Upcoming Dividend • May 19
Upcoming dividend of €2.70 per share Eligible shareholders must have bought the stock before 26 May 2026. Payment date: 28 May 2026. Trailing yield: 7.6%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (6.1%). Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: €0.45 (vs €0.28 loss in FY 2024) Full year 2025 results: EPS: €0.45 (up from €0.28 loss in FY 2024). Revenue: €83.8m (up 5.0% from FY 2024). Net income: €4.87m (up €7.89m from FY 2024). Profit margin: 5.8% (up from net loss in FY 2024). Revenue is expected to fall by 1.6% p.a. on average during the next 3 years compared to a 2.7% decline forecast for the Office REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • Apr 04
Fonciere Inea S.A., Annual General Meeting, May 20, 2026 Fonciere Inea S.A., Annual General Meeting, May 20, 2026. New Risk • Feb 09
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 Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Major Estimate Revision • Oct 15
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €87.2m to €76.4m. EPS estimate fell from €2.81 to €2.45 per share. Net income forecast to grow 535% next year vs 64% growth forecast for Office REITs industry in France. Consensus price target down from €38.50 to €36.00. Share price rose 5.9% to €32.30 over the past week. Buy Or Sell Opportunity • Oct 02
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €30.20. The fair value is estimated to be €39.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 750% in the next 2 years. Buy Or Sell Opportunity • Sep 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.2% to €32.60. The fair value is estimated to be €40.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 750% in the next 2 years. Reported Earnings • Jul 28
First half 2025 earnings released: EPS: €0.20 (vs €0.54 loss in 1H 2024) First half 2025 results: EPS: €0.20 (up from €0.54 loss in 1H 2024). Revenue: €41.9m (up 7.6% from 1H 2024). Net income: €2.21m (up €8.03m from 1H 2024). Profit margin: 5.3% (up from net loss in 1H 2024). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jun 16
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €34.80. The fair value is estimated to be €43.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Jun 04
Price target decreased by 7.9% to €35.00 Down from €38.00, the current price target is an average from 2 analysts. New target price is 5.9% below last closing price of €37.20. Stock is up 13% over the past year. The company is forecast to post earnings per share of €3.10 next year compared to a net loss per share of €0.28 last year. Upcoming Dividend • Jun 02
Upcoming dividend of €2.70 per share Eligible shareholders must have bought the stock before 09 June 2025. Payment date: 11 June 2025. Trailing yield: 7.3%. Within top quartile of French dividend payers (5.4%). Higher than average of industry peers (5.3%). Declared Dividend • Apr 07
Dividend of €2.70 announced Shareholders will receive a dividend of €2.70. Ex-date: 9th June 2025 Payment date: 11th June 2025 Dividend yield will be 8.2%, which is higher than the industry average of 5.5%. Announcement • Apr 06
Fonciere Inea S.A. announces Annual dividend, payable on June 11, 2025 Fonciere Inea S.A. announced Annual dividend of EUR 0.3515 per share payable on June 11, 2025, ex-date on June 09, 2025 and record date on June 10, 2025. Reported Earnings • Apr 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €0.28 loss per share (down from €1.99 profit in FY 2023). Revenue: €79.8m (up 15% from FY 2023). Net loss: €3.02m (down 114% from profit in FY 2023). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 1.6% decline forecast for the Office REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • Jan 15
Fonciere Inea S.A., Annual General Meeting, Jun 04, 2025 Fonciere Inea S.A., Annual General Meeting, Jun 04, 2025. Reported Earnings • Sep 27
First half 2024 earnings released: €0.54 loss per share (vs €1.77 profit in 1H 2023) First half 2024 results: €0.54 loss per share (down from €1.77 profit in 1H 2023). Revenue: €38.9m (up 16% from 1H 2023). Net loss: €5.83m (down 130% from profit in 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 29
First half 2024 earnings released: €0.54 loss per share (vs €1.77 profit in 1H 2023) First half 2024 results: €0.54 loss per share (down from €1.77 profit in 1H 2023). Revenue: €38.9m (up 16% from 1H 2023). Net loss: €5.83m (down 130% from profit in 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 20
Upcoming dividend of €2.70 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. Trailing yield: 8.1%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (4.9%). Reported Earnings • Apr 07
