Major Estimate Revision • May 05
Consensus EPS estimates upgraded to €0.42 loss, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €2.60b to €2.58b. 2026 losses expected to reduce from -€0.485 to -€0.42 per share. Real Estate industry in France expected to see average net income decline 4.3% next year. Consensus price target down from €12.07 to €11.82. Share price was steady at €8.40 over the past week. Announcement • Apr 16
Nexity SA, Annual General Meeting, May 21, 2026 Nexity SA, Annual General Meeting, May 21, 2026. Location: chateauform le 28 george v, 28 avenue george v, paris France Major Estimate Revision • Mar 04
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €2.82b to €2.72b. Now expected to report a loss of €0.082 per share instead of €0.236 per share profit previously forecast. Real Estate industry in France expected to see average net income decline 7.4% next year. Consensus price target broadly unchanged at €11.82. Share price fell 5.1% to €8.51 over the past week. Reported Earnings • Mar 02
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: €3.40 loss per share (further deteriorated from €1.12 loss in FY 2024). Revenue: €2.82b (down 15% from FY 2024). Net loss: €188.4m (loss widened 203% from FY 2024). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Real Estate industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. New Risk • Feb 04
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 French stocks, typically moving 6.8% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €10.01. The fair value is estimated to be €8.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 8.4% in a year. Earnings are forecast to grow by 86% in the next year. Major Estimate Revision • Oct 26
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.928 to -€1.05 per share. Revenue forecast of €2.77b unchanged since last update. Real Estate industry in France expected to see average net income growth of 12% next year. Consensus price target of €12.12 unchanged from last update. Share price fell 7.1% to €9.46 over the past week. Announcement • Oct 25
Nexity SA Confirms Earnings Guidance for the Year 2025 Nexity SA confirmed earnings guidance for the year 2025. For the year, the company expects positive operating profit. Announcement • Oct 02
Nexity SA Announces Executive Committee Changes Nexity has updated its governance structure to focus on its Urban Planning, Development and Serviced Properties business lines to drive its profitable growth trajectory. This new Executive Committee, consisting of seven members, is chaired by Véronique Bédague, Chairwoman and Chief Executive Officer. It is responsible for implementing the Group’s strategy, the top priority of which is the rollout of New Nexity, and making all necessary decisions. It is composed of Members of the current Executive Management Committee: Jean-Claude Bassien, Deputy Chief Executive Officer. Fabrice Aubert, Deputy Managing Director, who has been appointed Chairman of the New Urban Services & Solutions division. Pierre-Henry Pouchelon, appointed Deputy Managing Director in charge of Finance and the Development division’s performance. Starting 1 January 2026, he will lead the external growth division. The following additional members, joining as of today: Joris Delapierre, Managing Director – Paris region. Mr. Delapierre joined Nexity as Head of Development at Nexity Foncier Conseil in 2008, and has 17 years of experience in property development with the company. Lionel Séropian, Managing Director – Sud region. Mr. Séropian joined Nexity in 2001 as Head of Planning and Development at the Provence subsidiary, and has over 24 years of experience in property development with the company. Anne-Laure Joumas, Head of Real Estate and Performance, has also been appointed as Head of the Serviced Properties division (Coworking, Serviced Residences). Ms Joumas joined Nexity in 2022 as Head of Operations for Nexity Entreprises, after having built up over 20 years of experience in the commercial real estate sector. Buy Or Sell Opportunity • Sep 19
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to €10.92. The fair value is estimated to be €8.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 6.0% in a year. Earnings are forecast to grow by 87% in the next year. Major Estimate Revision • Sep 02
Consensus estimates of losses per share improve by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €2.77b to €2.81b. EPS estimate increased from -€1.16 per share to -€0.928 per share. Real Estate industry in France expected to see average net income growth of 16% next year. Consensus price target down from €11.73 to €11.48. Share price fell 18% to €8.22 over the past week. Buy Or Sell Opportunity • Aug 29
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €8.63. The fair value is estimated to be €11.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 6.0% in a year. Earnings are forecast to grow by 86% in the next year. New Risk • Aug 27
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 French stocks, typically moving 6.9% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 27
First half 2025 earnings released: €0.80 loss per share (vs €0.81 profit in 1H 2024) First half 2025 results: €0.80 loss per share (down from €0.81 profit in 1H 2024). Revenue: €1.30b (down 18% from 1H 2024). Net loss: €44.4m (down 199% from profit in 1H 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.2% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 25
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €10.90. The fair value is estimated to be €8.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 14% in a year. Earnings are forecast to grow by 7.9% in the next year. Announcement • Jul 24
