upcoming Dividend • Mar 03
Upcoming dividend of €2.75 per share Eligible shareholders must have bought the stock before 10 March 2026. Payment date: 12 March 2026. Trailing yield: 7.4%. Within top quartile of French dividend payers (5.3%). Higher than average of industry peers (5.7%). Declared Dividend • Feb 13
Final dividend increased to €2.75 Dividend of €2.75 is 1.9% higher than last year. Ex-date: 10th March 2026 Payment date: 12th March 2026 Dividend yield will be 7.4%, which is higher than the industry average of 5.5%. New Risk • Feb 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.9% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Feb 11
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €6.06 (up from €4.19 in FY 2024). Revenue: €858.6m (up 1.7% from FY 2024). Net income: €448.2m (up 45% from FY 2024). Profit margin: 52% (up from 37% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is expected to fall by 5.8% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Feb 11
Gecina to Report Nine Months, 2026 Results on Oct 14, 2026 Gecina announced that they will report nine months, 2026 results on Oct 14, 2026 Board Change • Dec 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairman Philippe Brassac was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Oct 28
Gecina (ENXTPA:GFC) signed a preliminary agreement to acquire 15,000 sq.m office building in the Gare de Lyon district for €135 million. Gecina (ENXTPA:GFC) signed a preliminary agreement to acquire 15,000 sq.m office building in the Gare de Lyon district for €135 million on October 27, 2025. A cash consideration of €135 million will be paid by Gecina (ENXTPA:GFC).
The transaction will be immediately accretive upon closing, expected early 2026, subject to the usual conditions precedent. Aankondiging • Sep 23
Gecina Appoints Caroline Level-Cottard as Executive Director Residential and Member of Executive Committee, Effective October 1, 2025 Gecina announced the appointment of Caroline Level-Cottard as Executive Director Residential, effective October 1, 2025. She will also join Gecina’s Executive Committee. Caroline Level-Cottard joined Gecina in 2021 within the Investments Department, which she has headed since 2023. Under her leadership, the Group sold and acquired assets for an accumulated amount of €1.3 billion between 2024 and mid-2025. Before joining Gecina, Caroline spent nearly ten years at Unibail-Rodamco-Westfield, where she held senior roles in investment, asset management, and the development of large-scale mixed-use projects combining offices, retail, and residential. She holds a degree from ESCP Business School and City University, London. As Executive Director Residential, Caroline will oversee Gecina’s residential strategy, focusing on value creation and the transformation of the portfolio, at the crossroads of the energy transition and the evolution of urban lifestyles. Aankondiging • Sep 13
Gecina Announces Board Changes Gecina announced the appointment of Marie Caniac as Executive Director, Office Division, effective November 12, 2025. She will succeed Valérie Britay and join Gecina’s Executive Committee. In her new role, MarieCaniac will oversee a portfolio of 116 office properties, valued at nearly €14 billion and representing 83% of Gecina’s total portfolio. She will lead the full value chain of office operations, including asset management, leasing and marketing, property management, as well as technical services and engineering. Her mission will focus on generating both financial and non-financial value from Gecina’s uniquely positioned office portfolio at the heart of Paris. A graduate of EDHEC Business School, MarieCaniac brings more than 15 years of real estate experience in France and abroad. She joined Klépierre in 2013, where she played a central role in restructuring asset management in the Netherlands, building the Group’s leasing platform, and transforming Steen & Strøm, Klépierre’s Scandinavian platform, which she took over as Chief Executive Officer in 2021. Since 2023, she has served as Chief Operating Officer, responsible for Group-wide operations across Europe and advancing Klépierre’s sustainable performance strategy. She began her career at Unibail-Rodamco and Altarea Cogedim. Valérie Britay joined Gecina in 2017. Since then, she has overseen the leasing of nearly 1.5 million square meters of office space. One of her most notable achievements was the successful pre-leasing in 2024 of “Mondo,” Gecina’s largest lease transaction to date. During her tenure, Ms. Britay spearheaded a range of strategic initiatives that have broadened and elevated Gecina’s service offering. These include the launch of Gecina’s operated office concept, the rollout of the FEAT program in Boulogne-Billancourt—which is transforming four assets into vibrant, multi-use destinations that blend workspace, culture, and community—and the creation of “Expériences,” a premium event-platform driven showcasing Gecina’s landmark properties through temporary and exclusive uses. Reported Earnings • Jul 25