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: €1.99 (down from €6.00 in FY 2022). Revenue: €69.6m (up 17% from FY 2022). Net income: €21.5m (down 63% from FY 2022). Profit margin: 31% (down from 97% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 16% 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. New Risk • Feb 11
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 Risks Interest payments are not well covered by earnings (2.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 107% Earnings are forecast to decline by an average of 17% per year for the foreseeable future. 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 (67% net profit margin). Reported Earnings • Jul 31
First half 2023 earnings released: EPS: €1.77 (vs €3.93 in 1H 2022) First half 2023 results: EPS: €1.77 (down from €3.93 in 1H 2022). Revenue: €33.5m (up 19% from 1H 2022). Net income: €19.2m (down 43% from 1H 2022). Profit margin: 57% (down from 119% in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Jul 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 107% Dividend yield: 7.2% 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 Debt is not well covered by operating cash flow (5.1% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 107% Earnings are forecast to decline by an average of 8.9% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (67% net profit margin). New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% 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 (6.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Upcoming Dividend • May 08
Upcoming dividend of €2.70 per share at 6.6% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 6.6%. Within top quartile of French dividend payers (5.4%). In line with average of industry peers (6.0%). Reported Earnings • Apr 17
Full year 2022 earnings released: EPS: €6.00 (vs €6.45 in FY 2021) Full year 2022 results: EPS: €6.00. Revenue: €59.7m (up 12% from FY 2021). Net income: €58.1m (up 6.6% from FY 2021). Profit margin: 97% (down from 102% in FY 2021). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. Independent Director Thierry Vallet was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.9%. The fair value is estimated to be €50.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Jul 28
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 95% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Thierry Vallet was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 20
Upcoming dividend of €2.70 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 29 April 2022. Trailing yield: 5.7%. Within top quartile of French dividend payers (4.8%). In line with average of industry peers (5.5%). Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: €6.45 (vs €4.61 in FY 2020) Full year 2021 results: EPS: €6.45 (up from €4.61 in FY 2020). Revenue: €53.6m (up 12% from FY 2020). Net income: €54.5m (up 40% from FY 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Announcement • Dec 18
Fonciere Inea S.A. (ENXTPA:INEA) agreed to acquire Off-Plan Cyber Place Building In Rennes from Rennes Métropole and Nge Immobilier. Fonciere Inea S.A. (ENXTPA:INEA) agreed to acquire Off-Plan Cyber Place Building In Rennes from Rennes Métropole and Nge Immobilier on December 16, 2021. The transaction is expected to close on Q4 2023. Announcement • Sep 29
Fonciere Inea S.A. (ENXTPA:INEA) acquired THE VEFA ARKO IN MÉRIGNAC from Aventim. Fonciere Inea S.A. (ENXTPA:INEA) acquired THE VEFA ARKO IN MÉRIGNAC from Aventim on September 27, 2021.
Fonciere Inea S.A. (ENXTPA:INEA) completed the acquisition of THE VEFA ARKO IN MÉRIGNAC from Aventim on September 27, 2021. Upcoming Dividend • May 10
Upcoming dividend of €2.60 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 19 May 2021. Trailing yield: 6.0%. Within top quartile of French dividend payers (4.0%). Higher than average of industry peers (4.5%). Is New 90 Day High Low • Mar 06
New 90-day high: €39.50 The company is up 4.0% from its price of €38.00 on 04 December 2020. The French market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 4.0% over the same period. Is New 90 Day High Low • Feb 10
New 90-day low: €37.50 The company is down 2.0% from its price of €38.20 on 11 November 2020. The French market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: €39.20 The company is up 4.0% from its price of €37.70 on 15 October 2020. The French market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: €38.90 The company is up 1.0% from its price of €38.50 on 24 September 2020. The French market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 24% over the same period. Is New 90 Day High Low • Oct 10
New 90-day low: €37.70 The company is down 3.0% from its price of €39.00 on 10 July 2020. The French market is flat over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 9.0% over the same period.