Reported Earnings • May 24
Full year 2026 earnings released Full year 2026 results: Revenue: €143.1m (up 1.9% from FY 2025). Net income: €123.0m (up 15% from FY 2025). Profit margin: 86% (up from 76% in FY 2025). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Retail REITs industry in Europe. New Risk • Apr 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.8% 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 (9.7% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 5.8% per year for the foreseeable future. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €72.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €89.98 per share. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €89.00 per share. Buy Or Sell Opportunity • Nov 23
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €62.60. The fair value is estimated to be €79.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 29%. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €116 per share. Announcement • Oct 30
Retail Estates N.V. to Report First Half, 2026 Results on Nov 14, 2025 Retail Estates N.V. announced that they will report first half, 2026 results on Nov 14, 2025 Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €113 per share. Announcement • Jun 20
Retail Estates N.V., Annual General Meeting, Jul 22, 2025 Retail Estates N.V., Annual General Meeting, Jul 22, 2025, at 10:00 Romance Standard Time. Declared Dividend • Jun 01
Dividend of €3.57 announced Shareholders will receive a dividend of €3.57. Ex-date: 2nd June 2025 Payment date: 26th June 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.7%. Announcement • May 30
Retail Estates N.V. announces Annual dividend, payable on June 26, 2025 Retail Estates N.V. announced Annual dividend of EUR 3.5700 per share payable on June 26, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. Reported Earnings • May 29
Full year 2025 earnings released: EPS: €7.26 (vs €8.60 in FY 2024) Full year 2025 results: EPS: €7.26 (down from €8.60 in FY 2024). Revenue: €140.6m (up 2.6% from FY 2024). Net income: €106.7m (down 13% from FY 2024). Profit margin: 76% (down from 90% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.2% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €72.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Retail REITs industry in Europe. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €131 per share. Board Change • Apr 17
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Léon Overhorst was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €72.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Retail REITs industry in Europe. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €110 per share. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Retail REITs industry in Europe. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €115 per share. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €113 per share. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €116 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €121 per share. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Retail REITs industry in Europe. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €126 per share. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €121 per share. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €120 per share. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €123 per share. New Risk • Nov 22
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 British stocks, typically moving 7.8% 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (56% net profit margin). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €72.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Retail REITs industry in Europe. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €74.32 per share. Buy Or Sell Opportunity • Jul 06
Now 21% overvalued Over the last 90 days, the stock has fallen 3.2% to €63.10. The fair value is estimated to be €52.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 18% in the next 2 years. Announcement • Jun 02
Retail Estates N.V., Annual General Meeting, Jul 22, 2024 Retail Estates N.V., Annual General Meeting, Jul 22, 2024. Buy Or Sell Opportunity • May 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to €72.10. The fair value is estimated to be €59.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to decline by 39% in the next 2 years. Buy Or Sell Opportunity • Apr 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €72.10. The fair value is estimated to be €58.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to decline by 39% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Retail REITs industry in Europe. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €85.92 per share. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Retail REITs industry in Europe. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €78.24 per share. New Risk • Jan 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% 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 (9.3% operating cash flow to total debt). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Retail REITs industry in Europe. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €77.01 per share. Reported Earnings • Nov 24
First half 2024 earnings released: EPS: €6.10 (vs €7.72 in 1H 2023) First half 2024 results: EPS: €6.10 (down from €7.72 in 1H 2023). Revenue: €66.6m (up 11% from 1H 2023). Net income: €86.6m (down 18% from 1H 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Retail REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Retail REITs industry in Europe. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €121 per share. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to €72.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Retail REITs industry in Europe. Total returns to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €139 per share. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €72.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Retail REITs industry in Europe. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €142 per share. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €72.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Retail REITs industry in Europe. Total returns to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €137 per share. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €72.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Retail REITs industry in Europe. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €141 per share. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Retail REITs industry in Europe. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €113 per share. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 28% 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 (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (8.7% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €72.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Retail REITs industry in Europe. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €113 per share. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €72.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Retail REITs industry in Europe. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €114 per share. Announcement • Jun 21
