New Risk • Jun 11
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 German stocks, typically moving 8.7% 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 (0.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (€24.5m market cap, or US$28.4m). Announcement • May 30
Adler Group S.A. Confirms Revenue Guidance for the Year 2026 Adler Group S.A. confirmed revenue guidance for the year 2026. For the period, the company confirms its 2026 net rental income guidance in the range of €124 million to €129 million. Reported Earnings • May 29
First quarter 2026 earnings released First quarter 2026 results: Revenue: €236.6m (up 313% from 1Q 2025). Net loss: €10.2m (loss narrowed 94% from 1Q 2025). Reported Earnings • Apr 04
Full year 2025 earnings released Full year 2025 results: Revenue: €302.2m (down 23% from FY 2024). Net loss: €486.6m (down 156% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. New Risk • Jan 08
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 German stocks, typically moving 7.8% 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 Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€31.5m market cap, or US$36.8m). New Risk • Nov 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). High level of non-cash earnings (null accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (€34.0m market cap, or US$39.3m). Reported Earnings • Nov 28
Third quarter 2025 earnings released: €0.96 loss per share (vs €12.99 profit in 3Q 2024) Third quarter 2025 results: €0.96 loss per share (down from €12.99 profit in 3Q 2024). Revenue: €102.3m (up 24% from 3Q 2024). Net loss: €145.9m (down 107% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. New Risk • Aug 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. 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). High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (€35.5m market cap, or US$41.5m). Reported Earnings • Aug 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €49.3m (down 37% from 2Q 2024). Net loss: €189.8m (loss narrowed 54% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Reported Earnings • May 29
First quarter 2025 earnings released: €1.06 loss per share (vs €0.52 loss in 1Q 2024) First quarter 2025 results: €1.06 loss per share (further deteriorated from €0.52 loss in 1Q 2024). Revenue: €57.4m (down 35% from 1Q 2024). Net loss: €160.4m (loss widened 104% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 30
Full year 2024 earnings released: EPS: €5.76 (vs €14.10 loss in FY 2023) Full year 2024 results: EPS: €5.76 (up from €14.10 loss in FY 2023). Revenue: €392.2m (down 11% from FY 2023). Net income: €873.6m (up €2.53b from FY 2023). New Risk • Apr 26
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 German stocks, typically moving 9.0% 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€29.9m market cap, or US$34.0m). Board Change • Dec 06
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Thilo Schmid is the most experienced director on the board, commencing their role in 2020. Independent Chairman Stefan Brendgen was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. New Risk • Nov 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€53.7m market cap, or US$56.7m). Reported Earnings • Aug 30
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €78.1m (up 6.8% from 2Q 2023). Net loss: €413.6m (loss narrowed 53% from 2Q 2023). Board Change • Jul 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman Stefan Brendgen was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 29
First quarter 2024 earnings released: €0.52 loss per share (vs €0.50 loss in 1Q 2023) First quarter 2024 results: €0.52 loss per share (further deteriorated from €0.50 loss in 1Q 2023). Revenue: €88.8m (down 25% from 1Q 2023). Net loss: €78.6m (loss widened 34% from 1Q 2023). Reported Earnings • Apr 26
Full year 2023 earnings released: €11.75 loss per share (vs €13.25 loss in FY 2022) Full year 2023 results: €11.75 loss per share. Revenue: €445.1m (down 39% from FY 2022). Net loss: €1.66b (loss widened 6.4% from FY 2022). Reported Earnings • Nov 29
Third quarter 2023 earnings released: €1.31 loss per share (vs €1.42 loss in 3Q 2022) Third quarter 2023 results: €1.31 loss per share. Revenue: €96.6m (down 75% from 3Q 2022). Net loss: €215.3m (loss widened 30% from 3Q 2022). Reported Earnings • Sep 01
Second quarter 2023 earnings released: €6.73 loss per share (vs €4.93 loss in 2Q 2022) Second quarter 2023 results: €6.73 loss per share (further deteriorated from €4.93 loss in 2Q 2022). Revenue: €73.2m (down 28% from 2Q 2022). Net loss: €875.9m (loss widened 51% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 23 percentage points per year, which is a significant difference in performance. Board Change • Jul 07
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). CEO, Daily Manager & Executive Director Thierry Beaudemoulin is the most experienced director on the board, commencing their role in 2019. Independent Director Thomas Werner Zinnocker was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • May 26
First quarter 2023 earnings released: €0.50 loss per share (vs €0.017 loss in 1Q 2022) First quarter 2023 results: €0.50 loss per share (further deteriorated from €0.017 loss in 1Q 2022). Revenue: €119.0m (down 8.1% from 1Q 2022). Net loss: €58.6m (loss widened €56.6m from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Announcement • May 26
