Buy Or Sell Opportunity • May 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to €1.03. The fair value is estimated to be €1.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 17%. Announcement • May 22
Realia Business, S.A., Annual General Meeting, Jun 24, 2026 Realia Business, S.A., Annual General Meeting, Jun 24, 2026. Location: avenida camino de santiago 40, madrid., Spain Price Target Changed • May 12
Price target increased by 13% to €1.27 Up from €1.12, the current price target is provided by 1 analyst. New target price is 19% above last closing price of €1.07. The company is forecast to post earnings per share of €0.073 for next year compared to €0.086 last year. Buy Or Sell Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to €1.02. The fair value is estimated to be €1.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 17%. New Risk • Mar 02
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 122% Dividend yield: 4.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Minor Risk Dividend is not well covered by earnings (122% payout ratio). New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. New Risk • Sep 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. 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 Risks Interest payments are not well covered by earnings (2.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 98% Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Jul 23
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 98% Dividend yield: 5.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Cash payout ratio: 98% Shareholders have been substantially diluted in the past year (86% increase in shares outstanding). Buy Or Sell Opportunity • Jul 01
Now 22% overvalued Over the last 90 days, the stock has fallen 3.0% to €0.91. The fair value is estimated to be €0.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.0% over the last 3 years. Earnings per share has declined by 35%. Buy Or Sell Opportunity • Jun 04
Now 22% overvalued Over the last 90 days, the stock has fallen 2.7% to €0.95. The fair value is estimated to be €0.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.0% over the last 3 years. Earnings per share has declined by 35%. Announcement • May 15
FCyC, S.L. agreed to acquire Realia Business, S.A. (BME:RLIA) in a reverse merger transaction for approximately €590 million. FCyC, S.L. agreed to acquire Realia Business, S.A. (BME:RLIA) in a reverse merger transaction for approximately €590 million on May 13, 2025. As part of the consideration, FCYC shareholders will receive shares proportional to their respective FCYC shares and based on the exchange ratio that has been set for the Merger 19.916 Realia shares for each (1) FCYC share. Realia is expected to effect the exchange by delivering to FCYC shareholders, for each FCYC share, on one hand, 9.362 existing ordinary shares of Realia for 76.39% of Realia's share capital and on the other hand, 10.554 newly issued ordinary shares of Realia for remaining Realia's share capital. Upon completion, FCYC will be dissolved without liquidation and all its assets will be transferred en bloc to Realia. Following the merger, Inmocemento is expected to own 69.88% of Realia, while another 21.18% will be held by Soinmob Inmobiliaria.
The transaction is subject to approval of offer by the shareholders of FCyC, S.L and Realia Business, S.A. The deal has been unanimously approved by the board of directors of FCyC, S.L and Realia Business, S.A. The transaction is expected to close in the end of June or beginning of July 2025. BDO Financial Advisory acted as fairness opinion provider to Realia Business, S.A. Announcement • May 14
Realia Business, S.A., Annual General Meeting, Jun 23, 2025 Realia Business, S.A., Annual General Meeting, Jun 23, 2025. Buy Or Sell Opportunity • May 05
Now 22% overvalued Over the last 90 days, the stock has fallen 5.4% to €0.94. The fair value is estimated to be €0.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.0% over the last 3 years. Earnings per share has declined by 35%. Buy Or Sell Opportunity • Apr 10
Now 20% overvalued Over the last 90 days, the stock has fallen 8.9% to €0.90. The fair value is estimated to be €0.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.0% over the last 3 years. Earnings per share has declined by 35%. New Risk • Mar 04
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 122% Dividend yield: 5.1% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risk Dividend is not well covered by earnings (122% payout ratio). New Risk • Mar 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. New Risk • Feb 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.01, the stock trades at a trailing P/E ratio of 22.2x. Average forward P/E is 10x in the Real Estate industry in Spain. Total returns to shareholders of 56% over the past three years. Upcoming Dividend • Sep 04
Upcoming dividend of €0.041 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 13 September 2024. Trailing yield: 4.7%. Lower than top quartile of Spanish dividend payers (5.5%). Lower than average of industry peers (6.1%). New Risk • Mar 05
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 4.9% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.3% operating cash flow to total debt). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). 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 (9.2% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (21% net profit margin). New Risk • Aug 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.2% 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 (9.2% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (21% net profit margin). 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: 21% Last year net profit margin: 39% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (21% net profit margin). Upcoming Dividend • Jul 12
Inaugural dividend of €0.041 per share Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 21 July 2023. This is the first dividend for Realia Business since going public. The average dividend yield among industry peers is 9.2%. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Ximena Caraza Campos was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €24.8m from profit in 1H 2021). Profit margin: (down from 34% in 1H 2021). Price Target Changed • Jun 09
Price target increased to €1.12 Up from €1.03, the current price target is provided by 1 analyst. New target price is 18% above last closing price of €0.95. Stock is up 29% over the past year. The company is forecast to post earnings per share of €0.056 for next year compared to €0.071 last year. 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. 4 non-independent directors. Independent Director Ximena Caraza Campos 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 • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €0.07 (up from €0.003 in FY 2020). Revenue: €163.6m (up 56% from FY 2020). Net income: €57.9m (up €55.7m from FY 2020). Profit margin: 35% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS €0.01 (vs €0.001 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €22.7m (up 150% from 3Q 2020). Net income: €8.42m (up €7.90m from 3Q 2020). Profit margin: 37% (up from 5.7% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 41% 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. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS €0.019 (vs €0.003 loss in 2Q 2020) The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: €25.7m (flat on 2Q 2020). Net income: €16.2m (up €18.7m from 2Q 2020). Profit margin: 63% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 21
First quarter 2021 earnings released: EPS €0.01 (vs €0.005 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €41.5m (up 96% from 1Q 2020). Net income: €8.51m (up 117% from 1Q 2020). Profit margin: 21% (up from 19% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 11
New 90-day high: €0.72 The company is up 7.0% from its price of €0.67 on 10 December 2020. The Spanish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: €0.70 The company is up 8.0% from its price of €0.65 on 09 October 2020. The Spanish market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: €0.69 The company is up 6.0% from its price of €0.65 on 11 September 2020. The Spanish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: €0.60 The company is down 7.0% from its price of €0.65 on 04 August 2020. The Spanish market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: €0.63 The company is down 12% from its price of €0.71 on 17 July 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 4.0% over the same period. 
