Reported Earnings • May 11
First quarter 2026 earnings released: EPS: €0.21 (vs €0.25 in 1Q 2025) First quarter 2026 results: EPS: €0.21 (down from €0.25 in 1Q 2025). Revenue: €22.8m (down 43% from 1Q 2025). Net income: €3.90m (down 17% from 1Q 2025). Profit margin: 17% (up from 12% in 1Q 2025). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Real Estate industry in Spain. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 22
Final dividend of €0.32 announced Shareholders will receive a dividend of €0.32. Ex-date: 29th June 2026 Payment date: 1st July 2026 Dividend yield will be 3.6%, which is lower than the industry average of 9.3%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 19% over the next 3 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. New Risk • Apr 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.5% 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 (5.8% average weekly change). Large one-off items impacting financial results. New Risk • Apr 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% 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 (18% operating cash flow to total debt). Earnings are forecast to decline by an average of 11% 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 (5.6% average weekly change). Announcement • Mar 11
Inmobiliaria del Sur, S.A., Annual General Meeting, Apr 15, 2026 Inmobiliaria del Sur, S.A., Annual General Meeting, Apr 15, 2026. Location: hotel nh collection sevilla, avenida diego martinez barrio 8., sevilla Spain New Risk • Feb 24
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 Spanish stocks, typically moving 4.3% 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 Risks Debt is not well covered by operating cash flow (5.6% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (4.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €18.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Real Estate industry in Spain. Total returns to shareholders of 176% over the past three years. Declared Dividend • Jan 02
Dividend of €0.28 announced Shareholders will receive a dividend of €0.28. Ex-date: 13th January 2026 Payment date: 15th January 2026 Dividend yield will be 3.5%, which is lower than the industry average of 9.3%. Sustainability & Growth Dividend is covered by both earnings (35% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 11% over the next 3 years. However, it would need to fall by 61% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 25
Inmobiliaria del Sur, S.A. to Report Fiscal Year 2025 Results on Feb 26, 2026 Inmobiliaria del Sur, S.A. announced that they will report fiscal year 2025 results on Feb 26, 2026 Reported Earnings • Nov 04
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.33. Revenue: €56.9m (up 92% from 3Q 2024). Net income: €6.00m (up €5.16m from 3Q 2024). Profit margin: 11% (up from 2.8% in 3Q 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Real Estate industry in Spain. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 01
First half 2025 earnings released: EPS: €0.04 (vs €0.52 in 1H 2024) First half 2025 results: EPS: €0.04 (down from €0.52 in 1H 2024). Revenue: €5.40m (down 91% from 1H 2024). Net income: €794.0k (down 92% from 1H 2024). Profit margin: 15% (down from 17% in 1H 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Real Estate industry in Spain. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 20
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Spanish dividend payers (4.9%). Lower than average of industry peers (6.0%). Buy Or Sell Opportunity • May 27
Now 21% undervalued Over the last 90 days, the stock has risen 13% to €11.20. The fair value is estimated to be €14.23, 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, while earnings per share has been flat. Buy Or Sell Opportunity • May 12
Now 20% undervalued Over the last 90 days, the stock has risen 18% to €11.30. The fair value is estimated to be €14.21, 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, while earnings per share has been flat. Declared Dividend • Apr 14
Final dividend of €0.23 announced Shareholders will receive a dividend of €0.23. Ex-date: 27th June 2025 Payment date: 1st July 2025 Dividend yield will be 4.2%, which is lower than the industry average of 9.3%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: €1.12 (vs €0.61 in FY 2023) Full year 2024 results: EPS: €1.12 (up from €0.61 in FY 2023). Revenue: €165.3m (up 16% from FY 2023). Net income: €20.6m (up 82% from FY 2023). Profit margin: 13% (up from 7.9% in FY 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 27
Inmobiliaria del Sur, S.A., Annual General Meeting, Apr 09, 2025 Inmobiliaria del Sur, S.A., Annual General Meeting, Apr 09, 2025. Location: hotel nh collection sevilla, avenida diego martinez barrio 8, sevilla Spain New Risk • Jan 10
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 Spanish stocks, typically moving 4.5% 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 (1.5x net interest cover). 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 (4.5% average weekly change). Large one-off items impacting financial results. Declared Dividend • Jan 02
Dividend of €0.22 announced Shareholders will receive a dividend of €0.22. Ex-date: 9th January 2025 Payment date: 31st January 2025 Dividend yield will be 3.8%, which is lower than the industry average of 9.3%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.9% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 28
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€826m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.05x net interest cover). Negative equity (-€826m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 (1.4x net interest cover). Earnings have declined by 1.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 03
Third quarter 2024 earnings released: €0.52 loss per share (vs €0.12 profit in 3Q 2023) Third quarter 2024 results: €0.52 loss per share (down from €0.12 profit in 3Q 2023). Net loss: €9.65m (down €11.8m from profit in 3Q 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Spain are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Oct 01
Inmobiliaria del Sur, S.A. to Report Q3, 2024 Results on Oct 30, 2024 Inmobiliaria del Sur, S.A. announced that they will report Q3, 2024 results on Oct 30, 2024 Announcement • Jul 24
Inmobiliaria del Sur, S.A. to Report Q2, 2024 Results on Jul 30, 2024 Inmobiliaria del Sur, S.A. announced that they will report Q2, 2024 results on Jul 30, 2024 Price Target Changed • Jun 28
Price target increased by 11% to €10.42 Up from €9.43, the current price target is an average from 3 analysts. New target price is 26% above last closing price of €8.25. Stock is up 15% over the past year. The company is forecast to post earnings per share of €0.76 for next year compared to €0.61 last year. New Risk • May 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 20% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Earnings are forecast to decline by an average of 20% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.9% net profit margin). Declared Dividend • Apr 15
