Announcement • May 19
Mercialys SA to Report Fiscal Year 2026 Results on Feb 11, 2027 Mercialys SA announced that they will report fiscal year 2026 results at 6:00 PM, Central European Standard Time on Feb 11, 2027 Announcement • May 18
Mercialys SA to Report Q3, 2026 Results on Oct 15, 2026 Mercialys SA announced that they will report Q3, 2026 results After-Market on Oct 15, 2026 Upcoming Dividend • Apr 27
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 04 May 2026. Payment date: 06 May 2026. Trailing yield: 8.0%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (6.4%). Announcement • Apr 09
Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million. Mercialys SA (ENXTPA:MERY) acquired 8,200 sqm retail park in Toulouse for €18 million on April 8, 2026. The €18 million acquisition price (including transfer tax) delivers an immediate yield significantly above Mercialys’ portfolio average appraisal yield. The acquired asset, comprising the buildings and associated parking areas, totals more than 8,200 sqm of GLA and includes six mid-sized retail units. The transaction is an immediately accretive strategic acquisition.
Arsène-Cabinet d'Avocats acted as legal advisor for Mercialys SA. HALDIS acted as technical due diligence provider for Mercialys SA. PASCUAL advised the Seller in the transaction.
Mercialys SA (ENXTPA:MERY) completed the acquisition of 8,200 sqm retail park in Toulouse on April 8, 2026. Announcement • Mar 18
Mercialys SA, Annual General Meeting, Apr 23, 2026 Mercialys SA, Annual General Meeting, Apr 23, 2026. Location: 16 18 rue du quatre septembre, paris France Declared Dividend • Feb 23
Dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 4th May 2026 Payment date: 6th May 2026 Dividend yield will be 8.3%, which is higher than the industry average of 4.7%. New Risk • Feb 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 49% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (19% net profit margin). Announcement • Feb 19
Mercialys SA announces Annual dividend, payable on May 06, 2026 Mercialys SA announced Annual dividend of EUR 1.0000 per share payable on May 06, 2026, ex-date on May 04, 2026 and record date on May 05, 2026. Reported Earnings • Feb 18
Full year 2025 earnings released: EPS: €0.36 (vs €0.57 in FY 2024) Full year 2025 results: EPS: €0.36 (down from €0.57 in FY 2024). Revenue: €180.6m (flat on FY 2024). Net income: €34.0m (down 37% from FY 2024). Profit margin: 19% (down from 30% in FY 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.7% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Feb 01
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. 5 experienced directors. 3 highly experienced directors. Independent Director Arnaud Le Mintier was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 12
Mercialys Announces Departure of Élisabeth Cunin as Director, Effective December 31, 2025 Mercialys announced that due to an increase in her professional commitments, Ms Élisabeth Cunin, a Company director since 2012, informed Mercialys’ Board of Directors that she wished to stand down from her position, which the Board acknowledged. Her resignation will take effect on December 31, 2025. Ms Élisabeth Cunin chaired the Appointments and Compensation Committee from 2017 to 2021, then the Strategy and Transformation Committee from 2021 to 2024. Throughout her years in office, Ms Élisabeth Cunin has played a significant role in further strengthening the Company's governance, developing its strategy and supporting its growth. Her in-depth knowledge of the retail sector and her vision of the factors behind its development have been valuable assets for the Company. Announcement • Sep 18
Mercialys SA to Report First Half, 2026 Results on Jul 28, 2026 Mercialys SA announced that they will report first half, 2026 results on Jul 28, 2026 Announcement • Sep 17
Mercialys SA to Report Fiscal Year 2025 Results on Feb 17, 2026 Mercialys SA announced that they will report fiscal year 2025 results After-Market on Feb 17, 2026 Reported Earnings • Jul 28
First half 2025 earnings released: FFO per share: €0.7 (vs €0.64 in 1H 2024) First half 2025 results: FFO per share: €0.7 (up from €0.64 in 1H 2024). Revenue: €88.7m (down 3.1% from 1H 2024). Funds from operations (FFO): €61.6m (up 3.9% from 1H 2024). FFO margin: 69% (up from 65% in 1H 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Jul 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 33% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (18% net profit margin). Announcement • Jul 24
Mercialys Confirms Dividend Guidance for the Full Year of 2025 Mercialys confirmed target for a dividend of at least EUR 1.00 per share for the full year of 2025. Announcement • Jul 16
Mercialys SA (ENXTPA:MERY) acquired remaining 49% stake in Hyperthetis Participations, SA for €28 million. Mercialys SA (ENXTPA:MERY) acquired remaining 49% stake in Hyperthetis Participations, SA for €28 million on July 15, 2025. Mercialys was advised by Forvis Mazars on accounting matters and by Archers on legal aspects.