First half 2025 earnings released: EPS: €3.91 (vs €1.21 in 1H 2024) First half 2025 results: EPS: €3.91 (up from €1.21 in 1H 2024). Revenue: €463.6m (up 4.7% from 1H 2024). Net income: €289.1m (up 223% from 1H 2024). Profit margin: 62% (up from 20% in 1H 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to decline by 4.7% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Aankondiging • Jul 24
Gecina Announces Earnings Guidance for the Year 2025 Gecina announced earnings guidance for the year 2025. For the year, the company expects Recurrent net income (Group Share) between €6.65 per share and €6.70 per share . Aankondiging • Jun 26
Nuveen, LLC and Global Student Accommodation UK Limited completed the acquisition of YouFirst Campus portfolio in France from Gecina (ENXTPA:GFC). Nuveen, LLC and Global Student Accommodation UK Limited signed an agreement to acquire YouFirst Campus portfolio in France from Gecina (ENXTPA:GFC) for approximately €540 million on December 17, 2024. A cash consideration of €538 million will be paid by Nuveen, LLC and Global Student Accommodation UK Limited.
The transaction is subject to the consultation of Gecina's employee representative bodies and the information of the employees concerned according to applicable regulations and usual conditions precedent and expected to close in the first half of 2025.
TD Securities, Inc. acted as financial advisor for Global Student Accommodation UK Limited. Barclays PLC acted as financial advisor for Global Student Accommodation UK Limited. Morgan Stanley & Co. International plc acted as financial advisor for Gecina. Ian Painter, Nicholas Rees, Saskia Myners, Simone Schmitt, Laura Underhill and Ed Page, Simon Corzberg, Geoffrey Scardoni, Maxime Budzin, Alexander Lagarrigue, Alexander Chester, Benjamin Harding, Don McCombie of Clifford Chance US LLP, Clifford Chance LLP, Clifford Chance act as legal advisor for Nuveen, LLC. Vincent Delage, Sebastian Boyxen, Victoria Henry, Benjamin Bill, and Pawel Hermelinski of Cms Cameron Mckenna Services acted as legal advisors to Global Student Accommodation.
Nuveen, LLC and Global Student Accommodation UK Limited completed the acquisition of YouFirst Campus portfolio in France from Gecina (ENXTPA:GFC) on June 25, 2025. Upcoming Dividend • Jun 25
Upcoming dividend of €2.75 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 04 July 2025. Trailing yield: 5.8%. Within top quartile of French dividend payers (5.4%). In line with average of industry peers (5.4%). Buy Or Sell Opportunity • Jun 19
Now 21% undervalued Over the last 90 days, the stock has risen 6.8% to €93.00. The fair value is estimated to be €117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 3.5% per annum. Earnings are forecast to grow by 25% per annum over the same time period. Aankondiging • May 16
Gecina (ENXTPA:GFC) signed a preliminary agreement to acquire 32,200 sq.m flagship office complex in Paris for approximately €430 million. Gecina (ENXTPA:GFC) signed a preliminary agreement to acquire 32,200 sq.m flagship office complex in Paris for approximately €430 million on May 15, 2025. A cash consideration of €428.26 million will be paid by Gecina. As part of consideration, €428.26 million is paid towards assets of 32,200 sq.m flagship office complex in Paris. The office complex comprises of two highly-quality buildings. Rocher, a 25,000 sq.m building built in 2013 with strong fundamentals in place and Hôtel Particulier, a 7,200 sq.m heritage building fully restructured in 2013. The acquisition will be accretive for recurring net income following completion of the refurbishment work and once fully let, with the Group’s loan-to-value ratio expected to remain broadly stable by end-2025 compared with end-2024. Declared Dividend • Mar 06
Dividend of €2.75 announced Shareholders will receive a dividend of €2.75. Ex-date: 2nd July 2025 Payment date: 4th July 2025 Dividend yield will be 6.4%, which is higher than the industry average of 5.5%. Buy Or Sell Opportunity • Feb 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to €93.20. The fair value is estimated to be €119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Feb 17
