Buy Or Sell Opportunity • Jun 12
Now 25% undervalued Over the last 90 days, the stock has risen 17% to €2.38. The fair value is estimated to be €3.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 7.1% in 2 years. Earnings are forecast to decline by 13% in the next 2 years. New Risk • Jun 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% 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 Risk Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. 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 (9.0% average weekly change). Announcement • May 27
Develia S.A., Annual General Meeting, Jun 25, 2026 Develia S.A., Annual General Meeting, Jun 25, 2026, at 12:00 Central European Standard Time. Buy Or Sell Opportunity • May 26
Now 23% undervalued Over the last 90 days, the stock has risen 13% to €2.43. The fair value is estimated to be €3.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 4.1% per annum over the same time period. New Risk • May 25
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: 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 (9.0% average weekly change). Announcement • May 12
Develia S.A. announces Annual dividend, payable on September 30, 2026 Develia S.A. announced Annual dividend of PLN 0.7300 per share payable on September 30, 2026, ex-date on September 24, 2026 and record date on September 25, 2026. Announcement • May 12
Develia S.A., Annual General Meeting, Jun 10, 2025 Develia S.A., Annual General Meeting, Jun 10, 2025. Announcement • May 01
Develia S.A. (WSE:DVL) entered into a preliminary sale agreement to acquire Bouygues Immobilier Polska Sp. z o. o. from Bouygues Immobilier SA and Sas Reine Participations for €66.5 million. Develia S.A. (WSE:DVL) entered into a preliminary sale agreement to acquire Bouygues Immobilier Polska Sp. z o. o. from Bouygues Immobilier SA and Sas Reine Participations for €66.5 million on April 29, 2025. A cash consideration of €66.5 million will be paid by Develia S.A. As part of consideration, €66.5 million is paid towards common equity of Bouygues Immobilier Polska Sp. z o. o.
The transaction is subject to subject to approval of the President of the Office of Competition and Consumer Protection. The expected completion of the transaction is June 30, 2025. New Risk • Oct 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% 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: Minor Risks Dividend is not well covered by cash flows (189% cash payout ratio). Share price has been volatile over the past 3 months (7.3% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €1.36, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Real Estate industry in Germany. Total returns to shareholders of 129% over the past three years. Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: zł0.14 (vs zł0.048 in 2Q 2023) Second quarter 2024 results: EPS: zł0.14 (up from zł0.048 in 2Q 2023). Revenue: zł247.1m (up 53% from 2Q 2023). Net income: zł64.6m (up 205% from 2Q 2023). Profit margin: 26% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 16% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.16, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Real Estate industry in Germany. Total returns to shareholders of 117% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of zł0.50 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 06 September 2024. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 8.0%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (2.9%). Reported Earnings • May 24
First quarter 2024 earnings released: EPS: zł0.19 (vs zł0.13 in 1Q 2023) First quarter 2024 results: EPS: zł0.19 (up from zł0.13 in 1Q 2023). Revenue: zł401.6m (up 57% from 1Q 2023). Net income: zł84.7m (up 45% from 1Q 2023). Profit margin: 21% (down from 23% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 17% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • May 18
Develia Announces Dividend for the Year 2023, Payable on July 5, 2024 and September 6, 2024 Develia at its general meeting decided to allocate PLN 226.14 million (EUR 53.1 million) from the net profit for 2023 to the payment of dividends, which means PLN 0.50 (EUR 0.12) per share. The remaining part of the net profit of PLN 190.9 million (EUR 44.8 million) was decided to be allocated to the reserve capital. The dividend day was set for June 17, 2024 and the dividend payment was set for July 5, 2024 in the amount of PLN 113.07 million (EUR 26.5 million) and September 6, 2024 in the amount of PLN 113.07 million (EUR 26.5 million). For 2022, the company paid PLN 0.4 (EUR 0.09) dividend per share. Announcement • May 10
Develia Real Estate Introduces to Offer 285 Apartments in Poznan Develia has introduced to offer 285 apartments in Poznan. The Unia Lubelska Vita estate will be built in Poznan's Nowe Miasto district. Alstal Grupa Budowlana is the general contractor for the project. Buy Or Sell Opportunity • Apr 29
Now 22% undervalued Over the last 90 days, the stock has risen 36% to €1.47. The fair value is estimated to be €1.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings are also forecast to grow by 8.9% per annum over the same time period. Reported Earnings • Nov 22
Third quarter 2023 earnings released: EPS: zł0.10 (vs zł0.07 in 3Q 2022) Third quarter 2023 results: EPS: zł0.10 (up from zł0.07 in 3Q 2022). Revenue: zł368.1m (up 84% from 3Q 2022). Net income: zł45.3m (up 30% from 3Q 2022). Profit margin: 12% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 14% decline forecast for the Real Estate industry in Germany. Reported Earnings • Oct 05
Second quarter 2023 earnings released: EPS: zł0.048 (vs zł0.008 in 2Q 2022) Second quarter 2023 results: EPS: zł0.048 (up from zł0.008 in 2Q 2022). Revenue: zł162.7m (up zł140.6m from 2Q 2022). Net income: zł21.2m (up zł18.5m from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 14% decline forecast for the Real Estate industry in Germany. New Risk • Jul 18
