New Risk • May 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. 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. Upcoming Dividend • May 15
Upcoming dividend of €1.25 per share Eligible shareholders must have bought the stock before 22 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of Italian dividend payers (4.4%). Higher than average of industry peers (3.6%). Reported Earnings • May 07
First quarter 2026 earnings released: EPS: €0.25 (vs €0.59 in 1Q 2025) First quarter 2026 results: EPS: €0.25 (down from €0.59 in 1Q 2025). Revenue: €1.46b (down 34% from 1Q 2025). Net income: €210.5m (down 56% from 1Q 2025). Profit margin: 14% (down from 22% in 1Q 2025). Revenue is forecast to decline by 15% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • May 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. 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. Buy Or Sell Opportunity • Apr 27
Now 20% overvalued Over the last 90 days, the stock has fallen 4.0% to €23.23. The fair value is estimated to be €19.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 2.2% per annum over the same time period. Announcement • Apr 10
Vonovia SE, Annual General Meeting, May 21, 2026 Vonovia SE, Annual General Meeting, May 21, 2026, at 10:00 W. Europe Standard Time. Buy Or Sell Opportunity • Apr 08
Now 22% overvalued Over the last 90 days, the stock has fallen 8.6% to €23.36. The fair value is estimated to be €19.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 2.2% per annum over the same time period. Declared Dividend • Apr 06
Dividend increased to €1.25 Dividend of €1.25 is 2.5% higher than last year. Ex-date: 22nd May 2026 Payment date: 26th May 2026 Dividend yield will be 5.6%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 68% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 03
Vonovia SE announces Annual dividend, payable on May 26, 2026 Vonovia SE announced Annual dividend of EUR 1.2500 per share payable on May 26, 2026, ex-date on May 22, 2026 and record date on May 25, 2026. New Risk • Mar 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. 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 • Mar 19
Full year 2025 earnings released: EPS: €4.38 (vs €1.13 loss in FY 2024) Full year 2025 results: EPS: €4.38 (up from €1.13 loss in FY 2024). Revenue: €6.75b (down 4.0% from FY 2024). Net income: €3.65b (up €4.57b from FY 2024). Profit margin: 54% (up from net loss in FY 2024). Revenue is forecast to decline by 27% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Dec 22
Now 20% overvalued Over the last 90 days, the stock has fallen 8.7% to €24.03. The fair value is estimated to be €19.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 11% per annum over the same time period. Announcement • Dec 11
Vonovia SE Announces Executive Changes Vonovia SE announced that the Supervisory Board unanimously decided to appoint Katja Wünschel as new Chief Development Officer (CDO) of Vonovia. She will join the company on April 1, 2026, and will take up her position on the Executive Board on June 1, 2026. She will succeed Daniel Riedl, who is leaving the Vonovia Board by mutual agreement on May 31, 2026, after a two-month induction period for Katja Wünschel. Katja Wünschel has been Chief Executive Officer at RWE Renewables Europe & Australia GmbH since 2022, a company that develops, builds and operates onshore wind and solar farms. Prior to this, from 2019, she was Chief Operating Officer (COO) at the predecessor organisation, RWE Renewables GmbH. She has held leading positions in the energy sector in Germany and abroad for over two decades. Katja Wünschel started her professional career in the Bayer Group in 1999 and moved to the energy supplier E.ON in 2002. After two years at head office and a further three years at E.ON in the Czech Republic, she moved into renewable energies at E.ON Climate & Renewables GmbH in 2008, initially as Director of Strategy & Business Development and then, from 2011, as Director of Global Engineering. She then became Director of Wind Onshore Europe, where she was responsible for the project planning, construction and operation of wind farms. She studied business administration at the University of Bayreuth. The Supervisory Board has also renewed the contract of CHRO Ruth Werhahn ahead of schedule until September 30, 2029. Ruth Werhahn has been responsible for Human Resources, the Vonovia Technical Service, IT and Central Services since October 2023. Over the past two years, Ruth Werhahn has made significant progress in developing employer brand and corporate culture and has successfully placed all her divisions on a strong entrepreneurial foundation. Especially during times of demographic change and an increasing shortage of skilled workers, HR plays a crucial strategic role. