Reported Earnings • May 15
Second quarter 2026 earnings released: EPS: €0.03 (vs €0.02 loss in 2Q 2025) Second quarter 2026 results: EPS: €0.03 (up from €0.02 loss in 2Q 2025). Revenue: €24.3m (down 18% from 2Q 2025). Net income: €2.88m (up €3.58m from 2Q 2025). Profit margin: 12% (up from net loss in 2Q 2025). Revenue is expected to fall by 37% p.a. on average during the next 2 years compared to a 4.9% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Mar 11
Deutsche Konsum REIT-AG, Annual General Meeting, Apr 17, 2026 Deutsche Konsum REIT-AG, Annual General Meeting, Apr 17, 2026, at 10:00 W. Europe Standard Time. New Risk • Feb 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 154% 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 (1.0x net interest cover). Shareholders have been substantially diluted in the past year (154% increase in shares outstanding). Reported Earnings • Feb 16
First quarter 2026 earnings released: EPS: €0.07 (vs €0.047 in 1Q 2025) First quarter 2026 results: EPS: €0.07 (up from €0.047 in 1Q 2025). Revenue: €33.9m (up 33% from 1Q 2025). Net income: €3.60m (up 107% from 1Q 2025). Profit margin: 11% (up from 6.8% in 1Q 2025). Revenue is expected to fall by 37% p.a. on average during the next 2 years compared to a 3.4% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. New Risk • Feb 15
New major risk - Revenue and earnings growth Earnings have declined by 51% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 (0.9x net interest cover). Earnings have declined by 51% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Feb 14
Deutsche Konsum REIT-AG Provides Rental Income Guidance for the Fiscal Year 2026 Deutsche Konsum REIT-AG provided rental income guidance for the fiscal year 2026. As a result of the planned property sales, rental income is expected to decline. For the 2025/2026 fiscal year, the Company forecasts rental income of EUR 58 million to EUR 63 million. Earnings performance will remain dependent on the progress of property sales and the further implementation of the restructuring measures. New Risk • Jan 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €83.8m (US$98.4m) 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 Risk Interest payments are not well covered by earnings (0.9x net interest cover). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (€83.8m market cap, or US$98.4m). Reported Earnings • Dec 21
Full year 2025 earnings released Full year 2025 results: Revenue: €122.4m (down 35% from FY 2024). Net loss: €55.0m (down €57.0m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 36% per year whereas the company’s share price has fallen by 37% per year. Reported Earnings • Aug 14
Third quarter 2025 earnings released: €0.80 loss per share (vs €0.13 profit in 3Q 2024) Third quarter 2025 results: €0.80 loss per share (down from €0.13 profit in 3Q 2024). Revenue: €29.0m (up 20% from 3Q 2024). Net loss: €33.6m (down €38.3m from profit in 3Q 2024). Revenue is expected to fall by 72% p.a. on average during the next 2 years compared to a 4.3% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 16
Price target increased by 9.1% to €4.40 Up from €4.03, the current price target is an average from 2 analysts. New target price is 90% above last closing price of €2.31. Stock is down 19% over the past year. The company is forecast to post earnings per share of €0.57 for next year compared to €0.056 last year. New Risk • Jun 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% 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 Debt is not well covered by operating cash flow (5.5% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Price Target Changed • May 20
Price target decreased by 7.4% to €3.77 Down from €4.07, the current price target is an average from 3 analysts. New target price is 30% above last closing price of €2.89. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of €0.45 for next year compared to €0.056 last year. Announcement • Apr 03
Deutsche Konsum REIT AG Announces Supervisory Board Changes The Annual General Meeting of Deutsche Konsum REIT-AG held on 1 April 2025, approved elections of Dr. Kai Gregor Klinger and Mr. Daniel Löhken to the Supervisory Board as new members. Following the Annual General Meeting, the Supervisory Board appointed Mr. Daniel Löhken as its new Chairman and Mr. Sebastian Wasser as Deputy Chairman. The discharge of Christian Hellmuth for the 2023/2024 financial year was postponed. Rolf Elgeti was not discharged for his work on the Supervisory Board in the past financial year 2023/2024. The remaining Supervisory Board members were discharged by the Annual General Meeting. Announcement • Mar 15