Mercialys SA (ENXTPA:MERY) completed the acquisition of remaining 49% stake in Hyperthetis Participations, SA on July 15, 2025. Announcement • Jun 10
Mercialys SA (ENXTPA:MERY) acquired Saint-Genis 2 shopping center in western Lyon for €146 million. Mercialys SA (ENXTPA:MERY) acquired Saint-Genis 2 shopping center in western Lyon for €146 million on June 10, 2025. Arsene Taxand, Accounting Arm as accountant, Screeb Notaires as legal advisor and Haldis as technical due diligence advisor for Mercialys SA. Morgan Stanley and BNP Paribas as financial advisor for sellers.
Mercialys SA (ENXTPA:MERY) completed the acquisition of Saint-Genis 2 shopping center in western Lyon on June 10, 2025. Announcement • Apr 30
Mercialys Appoints Arnaud Le Mintier as Independent Director Mercialys in its general meeting held on April 29, 2025 approved the appointment of Mr. Arnaud Le Mintier as an independent director. With over 25 years' experience in real estate investment and asset management, with a particular focus on logistics and sustainable finance, Mr. Le Mintier brings expertise in urban planning, construction and project structuring. His arrival will further enhance the Board of Directors’ strategic discussions. The Board of Directors also decided to further strengthen the independence of its Committees. Compensation and Governance Committee and Mr. Arnaud Le Mintier to the Sustainable Investment Committee. The independence rate of the Audit, Risks and Sustainable Development Committee remains at 100%. The independence rate for the Nominations, Remunerations and Governance Committee as well as the Sustainable Investments Committee will now rise to 67%. Announcement • Apr 29
Mercialys SA (ENXTPA:MERY) acquired an additional 70% stake in Imocom Partners. Mercialys SA (ENXTPA:MERY) acquired an additional 70% stake in Imocom Partners in March 2025. This operation will have an accretive impact on the Company's results from 2025.
Mercialys SA (ENXTPA:MERY) completed the acquisition of an additional 70% stake in Imocom Partners in March 2025. Upcoming Dividend • Apr 25
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 06 May 2025. Trailing yield: 8.7%. Within top quartile of British dividend payers (6.1%). Higher than average of industry peers (5.9%). Declared Dividend • Mar 24
Dividend increased to €1.00 Dividend of €1.00 is 1.0% higher than last year. Ex-date: 2nd May 2025 Payment date: 6th May 2025 Dividend yield will be 8.9%, which is higher than the industry average of 4.7%. Reported Earnings • Mar 18
Full year 2024 earnings released: FFO per share: €1.2 (vs €1.17 in FY 2023) Full year 2024 results: FFO per share: €1.2 (up from €1.17 in FY 2023). Revenue: €179.5m (flat on FY 2023). Funds from operations (FFO): €113.1m (up 3.8% from FY 2023). FFO margin: 63% (up from 61% in FY 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.3% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. New Risk • Feb 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 13
Full year 2024 earnings released: EPS: €0.58 (vs €0.57 in FY 2023) Full year 2024 results: EPS: €0.58 (up from €0.57 in FY 2023). Revenue: €179.5m (flat on FY 2023). Net income: €53.8m (flat on FY 2023). Profit margin: 30% (in line with FY 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Retail REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Announcement • Feb 12
Mercialys SA Proposes Dividend for the Year 2024, Payable on May 6, 2025 Mercialys SA announced that Board of Directors will submit a proposal at the General Meeting to be held on April 29, 2025 for a dividend of Euro 1.00 per share, compared with a dividend of Euro 0.99 per share for 2023. The payout corresponds to 83% of 2024 NRE and offers a yield of 6.1% on the NDV of Euro 16.45 per share at end-2024 and 9.9% on the year’s closing price. The ex-dividend date is May 2, 2025, with the dividend to be paid on May 6, 2025. Announcement • Feb 06
Mercialys SA to Report Nine Months, 2025 Results on Oct 16, 2025 Mercialys SA announced that they will report nine months, 2025 results on Oct 16, 2025 Announcement • Dec 18
Mercialys SA (ENXTPA:MERY) commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on April 25, 2024. Mercialys SA (ENXTPA:MERY) commences share repurchases on December 9, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2024. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The purchase price of the shares shall not exceed €16 per share, with a par value of €1 each. The purpose of the program is to maintain liquidity and stimulate the market, to implement any savings plan or any other share-based compensation scheme, to deliver them upon the exercise of rights attached to securities giving access to the Company’s share capital, to keep them with a view to subsequently using them as payment or exchange in connection with, or following, any external growth transaction, to cancel all or part of them in order to optimize net earnings per share in connection with a share capital reduction. The repurchase authorization is valid for 18 months. Announcement • Nov 27