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: €2.73 (vs €0.084 loss in 3Q 2024) Third quarter 2025 results: EPS: €2.73 (up from €0.084 loss in 3Q 2024). Revenue: €1.45b (down 12% from 3Q 2024). Net income: €2.28b (up €2.35b from 3Q 2024). Revenue is expected to fall by 25% p.a. on average during the next 3 years compared to a 1.8% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 01
Now 20% overvalued Over the last 90 days, the stock has fallen 9.0% to €26.74. The fair value is estimated to be €22.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 54% in 2 years. Earnings are forecast to grow by 764% in the next 2 years. Announcement • Sep 19
Daniel Riedl, Chief Development Officer to Leave the Management Board of Vonovia SE, Effective May 31, 2026 Vonovia SE announced that Daniel Riedl will depart from the Management Board of Vonovia SE by mutual agreement effective May 31, 2026, to pursue new professional opportunities. He will fulfill his contract as Chief Development Officer until the end of May 2026, but does not seek to extend his tenure beyond that date. On behalf of the Management Board of Vonovia SE, Daniel Riedl will continue to hold Supervisory Board mandates at companies such as Gropyus and Quarterback even beyond the term of his board contract. This ensures his ongoing connection to Vonovia. Daniel Riedl holds a degree in Business Administration and is a Fellow of the Royal Institution of Chartered Surveyors. From 2004 to 2011, he led BUWOG and was a member of the Management Board of IMMOFINANZ AG from 2008 to 2014. From early 2012 to October 2013, he served as Chairman of the Supervisory Board of BUWOG. In November 2013, Riedl was appointed CEO of the BUWOG Group, successfully leading the company through its spin-off from IMMOFINANZ AG and subsequent IPO, serving as its CEO until it was delisted at the end of 2018. Upon completion of his mandate in May 2026, Daniel Riedl will have served eight years on the Management Board of Vonovia SE. Buy Or Sell Opportunity • Sep 08
Now 21% overvalued Over the last 90 days, the stock has fallen 8.9% to €26.78. The fair value is estimated to be €22.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 54% in 2 years. Earnings are forecast to grow by 797% in the next 2 years. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: €0.37 (vs €0.91 loss in 2Q 2024) Second quarter 2025 results: EPS: €0.37 (up from €0.91 loss in 2Q 2024). Revenue: €1.58b (up 7.9% from 2Q 2024). Net income: €305.8m (up €1.05b from 2Q 2024). Profit margin: 19% (up from net loss in 2Q 2024). Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 1.3% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 3% per year. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 56% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 56% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings have declined by 56% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 56% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Announcement • May 30
Vonovia SE Announces Supervisory Board Changes Vonovia SE announced that at the Annual General Meeting held on May 28, 2025, approved the election of two new Supervisory Board members: Michael Rüdiger and Dr Marcus Schenck. They succeed the outgoing Supervisory Board members Dr Ute Geipel-Faber and Hildegard Müller, whose terms of office ended as planned at this year’s AGM. Upcoming Dividend • May 22
Upcoming dividend of €1.22 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 25 June 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (3.0%). Announcement • May 14
Vonovia SE announced that it expects to receive €1.3 billion in funding Vonovia SE announced a private placement that it will issue convertible bonds for the aggregate gross proceeds of up to €1,300,000,000 on May 13, 2025. Announcement • May 08
