Price Target Changed • May 20
Price target decreased by 83% to €1.10 Down from €6.30, the current price target is provided by 1 analyst. New target price is 1,000% above last closing price of €0.10. Stock is down 86% over the past year. The company is forecast to post a net loss per share of €2.15 next year compared to a net loss per share of €3.74 last year. New Risk • Oct 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 79% This is considered a major 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: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€17.3m market cap, or US$18.9m). New Risk • Oct 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (€13.6m market cap, or US$15.0m). New Risk • Aug 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (€14.3m market cap, or US$16.0m). Price Target Changed • Jun 19
Price target decreased by 41% to €6.40 Down from €10.80, the current price target is an average from 2 analysts. New target price is 27% above last closing price of €5.05. Stock is down 46% over the past year. The company is forecast to post a net loss per share of €1.68 next year compared to a net loss per share of €2.21 last year. Announcement • May 31
Noratis AG, Annual General Meeting, Jul 09, 2024 Noratis AG, Annual General Meeting, Jul 09, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • May 29
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: €60.8m (down 29% from FY 2022). Net loss: €10.9m (down 233% from profit in FY 2022). Revenue exceeded analyst estimates by 9.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 17% decline forecast for the Real Estate industry in Germany. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (€36.7m market cap, or US$39.0m). New Risk • Feb 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 49% 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: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (21% average weekly change). Minor Risks Shareholders have been diluted in the past year (49% increase in shares outstanding). Market cap is less than US$100m (€46.4m market cap, or US$50.1m). New Risk • Oct 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 6.2% 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 Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (€30.1m market cap, or US$31.7m). Announcement • Jul 22
Noratis AG Announces Board Changes Noratis AG at the Annual General Meeting all items on the agenda were approved by a large majority. Among other things, Hans-Jörg Bergler was elected to the Supervisory Board. He replaces Dr. Florian Stetter. New Risk • Jul 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€44.3m market cap, or US$48.6m). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €10.00, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Real Estate industry in Germany. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.61 per share. Price Target Changed • Nov 16
Price target decreased to €24.65 Down from €27.60, the current price target is an average from 2 analysts. New target price is 109% above last closing price of €11.80. Stock is down 43% over the past year. The company is forecast to post earnings per share of €2.32 for next year compared to €1.97 last year. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €0 (vs €1.52 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €68.4m (up 14% from 1H 2021). Net income: €7.93m (up 8.7% from 1H 2021). Profit margin: 12% (in line with 1H 2021). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €15.50, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Real Estate industry in Germany. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.93 per share. Upcoming Dividend • Jun 17
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 24 June 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.6%). Price Target Changed • Jun 08
Price target decreased to €27.60 Down from €30.43, the current price target is an average from 2 analysts. New target price is 42% above last closing price of €19.40. Stock is down 5.4% over the past year. The company is forecast to post earnings per share of €2.13 for next year compared to €1.97 last year. Reported Earnings • May 15
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €74.0m (up 158% from FY 2020). Net income: €9.47m (up 240% from FY 2020). Profit margin: 13% (up from 9.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 14% compared to a 42% decline forecast for the industry in Germany. Reported Earnings • Oct 04
First half 2021 earnings released: EPS €1.52 (vs €0.49 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: €59.8m (up 326% from 1H 2020). Net income: €7.30m (up 306% from 1H 2020). Profit margin: 12% (in line with 1H 2020). Over the last 3 years on average, earnings per share has fallen by 28% 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. Upcoming Dividend • Jun 10
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 17 June 2021. Payment date: 21 June 2021. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.9%). Reported Earnings • May 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €29.5m (down 61% from FY 2019). Net income: €2.78m (down 68% from FY 2019). Profit margin: 9.4% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Feb 14
New 90-day high: €19.65 The company is up 9.0% from its price of €18.00 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.78 per share. Is New 90 Day High Low • Jan 21
New 90-day high: €18.70 The company is up 11% from its price of €16.80 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.91 per share. Is New 90 Day High Low • Dec 19
New 90-day high: €18.60 The company is up 2.0% from its price of €18.25 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.44 per share. Is New 90 Day High Low • Oct 15
New 90-day low: €16.85 The company is down 16% from its price of €20.00 on 17 July 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.91 per share. Is New 90 Day High Low • Sep 29
New 90-day low: €17.45 The company is down 15% from its price of €20.50 on 01 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.17 per share.