Rolf Elgeti and Antje Lubitz Does Not Stand for Re-Election as Members of the Supervisory Board of Deutsche Konsum REIT Deutsche Konsum REIT announced that Rolf Elgeti and Antje Lubitz will not be available for re-election as members of the supervisory board. Announcement • Feb 22
Deutsche Konsum REIT-AG, Annual General Meeting, Apr 01, 2025 Deutsche Konsum REIT-AG, Annual General Meeting, Apr 01, 2025, at 11:00 W. Europe Standard Time. Location: ludwig erhard haus, konferenzzentrum, grober vortragssaal, fasanenstrabe 85, 10623 berlin, Germany Reported Earnings • Feb 15
First quarter 2025 earnings released: EPS: €0.05 (vs €0.18 in 1Q 2024) First quarter 2025 results: EPS: €0.05 (down from €0.18 in 1Q 2024). Revenue: €25.6m (up 2.6% from 1Q 2024). Net income: €1.74m (down 73% from 1Q 2024). Profit margin: 6.8% (down from 26% in 1Q 2024). Revenue is expected to fall by 54% p.a. on average during the next 2 years compared to a 2.9% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings have declined by 53% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 (4.2% operating cash flow to total debt). Earnings have declined by 53% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (16% increase in shares outstanding). Buy Or Sell Opportunity • Feb 12
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to €3.71. The fair value is estimated to be €3.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 60% in 2 years. Earnings are forecast to grow by 899% in the next 2 years. Announcement • Feb 03
Deutsche Konsum REIT-AG Announces Change in the Management Board The Supervisory Board of Deutsche Konsum REIT-AG has appointed Lars Wittan as a new member of the Management Board. Since 1 February 2025, he has been responsible for operations and transactions, taking over from Alexander Kroth, who resigned from his position as a member of the Management Board on 31 January 2025. Lars Wittan, born in 1977, has a long career in the real estate sector. He spent twelve years in different management positions at Deutsche Wohnen SE, where he played a key role in numerous capital market and financing measures, portfolio acquisitions, and asset and share deal transactions. During this time, he held the positions of COO, CIO, and CFO. Most recently, Lars Wittan was CIO at Obotritia Capital KGaA, where he was responsible for the directly held real estate portfolio. He is also Chairman of the Supervisory Board of Quarterback Immobilien AG. At the same time, Alexander Kroth has resigned as a member of the Management Board as of 31 January 2025. In order to pursue new challenges, Mr. Kroth has asked the Supervisory Board to release him from his duties and has resigned from his position as a member of the Management Board in agreement with the Supervisory Board. Major Estimate Revision • Jan 22
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.455 to €0.38. Revenue forecast unchanged from €75.9m at last update. Net income forecast to grow 749% next year vs 127% growth forecast for Retail REITs industry in Germany. Consensus price target broadly unchanged at €4.07. Share price rose 2.5% to €3.70 over the past week. New Risk • Jan 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 Risk Debt is not well covered by operating cash flow (4.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Dec 22
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: FFO per share: €0.8 (down from €0.94 in FY 2023). Revenue: €187.2m (up 77% from FY 2023). Funds from operations (FFO): €28.0m (down 16% from FY 2023). FFO margin: 15% (down from 31% in FY 2023). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 85%. Revenue is expected to fall by 45% p.a. on average during the next 2 years compared to a 1.1% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 05
Price target increased by 29% to €3.75 Up from €2.90, the current price target is an average from 2 analysts. New target price is 20% below last closing price of €4.69. Stock is up 54% over the past year. The company is forecast to post a net loss per share of €0.18 next year compared to a net loss per share of €5.15 last year. New Risk • Sep 14
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 7.2% 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 (0.07x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Buy Or Sell Opportunity • Sep 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to €3.51. The fair value is estimated to be €2.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 15