First half dividend increased to €2.70 Dividend of €2.70 is 1.9% higher than last year. Ex-date: 3rd March 2025 Payment date: 5th March 2025 Dividend yield will be 5.6%, which is about the same as the industry average. New Risk • Feb 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 270% Dividend yield: 5.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (270% cash payout ratio). Large one-off items impacting financial results. Buy Or Sell Opportunity • Dec 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to €92.55. The fair value is estimated to be €117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Nov 06
Now 21% undervalued Over the last 90 days, the stock has risen 2.7% to €94.20. The fair value is estimated to be €119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jul 25
First half 2024 earnings released: EPS: €1.37 (vs €8.23 loss in 1H 2023) First half 2024 results: EPS: €1.37 (up from €8.23 loss in 1H 2023). Revenue: €345.7m (down 20% from 1H 2023). Net income: €101.5m (up €708.9m from 1H 2023). Profit margin: 29% (up from net loss in 1H 2023). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Office REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 17
Now 20% undervalued Over the last 90 days, the stock has risen 9.4% to €102. The fair value is estimated to be €128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Board Change • May 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Nathalie Charles was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €92.80. The fair value is estimated to be €116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Mar 05
Dividend of €2.65 announced Shareholders will receive a dividend of €2.65. Ex-date: 2nd July 2024 Payment date: 4th July 2024 Dividend yield will be 6.0%, which is higher than the industry average of 5.5%. Upcoming Dividend • Feb 26
Upcoming dividend of €2.65 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 06 March 2024. Trailing yield: 5.7%. Within top quartile of French dividend payers (5.7%). In line with average of industry peers (5.8%). Declared Dividend • Feb 19
Final dividend of €2.65 announced Dividend of €2.65 is the same as last year. Ex-date: 4th March 2024 Payment date: 6th March 2024 Dividend yield will be 5.7%, which is about the same as the industry average. Reported Earnings • Feb 16
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: €670.1m (down 9.9% from FY 2022). Net loss: €1.79b (down €1.96b from profit in FY 2022). Revenue was in line with analyst estimates. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Aankondiging • Feb 15
Gecina Provides Earnings Guidance for the Year 2024 Gecina provides earnings guidance for the year 2024. For the period, the company expects net Income expected to grow between €6.35 and €6.40 per share (+5.5% to 6.5%). Major Estimate Revision • Feb 14
Consensus EPS estimates upgraded to €10.73 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -€12.27 to -€10.73 per share. Revenue forecast unchanged from €666.0m at last update. Office REITs industry in France expected to see average net income growth of 74% next year. Consensus price target broadly unchanged at €115. Share price fell 3.8% to €95.75 over the past week. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Observer Nathalie Charles was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.7%. The fair value is estimated to be €112, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 13% in a year. Earnings is forecast to grow by 78% in the next year. Major Estimate Revision • Oct 20
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€10.45 to -€11.77 per share. Revenue forecast unchanged at €664.9m. Office REITs industry in France expected to see average net income decline 13% next year. Consensus price target broadly unchanged at €113. Share price fell 3.7% to €91.00 over the past week. Aankondiging • Oct 20
Gecina, Annual General Meeting, Apr 25, 2024 Gecina, Annual General Meeting, Apr 25, 2024. Aankondiging • Sep 22
Gecina to Report Q3, 2023 Results on Oct 18, 2023 Gecina announced that they will report Q3, 2023 results After-Market on Oct 18, 2023 Aankondiging • Sep 14
Gecina Appoints Marie Lalande-Dauger as Executive Director Engineering and CSR Gecina is announcing Marie Lalande-Dauger’s arrival as Executive Director Engineering and CSR from September 11, 2023. Reporting to Beñat Ortega, Chief Executive Officer, she will be a member of the Executive Committee. Marie Lalande-Dauger will head up theEngineering and CSR Department, which groups together the Technical Department and the CSR and Innovation Department. The creation of this new hub will further strengthen synergies between the ambitions from the Group’s energy efficiency plan and its ambitions focused on continuously improving the sustainable performance of its buildings. This new department will play a major role in terms of supervision, expertise and advice for the two office and residential “Operational Engineering” Departments, supported by the Compliance Department, which were also created recently. An Ecole Polytechnique and Ecole des Mines engineer, Marie Lalande-Dauger, 43, brings nearly 20 years’ experience in energy services, distribution and production activities. Her track record includes time with Dalkia as Operational Center Director, overseeing the management of service contracts in commercial buildings. From 2019, she was Operations, Maintenance and Asset Management Director for EDF Renouvelables’ onshore wind and solar farms in France. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 122% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€4.49 to -€9.98 per share. Revenue forecast unchanged at €667.0m. Office REITs industry in France expected to see average net income decline 16% next year. Consensus price target broadly unchanged at €114. Share price was steady at €98.40 over the past week. Aankondiging • Jul 22
Gecina Provides Earnings Guidance for the Year 2023 Gecina provided earnings guidance for the year 2023. For the period, the company expects recurrent net income growth guidance upwards, with €5.9 to €6.0 per share now expected (vs. €5.8 to €5.9 initially), up +6% to +8% compared with 2022 (vs. +4% to +6% initially). Reported Earnings • Jul 21
First half 2023 earnings released: €8.06 loss per share (vs €7.63 profit in 1H 2022) First half 2023 results: €8.06 loss per share (down from €7.63 profit in 1H 2022). Revenue: €327.0m (down 17% from 1H 2022). Net loss: €595.1m (down 206% from profit in 1H 2022). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Office REITs industry in Europe. 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 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 26
Upcoming dividend of €2.65 per share at 5.6% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 05 July 2023. Trailing yield: 5.6%. Within top quartile of French dividend payers (5.2%). Lower than average of industry peers (6.6%). Major Estimate Revision • Jun 22
Consensus EPS estimates fall by 47% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€2.07 to -€3.04 per share. Revenue forecast unchanged at €670.4m. Office REITs industry in France expected to see average net income decline 310% next year. Consensus price target of €114 unchanged from last update. Share price was steady at €96.20 over the past week. Aankondiging • Jun 21
An unknown buyer acquires 101 Champs-Elysées building Gecina (ENXTPA:GFC). An unknown buyer acquires 101 Champs-Elysées building Gecina (ENXTPA:GFC) on June 20, 2023.An unknown completed the acquisition of acquires 101 Champs-Elysées building Gecina (ENXTPA:GFC) on June 20, 2023. Major Estimate Revision • Jun 08
Consensus EPS estimates fall from profit to €2.07 loss The consensus outlook for fiscal year 2023 has been updated. Expected to report loss instead of -€2.07 instead of €0.342 per share profit previously forecast. Revenue forecast unchanged at €670.9m Office REITs industry in France expected to see average net income decline 187% next year. Consensus price target broadly unchanged at €113. Share price rose 2.5% to €98.75 over the past week. Major Estimate Revision • May 15
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 consensus EPS estimate fell from €1.85 to €1.56. Revenue forecast reaffirmed at €670.0m. Net income forecast to shrink 134% next year vs 174% decline forecast for Office REITs industry in France. Consensus price target broadly unchanged at €113. Share price fell 3.1% to €95.75 over the past week. Major Estimate Revision • Apr 23
Consensus EPS estimates increase by 62% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €1.14 to €1.85. Revenue forecast steady at €670.0m. Net income forecast to shrink 64% next year vs 152% decline forecast for Office REITs industry in France. Consensus price target of €112 unchanged from last update. Share price was steady at €98.65 over the past week. Upcoming Dividend • Feb 27
Upcoming dividend of €2.65 per share at 5.0% yield Eligible shareholders must have bought the stock before 06 March 2023. Payment date: 08 March 2023. Trailing yield: 5.0%. Lower than top quartile of French dividend payers (5.3%). Lower than average of industry peers (6.4%). Reported Earnings • Feb 17
