New Risk • Jan 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.4% operating cash flow to total debt). Earnings have declined by 24% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.9% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (€3.2m revenue, or US$3.8m). Market cap is less than US$100m (€15.1m market cap, or US$17.7m). New Risk • Dec 29
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 4.9% 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 (9.0% operating cash flow to total debt). Earnings have declined by 16% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (109% payout ratio). Share price has been volatile over the past 3 months (4.9% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (€3.4m revenue, or US$4.0m). Market cap is less than US$100m (€14.8m market cap, or US$17.4m). Upcoming Dividend • Oct 09
Upcoming dividend of €1.80 per share Eligible shareholders must have bought the stock before 15 October 2025. Payment date: 17 October 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.5%. Lower than top quartile of Belgian dividend payers (6.5%). Higher than average of industry peers (3.6%). Declared Dividend • Sep 25
Dividend of €1.80 announced Shareholders will receive a dividend of €1.80. Ex-date: 15th October 2025 Payment date: 17th October 2025 Dividend yield will be 4.8%, which is lower than the industry average of 7.6%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio). However, it is well covered by cash flows (43% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 21% to bring the payout ratio under control. However, EPS has declined by 5.5% over the last 5 years so the company would need to reverse this trend. Announcement • Sep 24
Immo Moury SCA announces Annual dividend, payable on October 17, 2025 Immo Moury SCA announced Annual dividend of EUR 1.8000 per share payable on October 17, 2025, ex-date on October 15, 2025 and record date on October 16, 2025. New Risk • Jul 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.0% operating cash flow to total debt). Earnings have declined by 16% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (109% payout ratio). Large one-off items impacting financial results. Revenue is less than US$5m (€3.4m revenue, or US$4.0m). Market cap is less than US$100m (€16.9m market cap, or US$19.9m). Reported Earnings • Jul 16
Full year 2025 earnings released: EPS: €1.65 (vs €0.96 in FY 2024) Full year 2025 results: EPS: €1.65 (up from €0.96 in FY 2024). Revenue: €3.41m (down 3.0% from FY 2024). Net income: €764.0k (up 73% from FY 2024). Profit margin: 22% (up from 13% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. New Risk • Jul 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Revenue is less than US$5m (€3.5m revenue, or US$4.1m). Market cap is less than US$100m (€15.7m market cap, or US$18.4m). New Risk • May 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 310% Dividend yield: 41% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 310% Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Revenue is less than US$5m (€3.5m revenue, or US$4.0m). Market cap is less than US$100m (€14.1m market cap, or US$16.0m). Announcement • Apr 28
Immo Moury SCA, Annual General Meeting, May 27, 2025 Immo Moury SCA, Annual General Meeting, May 27, 2025, at 15:00 Romance Standard Time. New Risk • Jan 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Revenue is less than US$5m (€3.5m revenue, or US$3.6m). Market cap is less than US$100m (€14.8m market cap, or US$15.3m). New Risk • Dec 24
New major risk - Revenue and earnings growth Earnings have declined by 2.5% 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 Risk Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Revenue is less than US$5m (€3.6m revenue, or US$3.8m). Market cap is less than US$100m (€14.5m market cap, or US$15.1m). New Risk • Dec 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.8% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Dividend is not well covered by earnings (209% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Revenue is less than US$5m (€3.5m revenue, or US$3.7m). Market cap is less than US$100m (€14.7m market cap, or US$15.4m). Upcoming Dividend • Oct 08
Upcoming dividend of €1.40 per share Eligible shareholders must have bought the stock before 15 October 2024. Payment date: 17 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.0%. Lower than top quartile of Belgian dividend payers (7.1%). Higher than average of industry peers (3.7%). Board Change • Oct 01
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. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Pierre Gustin 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. New Risk • Sep 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (€15.3m market cap, or US$17.0m). New Risk • Jul 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.8% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (209% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Revenue is less than US$5m (€3.5m revenue, or US$3.8m). Market cap is less than US$100m (€14.3m market cap, or US$15.5m). Buy Or Sell Opportunity • Jun 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.4% to €30.00. The fair value is estimated to be €24.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last year. Earnings per share has declined by 27%. Buy Or Sell Opportunity • May 06
Now 21% overvalued Over the last 90 days, the stock has fallen 4.4% to €30.60. The fair value is estimated to be €25.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last year. Earnings per share has declined by 27%. Buy Or Sell Opportunity • Mar 02
Now 22% overvalued Over the last 90 days, the stock has fallen 12% to €29.60. The fair value is estimated to be €24.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 47%. New Risk • Feb 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.9% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (81% net profit margin). Revenue is less than US$5m (€2.9m revenue, or US$3.2m). Market cap is less than US$100m (€14.8m market cap, or US$16.0m). Upcoming Dividend • Oct 06
Upcoming dividend of €1.26 per share at 5.1% yield Eligible shareholders must have bought the stock before 13 October 2023. Payment date: 17 October 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Belgian dividend payers (8.0%). In line with average of industry peers (4.8%). New Risk • Jul 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.9% 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 (81% net profit margin). Revenue is less than US$5m (€2.9m revenue, or US$3.2m). Market cap is less than US$100m (€18.3m market cap, or US$20.1m). New Risk • Jul 20
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2022. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported March 2022 fiscal period end). Revenue has declined by 1.2% over the past year. Minor Risks High level of debt (55% net debt to equity). Large one-off items impacting financial results. Revenue is less than US$5m (€2.3m revenue, or US$2.5m). Market cap is less than US$100m (€18.0m market cap, or US$20.1m). Upcoming Dividend • Oct 06
Upcoming dividend of €1.26 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 17 October 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Belgian dividend payers (7.3%). Lower than average of industry peers (5.7%). Reported Earnings • Jul 19
Full year 2022 earnings released: EPS: €7.02 (vs €3.02 in FY 2021) Full year 2022 results: EPS: €7.02 (up from €3.02 in FY 2021). Net income: €3.25m (up 133% from FY 2021). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 07
Upcoming dividend of €1.26 per share Eligible shareholders must have bought the stock before 14 October 2021. Payment date: 18 October 2021. Trailing yield: 3.8%. Lower than top quartile of Belgian dividend payers (4.5%). Higher than average of industry peers (2.4%). Reported Earnings • Jul 16
Full year 2021 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: €2.32m (down 7.8% from FY 2020). Net income: €1.40m (up 38% from FY 2020). Profit margin: 60% (up from 40% in FY 2020). Is New 90 Day High Low • Mar 01
New 90-day high: €50.00 The company is up 4.0% from its price of €48.20 on 01 December 2020. The Belgian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 12% over the same period. Reported Earnings • Dec 23
First half 2021 earnings released: EPS €1.79 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €1.18m (down 4.3% from 1H 2020). Net income: €829.0k (up 70% from 1H 2020). Profit margin: 70% (up from 40% 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 13% 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. Is New 90 Day High Low • Sep 28
New 90-day high: €51.00 The company is up 10.0% from its price of €46.40 on 30 June 2020. The Belgian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Real Estate industry, which is also up 10.0% over the same period.