Vonovia SE announces Annual dividend, payable on June 25, 2025 Vonovia SE announced Annual dividend of EUR 1.2200 per share payable on June 25, 2025, ex-date on May 29, 2025 and record date on May 30, 2025. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: €0.59 (vs €0.36 in 1Q 2024) First quarter 2025 results: EPS: €0.59 (up from €0.36 in 1Q 2024). Revenue: €2.23b (up 36% from 1Q 2024). Net income: €480.6m (up 63% from 1Q 2024). Profit margin: 22% (up from 18% in 1Q 2024). Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% 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. Announcement • Apr 15
Vonovia SE, Annual General Meeting, May 28, 2025 Vonovia SE, Annual General Meeting, May 28, 2025, at 10:00 W. Europe Standard Time. Buy Or Sell Opportunity • Mar 20
Now 21% overvalued Over the last 90 days, the stock has fallen 13% to €25.51. The fair value is estimated to be €21.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 20
Vonovia SE announces Annual dividend, payable on June 02, 2025 Vonovia SE announced Annual dividend of EUR 1.2200 per share payable on June 02, 2025, ex-date on May 29, 2025 and record date on May 30, 2025. Reported Earnings • Mar 19
Full year 2024 earnings released: €1.12 loss per share (vs €7.61 loss in FY 2023) Full year 2024 results: €1.12 loss per share (improved from €7.61 loss in FY 2023). Revenue: €7.08b (up 18% from FY 2023). Net loss: €922.7m (loss narrowed 85% from FY 2023). Revenue is expected to decline by 27% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Italy are expected to grow by 14%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Dec 30
Vonovia SE to Report First Half, 2025 Results on Aug 06, 2025 Vonovia SE announced that they will report first half, 2025 results on Aug 06, 2025 Announcement • Nov 19
Vonovia SE to Report Q3, 2025 Results on Nov 05, 2025 Vonovia SE announced that they will report Q3, 2025 results on Nov 05, 2025 Reported Earnings • Nov 07
Third quarter 2024 earnings released: €0.084 loss per share (vs €0.43 profit in 3Q 2023) Third quarter 2024 results: €0.084 loss per share (down from €0.43 profit in 3Q 2023). Revenue: €1.64b (up 12% from 3Q 2023). Net loss: €69.1m (down 117% from profit in 3Q 2023). Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Italy are expected to grow by 18%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 02
Second quarter 2024 earnings released: €0.91 loss per share (vs €2.34 loss in 2Q 2023) Second quarter 2024 results: €0.91 loss per share (improved from €2.34 loss in 2Q 2023). Revenue: €1.48b (down 12% from 2Q 2023). Net loss: €746.1m (loss narrowed 62% from 2Q 2023). Revenue is expected to decline by 20% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Italy are expected to grow by 16%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 02
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 09 May 2024. Payment date: 04 June 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Italian dividend payers (5.6%). In line with average of industry peers (3.6%). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: €0.36 (vs €2.47 loss in 1Q 2023) First quarter 2024 results: EPS: €0.36 (up from €2.47 loss in 1Q 2023). Revenue: €1.63b (up 7.0% from 1Q 2023). Net income: €294.4m (up €2.26b from 1Q 2023). Profit margin: 18% (up from net loss in 1Q 2023). Revenue is expected to decline by 16% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Italy are expected to grow by 5.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Mar 17
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €24.12. The fair value is estimated to be €32.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 48% in a year. Earnings are forecast to grow by 65% in the next year. Reported Earnings • Mar 15
Full year 2023 earnings released: €7.62 loss per share (vs €0.82 loss in FY 2022) Full year 2023 results: €7.62 loss per share (further deteriorated from €0.82 loss in FY 2022). Revenue: €6.10b (down 29% from FY 2022). Net loss: €6.14b (loss widened €5.49b from FY 2022). Revenue is expected to fall by 24% p.a. on average during the next 3 years compared to a 1.2% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: €0.50 (vs €0.42 in 3Q 2022) Third quarter 2023 results: EPS: €0.50 (up from €0.42 in 3Q 2022). Revenue: €1.54b (down 3.1% from 3Q 2022). Net income: €404.5m (up 23% from 3Q 2022). Profit margin: 26% (up from 21% in 3Q 2022). Revenue is expected to fall by 20% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • Sep 02