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €2.30 (down from €11.53 in FY 2021). Revenue: €643.6m (down 13% from FY 2021). Net income: €169.6m (down 80% from FY 2021). Profit margin: 26% (down from 115% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the REITs industry in France. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jan 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €6.24 to €3.94 per share. Revenue forecast steady at €630.3m. Net income forecast to shrink 58% next year vs 45% decline forecast for REITs industry in France. Consensus price target up from €109 to €111. Share price was steady at €107 over the past week. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jacques Stern was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Sep 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €10.20 to €8.12 per share. Revenue forecast steady at €634.9m. Net income forecast to shrink 35% next year vs 23% decline forecast for REITs industry in France. Consensus price target down from €114 to €111. Share price was steady at €90.55 over the past week. Reported Earnings • Jul 22
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €383.1m from profit in 1H 2021). Profit margin: (down from 96% in 1H 2021). Over the next year, revenue is expected to shrink by 12% compared to a 9.3% decline forecast for the industry in France. Major Estimate Revision • Jul 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €12.14 to €10.62 per share. Revenue forecast steady at €635.4m. Net income forecast to grow 11% next year vs 9.4% growth forecast for REITs industry in France. Consensus price target down from €129 to €123. Share price fell 9.0% to €85.70 over the past week. Upcoming Dividend • Jun 27
Upcoming dividend of €2.65 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 06 July 2022. Trailing yield: 5.6%. Within top quartile of French dividend payers (5.5%). Lower than average of industry peers (6.4%). Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jacques Stern was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jacques Stern was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be €137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 40%. For the next 3 years, revenue is forecast to decline by 1.6% per annum. Earnings is also forecast to decline by 1.9% per annum over the same time period. Buying Opportunity • Apr 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 40%. For the next 3 years, revenue is forecast to decline by 1.6% per annum. Earnings is also forecast to decline by 1.5% per annum over the same time period. Reported Earnings • Feb 18
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €620.4m (down 22% from FY 2020). Net income: €849.3m (up 449% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 2.4% compared to a 10% decline forecast for the reits industry in France. Major Estimate Revision • Jan 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €3.61 to €6.56. Revenue forecast steady at €623.5m. Net income forecast to grow 210% next year vs 22% decline forecast for REITs industry in France. Consensus price target broadly unchanged at €136. Share price was steady at €121 over the past week. Major Estimate Revision • Jul 29
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €1.57 to €4.17. Revenue forecast steady at €621.7m. Net income forecast to grow 99% next year vs 26% decline forecast for REITs industry in France. Consensus price target broadly unchanged at €136. Share price was steady at €134 over the past week. Reported Earnings • Jul 24
First half 2021 earnings released First half 2021 results: Revenue: €315.7m (down 5.6% from 1H 2020). Net income: €394.4m (up 16% from 1H 2020). Upcoming Dividend • Jun 24
Upcoming dividend of €2.65 per share Eligible shareholders must have bought the stock before 01 July 2021. Payment date: 05 July 2021. Trailing yield: 4.0%. Within top quartile of French dividend payers (3.8%). In line with average of industry peers (4.0%). Major Estimate Revision • Jun 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. Now expected to report loss of -€0.10 instead of €0.36 per share profit in 2021. Revenue forecast reaffirmed at €632.8m. REITs industry in France expected to see average net income decline 22% next year. Consensus price target broadly unchanged at €131. Share price was steady at €132 over the past week. Major Estimate Revision • Jun 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.21 to €0.36. Revenue forecast steady at €632.8m. Net income forecast to shrink 189% next year vs 22% decline forecast for REITs industry in France. Consensus price target of €128 unchanged from last update. Share price was steady at €134 over the past week. Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.93 to €0.80 per share. Revenue forecast steady at €637.4m. Net income forecast to shrink 183% next year vs 107% decline forecast for REITs industry in France. Consensus price target broadly unchanged at €128. Share price was steady at €122 over the past week. 