Retail Estates N.V., Annual General Meeting, Jul 24, 2023 Retail Estates N.V., Annual General Meeting, Jul 24, 2023, at 10:00 Central European Standard Time. Location: Industrielaan 6, B-1740 Ternat Belgium Belgium Agenda: To discuss the annual report with regard to the statutory and consolidated annual accounts of the Company; to discuss the reports of the statutory auditor with regard to the statutory accounts of the Company; to discuss the consolidated annual accounts of the Company for the financial year; to Approval of the statutory annual accounts of the Company for the financial year; to approval of the remuneration report for the financial year; to discuss Discharge to the directors of the Company; and to discuss other matters. Reported Earnings • May 28
Full year 2023 earnings released: EPS: €12.99 (vs €10.23 in FY 2022) Full year 2023 results: EPS: €12.99 (up from €10.23 in FY 2022). Revenue: €123.9m (up 9.0% from FY 2022). Net income: €180.6m (up 37% from FY 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Retail REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Mar 28
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Non-Executive Independent Director Ann Gaeremynck was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Feb 08
Now 22% undervalued Over the last 90 days, the stock is up 4.4%. The fair value is estimated to be €81.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 44%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 20% share price gain to €72.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 7x in the REITs industry in the United Kingdom. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 19% share price gain to €72.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 7x in the REITs industry in the United Kingdom. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 18% share price gain to €72.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the REITs industry in the United Kingdom. Total loss to shareholders of 5.5% over the past three years. Reported Earnings • Nov 22
First half 2023 earnings released: EPS: €7.72 (vs €3.49 in 1H 2022) First half 2023 results: EPS: €7.72 (up from €3.49 in 1H 2022). Revenue: €59.9m (up 6.3% from 1H 2022). Net income: €106.0m (up 140% from 1H 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Non-Executive Independent Director Ann Gaeremynck was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 19% share price gain to €72.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the REITs industry in the United Kingdom. Total loss to shareholders of 5.0% over the past three years. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 26% share price gain to €72.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the REITs industry in the United Kingdom. Total loss to shareholders of 2.8% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 28% share price gain to €72.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the REITs industry in the United Kingdom. Total loss to shareholders of 3.3% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 22% share price gain to €72.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the REITs industry in the United Kingdom. Total loss to shareholders of 3.3% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 16% share price gain to €72.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the REITs industry in the United Kingdom. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €62.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the REITs industry in the United Kingdom. Total loss to shareholders of 13% over the past three years. Reported Earnings • May 25
Full year 2022 earnings released: EPS: €10.23 (vs €4.86 in FY 2021) Full year 2022 results: EPS: €10.23 (up from €4.86 in FY 2021). Revenue: €113.7m (up 13% from FY 2021). Net income: €131.8m (up 115% from FY 2021). Over the next year, revenue is forecast to grow 5.8% 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 25% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Non-Executive Independent Director Ann Gaeremynck was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 24
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: EPS: €3.49 (up from €1.95 in 1H 2021). Revenue: €56.3m (up 11% from 1H 2021). Net income: €44.2m (up 79% from 1H 2021). Profit margin: 79% (up from 48% in 1H 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 10%, compared to a 2.2% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 28
Full year 2021 earnings released: EPS €4.86 (vs €4.70 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: €100.9m (down 5.2% from FY 2020). Net income: €61.4m (up 5.7% from FY 2020). Profit margin: 61% (up from 55% in FY 2020). The increase in margin was driven by lower expenses. Net asset value (NAV) per share: €63.81 (flat on FY 2020). The current share price is 9.2% higher than NAV per share. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Is New 90 Day High Low • Feb 25
New 90-day high: €64.80 The company is up 7.0% from its price of €60.40 on 26 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: €61.25 The company is up 12% from its price of €54.70 on 13 October 2020. The British market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 11% over the same period. Reported Earnings • Nov 22
First half 2021 earnings released: EPS €1.95 The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €50.9m (down 2.4% from 1H 2020). Net income: €24.6m (up 12% from 1H 2020). Profit margin: 48% (up from 42% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Is New 90 Day High Low • Oct 17
New 90-day low: €50.80 The company is down 15% from its price of €60.00 on 17 July 2020. The British market is down 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €81.49 per share. Is New 90 Day High Low • Sep 26
New 90-day low: €52.30 The company is down 12% from its price of €59.70 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €80.95 per share. 