Third quarter 2024 earnings released: EPS: €0.13 (vs €0.14 in 3Q 2023) Third quarter 2024 results: EPS: €0.13 (down from €0.14 in 3Q 2023). Revenue: €24.2m (flat on 3Q 2023). Net income: €4.66m (down 4.4% from 3Q 2023). Profit margin: 19% (down from 20% in 3Q 2023). Revenue is expected to fall by 5.1% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Jun 09
Deutsche Konsum REIT-AG Announces CFO Changes The Supervisory Board of DKR resolved to appoint Mr. Kyrill Turchaninov to the company's Management Board with immediate effect. He will take over the duties of the company's former Chief Financial Officer (CFO), who is leaving the Management Board at the same time. The company's business activities will therefore be managed by the two members of the Management Board, Mr. Kyrill Turchaninov (CFO) and Mr. Alexander Kroth (CIO). Reported Earnings • May 17
Second quarter 2024 earnings released: EPS: €0.13 (vs €0.19 in 2Q 2023) Second quarter 2024 results: EPS: €0.13 (down from €0.19 in 2Q 2023). Revenue: €32.1m (up 32% from 2Q 2023). Net income: €4.51m (down 31% from 2Q 2023). Profit margin: 14% (down from 27% in 2Q 2023). Revenue is expected to fall by 4.6% p.a. on average during the next 3 years compared to a 2.8% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 16
First quarter 2024 earnings released: EPS: €0.19 (vs €0.23 in 1Q 2023) First quarter 2024 results: EPS: €0.19 (down from €0.23 in 1Q 2023). Revenue: €25.2m (down 22% from 1Q 2023). Net income: €6.51m (down 21% from 1Q 2023). Profit margin: 26% (in line with 1Q 2023). Revenue is expected to fall by 2.0% p.a. on average during the next 3 years compared to a 2.7% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 (6.5% operating cash flow to total debt). Earnings have declined by 13% per year over the past 5 years. Announcement • Jan 18
Deutsche Konsum REIT-AG, Annual General Meeting, May 31, 2024 Deutsche Konsum REIT-AG, Annual General Meeting, May 31, 2024. Buying Opportunity • Nov 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 56%. The fair value is estimated to be €3.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Announcement • Nov 26
Deutsche Konsum REIT-AG Proposes No Dividend for the Financial Year 2022/2023 Deutsche Konsum REIT-AG announced that due to the negative annual result according to IFRS as well as under German GAAP, no dividend can be proposed for the past financial year 2022/2023. Announcement • Nov 15
Deutsche Konsum REIT-AG Elects Sebastian Wasser New Chairman of the Supervisory Board On the evening of 13 November 2023, the Supervisory Board of Deutsche Konsum REIT-AG elected Mr. Sebastian Wasser as Chairman of the Supervisory Board with immediate effect. The previous Chairman of the Supervisory Board, Mr. Rolf Elgeti, remains a member of the Supervisory Board and the Audit Committee. There were no other changes to the Supervisory Board. Recent Insider Transactions • Oct 06
Chairman of the Supervisory Board recently bought €121k worth of stock On the 3rd of October, Rolf Elgeti bought around 25k shares on-market at roughly €4.86 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rolf has been a buyer over the last 12 months, purchasing a net total of €903k worth in shares. New Risk • Oct 05
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 10% 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 Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Dividend is not well covered by earnings (0% payout ratio). Reported Earnings • Aug 16
Third quarter 2023 earnings released: EPS: €0.14 (vs €2.11 in 3Q 2022) Third quarter 2023 results: EPS: €0.14 (down from €2.11 in 3Q 2022). Revenue: €24.5m (down 67% from 3Q 2022). Net income: €4.88m (down 93% from 3Q 2022). Profit margin: 20% (down from 99% in 3Q 2022). Revenue is expected to fall by 5.9% p.a. on average during the next 3 years compared to a 5.0% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% 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 (7.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (9.3% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (35% net profit margin). Announcement • Jul 25
