Earnings Update: Glenveagh Properties PLC (ISE:GVR) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts

Glenveagh Properties PLC (ISE:GVR) just released its annual report and things are looking bullish. Results were good overall, with revenues beating analyst predictions by 2.5% to hit €608m. Statutory earnings per share (EPS) came in at €0.08, some 3.9% above whatthe analysts had expected. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

Check out our latest analysis for Glenveagh Properties

After the latest results, the four analysts covering Glenveagh Properties are now predicting revenues of €957.6m in 2024. If met, this would reflect a major 58% improvement in revenue compared to the last 12 months. Statutory earnings per share are predicted to jump 114% to €0.17. In the lead-up to this report, the analysts had been modelling revenues of €950.6m and earnings per share (EPS) of €0.17 in 2024. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.

The analysts reconfirmed their price target of €1.35, showing that the business is executing well and in line with expectations. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. Currently, the most bullish analyst values Glenveagh Properties at €1.72 per share, while the most bearish prices it at €1.10. Analysts definitely have varying views on the business, but the spread of estimates is not wide enough in our view to suggest that extreme outcomes could await Glenveagh Properties shareholders.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. The analysts are definitely expecting Glenveagh Properties' growth to accelerate, with the forecast 58% annualised growth to the end of 2024 ranking favourably alongside historical growth of 31% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 4.6% annually. Factoring in the forecast acceleration in revenue, it's pretty clear that Glenveagh Properties is expected to grow much faster than its industry.

The Bottom Line

The most important thing to take away is that there's been no major change in sentiment, with the analysts reconfirming that the business is performing in line with their previous earnings per share estimates. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at €1.35, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have estimates - from multiple Glenveagh Properties analysts - going out to 2026, and you can see them free on our platform here.

You can also see whether Glenveagh Properties is carrying too much debt, and whether its balance sheet is healthy, for free on our platform here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.