Nexity SA to Report Fiscal Year 2025 Results on Feb 25, 2026 Nexity SA announced that they will report fiscal year 2025 results After-Market on Feb 25, 2026 Buy Or Sell Opportunity • Jul 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.4% to €9.93. The fair value is estimated to be €8.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 14% in a year. Earnings are forecast to grow by 7.9% in the next year. Buy Or Sell Opportunity • Jun 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to €9.48. The fair value is estimated to be €12.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 14% in a year. Earnings are forecast to grow by 7.9% in the next year. Buy Or Sell Opportunity • May 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to €9.49. The fair value is estimated to be €12.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 15% in a year. Earnings are forecast to grow by 7.9% in the next year. Price Target Changed • Apr 29
Price target decreased by 8.6% to €11.85 Down from €12.97, the current price target is an average from 6 analysts. New target price is 33% above last closing price of €8.90. Stock is down 17% over the past year. The company is forecast to post a net loss per share of €1.16 next year compared to a net loss per share of €1.12 last year. Major Estimate Revision • Apr 27
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €3.03b to €2.84b. Losses expected to increase from €0.83 per share to €1.16. Real Estate industry in France expected to see average net income growth of 21% next year. Consensus price target of €12.18 unchanged from last update. Share price was steady at €8.98 over the past week. Reported Earnings • Apr 19
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: €1.12 loss per share (down from €0.35 profit in FY 2023). Revenue: €3.33b (down 16% from FY 2023). Net loss: €62.2m (down 424% from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is expected to fall by 2.6% p.a. on average during the next 3 years compared to a 2.2% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Announcement • Apr 17
Nexity SA, Annual General Meeting, May 22, 2025 Nexity SA, Annual General Meeting, May 22, 2025. Location: chateauform le 28 george v, 28 avenue george v, paris France Major Estimate Revision • Apr 17
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €3.16b to €3.03b. Losses expected to increase from €0.71 per share to €0.83. Real Estate industry in France expected to see average net income growth of 23% next year. Consensus price target down from €12.97 to €12.18. Share price was steady at €9.01 over the past week. Price Target Changed • Apr 16
Price target decreased by 8.8% to €12.58 Down from €13.80, the current price target is an average from 6 analysts. New target price is 40% above last closing price of €9.01. Stock is down 5.8% over the past year. The company is forecast to post a net loss per share of €0.71 next year compared to a net loss per share of €1.12 last year. Price Target Changed • Apr 04
Price target decreased by 8.4% to €12.97 Down from €14.16, the current price target is an average from 6 analysts. New target price is 46% above last closing price of €8.91. Stock is down 8.2% over the past year. The company is forecast to post a net loss per share of €0.71 next year compared to a net loss per share of €1.12 last year. Announcement • Mar 12
Nexity SA SHS CAT -A- to Be Deleted from OTC Equity Nexity SA SHS CAT -A- (France) will be deleted from OTC Equity effective March 11, 2025, due to Inactive Security. Buy Or Sell Opportunity • Mar 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €9.94. The fair value is estimated to be €12.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 2.6% in a year. Earnings are forecast to grow by 41% in the next year. Major Estimate Revision • Mar 04
Consensus EPS estimates increase from loss to €0.48 profit The consensus outlook for fiscal year 2025 has been updated. 2025 forecast for profit of -€0.148 instead of a loss of €0.48 per share previously. Revenue forecast unchanged at €3.25b. Real Estate industry in France expected to see average net income growth of 36% next year. Consensus price target broadly unchanged at €14.16. Share price fell 19% to €10.12 over the past week. New Risk • Feb 28
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 French stocks, typically moving 5.1% 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: Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €10.62, the stock trades at a trailing P/E ratio of 10.6x. Average forward P/E is 14x in the Real Estate industry in France. Total loss to shareholders of 59% over the past three years. Announcement • Feb 28
Nexity SA to Report First Half, 2025 Results on Jul 24, 2025 Nexity SA announced that they will report first half, 2025 results on Jul 24, 2025 Major Estimate Revision • Feb 26
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€1.16 to -€1.38 per share. Revenue forecast of €3.55b unchanged since last update. Real Estate industry in France expected to see average net income growth of 31% next year. Consensus price target of €14.36 unchanged from last update. Share price was steady at €12.90 over the past week. Price Target Changed • Oct 25
Price target increased by 11% to €13.66 Up from €12.30, the current price target is an average from 5 analysts. New target price is 5.3% above last closing price of €12.97. Stock is up 3.3% over the past year. The company is forecast to post a net loss per share of €1.40 compared to earnings per share of €0.35 last year. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €11.60, the stock trades at a trailing P/E ratio of 11.5x. Average forward P/E is 7x in the Real Estate industry in France. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.93 per share. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €10.10, the stock trades at a trailing P/E ratio of 10x. Average forward P/E is 10x in the Real Estate industry in France. Total loss to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.69 per share. Reported Earnings • Jul 29