Deutsche Konsum Reit-Ag Announces Management Appointments Deutsche Konsum REIT-AG new Supervisory Board was reconstituted in a meeting last Friday. Mr. Rolf Elgeti was elected as the Chairman of the Supervisory Board. Mr. Achim Betz was elected as Deputy Chairman of the Supervisory Board. In addition, a new Audit Committee was appointed: It is composed of Mr. Achim Betz (Chairman), Ms Antje Lubitz (Deputy Chairman) and Mr. Rolf Elgeti. Announcement • Jul 15
Deutsche Konsum REIT-AG Approves Management Appointments Deutsche Konsum REIT-AG at the AGM held on July 14, 2023, approved Mr. Rolf Elgeti, Ms Antje Lubitz and Mr. Sebastian Wasser were elected as new members of the Supervisory Board. Announcement • Jul 14
Deutsche Konsum REIT-AG Approves Dividend for the Financial Year 2021/2022 Deutsche Konsum REIT-AG at its Annual General Meeting held on July 14, 2023 approved a dividend of EUR 0.12 per share for the 2021/2022 financial year. Upcoming Dividend • Jul 07
Upcoming dividend of €0.12 per share at 1.9% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 18 July 2023. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.8%). Recent Insider Transactions • Jun 06
CEO & Chairman of Management Board recently bought €298k worth of stock On the 1st of June, Rolf Elgeti bought around 47k shares on-market at roughly €6.30 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rolf has been a buyer over the last 12 months, purchasing a net total of €479k worth in shares. Announcement • Jun 01
Deutsche Konsum REIT-AG, Annual General Meeting, Jul 13, 2023 Deutsche Konsum REIT-AG, Annual General Meeting, Jul 13, 2023. Reported Earnings • May 14
Second quarter 2023 earnings released: EPS: €0.19 (vs €0.24 in 2Q 2022) Second quarter 2023 results: EPS: €0.19 (down from €0.24 in 2Q 2022). Revenue: €23.6m (up 8.9% from 2Q 2022). Net income: €6.54m (down 24% from 2Q 2022). Profit margin: 28% (down from 40% in 2Q 2022). Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 3.1% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • May 09
Deutsche Konsum REIT-AG Announces Nicholas Cournoyer Resigns as Member of Supervisory Board Deutsche Konsum REIT-AG announced that Nicholas Cournoyer, member of the Supervisory Board informed the Management Board and the Supervisory Board of the Company on 5 May 2023 that he will resign from his office with immediate effect for health reasons. Mr. Cournoyer had already informed the Company in January 2023 that he would resign from office with effect from the end of the Annual General Meeting 2023. Price Target Changed • May 08
Price target decreased by 12% to €9.53 Down from €10.83, the current price target is an average from 3 analysts. New target price is 35% above last closing price of €7.04. Stock is down 42% over the past year. The company is forecast to post earnings per share of €0.49 for next year compared to €1.72 last year. Recent Insider Transactions • Mar 29
CEO & Chairman of Management Board recently bought €4.7m worth of stock On the 23rd of March, Rolf Elgeti bought around 680k shares on-market at roughly €6.90 per share. This transaction increased Rolf's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rolf has been a buyer over the last 12 months, purchasing a net total of €3.8m worth in shares. Recent Insider Transactions • Mar 20
CEO & Chairman of Management Board recently sold €1.1m worth of stock On the 14th of March, Rolf Elgeti sold around 138k shares on-market at roughly €7.80 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Rolf has been a net seller over the last 12 months, reducing personal holdings by €901k. Upcoming Dividend • Mar 10
Upcoming dividend of €0.48 per share at 6.2% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 21 March 2023. Trailing yield: 6.2%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.0%). Major Estimate Revision • Feb 16
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €86.5m to €76.0m. EPS estimate increased from €0.50 to €0.76 per share. Net income forecast to shrink 47% next year vs 56% decline forecast for REITs industry in Germany. Consensus price target down from €18.26 to €13.77. Share price fell 6.3% to €7.40 over the past week. Price Target Changed • Feb 16
Price target decreased by 25% to €10.83 Down from €14.37, the current price target is an average from 3 analysts. New target price is 46% above last closing price of €7.40. Stock is down 45% over the past year. The company is forecast to post earnings per share of €0.48 for next year compared to €1.72 last year. Reported Earnings • Feb 15