Final dividend of €0.12 announced Shareholders will receive a dividend of €0.12. Ex-date: 27th June 2024 Payment date: 1st July 2024 Dividend yield will be 3.3%, which is lower than the industry average of 9.3%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 87% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: €0.61 (vs €0.81 in FY 2022) Full year 2023 results: EPS: €0.61 (down from €0.81 in FY 2022). Revenue: €142.8m (up 20% from FY 2022). Net income: €11.3m (down 25% from FY 2022). Profit margin: 7.9% (down from 13% in FY 2022). Revenue is forecast to grow 10% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Europe are expected to remain flat. 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 4% per year, which means it has not declined as severely as earnings. New Risk • Feb 29
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 (3.8% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.2% net profit margin). Announcement • Feb 20
Inmobiliaria del Sur, S.A. to Report Fiscal Year 2023 Results on Feb 29, 2024 Inmobiliaria del Sur, S.A. announced that they will report fiscal year 2023 results After-Market on Feb 29, 2024 New Risk • Oct 19
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 Spanish stocks, typically moving 3.9% 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 Debt is not well covered by operating cash flow (3.8% operating cash flow to total debt). 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 (3.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.2% net profit margin). Major Estimate Revision • Oct 12
Consensus EPS estimates increase by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €141.3m to €144.3m. EPS estimate increased from €0.47 to €0.645 per share. Net income forecast to grow 22% next year vs 9.7% decline forecast for Real Estate industry in Spain. Consensus price target up from €11.20 to €12.00. Share price was steady at €7.00 over the past week. Reported Earnings • Aug 02
First half 2023 earnings released: EPS: €0.38 (vs €0.62 in 1H 2022) First half 2023 results: EPS: €0.38 (down from €0.62 in 1H 2022). Revenue: €50.7m (up 26% from 1H 2022). Net income: €7.04m (down 39% from 1H 2022). Profit margin: 14% (down from 28% in 1H 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Real Estate industry in Spain. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Jul 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.2% Last year net profit margin: 22% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (3.8% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.2% net profit margin). Price Target Changed • Jul 13
Price target increased by 9.5% to €11.20 Up from €10.23, the current price target is provided by 1 analyst. New target price is 57% above last closing price of €7.15. Stock is down 9.5% over the past year. The company is forecast to post earnings per share of €0.47 for next year compared to €0.81 last year. Upcoming Dividend • Jun 22
Upcoming dividend of €0.14 per share at 4.2% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 03 July 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Spanish dividend payers (6.0%). Lower than average of industry peers (6.3%). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: €0.81 (vs €0.68 in FY 2021) Full year 2022 results: EPS: €0.81 (up from €0.68 in FY 2021). Revenue: €119.1m (up 4.5% from FY 2021). Net income: €15.0m (up 25% from FY 2021). Profit margin: 13% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Real Estate industry in Spain. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 05
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 12 January 2023. Payment date: 16 January 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Spanish dividend payers (5.8%). Higher than average of industry peers (3.7%). Price Target Changed • Dec 16
Price target decreased to €10.23 Down from €11.50, the current price target is an average from 2 analysts. New target price is 35% above last closing price of €7.60. Stock is down 1.3% over the past year. The company is forecast to post earnings per share of €0.76 for next year compared to €0.68 last year. Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €3.03m from profit in 1H 2021). Profit margin: (down from 4.9% in 1H 2021). Over the next year, revenue is forecast to grow 49%, compared to a 14% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of €0.13 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Spanish dividend payers (5.7%). Higher than average of industry peers (2.7%). Announcement • Jun 10
Inmobiliaria del Sur, S.A. (BME:ISUR) acquired Desarrollos Metropolitanos Del Sur S.L. Inmobiliaria del Sur, S.A. (BME:ISUR) acquired Desarrollos Metropolitanos Del Sur S.L. on June 8, 2022.
Inmobiliaria del Sur, S.A. (BME:ISUR) completed the acquisition of Desarrollos Metropolitanos Del Sur S.L. on June 8, 2022. Price Target Changed • Apr 27
Price target decreased to €12.15 Down from €16.00, the current price target is provided by 1 analyst. New target price is 52% above last closing price of €8.00. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of €0.80 for next year compared to €0.68 last year. Reported Earnings • Feb 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.68 (down from €1.26 in FY 2020). Revenue: €114.0m (up 11% from FY 2020). Net income: €12.0m (down 43% from FY 2020). Profit margin: 11% (down from 21% in FY 2020). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 2.4%, compared to a 8.6% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 06
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 13 January 2022. Payment date: 17 January 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Spanish dividend payers (5.3%). Higher than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 15% share price gain to €8.30, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Real Estate industry in Europe. Total loss to shareholders of 21% over the past three years. Reported Earnings • Aug 01
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: €28.4m (up 15% from 2Q 2020). Net loss: €205.0k (down 123% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 19
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 28 May 2021. Trailing yield: 4.5%. Lower than top quartile of Spanish dividend payers (5.1%). Higher than average of industry peers (3.0%). Reported Earnings • May 04
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: €33.4m (up 106% from 1Q 2020). Net income: €3.23m (up 97% from 1Q 2020). Profit margin: 9.7% (in line with 1Q 2020). Is New 90 Day High Low • Dec 07
New 90-day high: €8.06 The company is up 16% from its price of €6.96 on 08 September 2020. The Spanish market is also up 16% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Real Estate industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: €6.30 The company is down 9.0% from its price of €6.90 on 29 July 2020. The Spanish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 3.0% over the same period.