New Risk • Jun 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% 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 (6.5% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (76% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (110% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: €7.68 (vs €1.32 in 1Q 2025) First quarter 2026 results: EPS: €7.68 (up from €1.32 in 1Q 2025). Revenue: €117.8m (up 23% from 1Q 2025). Net income: €432.3m (up €369.5m from 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • May 20
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Xavier de Walque was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 05
Aedifica NV/SA, Annual General Meeting, May 12, 2026 Aedifica NV/SA, Annual General Meeting, May 12, 2026. Announcement • Feb 13
Aedifica Nv/Sa Proposes Dividend The Aedifica NV/SA proposed dividend of €4.00 per share (gross), to be distributed in May 2026, is confirmed. Announcement • Oct 14
Aedifica NV/SA to Report Fiscal Year 2025 Results on Feb 13, 2026 Aedifica NV/SA announced that they will report fiscal year 2025 results at 7:30 AM, Central European Standard Time on Feb 13, 2026 Announcement • Feb 27
Aedifica NV/SA to Report Nine Months, 2025 Results on Oct 28, 2025 Aedifica NV/SA announced that they will report nine months, 2025 results on Oct 28, 2025 Announcement • Nov 22
Aedifica NV/SA to Report Q1, 2025 Results on Apr 29, 2025 Aedifica NV/SA announced that they will report Q1, 2025 results at 5:40 PM, Central European Standard Time on Apr 29, 2025 Announcement • Oct 30
Aedifica NV/SA Increases Earnings Guidance for the Year 2024 Aedifica NV/SA increased earnings guidance for the year 2024. For the year, the company Estimated EPRA Earnings per share for the full 2024 financial year are increased to at least €4.90/share (previously €4.85/share). Announcement • Oct 23
Aedifica NV/SA to Report Fiscal Year 2024 Results on Feb 19, 2025 Aedifica NV/SA announced that they will report fiscal year 2024 results at 7:30 AM, Central European Standard Time on Feb 19, 2025 Announcement • Sep 10
Aedifica NV/SA (ENXTBR:AED) acquired Furze Field Manor, Copperfield Court & Rownhams Manor Trading Care Homes in UK of Oyster Care Homes Limited. Aedifica NV/SA (ENXTBR:AED) acquired Furze Field Manor, Copperfield Court & Rownhams Manor Trading Care Homes in UK of Oyster Care Homes Limited on September 6, 2024. In a separate transaction, Aedifica NV/SA signed an agreement to acquire Somer Valley House in Midsomer Norton from Oyster Care Homes Limited. The transactions had a combined deal value of £61.5 million.
Aedifica NV/SA (ENXTBR:AED) completed the acquisition of Furze Field Manor, Copperfield Court & Rownhams Manor Trading Care Homes in UK of Oyster Care Homes Limited on September 6, 2024. Announcement • Jul 31
Aedifica NV/SA Provides Earnings Guidance for the Year 2024 Aedifica NV/SA provided earnings guidance for the year 2024. For the year, the company EPRA Earnings for 2024 are estimated at €231 million (previously €223 million). EPRA Earnings per share are estimated €4.85/share (previously €4.70/share). Reported Earnings • Apr 06
Full year 2023 earnings released: EPS: €0.56 (vs €8.71 in FY 2022) Full year 2023 results: EPS: €0.56 (down from €8.71 in FY 2022). Revenue: €321.1m (up 15% from FY 2022). Net income: €24.5m (down 93% from FY 2022). Profit margin: 7.6% (down from 119% in FY 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Health Care REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year. Declared Dividend • Apr 04
Final dividend of €1.60 announced Shareholders will receive a dividend of €1.60. Ex-date: 16th May 2024 Payment date: 22nd May 2024 Dividend yield will be 5.7%, which is lower than the industry average of 7.4%. Declared Dividend • Mar 01
Final dividend of €1.60 announced Shareholders will receive a dividend of €1.60. Ex-date: 16th May 2024 Payment date: 22nd May 2024 Dividend yield will be 6.1%, which is lower than the industry average of 7.4%. Announcement • Nov 01
Aedifica NV/SA to Report Nine Months, 2024 Results on Oct 30, 2024 Aedifica NV/SA announced that they will report nine months, 2024 results on Oct 30, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: €0.69 (vs €3.49 in 3Q 2022) Third quarter 2023 results: EPS: €0.69 (down from €3.49 in 3Q 2022). Revenue: €81.4m (up 15% from 3Q 2022). Net income: €32.8m (down 76% from 3Q 2022). Profit margin: 40% (down from 196% in 3Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Health Care REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Nov 01
Aedifica NV/SA Revises Earnings Guidance for the Year 2023 Aedifica NV/SA revised earnings guidance for the year 2023. Estimated EPRA Earnings per share for the full 2023 financial year are increased to at least €4.95/share (previously €4.85/share), including a €0.21/share one-off EPRA result following the obtention of the FBI regime for the Dutch subsidiaries. Announcement • Aug 04