First quarter 2023 earnings released: EPS: €0.23 (vs €0.28 in 1Q 2022) First quarter 2023 results: EPS: €0.23 (down from €0.28 in 1Q 2022). Revenue: €33.2m (up 53% from 1Q 2022). Net income: €8.25m (down 16% from 1Q 2022). Profit margin: 25% (down from 45% in 1Q 2022). Revenue is expected to decline by 15% p.a. on average during the next 3 years, while revenues in the REITs industry in Europe are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Jan 28
Deutsche Konsum REIT-AG Announces Supervisory Board Members Resignations Deutsche Konsum REIT-AG announced that the Supervisory Board members Nicholas Cournoyer and Kristian Schmidt-Garve informed the Management Board and the Supervisory Board of the Company that they will resign from their offices for personal reasons with effect from 16 March 2023 (at the end of the Annual General Meeting on that date). Recent Insider Transactions • Jan 12
CEO & Chairman of Management Board recently bought €178k worth of stock On the 10th of January, Rolf Elgeti bought around 25k shares on-market at roughly €7.26 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rolf has been a buyer over the last 12 months, purchasing a net total of €714k worth in shares. Major Estimate Revision • Dec 27
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from €1.80 to €0.25. Revenue forecast unchanged from €87.0m at last update. Net income forecast to shrink 82% next year vs 44% decline forecast for REITs industry in Germany. Consensus price target of €14.37 unchanged from last update. Share price was steady at €7.62 over the past week. Reported Earnings • Dec 20
Full year 2022 earnings released: EPS: €1.72 (vs €2.60 in FY 2021) Full year 2022 results: EPS: €1.72 (down from €2.60 in FY 2021). Revenue: €154.2m (up 84% from FY 2021). Net income: €60.4m (down 34% from FY 2021). Profit margin: 39% (down from 109% in FY 2021). Revenue is expected to decline by 29% p.a. on average during the next 2 years, while revenues in the REITs industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Price Target Changed • Dec 19
Price target decreased to €14.37 Down from €17.27, the current price target is an average from 3 analysts. New target price is 84% above last closing price of €7.80. Stock is down 44% over the past year. The company is forecast to post earnings per share of €2.37 for next year compared to €2.60 last year. Major Estimate Revision • Dec 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €72.0m to €80.2m. EPS estimate fell from €2.49 to €1.90. Net income forecast to shrink 78% next year vs 45% decline forecast for REITs industry in Germany. Consensus price target down from €17.27 to €16.70. Share price was steady at €7.88 over the past week. Announcement • Dec 16
Deutsche Konsum REIT-AG Proposes Dividend for the Financial Year Ended on 30 September 2022 Deutsche Konsum REIT-AG announced that on December 15, 2022, having completed the audit of the annual financial statements for the financial year 2021/2022 ended on 30 September 2022 and after approval by the Supervisory Board, the Management Board of the company, decided to submit a dividend proposal of EUR 0.48 per share to the Annual General Meeting. The dividend proposal is thus below the previous minimum forecast of EUR 0.60 per share, but 20% above the last dividend of EUR 0.40 per share. Major Estimate Revision • Dec 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €72.0m to €79.2m. EPS estimate reaffirmed at €2.49. Net income forecast to shrink 34% next year vs 43% decline forecast for REITs industry in Germany. Consensus price target of €17.27 unchanged from last update. Share price rose 3.6% to €7.98 over the past week. Reported Earnings • Aug 14
Third quarter 2022 earnings released: EPS: €2.11 (vs €1.79 in 3Q 2021) Third quarter 2022 results: EPS: €2.11 (up from €1.79 in 3Q 2021). Revenue: €74.7m (up 274% from 3Q 2021). Net income: €74.2m (up 18% from 3Q 2021). Profit margin: 99% (down from 315% in 3Q 2021). Over the next year, revenue is forecast to decline by 44% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €79.5m to €75.6m. EPS estimate rose from €1.69 to €2.11. Net income forecast to shrink 22% next year vs 19% decline forecast for REITs industry in Germany. Consensus price target down from €17.73 to €17.27. Share price was steady at €9.98 over the past week. Announcement • Jul 09
Deutsche Konsum REIT-AG (XTRA:DKG) acquired Six food-anchored local retail properties in Saxony and Saxony-Anhalt for €9.2 million. Deutsche Konsum REIT-AG (XTRA:DKG) acquired Six food-anchored local retail properties in Saxony and Saxony-Anhalt for €9.2 million on July 7, 2022.