Mercialys SA to Report First Half, 2025 Results on Jul 24, 2025 Mercialys SA announced that they will report first half, 2025 results on Jul 24, 2025 Reported Earnings • Jul 27
First half 2024 earnings released: FFO per share: €0.6 (vs €0.62 in 1H 2023) First half 2024 results: FFO per share: €0.6 (up from €0.62 in 1H 2023). Revenue: €91.6m (up 3.9% from 1H 2023). Funds from operations (FFO): €59.3m (up 3.3% from 1H 2023). FFO margin: 65% (in line with 1H 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Retail REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • May 15
Mercialys SA to Report Fiscal Year 2024 Results on Feb 12, 2025 Mercialys SA announced that they will report fiscal year 2024 results After-Market on Feb 12, 2025 Announcement • May 05
Mercialys SA to Report Nine Months, 2024 Results on Oct 24, 2024 Mercialys SA announced that they will report nine months, 2024 results on Oct 24, 2024 Announcement • May 01
Mercialys SA, Annual General Meeting, Apr 29, 2025 Mercialys SA, Annual General Meeting, Apr 29, 2025, at 10:00 Central European Standard Time. Upcoming Dividend • Apr 22
Upcoming dividend of €0.99 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 02 May 2024. Trailing yield: 9.1%. Within top quartile of British dividend payers (6.0%). Higher than average of industry peers (4.9%). Declared Dividend • Feb 18
Dividend increased to €0.99 Dividend of €0.99 is 3.1% higher than last year. Ex-date: 29th April 2024 Payment date: 2nd May 2024 Dividend yield will be 9.6%, which is higher than the industry average of 4.7%. New Risk • Feb 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 15
Third quarter 2023 earnings released: €0.31 FFO loss per share (vs €0.26 profit in 3Q 2022) Third quarter 2023 results: €0.31 FFO loss per share (down from €0.26 profit in 3Q 2022). Revenue: €44.9m (up 3.5% from 3Q 2022). Funds from operations (FFO) loss: €28.7m (down 219% from profit in 3Q 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 4 years, compared to a 3.1% growth forecast for the Retail REITs 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 increased by 10% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 15
Now 20% undervalued Over the last 90 days, the stock has risen 22% to €10.49. The fair value is estimated to be €13.13, 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 23%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Announcement • Feb 15
Mercialys SA Proposes Dividend for the Year 2023, Payable on May 2, 2024 Mercialys SA announced that board of directors will submit a proposal at the General Meeting on April 25, 2024 for a dividend of EUR 0.99 per share for the year 2023 compared with a dividend of EUR 0.96 per share for 2022. The payout corresponds to 85% of 2023 net recurrent earnings and offers a yield of 5.8% on the NDV of Euro 17.10 per share at end-2023 and 9.9% on the year’s closing price. The ex-dividend date is April 29, 2024, with the dividend to be paid on May 2, 2024. Announcement • Jan 11
Mercialys SA to Report First Half, 2024 Results on Jul 24, 2024 Mercialys SA announced that they will report first half, 2024 results on Jul 24, 2024 Buying Opportunity • Dec 11
Now 22% undervalued Over the last 90 days, the stock is up 1.6%. The fair value is estimated to be €11.47, 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 25%. Revenue is forecast to grow by 5.1% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Announcement • Sep 14
Mercialys (ENXTPA:MERY) signed an agreement to acquire 30% stake in Imocom Partners for €7 million. Mercialys (ENXTPA:MERY) signed an agreement to acquire 30% stake in Imocom Partners for €7 million on September 12, 2023. he remaining 70% will be acquired by Mercialys during the first half of 2025 following an interim period during which the current management team will accompany and support the company’s development. Lacourte Raquin Tatar acted as legal advisor to Mercialys (ENXTPA:MERY). Mazars Group, Investment Banking Arm acted as financial advisor to Mercialys (ENXTPA:MERY). Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisor to Imocom Partners. Bryan Cave Leighton Paisner LLP acted as legal advisor to Imocom Partners. Impulsa Capital acted as legal advisor to Imocom Partners. Buying Opportunity • Jul 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €9.81, 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 25%. Revenue is forecast to grow by 5.7% in 2 years. Earnings is forecast to decline by 3.2% in the next 2 years. Reported Earnings • Jul 28
