New Risk • Jun 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x 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. Reported Earnings • May 29
First quarter 2026 earnings released: €0.29 loss per share (vs €1.08 loss in 1Q 2025) First quarter 2026 results: €0.29 loss per share (improved from €1.08 loss in 1Q 2025). Revenue: €33.4m (up 28% from 1Q 2025). Net income: €250.0k (up €6.96m from 1Q 2025). Profit margin: 0.7% (up from net loss in 1Q 2025). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. Announcement • Dec 09
UBM Development AG, Annual General Meeting, May 21, 2026 UBM Development AG, Annual General Meeting, May 21, 2026. Reported Earnings • Dec 03
Third quarter 2025 earnings released: EPS: €0.003 (vs €0.61 loss in 3Q 2024) Third quarter 2025 results: EPS: €0.003 (up from €0.61 loss in 3Q 2024). Revenue: €37.7m (up 84% from 3Q 2024). Net income: €22.0k (up €4.61m from 3Q 2024). Profit margin: 0.1% (up from net loss in 3Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 52% 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 • Aug 28
Second quarter 2025 earnings released: €0.24 loss per share (vs €0.79 loss in 2Q 2024) Second quarter 2025 results: €0.24 loss per share (improved from €0.79 loss in 2Q 2024). Revenue: €35.7m (up 59% from 2Q 2024). Net income: €204.0k (up €6.10m from 2Q 2024). Profit margin: 0.6% (up from net loss in 2Q 2024). Revenue is forecast to grow 22% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom 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 60 percentage points per year, which is a significant difference in performance. Reported Earnings • May 29
First quarter 2025 earnings released: €1.08 loss per share (vs €1.27 loss in 1Q 2024) First quarter 2025 results: €1.08 loss per share (improved from €1.27 loss in 1Q 2024). Revenue: €26.2m (up 28% from 1Q 2024). Net loss: €6.71m (loss narrowed 29% from 1Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom 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 69 percentage points per year, which is a significant difference in performance. Board Change • May 23
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 8 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Board Change • Apr 25
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 8 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Board Change • Mar 28
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 8 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Board Change • Feb 27
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 8 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Jan 27
UBM Development AG, Annual General Meeting, May 21, 2025 UBM Development AG, Annual General Meeting, May 21, 2025. Board Change • Dec 05
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 8 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Board Change • Sep 11
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 8 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Board Change • Jul 24
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 8 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. New Risk • Jun 05
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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). Revenue is less than US$1m. Reported Earnings • May 30
First quarter 2024 earnings released: €1.27 loss per share (vs €0.15 loss in 1Q 2023) First quarter 2024 results: €1.27 loss per share (further deteriorated from €0.15 loss in 1Q 2023). Revenue: €18.1m (flat on 1Q 2023). Net loss: €9.48m (loss widened €8.34m from 1Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom 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 80 percentage points per year, which is a significant difference in performance. Board Change • May 20
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. 7 highly experienced directors. No independent directors (4 non-independent directors). Independent Supervisory Board Chairman Karl-Heinz Strauss is the most experienced director on the board, commencing their role in 2011. Independent Supervisory Board Member Susanne Weiss was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Apr 14
Full year 2023 earnings released: €7.03 loss per share (vs €2.25 profit in FY 2022) Full year 2023 results: €7.03 loss per share (down from €2.25 profit in FY 2022). Revenue: €85.3m (down 36% from FY 2022). Net loss: €52.5m (down 413% from profit in FY 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 2.8% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
Vienna Insurance Group AG (WBAG:VIG) acquired remaining 43% stake in Palais Hansen Immobilienentwicklung GmbH from Warimpex Finanz- und Beteiligungs AG (WBAG:WXF) and UBM Development AG (WBAG:UBS). Vienna Insurance Group AG (WBAG:VIG) acquired remaining 43% stake in Palais Hansen Immobilienentwicklung GmbH from Warimpex Finanz- und Beteiligungs AG (WBAG:WXF) and UBM Development AG (WBAG:UBS) on March 12, 2024.Vienna Insurance Group AG (WBAG:VIG) completed the acquisition of remaining 43% stake in Palais Hansen Immobilienentwicklung GmbH from Warimpex Finanz- und Beteiligungs AG (WBAG:WXF) and UBM Development AG (WBAG:UBS) on March 12, 2024. Reported Earnings • Nov 24
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €16.9m (down 42% from 3Q 2022). Net income: €14.4m (up €18.1m from 3Q 2022). Profit margin: 85% (up from net loss in 3Q 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 5.1% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 02
Second quarter 2023 earnings released: €4.19 loss per share (vs €1.17 profit in 2Q 2022) Second quarter 2023 results: €4.19 loss per share (down from €1.17 profit in 2Q 2022). Revenue: €21.2m (down 62% from 2Q 2022). Net loss: €30.0m (down 442% from profit in 2Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.2% decline forecast for the Real Estate industry in the United Kingdom. Buying Opportunity • Aug 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €26.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 75% in 2 years. Earnings is forecast to grow by 121% in the next 2 years. Buying Opportunity • Jul 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €31.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 84% in 2 years. Earnings is forecast to grow by 132% in the next 2 years. Buying Opportunity • Jul 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.6%. The fair value is estimated to be €30.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 84% in 2 years. Earnings is forecast to grow by 132% in the next 2 years. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: €0.15 (vs €0.32 in 1Q 2022) First quarter 2023 results: EPS: €0.15 (down from €0.32 in 1Q 2022). Revenue: €23.0m (down 25% from 1Q 2022). Net loss: €1.14m (down 148% from profit in 1Q 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Real Estate industry in the United Kingdom. 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 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €27.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Real Estate industry in the United Kingdom. Total loss to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.93 per share. Announcement • May 19