Deutsche Konsum REIT-AG (XTRA:DKG) completed the acquisition of Six food-anchored local retail properties in Saxony and Saxony-Anhalt on July 7, 2022. Major Estimate Revision • Jun 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €70.1m to €81.0m. EPS estimate reaffirmed at €1.64. Net income forecast to shrink 34% next year vs 4.5% decline forecast for REITs industry in Germany. Consensus price target of €17.73 unchanged from last update. Share price was steady at €11.70 over the past week. Reported Earnings • May 15
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: €0.24 (up from €0.23 in 2Q 2021). Revenue: €23.0m (up 14% from 2Q 2021). Net income: €8.58m (up 5.1% from 2Q 2021). Profit margin: 37% (down from 40% in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to decline by 15% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 05
CEO & Chairman of Management Board recently bought €421k worth of stock On the 4th of March, Rolf Elgeti bought around 32k shares on-market at roughly €13.25 per share. This was the largest purchase by an insider in the last 3 months. Rolf has been a buyer over the last 12 months, purchasing a net total of €695k worth in shares. Upcoming Dividend • Mar 04
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 15 March 2022. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (3.4%). In line with average of industry peers (3.3%). Buying Opportunity • Feb 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be €16.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% per annum over the last 3 years. Earnings per share has grown by 17% per annum over the last 3 years. Reported Earnings • Feb 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: FFO: €21.7m per share (up from €0.30 in 1Q 2021). Revenue: €21.7m (up 16% from 1Q 2021). Funds from operations (FFO): €10.7m (up 5.5% from 1Q 2021). FFO margin: 49% (down from 54% in 1Q 2021). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 29%. Over the next year, revenue is forecast to decline by -11% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
Deutsche Konsum REIT-AG Provides Earnings Guidance for the Fiscal Year of 2022 Deutsche Konsum REIT-AG provided earnings guidance for the fiscal year of 2022. For the year, the company expects FFO of between EUR 40 million and EUR 44 million. Announcement • Feb 09
Deutsche Konsum REIT-AG (XTRA:DKG) acquired Three Retail Properties in Germany for €6.1 million. Deutsche Konsum REIT-AG (XTRA:DKG) acquired Three Retail Properties in Germany for €6.1 million on February 8, 2022. Properties include, a grocery discounter in Hattorf am Harz (Lower Saxony), a retail store in Birkenfeld (Rhineland-Palatinate) and a local retail centre in Dessau-Roßlau (Saxony-Anhalt). The properties have a total annual rent of €0.53 million. In a similar transaction Deutsche Konsum REIT-AG (XTRA:DKG) sold a vacant property in Beratzhausen (Bavaria) and a DIY store in Neumünster (Schleswig-Holstein) were sold at attractive conditions.
Deutsche Konsum REIT-AG (XTRA:DKG) completed the acquisition of Three Retail Properties in Germany on February 8, 2022. Major Estimate Revision • Jan 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €82.6m to €74.1m. EPS estimate increased from €1.94 to €2.03 per share. Net income forecast to shrink 15% next year vs 1.2% decline forecast for REITs industry in Germany. Consensus price target broadly unchanged at €17.95. Share price rose 3.6% to €14.45 over the past week. Major Estimate Revision • Dec 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €1.66 to €1.39 per share. Revenue forecast steady at €81.4m. Net income forecast to shrink 18% next year vs 1.5% decline forecast for REITs industry in Germany. Consensus price target of €18.15 unchanged from last update. Share price was steady at €13.90 over the past week. 
