Inclusio (ENXTBR:INCLU) - Share price, News & Analysis

INCLU fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	0/6
Past Performance	4/6
Financial Health	2/6
Dividends	2/6

INCLU Stock Overview

Inclusio SA operates as a real estate company in Belgium.

Rewards

Price-To-Earnings ratio (7.4x) is below the Belgian market (10.1x)

Earnings grew by 43573.3% over the past year

Risk Analysis

Dividend of 3.42% is not well covered by earnings

Large one-off items impacting financial results

Shareholders have been diluted in the past year

Inclusio Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Inclusio
Historical stock prices
Current Share Price	€14.60
52 Week High	€21.70
52 Week Low	€14.50
Beta	0
1 Month Change	-11.78%
3 Month Change	-14.12%
1 Year Change	-31.78%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-34.38%

Recent News & Updates

Sep 12

Weak Statutory Earnings May Not Tell The Whole Story For Inclusio (EBR:INCLU)

A lackluster earnings announcement from Inclusio SA ( EBR:INCLU ) last week didn't sink the stock price. However, we...

Shareholder Returns

	INCLU	BE Real Estate	BE Market
7D	0%	0.007%	0.7%
1Y	-31.8%	2.2%	-11.3%

Return vs Industry: INCLU underperformed the Belgian Real Estate industry which returned 2.2% over the past year.

Return vs Market: INCLU underperformed the Belgian Market which returned -11.3% over the past year.

Price Volatility

Is INCLU's price volatile compared to industry and market?
INCLU volatility
INCLU Average Weekly Movement	4.9%
Real Estate Industry Average Movement	4.5%
Market Average Movement	4.5%
10% most volatile stocks in BE Market	8.0%
10% least volatile stocks in BE Market	2.5%

Stable Share Price: INCLU is not significantly more volatile than the rest of Belgian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: INCLU's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
n/a	11	Marc Brisack	https://www.inclusio.be

Inclusio SA operates as a real estate company in Belgium. It focuses on affordable rental housing, housing for disabled, and social infrastructures. The company is based in Brussels, Belgium.

Inclusio Fundamentals Summary

How do Inclusio's earnings and revenue compare to its market cap?
INCLU fundamental statistics
Market Cap	€108.45m
Earnings (TTM)	€14.65m
Revenue (TTM)	€7.50m

7.4x

P/E Ratio

14.5x

P/S Ratio

Is INCLU overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
INCLU income statement (TTM)
Revenue	€7.50m
Cost of Revenue	€764.45k
Gross Profit	€6.73m
Other Expenses	-€7.92m
Earnings	€14.65m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	1.97
Gross Margin	89.80%
Net Profit Margin	195.48%
Debt/Equity Ratio	30.9%

How did INCLU perform over the long term?

See historical performance and comparison

Dividends

3.4%

Current Dividend Yield

25%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is INCLU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INCLU?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for INCLU. This is calculated by dividing INCLU's market cap by their current preferred multiple.
What is INCLU's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€108.45m

INCLU key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	21.3x
Enterprise Value/EBITDA	34.4x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does INCLU's PE Ratio compare to its peers?

INCLU PE Ratio vs Peers

The above table shows the PE ratio for INCLU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	11.2x

Forward PE

Price-To-Earnings vs Peers: INCLU is good value based on its Price-To-Earnings Ratio (7.4x) compared to the peer average (11.2x).

Price to Earnings Ratio vs Industry

How does INCLU's PE Ratio compare vs other companies in the Real Estate Industry?

Price-To-Earnings vs Industry: INCLU is expensive based on its Price-To-Earnings Ratio (7.4x) compared to the Belgian Real Estate industry average (6.5x)

Price to Earnings Ratio vs Fair Ratio

What is INCLU's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INCLU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.4x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate INCLU's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of INCLU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: INCLU (€14.6) is trading above our estimate of fair value (€7.62)

Significantly Below Fair Value: INCLU is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate INCLU's PEG Ratio to determine if it is good value.

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Future Growth

How is Inclusio forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-10.3%

Forecasted Real Estate industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Inclusio has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Check out Inclusio's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
Inclusio competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Inclusio performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

61.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: INCLU has a large one-off gain of €10.4M impacting its December 31 2021 financial results.

Growing Profit Margin: INCLU's current net profit margins are higher than last year (0.7%).

Past Earnings Growth Analysis

Earnings Trend: INCLU has become profitable over the past 5 years, growing earnings by 61% per year.

Accelerating Growth: INCLU's earnings growth over the past year (43573.3%) exceeds its 5-year average (61% per year).

Earnings vs Industry: INCLU earnings growth over the past year (43573.3%) exceeded the Real Estate industry 66.5%.

Return on Equity

High ROE: INCLU's Return on Equity (8.7%) is considered low.

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Financial Health

How is Inclusio's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: INCLU's short term assets (€1.7M) do not cover its short term liabilities (€2.3M).

Long Term Liabilities: INCLU's short term assets (€1.7M) do not cover its long term liabilities (€51.5M).

Debt to Equity History and Analysis

Debt Level: INCLU's net debt to equity ratio (30.3%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if INCLU's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: INCLU's debt is not well covered by operating cash flow (2.6%).

Interest Coverage: INCLU's interest payments on its debt are well covered by EBIT (18.2x coverage).

Balance Sheet

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Dividend

What is Inclusio current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

3.42%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: INCLU's dividend (3.42%) is higher than the bottom 25% of dividend payers in the Belgian market (1.95%).

High Dividend: INCLU's dividend (3.42%) is low compared to the top 25% of dividend payers in the Belgian market (5.96%).

Stability and Growth of Payments

Stable Dividend: Too early to tell whether INCLU's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if INCLU's dividend payments are increasing as they only just started paying a dividend.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (25.3%), INCLU's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (284%), INCLU's dividend payments are not well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

4.6yrs

Average board tenure

CEO

Marc Brisack

1.42yrs

Tenure

€88,333

Compensation

Mr. Marc Brisack serves as Chief Executive Officer of Ascencio SCA until November 3, 2017 and served as its Managing Director. Mr. Brisack served as Head of Asset Management at Fortis Real Estate S.A. (alt...

CEO Compensation Analysis

Compensation vs Market: Marc's total compensation ($USD93.18K) is below average for companies of similar size in the Belgian market ($USD397.69K).

Compensation vs Earnings: Insufficient data to compare Marc's compensation with company performance.

Board Members

Experienced Board: INCLU's board of directors are considered experienced (4.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.4%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/25 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31