Aedifica NV/SA Revises Earnings Guidance for the Year 2023 Aedifica NV/SA revised earnings guidance for the year 2023. Estimated EPRA Earnings for the 2023 financial year slightly increased to €212 million (previously €209 million) and EPRA Earnings per share are estimated at €4.85/share (previously €4.78/share). Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €52.53, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 21x in the Health Care REITs industry globally. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €69.21 per share. Buying Opportunity • Jun 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €73.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Announcement • Jun 02
An unknown buyer entered into an agreement to acquire portfolio of 10 buildings in Finland from Aedifica NV/SA (ENXTBR:AED) for €25.6 million. An unknown buyer entered into an agreement to acquire portfolio of 10 buildings in Finland from Aedifica NV/SA (ENXTBR:AED) for €25.6 million on June 1, 2023.The transaction is expected to be completed by the end of June 2023. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: €0.40 (vs €3.23 in 1Q 2022) First quarter 2023 results: EPS: €0.40 (down from €3.23 in 1Q 2022). Revenue: €78.6m (up 17% from 1Q 2022). Net income: €16.1m (down 86% from 1Q 2022). Profit margin: 21% (down from 174% in 1Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Health Care REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 06
Upcoming dividend of €1.60 per share at 4.9% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 16 May 2023. Trailing yield: 4.9%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (6.5%). Reported Earnings • Apr 10
Full year 2022 earnings released: EPS: €8.71 (vs €8.10 in FY 2021) Full year 2022 results: EPS: €8.71 (up from €8.10 in FY 2021). Revenue: €279.2m (up 15% from FY 2021). Net income: €331.8m (up 18% from FY 2021). Net asset value (NAV) per share: €82.37 (up 12% from FY 2021). The current share price is 13% lower than NAV per share. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Health Care REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: €8.71 (vs €8.10 in FY 2021) Full year 2022 results: EPS: €8.71 (up from €8.10 in FY 2021). Revenue: €279.2m (up 15% from FY 2021). Net income: €331.8m (up 18% from FY 2021). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 20
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 08
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 19
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: €3.34 (vs €2.03 in 2Q 2021) Second quarter 2022 results: EPS: €3.34 (up from €2.03 in 2Q 2021). Revenue: €67.3m (up 17% from 2Q 2021). Net income: €121.9m (up 79% from 2Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 6.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Jul 22
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 30
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. COO & Executive Director Raoul Thomassen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • May 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Henrike Waldburg was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 06
Upcoming dividend of €1.58 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 17 May 2022. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (4.7%). In line with average of industry peers (3.1%). Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: €8.10 (vs €4.35 in FY 2020) Full year 2021 results: EPS: €8.10 (up from €4.35 in FY 2020). Revenue: €242.7m (up 36% from FY 2020). Net income: €281.8m (up 144% from FY 2020). Over the next year, revenue is forecast to grow 14% while the reits industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Buying Opportunity • Mar 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% per annum over the last 3 years. Earnings per share has grown by 8.4% per annum over the last 3 years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €1.61 (vs €0.70 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €59.1m (up 26% from 3Q 2020). Net income: €58.2m (up 226% from 3Q 2020). Profit margin: 98% (up from 38% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS €2.04 (vs €0.70 in 2Q 2020) Second quarter 2021 results: Revenue: €54.9m (up 17% from 2Q 2020). Net income: €68.1m (up 282% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 13
First quarter 2021 earnings released: EPS €1.35 (vs €0.70 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €54.4m (up 16% from 1Q 2020). Net income: €44.7m (up 151% from 1Q 2020). Profit margin: 82% (up from 38% in 1Q 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 10% per year. Upcoming Dividend • May 07
Upcoming dividend of €0.48 per share Eligible shareholders must have bought the stock before 14 May 2021. Payment date: 18 May 2021. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (4.1%). In line with average of industry peers (3.0%). Is New 90 Day High Low • Feb 20
New 90-day high: €104 The company is up 5.0% from its price of €98.90 on 20 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €96.96 per share. Is New 90 Day High Low • Jan 28
New 90-day high: €101 The company is up 16% from its price of €86.50 on 30 October 2020. The British market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €101 per share.