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 6.7% 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 Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (212% cash payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Upcoming Dividend • Jul 06
Upcoming dividend of zł0.40 per share at 8.5% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 8.5%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €1.07, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Real Estate industry in Germany. Total returns to shareholders of 107% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €0.83 per share. Announcement • May 31
Develia S.A., Annual General Meeting, Jun 27, 2023 Develia S.A., Annual General Meeting, Jun 27, 2023, at 10:00 Central European Standard Time. Announcement • May 26
Develia S.A. Proposes Total Dividend Payout for the Year 2022, Payable on July 21, 2023 and October 13, 2023 Develia S.A. proposed that shareholders take PLN 179 million in total dividend payout from the net profit sported in 2022. The remaining part of the 2022 net profit, that is PLN 117.7 million, is to be put to retained earnings. Rights would be set on July 14, 2023 and the payout made in two tranches - on July 21, 2023 (PLN 107.4 million) and October 13, 2023 (PLN 71.6 million). Last year, Develia paid out PLN 201.4 million in dividend. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: zł0.13 (vs zł0.029 in 1Q 2022) First quarter 2023 results: EPS: zł0.13 (up from zł0.029 in 1Q 2022). Revenue: zł257.2m (up 164% from 1Q 2022). Net income: zł58.4m (up 347% from 1Q 2022). Profit margin: 23% (up from 13% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 9.0% p.a. on average during the next 3 years compared to a 22% decline forecast for the Real Estate industry in Germany. Announcement • Jan 27
An unknown fund, managed by Adventum International, signed a preliminary agreement to acquire Wola Retro Office Building in Warsaw from Develia S.A. (WSE:DVL) for €70 million. An unknown fund, managed by Adventum International, signed a preliminary agreement to acquire Wola Retro Office Building in Warsaw from Develia S.A. (WSE:DVL) for €70 million on January 26, 2023. The transaction is expected to complete by April 30, 2023. Avison Young acted as advisor to Develia S.A. (WSE:DVL). Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: zł0.07 (vs zł0.065 in 3Q 2021) Third quarter 2022 results: EPS: zł0.07 (up from zł0.065 in 3Q 2021). Revenue: zł200.5m (down 8.7% from 3Q 2021). Net income: zł34.8m (up 19% from 3Q 2021). Profit margin: 17% (up from 13% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Reported Earnings • Sep 15
Second quarter 2022 earnings released: EPS: zł0.008 (vs zł0.044 in 2Q 2021) Second quarter 2022 results: EPS: zł0.008 (down from zł0.044 in 2Q 2021). Revenue: zł22.4m (down 89% from 2Q 2021). Net income: zł2.70m (down 87% from 2Q 2021). Profit margin: 12% (up from 11% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% decline forecast for the Real Estate industry in Germany. Buying Opportunity • May 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €0.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 12% in the next 2 years. Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: zł97.6m (down 45% from 1Q 2021). Net income: zł13.1m (down 62% from 1Q 2021). Profit margin: 13% (down from 20% in 1Q 2021). Over the next year, revenue is forecast to grow 11% compared to a 42% decline forecast for the industry in Germany. Announcement • May 19
Develia Announces Dividend for 2021 Develia decided that shareholders take PLN 0.45 DPS for 2021, or PLN 201.4 million in total, to be paid out from part of the 2021 net profit, i.e. PLN 117.6 million, and PLN 83.8 million transferred from reserve capital, Develia said in a market filing with EGM decisions. Upcoming Dividend • May 16
Upcoming dividend of zł0.45 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 31 May 2022. The company is paying out more than 100% of its profits and is paying out 89% of its cash flow. Trailing yield: 14%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (4.3%). Announcement • Apr 23
Develia S.A., Annual General Meeting, May 17, 2022 Develia S.A., Annual General Meeting, May 17, 2022, at 10:00 Central European Standard Time. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS zł0.07 (vs zł0.032 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: zł219.6m (up 123% from 3Q 2020). Net income: zł29.1m (up 105% from 3Q 2020). Profit margin: 13% (down from 14% in 3Q 2020). Reported Earnings • Sep 11
Second quarter 2021 earnings released: EPS zł0.044 (vs zł0.13 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł200.3m (up 401% from 2Q 2020). Net income: zł21.0m (up zł77.6m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). Announcement • May 29
Develia S.A. Announces Dividend for the 2020, Payable on July 13, 2021 Develia S.A. wants to offer shareholders PLN 76.1 million in dividend from the 2020 net profit of PLN 140.3 million. Such payout would put dividend per share at PLN 0.17. The management wants dividend rights to be set on July 6, 2021 and the payment made on July 13, 2021. Reported Earnings • May 20
First quarter 2021 earnings released: EPS zł0.08 (vs zł0.15 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł176.5m (down 2.0% from 1Q 2020). Net income: zł34.6m (down 47% from 1Q 2020). Profit margin: 20% (down from 36% in 1Q 2020). Reported Earnings • Apr 14
Full year 2020 earnings released: zł0.31 loss per share (vs zł0.26 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: zł517.1m (down 37% from FY 2019). Net loss: zł138.8m (down 218% from profit in FY 2019). 