First half 2024 earnings released: EPS: €0.81 (vs €0.15 in 1H 2023) First half 2024 results: EPS: €0.81 (up from €0.15 in 1H 2023). Revenue: €1.58b (down 16% from 1H 2023). Net income: €45.1m (up 426% from 1H 2023). Profit margin: 2.9% (up from 0.5% in 1H 2023). Revenue is expected to fall by 1.5% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Real Estate industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 28
Price target decreased by 16% to €12.30 Down from €14.70, the current price target is an average from 5 analysts. New target price is 24% above last closing price of €9.91. Stock is down 36% over the past year. The company is forecast to post a net loss per share of €1.19 compared to earnings per share of €0.35 last year. Announcement • Jul 26
Nexity SA to Report Fiscal Year 2024 Results on Feb 27, 2025 Nexity SA announced that they will report fiscal year 2024 results After-Market on Feb 27, 2025 Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €10.88, the stock trades at a trailing P/E ratio of 31.3x. Average forward P/E is 8x in the Real Estate industry in France. Total loss to shareholders of 68% over the past three years. Announcement • Apr 27
Nexity SA Provides Earnings Guidance for the Year 2024 Nexity SA provided earnings guidance for the year 2024. For the period, Company announced Operating profit to remain positive while reaching a low point, taking into account gains on disposals, the costs of adjusting supply to new market conditions and costs relating to the Group’s reorganization, paving the way for a rebound in 2025. New Risk • Apr 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Apr 04
Bridgepoint Group plc (LSE:BPT) completed the acquisition of Residential property management services unit of Nexity SA. Bridgepoint Group plc (LSE:BPT) agreed to acquire Residential property management services unit of Nexity SA for enterprise value of €440 million on February 19, 2024. The proceeds of transaction will use to cut debt and adapt better to the more difficult market conditions in 2024. The acquisition remains subject to consultation with the relevant employee representative bodies and the European Commission’s review procedure and regulatory approvals. The European Commission has approved the transaction. Olivier du Mottay, Simon Lange, Jean-Luc Juhan, Olivia Rauch-Ravisé and Adrien Giraud of Latham & Watkins LLP (Paris) and Latham & Watkins LLP acted as legal advisor to Bridgepoint Group. Olivier Assant, Jean-Benoît Demaret, Marie-Cécile Rameau, Laetitia Tombarello, Julien Gayral and Juliette Crouzet of Bredin Prat & Associes acted as legal advisor to Nexity. The deal is expected to be finalized in the first half of 2024.
Bridgepoint Group plc (LSE:BPT) completed the acquisition of Residential property management services unit of Nexity SA on April 2, 2024. Nexity completed the sale of its residential property management services business to investment firm Bridgepoint Group for an enterprise value of €440 million. The transaction, which resulted in the formation of a new French operator in real estate services, includes a strategic partnership to boost existing synergies between the alternative asset manager and Nexity's businesses for six years. Nexity will use the sale proceeds to accelerate its deleveraging process, with the capital gains to be utilized towards a process of informing and consulting with employee representative bodies before implementing a redundancy plan. Price Target Changed • Mar 06
Price target decreased by 8.8% to €15.98 Down from €17.52, the current price target is an average from 5 analysts. New target price is 66% above last closing price of €9.62. Stock is down 61% over the past year. The company is forecast to post a net loss per share of €0.40 compared to earnings per share of €0.35 last year. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €0.35 (vs €3.40 in FY 2022) Full year 2023 results: EPS: €0.35 (down from €3.40 in FY 2022). Revenue: €3.96b (down 8.9% from FY 2022). Net income: €19.2m (down 90% from FY 2022). Profit margin: 0.5% (down from 4.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% decline forecast for the Real Estate industry in France. Over the last 3 years on average, earnings per share has fallen by 38% per year whereas the company’s share price has fallen by 36% per year. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to €10.61, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Real Estate industry in France. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.99 per share. Announcement • Feb 29
Nexity SA to Report First Half, 2024 Results on Jul 25, 2024 Nexity SA announced that they will report first half, 2024 results on Jul 25, 2024 Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €17.21, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Real Estate industry in Europe. Total loss to shareholders of 39% over the past three years. Price Target Changed • Oct 26
Price target decreased by 14% to €18.94 Down from €21.97, the current price target is an average from 5 analysts. New target price is 50% above last closing price of €12.64. Stock is down 38% over the past year. The company is forecast to post earnings per share of €1.88 for next year compared to €3.40 last year. New Risk • Oct 25
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 French stocks, typically moving 6.5% 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 Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (97% payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €11.36, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Real Estate industry in Europe. Total loss to shareholders of 36% over the past three years. Announcement • Sep 08