Adler Group S.A. to Report Fiscal Year 2022 Results on Sep 30, 2024 Adler Group S.A. announced that they will report fiscal year 2022 results on Sep 30, 2024 Announcement • May 25
Adler Group S.A. Provides Earnings Guidance for the Year 2023 Adler Group announced that the company expects to generate net rental income for the full year 2023 in the range of EUR 207 million - EUR 219 million. Reported Earnings • Apr 26
Full year 2022 earnings released: €13.25 loss per share (vs €10.02 loss in FY 2021) Full year 2022 results: €13.25 loss per share (further deteriorated from €10.02 loss in FY 2021). Revenue: €734.5m (down 36% from FY 2021). Net loss: €1.56b (loss widened 32% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
Third quarter 2022 earnings released: €4.55 loss per share (vs €0.08 profit in 3Q 2021) Third quarter 2022 results: €4.55 loss per share (down from €0.08 profit in 3Q 2021). Revenue: €392.9m (up 182% from 3Q 2021). Net loss: €166.2m (down €175.2m from profit in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. CEO, Daily Manager & Executive Director Thierry Beaudemoulin is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
Second quarter 2022 earnings released: €4.55 loss per share (vs €1.80 profit in 2Q 2021) Second quarter 2022 results: €4.55 loss per share (down from €1.80 profit in 2Q 2021). Revenue: €101.9m (down 23% from 2Q 2021). Net loss: €579.1m (down 374% from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 03
First quarter 2022 earnings released: €0.02 loss per share (vs €0.97 profit in 1Q 2021) First quarter 2022 results: €0.02 loss per share (down from €0.97 profit in 1Q 2021). Revenue: €129.1m (down 22% from 1Q 2021). Net loss: €1.97m (down 102% from profit in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Buying Opportunity • May 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 54%. The fair value is estimated to be €6.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 74% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 02
Full year 2021 earnings released: €10.03 loss per share (vs €2.00 profit in FY 2020) Full year 2021 results: €10.03 loss per share (down from €2.00 profit in FY 2020). Revenue: €1.14b (up 52% from FY 2020). Net loss: €1.18b (down €1.34b from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 52% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Deputy Chairman Peter Maser is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 18% share price gain to €13.24, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Real Estate industry in Germany. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.41 per share. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 16% share price gain to €12.43, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Real Estate industry in Germany. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.41 per share. Major Estimate Revision • Jan 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €2.66 to €4.32. Revenue forecast unchanged at €614.0m. Net income forecast to shrink 26% next year vs 1.0% growth forecast for Real Estate industry in Germany . Consensus price target down from €25.80 to €22.82. Share price fell 2.5% to €11.12 over the past week. Price Target Changed • Jan 26
Price target decreased to €22.82 Down from €27.40, the current price target is an average from 2 analysts. New target price is 110% above last closing price of €10.87. Stock is down 57% over the past year. The company is forecast to post earnings per share of €2.66 for next year compared to €2.00 last year. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: EPS: €0.08 (up from €0.05 in 3Q 2020). Revenue: €139.3m (down 34% from 3Q 2020). Net income: €8.97m (up 91% from 3Q 2020). Profit margin: 6.4% (up from 2.2% in 3Q 2020). Revenue exceeded analyst estimates by 67%. Earnings per share (EPS) missed analyst estimates by 42%. Earnings per share (EPS) missed analyst estimates by 42%. Over the next year, revenue is expected to shrink by 21% compared to a 36% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year whereas the company’s share price has fallen by 37% per year. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €8.64, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Real Estate industry in Germany. Total loss to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.88 per share. Price Target Changed • Nov 15
Price target decreased to €25.80 Down from €28.33, the current price target is an average from 2 analysts. New target price is 132% above last closing price of €11.14. Stock is down 53% over the past year. The company is forecast to post earnings per share of €2.66 for next year compared to €2.00 last year. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €14.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Real Estate industry in Germany. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.84 per share. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS €1.80 (vs €1.05 in 2Q 2020) Second quarter 2021 results: Revenue: €133.1m (down 7.1% from 2Q 2020). Net income: €211.3m (up 259% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 26% per year. Major Estimate Revision • Jul 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 consensus EPS increased from €3.12 to €3.76. Revenues were reaffirmed at €393.6m. Net income forecast to grow 35% next year vs 14% growth forecast for Real Estate industry in Germany. Consensus price target of €27.88 unchanged from last update. Share price fell 4.2% to €22.54 over the past week. Major Estimate Revision • Jun 17
