New Risk • Apr 30
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 Belgian stocks, typically moving 5.5% 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: Minor Risks High level of debt (142% net debt to equity). Share price has been volatile over the past 3 months (5.5% average weekly change). Reported Earnings • Mar 08
Full year 2025 earnings released Full year 2025 results: Revenue: €456.4m (up 21% from FY 2024). Net income: €48.4m (up €142.2m from FY 2024). Profit margin: 11% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Belgium are expected to grow by 15%. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings have declined by 58% 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 (1.6x net interest cover). Earnings have declined by 58% per year over the past 5 years. Reported Earnings • Sep 15
First half 2025 earnings released: EPS: €3.08 (vs €8.87 loss in 1H 2024) First half 2025 results: EPS: €3.08 (up from €8.87 loss in 1H 2024). Revenue: €148.3m (up 33% from 1H 2024). Net income: €31.5m (up €120.7m from 1H 2024). Profit margin: 21% (up from net loss in 1H 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. New Risk • Jul 16
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 Belgian stocks, typically moving 5.2% 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 Debt is not well covered by operating cash flow (5.6% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.2% average weekly change). Price Target Changed • Mar 12
Price target decreased by 17% to €35.00 Down from €42.00, the current price target is an average from 3 analysts. New target price is 105% above last closing price of €17.10. Stock is down 31% over the past year. Reported Earnings • Mar 09
Full year 2024 earnings released Full year 2024 results: Revenue: €377.5m (up 141% from FY 2023). Net loss: €93.7m (loss widened 144% from FY 2023). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 1.2% decline forecast for the Real Estate industry in Europe. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 64% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 64% per year over the past 5 years. New Risk • Jan 02
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 Belgian stocks, typically moving 5.0% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). New Risk • Jun 04
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 Belgian stocks, typically moving 5.1% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). New Risk • May 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Reported Earnings • Mar 12
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €3.85 loss per share (down from €1.08 profit in FY 2022). Revenue: €162.8m (down 31% from FY 2022). Net loss: €38.4m (down 458% from profit in FY 2022). Revenue missed analyst estimates by 40%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 46% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 19
First half 2023 earnings released First half 2023 results: Revenue: €81.7m (down 36% from 1H 2022). Net loss: €2.79m (down 131% from profit in 1H 2022). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Belgium. 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 24% per year, which means it has not declined as severely as earnings. Buying Opportunity • Aug 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €43.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 23%. For the next 3 years, revenue is forecast to grow by 34% per annum. Earnings is also forecast to grow by 47% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €45.50, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Real Estate industry in Europe. Total loss to shareholders of 18% over the past three years. Board Change • Nov 16
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. 5 experienced directors. 1 highly experienced director. Independent Director Patrick Albrand 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. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 16% share price gain to €47.85, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Real Estate industry in Europe. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €45.03 per share. Buying Opportunity • Oct 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be €53.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €43.20, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Real Estate industry in Europe. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €53.78 per share. Price Target Changed • Apr 27
Price target increased to €82.00 Up from €70.00, the current price target is an average from 2 analysts. New target price is 21% above last closing price of €67.60. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of €9.52 for next year compared to €3.58 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Independent Director Wolfgang de Limburg Stirum was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Independent Director Wolfgang de Limburg Stirum was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Price Target Changed • Sep 13
Price target increased to €82.00 Up from €70.00, the current price target is an average from 2 analysts. New target price is 8.6% above last closing price of €75.50. Stock is up 9.7% over the past year. Reported Earnings • Sep 12
First half 2021 earnings released: EPS €3.00 (vs €2.43 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €178.4m (down 14% from 1H 2020). Net income: €29.9m (up 37% from 1H 2020). Profit margin: 17% (up from 11% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Jan 06
IMMOBEL SA announced that it has received €17.303814 million in funding IMMOBEL SA (ENXTBR:IMMO) announced a private placement of 262,179 treasury shares at €66 per share for a gross proceeds of €17,303,814 on January 5, 2021. The transaction included participation from qualified international institutional investors. The shares amounted to approximately 2.6% of outstanding share capital of the company. The Shares placed via the accelerated bookbuilding process. The shares are subject to a lock-up of 90 days following the transaction, subject to customary exceptions. Is New 90 Day High Low • Dec 29
New 90-day high: €69.00 The company is up 6.0% from its price of €65.40 on 30 September 2020. The Belgian market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.90 per share. Major Estimate Revision • Dec 17
Analysts update estimates The 2020 consensus revenue estimate increased from €323.8m to €364.2m. Earning per share (EPS) estimate was unchanged from the last update at €3.58. The Real Estate industry in Belgium is expected to see a 20% decline in net income next year. The consensus price target of €74.67 was unchanged from the last update. Share price stayed mostly flat at €64.20 over the past week. Announcement • Dec 17
IMMOBEL SA (ENXTBR:IMMO) reached an agreement to acquire Etmofina NV from TOTAL SE (ENXTPA:FP). IMMOBEL SA (ENXTBR:IMMO) reached an agreement to acquire Etmofina NV from TOTAL SE (ENXTPA:FP) on December 15, 2020. Is New 90 Day High Low • Oct 27
New 90-day low: €62.40 The company is down 4.0% from its price of €65.20 on 29 July 2020. The Belgian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.68 per share.