Declared Dividend • May 24
Dividend of €0.64 announced Shareholders will receive a dividend of €0.64. Ex-date: 25th May 2026 Payment date: 16th June 2026 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 4 years and payments have been stable during that time. EPS is expected to decline by 45% over the next 3 years. However, it would need to fall by 49% to increase the payout ratio to a potentially unsustainable range. Announcement • May 22
Inclusio SA announces Annual dividend, payable on June 17, 2026 Inclusio SA announced Annual dividend of EUR 0.6440 per share payable on June 17, 2026, ex-date on May 25, 2026 and record date on May 26, 2026. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: €2.02 (vs €2.62 in FY 2024) Full year 2025 results: EPS: €2.02 (down from €2.62 in FY 2024). Revenue: €16.9m (up 7.8% from FY 2024). Net income: €15.4m (down 21% from FY 2024). Profit margin: 91% (down from 124% in FY 2024). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Sep 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 (2.2x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (97% net profit margin). Buy Or Sell Opportunity • Jun 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €16.30. The fair value is estimated to be €13.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are forecast to decline by 28% per annum over the same time period. Declared Dividend • May 25
Dividend of €0.57 announced Shareholders will receive a dividend of €0.57. Ex-date: 26th May 2025 Payment date: 17th June 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 18% per year over the past 3 years and payments have been stable during that time. EPS is expected to decline by 63% over the next 3 years. However, it would need to fall by 65% to increase the payout ratio to a potentially unsustainable range. Announcement • May 24
Inclusio SA announces Annual dividend, payable on June 17, 2025 Inclusio SA announced Annual dividend of EUR 0.5740 per share payable on June 17, 2025, ex-date on May 26, 2025 and record date on May 27, 2025. New Risk • Apr 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 125% Last year net profit margin: 233% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (125% net profit margin). New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Interest payments are not well covered by earnings (2.3x net interest cover). Earnings are forecast to decline by an average of 35% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Dividend is not well covered by cash flows (124% cash payout ratio). Large one-off items impacting financial results. New Risk • Dec 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €95.3m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (124% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (€95.3m market cap, or US$99.8m). New Risk • Oct 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 52% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 (2.3x net interest cover). Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (124% cash payout ratio). Large one-off items impacting financial results. New Risk • Aug 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 51% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Dividend is not well covered by cash flows (207% cash payout ratio). Large one-off items impacting financial results. Buy Or Sell Opportunity • Jul 05
Now 18% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to €13.40. The fair value is estimated to be €11.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 59%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are forecast to decline by 51% per annum over the same time period. Buy Or Sell Opportunity • Jun 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.1% to €13.75. The fair value is estimated to be €11.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 59%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are forecast to decline by 51% per annum over the same time period. Buy Or Sell Opportunity • May 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €14.10. The fair value is estimated to be €11.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 59%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are forecast to decline by 51% per annum over the same time period. Buy Or Sell Opportunity • Feb 28
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €13.25. The fair value is estimated to be €10.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 66%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to decline by 58% in the next 2 years. New Risk • Jan 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.3m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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). Earnings are forecast to decline by an average of 30% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (142% net profit margin). Market cap is less than US$100m (€91.3m market cap, or US$99.2m). New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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). Earnings are forecast to decline by an average of 32% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Upcoming Dividend • May 17
Upcoming dividend of €0.49 per share at 4.6% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.9%). Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: €11.0m (up 47% from FY 2021). Net income: €22.2m (up 52% from FY 2021). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Marianne Wagner was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 18% share price gain to €16.35, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 12x in the Real Estate industry in Germany. Total loss to shareholders of 21% over the past year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Marianne Wagner was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 22
Full year 2021 earnings released: EPS: €1.97 (vs €0.007 in FY 2020) Full year 2021 results: EPS: €1.97 (up from €0.007 in FY 2020). Net income: €14.7m (up €14.6m from FY 2020). Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.97 (up from €0.007 in FY 2020). Net income: €14.7m (up €14.6m from FY 2020). Revenue was in line with analyst estimates.