Declared Dividend • Jun 01
Dividend increased to €2.00 Dividend of €2.00 is 5.3% higher than last year. Ex-date: 1st July 2026 Payment date: 3rd July 2026 Dividend yield will be 5.9%, which is higher than the industry average of 5.6%. Announcement • May 21
Frey SA, Annual General Meeting, Jun 25, 2026 Frey SA, Annual General Meeting, Jun 25, 2026. Location: 1 rue rene cassin parc d affaires tgv reims, bezannes France Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Director Valerie Pancrazi was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jul 23
Frey SA to Report First Half, 2025 Results on Jul 24, 2025 Frey SA announced that they will report first half, 2025 results on Jul 24, 2025 Announcement • May 23
Frey SA, Annual General Meeting, Jun 25, 2025 Frey SA, Annual General Meeting, Jun 25, 2025. Location: 1 rue rene cassin parc d affaires, tgv reims bezannes, bezannes France Announcement • Jan 21
Frey SA to Report Fiscal Year 2024 Results on Mar 06, 2025 Frey SA announced that they will report fiscal year 2024 results After-Market on Mar 06, 2025 Reported Earnings • Jul 30
First half 2024 earnings released: EPS: €1.46 (vs €1.30 in 1H 2023) First half 2024 results: EPS: €1.46 (up from €1.30 in 1H 2023). Revenue: €95.7m (up 36% from 1H 2023). Net income: €46.5m (up 27% from 1H 2023). Profit margin: 49% (down from 52% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 01
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €26.80. The fair value is estimated to be €21.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%. Buy Or Sell Opportunity • Jun 27
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €26.60. The fair value is estimated to be €22.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%. Upcoming Dividend • May 14
Upcoming dividend of €1.80 per share Eligible shareholders must have bought the stock before 21 May 2024. Payment date: 23 May 2024. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (5.3%). Buy Or Sell Opportunity • May 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.6% to €27.20. The fair value is estimated to be €22.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 26%. Reported Earnings • Mar 03
Full year 2023 earnings released Full year 2023 results: Revenue: €148.5m (up 20% from FY 2022). Net income: €18.9m (down 85% from FY 2022). Profit margin: 13% (down from 104% in FY 2022). Announcement • Feb 29
Frey SA, Annual General Meeting, May 15, 2024 Frey SA, Annual General Meeting, May 15, 2024. New Risk • Feb 12
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 Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). 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 (13% increase in shares outstanding). New Risk • Jan 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 (8.0% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Dec 16
Frey SA has completed a Follow-on Equity Offering in the amount of €97.082375 million. Frey SA has completed a Follow-on Equity Offering in the amount of €97.082375 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 3,883,295
Price\Range: €25
Transaction Features: Subsequent Direct Listing Announcement • Oct 19
Frey SA (ENXTPA:FREY) completed the acquisition of Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW). Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million on October 12, 2023.The acquisition was financed through a mortgage loan for a total of €120 million structured with BNP Paribas and Crédit Agricole Corporate & Investment Bank and the residual amount with the company’s own resources. The transaction is expected to be completed during Q4-2023. De Pardieu Brocas Maffei acted as legal advisor to Frey SA (ENXTPA:FREY). Delrez Graux Jacques Karnik advised Frey SA (ENXTPA:FREY) in the transaction. The Banks were advised by the firm Lacourte Raquin Tatar and the firm Wargny-Katz.
Frey SA (ENXTPA:FREY) completed the acquisition of Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) on October 18, 2023. Announcement • Oct 13
Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million. Frey SA (ENXTPA:FREY) agreed to acquire Polygone Riviera from Unibail-Rodamco-Westfield SE (ENXTPA:URW) for €272.3 million on October 12, 2023. The transaction is expected to be completed during Q4-2023. New Risk • Jun 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.4% 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 Risk Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Upcoming Dividend • May 08
Upcoming dividend of €1.70 per share at 5.2% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.8%). Board Change • Nov 16
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. 8 non-independent directors. Independent Director Muriel Faure was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 01
Frey SA (ENXTPA:FREY) acquired Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S for EUR 105 million. Frey SA (ENXTPA:FREY) acquired Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S for EUR 105 million on August 31, 2022.Frey SA (ENXTPA:FREY) completed the acquisition of Matarnia Park Handlowy retail park in Poland from Ingka Centres A/S on August 31, 2022. Reported Earnings • Jul 27
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €25.0m from profit in 1H 2021). Profit margin: (down from 59% in 1H 2021). Announcement • Jul 08
Frey SA (ENXTPA:FREY) acquired Parque Mediterráneo Retail Park from private investors for €83 million. Frey SA (ENXTPA:FREY) acquired Parque Mediterráneo Retail Park from private investors for €83 million on July 6, 2022. The acquisition was financed from Frey's own resources. Arcadis Sp Z O O and Pérez-Llorca Abogados, S.L.P. y CÍA, S.Com.P. acted as legal advisor to Frey. The sellers were advised by CBRE.
Frey SA (ENXTPA:FREY) completed the acquisition of Parque Mediterráneo Retail Park from private investors on July 6, 2022. Announcement • Jun 24
Frey SA (ENXTPA:FREY) acquired Finestrelles Shopping Centre from Equilis SA for €127.5 million Frey SA (ENXTPA:FREY) acquired Finestrelles Shopping Centre from Equilis SA for €127.5 million. The purchase price will be subject to adjustment based on the actual performance of the asset and will be calculated in 2023 and 2024 at the seller’s discretion. FREY will have a rental guarantee of an annual amount of €7.9 million for the period from closing to the time of the earn-out calculation. The acquisition was financed by Frey from the its own resources. Arcadis Sp Z O O and Pérez-Llorca acted as legal advisor to Frey. Grant Thornton JRP, S.L. acted as accountant to Frey.
Frey SA (ENXTPA:FREY) completed the acquisition of Finestrelles Shopping Centre from Equilis SA for €127.5 million on June 22, 2022. Upcoming Dividend • May 17
Upcoming dividend of €1.60 per share Eligible shareholders must have bought the stock before 24 May 2022. Payment date: 26 May 2022. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (4.3%). Board Change • Apr 27
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. 8 non-independent directors. Independent Director Muriel Faure was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: €2.62 (vs €0.097 in FY 2020) Full year 2021 results: EPS: €2.62 (up from €0.097 in FY 2020). Revenue: €98.7m (down 7.9% from FY 2020). Net income: €65.4m (up €63.1m from FY 2020). Profit margin: 66% (up from 2.2% in FY 2020). Reported Earnings • Sep 26
First half 2021 earnings released: EPS €1.02 (vs €0.14 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €42.3m (up 5.4% from 1H 2020). Net income: €25.0m (up €28.3m from 1H 2020). Profit margin: 59% (up from net loss in 1H 2020). The move to profitability was primarily driven by lower expenses. Board Change • Jul 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Muriel Faure was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.