UBM Development AG Announces Resignation of Martin Löcker as Member of the Management Board and COO, Effective June 30, 2023 Martin Löcker, Member of the Management Board and COO of UBM Development AG, has resigned from the Management Board prematurely, effective as of 30 June 2023. Upcoming Dividend • May 18
Upcoming dividend of €1.10 per share at 3.4% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (4.5%). Reported Earnings • Apr 18
Full year 2022 earnings released: EPS: €2.25 (vs €4.50 in FY 2021) Full year 2022 results: EPS: €2.25 (down from €4.50 in FY 2021). Revenue: €172.1m (down 38% from FY 2021). Net income: €25.9m (down 23% from FY 2021). Profit margin: 15% (up from 12% in FY 2021). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 7.2% decline forecast for the Real Estate industry in the United Kingdom. Buying Opportunity • Jan 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €29.11, 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 declined by 33%. Revenue is forecast to grow by 67% in 2 years. Earnings is forecast to grow by 191% in the next 2 years. Reported Earnings • Nov 26
Third quarter 2022 earnings released: €0.49 loss per share (vs €0.77 profit in 3Q 2021) Third quarter 2022 results: €0.49 loss per share (down from €0.77 profit in 3Q 2021). Revenue: €36.2m (down 49% from 3Q 2021). Net loss: €3.68m (down 164% from profit in 3Q 2021). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Real Estate industry in the United Kingdom. Announcement • Nov 15
UBM Development AG to Report Fiscal Year 2022 Results on Mar 29, 2023 UBM Development AG announced that they will report fiscal year 2022 results on Mar 29, 2023 Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: €1.17 (vs €1.90 in 2Q 2021) Second quarter 2022 results: EPS: €1.17 (down from €1.90 in 2Q 2021). Revenue: €65.8m (down 38% from 2Q 2021). Net income: €8.77m (down 38% from 2Q 2021). Profit margin: 13% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 49% compared to a 17% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • May 26
First quarter 2022 earnings released First quarter 2022 results: Revenue: €39.2m (down 6.5% from 1Q 2021). Net income: €4.83m (down 46% from 1Q 2021). Profit margin: 12% (down from 21% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is forecast to grow 31% compared to a 12% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Buying Opportunity • May 24
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be €52.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • May 12
Upcoming dividend of €2.25 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of British dividend payers (4.8%). Higher than average of industry peers (3.3%). Buying Opportunity • Apr 27
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €52.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 09
Full year 2021 earnings released: EPS: €4.50 (vs €4.39 in FY 2020) Full year 2021 results: EPS: €4.50 (up from €4.39 in FY 2020). Revenue: €326.1m (up 78% from FY 2020). Net income: €42.2m (up 29% from FY 2020). Profit margin: 13% (down from 18% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.3% compared to a 10% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Buying Opportunity • Apr 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be €52.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% over the last 3 years. Earnings per share has declined by 9.6%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Buying Opportunity • Mar 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be €51.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% per annum over the last 3 years. Earnings per share has declined by 9.6% per annum over the last 3 years. Buying Opportunity • Feb 22
Now 21% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be €52.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% per annum over the last 3 years. Earnings per share has declined by 9.6% per annum over the last 3 years. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: €0.77 (up from €0.64 in 3Q 2020). Revenue: €79.7m (up 69% from 3Q 2020). Net income: €8.26m (up 71% from 3Q 2020). Profit margin: 10% (in line with 3Q 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 1.7% compared to a 9.4% decline forecast for the industry in the United Kingdom. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS €1.90 (vs €0.25 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €118.2m (up 209% from 2Q 2020). Net income: €16.0m (up €14.1m from 2Q 2020). Profit margin: 14% (up from 4.8% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 27
First quarter 2021 earnings released: EPS €1.20 (vs €2.74 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: €49.1m (up 19% from 1Q 2020). Net income: €10.7m (down 48% from 1Q 2020). Profit margin: 22% (down from 50% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Upcoming Dividend • May 26
Upcoming dividend of €2.20 per share Eligible shareholders must have bought the stock before 02 June 2021. Payment date: 04 June 2021. Trailing yield: 5.0%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (2.6%). Reported Earnings • Apr 25
Full year 2020 earnings released: EPS €4.39 (vs €7.10 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €219.4m (down 9.3% from FY 2019). Net income: €39.8m (down 25% from FY 2019). Profit margin: 18% (down from 22% in FY 2019). 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 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 28% share price gain to €35.30, the stock is trading at a trailing P/E ratio of 5.7x, up from the previous P/E ratio of 4.5x. This compares to an average P/E of 15x in the Real Estate industry in the United Kingdom. Reported Earnings • Nov 30
Third quarter 2020 earnings released: EPS €0.64 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €47.2m (down 48% from 3Q 2019). Net income: €4.83m (down 69% from 3Q 2019). Profit margin: 10% (down from 17% in 3Q 2019). The decrease in margin was driven by lower revenue. Analyst Estimate Surprise Post Earnings • Nov 30
Revenue misses expectations Revenue missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 41% compared to a 9.7% decline forecast for the Real Estate industry in the United Kingdom.