Orion European Real Estate Fund V, SLP, a fund managed by Orion Capital Managers LLP acquired development activities of Nexity in Portugal from Nexity SA (ENXTPA:NXI). Orion European Real Estate Fund V, SLP, a fund managed by Orion Capital Managers LLP acquired development activities of Nexity in Portugal from Nexity SA (ENXTPA:NXI) on September 7, 2023.Orion European Real Estate Fund V, SLP, a fund managed by Orion Capital Managers LLP completed the acquisition of development activities of Nexity in Portugal from Nexity SA (ENXTPA:NXI) on September 7, 2023. Announcement • Aug 22
Nexity SA, Annual General Meeting, May 23, 2024 Nexity SA, Annual General Meeting, May 23, 2024. New Risk • Aug 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 8.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (97% payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Major Estimate Revision • Aug 02
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €4.51b to €4.36b. EPS estimate also fell from €2.80 per share to €2.02 per share. Net income forecast to shrink 19% next year vs 16% decline forecast for Real Estate industry in France. Consensus price target down from €26.30 to €23.18. Share price fell 23% to €14.00 over the past week. New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.5% 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 Risk Earnings are forecast to decline by an average of 4.5% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (99% payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €0.15 (vs €0.98 in 1H 2022) First half 2023 results: EPS: €0.15 (down from €0.98 in 1H 2022). Revenue: €1.89b (up 5.1% from 1H 2022). Net income: €8.60m (down 84% from 1H 2022). Profit margin: 0.5% (down from 3.0% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in France are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Jul 28
Nexity SA to Report Fiscal Year 2023 Results on Feb 28, 2024 Nexity SA announced that they will report fiscal year 2023 results After-Market on Feb 28, 2024 Announcement • Jul 27
Nexity SA Revises Group Earnings Guidance for the Full Year 2023 Nexity SA revised group earnings guidance for the full year 2023. For the period, the company expected 2023 revenue of €4.3 billion (excluding international business), with operating profit of €250 million. Price Target Changed • Jul 19
Price target decreased by 9.9% to €26.30 Down from €29.20, the current price target is an average from 6 analysts. New target price is 44% above last closing price of €18.29. Stock is down 31% over the past year. The company is forecast to post earnings per share of €2.80 for next year compared to €3.40 last year. Announcement • Jun 06
AXA Investment Managers S.A. acquired Bry-sur-Marne film & series studios from Nexity SA (ENXTPA : NXI). AXA Investment Managers S.A. acquired Bry-sur-Marne film & series studios from Nexity SA (ENXTPA : NXI) on June 5, 2023. The studios will be managed by Guillaume de Menthon who was the president of Telfrance, one of France's leading fiction production groups.AXA Investment Managers S.A. completed the acquisition of Bry-sur-Marne film & series studios from Nexity SA (ENXTPA : NXI) on June 5, 2023. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €19.65, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Real Estate industry in Europe. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €30.46 per share. Buying Opportunity • May 24
Now 30% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €30.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings is also forecast to grow by 1.2% per annum over the same time period. Upcoming Dividend • May 17
Upcoming dividend of €2.50 per share at 10% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of French dividend payers (5.4%). Higher than average of industry peers (5.7%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: €3.40 (vs €5.85 in FY 2021) Full year 2022 results: EPS: €3.40 (down from €5.85 in FY 2021). Revenue: €4.35b (down 2.6% from FY 2021). Net income: €187.8m (down 42% from FY 2021). Profit margin: 4.3% (down from 7.3% in FY 2021). Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Real Estate industry in France. 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 16% per year, which means it is significantly lagging earnings. Announcement • Jan 25
Nexity SA (ENXTPA:NXI) acquired Minority stake in Kabin. Nexity SA (ENXTPA:NXI) acquired Minority stake in Kabin on January 23, 2023.Nexity SA (ENXTPA:NXI) completed the acquisition of Minority stake in Kabin on January 23, 2023. Announcement • Jan 24
Primonial REIM acquired 2 new asset Vefa from Nexity SA (ENXTPA:NXI) and Urban Campus. Primonial REIM acquired 2 new asset Vefa from Nexity SA (ENXTPA:NXI) and Urban Campus on December 31, 2022.Primonial REIM completed the acquisition of 2 new asset Vefa from Nexity SA (ENXTPA:NXI) and Urban Campus on December 31, 2022. Price Target Changed • Nov 16
Price target decreased to €30.50 Down from €37.40, the current price target is an average from 6 analysts. New target price is 37% above last closing price of €22.30. Stock is down 43% over the past year. The company is forecast to post earnings per share of €3.29 for next year compared to €5.85 last year. Price Target Changed • Oct 07
Price target decreased to €32.60 Down from €38.60, the current price target is an average from 5 analysts. New target price is 74% above last closing price of €18.75. Stock is down 53% over the past year. The company is forecast to post earnings per share of €3.30 for next year compared to €5.85 last year. 
