New Risk • May 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.3% 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 (9.3% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Dirk Lannoo was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 12
Montea Comm. VA, Annual General Meeting, May 19, 2026 Montea Comm. VA, Annual General Meeting, May 19, 2026, at 10:00 Romance Standard Time. Announcement • May 23
Montea Comm. VA announces Annual dividend, payable on June 04, 2025 Montea Comm. VA announced Annual dividend of EUR 2.6200 per share payable on June 04, 2025, ex-date on May 23, 2025 and record date on May 26, 2025. Buy Or Sell Opportunity • Jan 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €61.10. The fair value is estimated to be €77.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are forecast to decline by 1.5% per annum over the same time period. Board Change • Dec 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lieve Creten was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 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: 9.9% 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 (9.9% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (25% increase in shares outstanding). Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: €1.26 (vs €1.87 in 3Q 2023) Third quarter 2024 results: EPS: €1.26 (down from €1.87 in 3Q 2023). Revenue: €23.3m (down 3.5% from 3Q 2023). Net income: €26.1m (down 24% from 3Q 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Sep 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to €77.90. The fair value is estimated to be €97.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Buy Or Sell Opportunity • Aug 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to €79.40. The fair value is estimated to be €99.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • Aug 23
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €38.1m (up 9.1% from 2Q 2023). Net income: €75.9m (up 48% from 2Q 2023). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Industrial REITs industry in Europe. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lieve Creten was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 22
Full year 2023 earnings released: EPS: €6.45 (vs €12.37 in FY 2022) Full year 2023 results: EPS: €6.45 (down from €12.37 in FY 2022). Revenue: €130.5m (up 18% from FY 2022). Net income: €118.5m (down 42% from FY 2022). Profit margin: 91% (down from 184% in FY 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% 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 • Feb 14
Now 20% undervalued Over the last 90 days, the stock has risen 5.8% to €74.30. The fair value is estimated to be €93.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 6.9% per annum over the same time period. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: €6.45 (vs €12.37 in FY 2022) Full year 2023 results: EPS: €6.45 (down from €12.37 in FY 2022). Revenue: €130.5m (up 18% from FY 2022). Net income: €118.5m (down 42% from FY 2022). Profit margin: 91% (down from 184% in FY 2022). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Feb 06
Montea Comm. VA to Report Fiscal Year 2023 Final Results on Apr 18, 2024 Montea Comm. VA announced that they will report fiscal year 2023 final results at 5:40 PM, Central European Standard Time on Apr 18, 2024 Buying Opportunity • Nov 15
Now 21% undervalued Over the last 90 days, the stock is up 1.0%. The fair value is estimated to be €89.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: €1.87 (vs €2.30 in 3Q 2022) Third quarter 2023 results: EPS: €1.87 (down from €2.30 in 3Q 2022). Revenue: €24.2m (up 14% from 3Q 2022). Net income: €34.2m (down 9.5% from 3Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: €2.84 (vs €6.14 in 2Q 2022) Second quarter 2023 results: EPS: €2.84 (down from €6.14 in 2Q 2022). Revenue: €34.9m (up 17% from 2Q 2022). Net income: €51.3m (down 49% from 2Q 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Industrial 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 10% per year, which means it is significantly lagging earnings. Buying Opportunity • May 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.7%. The fair value is estimated to be €92.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to decline by 5.5% in a year. Earnings is forecast to decline by 45% in the next year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €70.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the REITs industry in Europe. Total loss to shareholders of 4.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €107 per share. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: €6.16 (vs €3.14 in 2Q 2021) Second quarter 2022 results: EPS: €6.16 (up from €3.14 in 2Q 2021). Revenue: €29.8m (up 16% from 2Q 2021). Net income: €99.9m (up 98% from 2Q 2021). Over the next year, revenue is forecast to decline by 4.1% while the REITs industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be €120, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 6.0% in 2 years. Earnings is forecast to decline by 24% in the next 2 years. Reported Earnings • Apr 18
Full year 2021 earnings released: EPS: €14.12 (vs €9.74 in FY 2020) Full year 2021 results: EPS: €14.12 (up from €9.74 in FY 2020). Revenue: €94.4m (up 14% from FY 2020). Net income: €227.7m (up 47% from FY 2020). Net asset value (NAV) per share: €62.60 (up 23% from FY 2020). The current share price is 94% higher than NAV per share. Over the next year, revenue is forecast to decline by 8.2% while the reits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 14
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €14.02 (up from €9.74 in FY 2020). Revenue: €94.4m (up 14% from FY 2020). Net income: €226.1m (up 46% from FY 2020). Revenue missed analyst estimates by 9.4%. Over the next year, revenue is forecast to decline by -12% while the reits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS €2.78 (vs €2.90 in 3Q 2020) Third quarter 2021 results: Revenue: €16.6m (up 1.7% from 3Q 2020). Net income: €45.1m (down 3.0% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 23
Second quarter 2021 earnings released: EPS €3.14 (vs €2.61 in 2Q 2020) Second quarter 2021 results: Revenue: €25.7m (up 18% from 2Q 2020). Net income: €50.4m (up 22% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 34% per year. Executive Departure • May 23
Non-Executive Director has left the company On the 18th of May, Jean-Marc Mayeur's tenure as Non-Executive Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Jean-Marc's name. A total of 3 executives have left over the last 12 months. Executive Departure • May 23
Independent Vice-President of the Board Ciska Servais has left the company On the 18th of May, Ciska Servais' tenure as Independent Vice-President of the Board ended after 8.0 years in the role. We don't have any record of a personal shareholding under Ciska's name. A total of 3 executives have left over the last 12 months. Executive Departure • May 23
Non-independent, Non-Executive Director has left the company On the 18th of May, Greta Afslag's tenure as Non-independent, Non-Executive Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Greta's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 17
First quarter 2021 earnings released: EPS €4.87 (vs €0.42 in 1Q 2020) First quarter 2021 results: Revenue: €22.0m (up 25% from 1Q 2020). Net income: €78.1m (up €71.5m from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 24
Full year 2020 earnings released: EPS €9.74 (vs €7.12 in FY 2019) Full year 2020 results: Revenue: €82.6m (up 9.4% from FY 2019). Net income: €155.0m (up 43% from FY 2019). Net asset value (NAV) per share: €50.88 (up 18% from FY 2019). The current share price is 80% higher than NAV per share. Over the last 3 years on average, earnings per share has increased by 28% per year and the company’s share price has also increased by 28% per year. Is New 90 Day High Low • Jan 30
New 90-day high: €101 The company is up 7.0% from its price of €93.60 on 30 October 2020. The German market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €91.93 per share. Is New 90 Day High Low • Dec 12
New 90-day low: €90.80 The company is down 12% from its price of €103 on 11 September 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €356 per share.