Consensus revenue estimates fall to €393.6m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from €462.0m to €393.6m. EPS estimate fell from €3.76 to €3.12 per share. Net income forecast to grow 35% next year vs 15% growth forecast for Real Estate industry in Germany. Consensus price target of €27.88 unchanged from last update. Share price was steady at €26.42 over the past week. Reported Earnings • May 29
First quarter 2021 earnings released: EPS €0.97 (vs €0.04 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €166.0m (up 425% from 1Q 2020). Net income: €114.4m (up €116.0m from 1Q 2020). Profit margin: 69% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year. Major Estimate Revision • May 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €3.36 to €4.08. Revenue forecast unchanged at €505.0m. Net income forecast to grow 233% next year vs 5.8% growth forecast for Real Estate industry in Germany. Consensus price target of €27.29 unchanged from last update. Share price was steady at €23.88 over the past week. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS €2.00 (vs €13.63 in FY 2019) The company reported a decent full year result with improved revenues, although earnings and profit margins were weaker. Full year 2020 results: Revenue: €753.1m (up 381% from FY 2019). Net income: €159.7m (down 74% from FY 2019). Profit margin: 21% (down from 385% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 24
New 90-day low: €23.50 The company is down 4.0% from its price of €24.38 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.36 per share. Is New 90 Day High Low • Dec 28
New 90-day high: €28.06 The company is up 21% from its price of €23.24 on 29 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed 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 €42.77 per share. Major Estimate Revision • Dec 19
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €3.41 to €1.46. Revenue estimate was approximately flat at €454.2m. Net income is expected to grow by 24% next year compared to 4.1% decline forecast for the Real Estate industry in Germany. The consensus price target of €29.00 was unchanged from the last update. Share price is up 1.7% to €27.44 over the past week. Major Estimate Revision • Dec 11
Analysts update estimates The 2020 consensus revenue estimate increased from €365.6m to €454.3m. Earnings per share estimate was lowered from €3.92 to €3.41 for the same period. Net income is expected to grow by 24% next year compared to 4.2% decline forecast for the Real Estate industry in Germany. The consensus price target increased from €28.79 to €29.00. Share price is up 11% to €26.86 over the past week. Is New 90 Day High Low • Dec 08
New 90-day high: €26.00 The company is up 4.0% from its price of €24.94 on 09 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €41.74 per share. Reported Earnings • Dec 01
Third quarter 2020 earnings released: EPS €0.07 The company reported a decent third quarter result with improved revenues, although earnings and profit margins were weaker. Third quarter 2020 results: Revenue: €242.3m (up €202.3m from 3Q 2019). Net income: €6.82m (down 91% from 3Q 2019). Profit margin: 2.8% (down from 186% in 3Q 2019). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Dec 01
Earnings beat expectations Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 58%. Over the next year, revenue is expected to shrink by 14% compared to a 31% decline forecast for the Real Estate industry in Germany. Major Estimate Revision • Nov 11
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €4.63 to €3.83. No change was made to the revenue estimate which at the last update was €363.4m. Net income is expected to shrink by 7.9% next year compared to 7.9% decline forecast for the Real Estate industry in Germany. The consensus price target of €28.79 was unchanged from the last update. Share price is up 6.3% to €24.12 over the past week. Major Estimate Revision • Nov 05
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €4.63 to €3.81. No change was made to the revenue estimate which at the last update was €363.4m. Net income is expected to shrink by 8.2% next year compared to 8.2% decline forecast for the Real Estate industry in Germany. The consensus price target was lowered from €28.79 to €28.79. Share price is up 9.9% to €22.70 over the past week. Price Target Changed • Nov 03
Price target raised to €31.55 Up from €29.27, the current price target is an average from 3 analysts. The new target price is 45% above the current share price of €21.74. As of last close, the stock is down 42% over the past year. Is New 90 Day High Low • Oct 24
New 90-day low: €22.42 The company is down 10.0% from its price of €24.92 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.83 per share. Major Estimate Revision • Oct 06
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €3.21 to €4.63. No change was made to the revenue estimate which at the last update was €367.4m. Net income is expected to shrink by 8.5% next year compared to 12% decline forecast for the Real Estate industry in Germany. The consensus price target of €28.79 was unchanged from the last update. Share price is up 9.5% to €25.44 over the past week.