First half 2023 earnings released: FFO per share: €0.6 (vs €0.61 in 1H 2022) First half 2023 results: FFO per share: €0.6. Revenue: €88.2m (up 2.0% from 1H 2022). Funds from operations (FFO): €57.5m (flat on 1H 2022). FFO margin: 65% (down from 67% in 1H 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Retail REITs industry in the United Kingdom. Buying Opportunity • Jun 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be €9.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings is also forecast to grow by 4.9% per annum over the same time period. Buying Opportunity • May 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be €9.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • Apr 25
Upcoming dividend of €0.96 per share at 11% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Trailing yield: 11%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (6.8%). Reported Earnings • Feb 15
Full year 2022 earnings released: EPS: €0.46 (vs €0.67 in FY 2021) Full year 2022 results: EPS: €0.46 (down from €0.67 in FY 2021). Revenue: €173.3m (flat on FY 2021). Net income: €43.1m (down 31% from FY 2021). Profit margin: 25% (down from 36% in FY 2021). Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% 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. Buying Opportunity • Dec 16
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €12.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 5.0% in 2 years. Earnings is forecast to grow by 139% in the next 2 years. Reported Earnings • Jul 28
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €31.4m from profit in 1H 2021). Profit margin: (down from 37% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 6.7% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Jul 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. 4 experienced directors. 3 highly experienced directors. CEO & Director Vincent Ravat was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 27
Upcoming dividend of €0.92 per share Eligible shareholders must have bought the stock before 03 May 2022. Payment date: 05 May 2022. Trailing yield: 10.0%. Within top quartile of British dividend payers (4.6%). Higher than average of industry peers (2.9%). Board Change • Apr 27
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. 5 experienced directors. 4 highly experienced directors. Head of Western Europe Region at Generali Real Estate & Representative of Generali Vie Sébastien Pezet was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: FFO: €172.2m per share (up from €1.04 in FY 2020). Revenue: €172.2m (down 1.8% from FY 2020). Funds from operations (FFO): €101.8m (up 6.5% from FY 2020). FFO margin: 59% (up from 55% in FY 2020). Revenue was in line with analyst estimates. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the reits industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 15
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €0.67 (down from €0.94 in FY 2020). Revenue: €172.2m (down 1.8% from FY 2020). Net income: €62.2m (down 28% from FY 2020). Profit margin: 36% (down from 49% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 5.3%, compared to a 3.1% growth forecast for the reits industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Board Change • Aug 01
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. 5 experienced directors. 4 highly experienced directors. Head of Western Europe Region at Generali Real Estate & Representative of Generali Vie Sébastien Pezet was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
First half 2021 earnings released: FFO €0.61 per share (vs €0.69 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: €84.7m (down 8.0% from 1H 2020). Funds from operations (FFO): €55.7m (down 12% from 1H 2020). FFO margin: 66% (down from 69% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 24
Upcoming dividend of €0.43 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 21 May 2021. Trailing yield: 4.2%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 15% share price gain to €8.76, the stock is trading at a trailing P/E ratio of 8.7x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 18x in the REITs industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 31%. Reported Earnings • Feb 18
Full year 2020 earnings released: FFO €1.04 per share (vs €1.35 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €175.4m (down 8.6% from FY 2019). Funds from operations (FFO): €95.5m (down 23% from FY 2019). FFO margin: 55% (down from 65% in FY 2019). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations Revenue exceeded analyst estimates by 0.4%. Over the next year, revenue is forecast to stay flat compared to a 3.5% decline forecast for the REITs industry in the United Kingdom. Is New 90 Day High Low • Feb 11
New 90-day high: €7.80 The company is up 41% from its price of €5.55 on 12 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.06 per share. Is New 90 Day High Low • Oct 15
New 90-day low: €4.27 The company is down 38% from its price of €6.85 on 17 July 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 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.70 per share. Is New 90 Day High Low • Sep 19
New 90-day low: €4.88 The company is down 37% from its price of €7.73 on 19 June 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.88 per share. 
