New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (16% average weekly change). Market cap is less than US$10m (€2.36m market cap, or US$2.68m). New Risk • Apr 12
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 Share price has been highly volatile over the past 3 months (43% average weekly change). Negative equity (-€107m). Revenue has declined by 46% over the past year. Market cap is less than US$10m (€4.14m market cap, or US$4.85m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Oct 26
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2024. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2024 fiscal period end). Revenue has declined by 15% over the past year. Market cap is less than US$10m (€4.63m market cap, or US$5.39m). Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Announcement • Sep 29
Réalités S.A., Annual General Meeting, Oct 31, 2025 Réalités S.A., Annual General Meeting, Oct 31, 2025. Location: 40 rue de strasbourg, nantes France New Risk • Jun 10
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 French stocks, typically moving 11% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (€6.17m market cap, or US$7.05m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • May 13
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: Major Risks Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (€5.69m market cap, or US$6.32m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Oct 29
First half 2024 earnings released: €17.78 loss per share (vs €0.83 profit in 1H 2023) First half 2024 results: €17.78 loss per share (down from €0.83 profit in 1H 2023). Revenue: €121.4m (down 35% from 1H 2023). Net loss: €84.4m (down €88.0m from profit in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. New Risk • Oct 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.54m (US$9.28m) This is considered a major 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (€8.54m market cap, or US$9.28m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Buy Or Sell Opportunity • Jul 11
Now 20% overvalued Over the last 90 days, the stock has fallen 46% to €7.26. The fair value is estimated to be €6.04, however this is not to be taken as a sell 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. Reported Earnings • Apr 02
Full year 2023 earnings released Full year 2023 results: Revenue: €402.0m (up 10% from FY 2022). Net income: €2.70m (down 75% from FY 2022). Profit margin: 0.7% (down from 3.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 2.5% decline forecast for the Real Estate industry in France. Buy Or Sell Opportunity • Feb 06
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €18.10. The fair value is estimated to be €15.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 9.7%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Price Target Changed • Jan 18
Price target decreased by 7.2% to €31.00 Down from €33.41, the current price target is provided by 1 analyst. New target price is 86% above last closing price of €16.70. Stock is down 39% over the past year. The company is forecast to post earnings per share of €1.92 for next year compared to €2.46 last year. Buying Opportunity • Nov 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.6%. The fair value is estimated to be €23.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 9.7%. Revenue is forecast to grow by 52% in 2 years. Earnings is forecast to grow by 145% in the next 2 years. Reported Earnings • Oct 25
First half 2023 earnings released: EPS: €0.83 (vs €0.72 in 1H 2022) First half 2023 results: EPS: €0.83 (up from €0.72 in 1H 2022). Revenue: €187.1m (up 33% from 1H 2022). Net income: €3.62m (up 29% from 1H 2022). Profit margin: 1.9% (down from 2.0% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, while revenues in the Real Estate industry in France are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €25.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 3.1%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings is also forecast to grow by 39% per annum over the same time period. Price Target Changed • Jul 31
Price target decreased by 9.1% to €37.25 Down from €41.00, the current price target is an average from 2 analysts. New target price is 63% above last closing price of €22.80. Stock is down 36% over the past year. The company is forecast to post earnings per share of €3.06 for next year compared to €2.71 last year. New Risk • Jul 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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 Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (€83.9m market cap, or US$92.2m). Major Estimate Revision • May 11
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €428.4m to €398.0m. EPS estimate also fell from €3.53 per share to €3.06 per share. Net income forecast to grow 24% next year vs 34% decline forecast for Real Estate industry in France. Consensus price target down from €41.00 to €40.00. Share price was steady at €26.90 over the past week. Announcement • Jan 13
Réalités S.A. (ENXTPA:ALREA) acquired Vargo invest. Réalités S.A. (ENXTPA:ALREA) acquired Vargo invest on January 12, 2023.VARGO INVEST reported a Turnover of €2.5 million in 2022. Romain DOLIGEZ becomes President of VARGO INVEST. Grégory LE BLAN becomes Senior Advisor of VARGO INVEST. Réalités S.A. (ENXTPA:ALREA) Completed the acquisition of Vargo invest on January 12, 2023. Price Target Changed • Nov 16
Price target increased to €45.75 Up from €42.00, the current price target is an average from 2 analysts. New target price is 54% above last closing price of €29.80. Stock is up 3.8% over the past year. The company is forecast to post earnings per share of €3.19 for next year compared to €2.25 last year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 04
First half 2022 earnings released: EPS: €0.79 (vs €0.77 in 1H 2021) First half 2022 results: EPS: €0.79 (up from €0.77 in 1H 2021). Revenue: €141.1m (up 13% from 1H 2021). Net income: €2.81m (up 1.5% from 1H 2021). Profit margin: 2.0% (down from 2.2% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Real Estate industry in France. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 15% share price gain to €41.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Real Estate industry in Europe. Total returns to shareholders of 127% over the past three years. Upcoming Dividend • May 16
Upcoming dividend of €1.80 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Trailing yield: 4.7%. Lower than top quartile of French dividend payers (5.1%). Lower than average of industry peers (6.1%). Price Target Changed • Apr 27
Price target increased to €46.50 Up from €42.00, the current price target is an average from 2 analysts. New target price is 39% above last closing price of €33.40. Stock is up 27% over the past year. The company posted earnings per share of €1.72 last year. Board Change • Apr 27
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. 6 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Mar 11
Price target increased to €42.00 Up from €38.00, the current price target is provided by 1 analyst. New target price is 32% above last closing price of €31.90. Stock is up 25% over the past year. The company posted earnings per share of €1.72 last year. Price Target Changed • Jul 28
Price target increased to €38.00 Up from €33.00, the current price target is provided by 1 analyst. New target price is 39% above last closing price of €27.30. Stock is up 35% over the past year. Upcoming Dividend • May 12
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 19 May 2021. Payment date: 21 May 2021. Trailing yield: 2.5%. Lower than top quartile of French dividend payers (3.9%). Lower than average of industry peers (4.4%). Is New 90 Day High Low • Feb 20
New 90-day high: €27.90 The company is up 35% from its price of €20.60 on 20 November 2020. The French market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 12% over the same period. Is New 90 Day High Low • Feb 02
New 90-day high: €26.80 The company is up 37% from its price of €19.50 on 03 November 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: €26.10 The company is up 32% from its price of €19.75 on 16 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 16% share price gain to €25.50, the stock is trading at a trailing P/E ratio of 9.3x, up from the previous P/E ratio of 8x. This compares to an average P/E of 12x in the Real Estate industry in France. Total return to shareholders over the past three years is a loss of 3.0%. Is New 90 Day High Low • Dec 31
New 90-day high: €22.80 The company is up 23% from its price of €18.60 on 02 October 2020. The French market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: €21.70 The company is up 3.0% from its price of €21.10 on 16 September 2020. The French market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 1.0% over the same period.