Vonovia SE (XTRA:VNA) acquired Dr. Schönberger Gmbh. Vonovia SE (XTRA:VNA) acquired Dr. Schönberger Gmbh in June 2023.Vonovia SE (XTRA:VNA) completed the acquisition of Dr. Schönberger Gmbh in June 2023. New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.4% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (6.3% average weekly change). Minor Risks Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Reported Earnings • Aug 06
Second quarter 2023 earnings released: €2.34 loss per share (vs €2.32 profit in 2Q 2022) Second quarter 2023 results: €2.34 loss per share (down from €2.32 profit in 2Q 2022). Revenue: €1.69b (up 38% from 2Q 2022). Net loss: €1.96b (down 210% from profit in 2Q 2022). Revenue is forecast to decline by 20% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe 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 57 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 11
Upcoming dividend of €0.85 per share at 4.6% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 14 June 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Italian dividend payers (5.3%). Higher than average of industry peers (4.1%). Reported Earnings • May 08
First quarter 2023 earnings released: €2.47 loss per share (vs €0.028 profit in 1Q 2022) First quarter 2023 results: €2.47 loss per share (down from €0.028 profit in 1Q 2022). Revenue: €1.52b (down 63% from 1Q 2022). Net loss: €1.96b (down €1.98b from profit in 1Q 2022). Revenue is expected to fall by 7.1% p.a. on average during the next 3 years compared to a 6.0% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 20
Full year 2022 earnings released: €0.82 loss per share (vs €4.22 profit in FY 2021) Full year 2022 results: €0.82 loss per share (down from €4.22 profit in FY 2021). Revenue: €8.98b (up 70% from FY 2021). Net loss: €643.8m (down 124% from profit in FY 2021). Revenue is expected to fall by 39% p.a. on average during the next 3 years compared to a 2.1% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 21% per year and the company’s share price has also fallen by 21% per year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €19.89, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 13x in the Real Estate industry in Europe. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.56 per share. Announcement • Nov 17
Vonovia SE, Annual General Meeting, May 17, 2023 Vonovia SE, Annual General Meeting, May 17, 2023. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 17% share price gain to €25.42, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Real Estate industry in Europe. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.55 per share. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: €0.42 (vs €2.04 in 3Q 2021) Third quarter 2022 results: EPS: €0.42 (down from €2.04 in 3Q 2021). Revenue: €1.68b (up 58% from 3Q 2021). Net income: €329.1m (down 72% from 3Q 2021). Profit margin: 20% (down from 111% in 3Q 2021). Revenue is forecast to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €2.33 (vs €4.16 in 2Q 2021) Second quarter 2022 results: EPS: €2.33 (down from €4.16 in 2Q 2021). Revenue: €1.57b (up 47% from 2Q 2021). Net income: €1.71b (down 28% from 2Q 2021). Over the next year, revenue is expected to shrink by 63% compared to a 5.8% decline forecast for the industry in Italy. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 16% share price gain to €32.06, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Real Estate industry in Europe. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.68 per share. Reported Earnings • May 06
First quarter 2022 earnings released: €0.08 loss per share (vs €0.41 profit in 1Q 2021) First quarter 2022 results: €0.08 loss per share (down from €0.41 profit in 1Q 2021). Revenue: €4.10b (up 277% from 1Q 2021). Net loss: €64.7m (down 128% from profit in 1Q 2021). Over the next year, revenue is forecast to decline by 57% while the industry in Italy is not expected to grow. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 27
Upcoming dividend of €1.66 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS €4.16 (vs €2.51 in 2Q 2020) Second quarter 2021 results: Revenue: €1.07b (up 6.9% from 2Q 2020). Net income: €2.37b (up 74% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • May 10
Upcoming dividend of €1.69 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 19 May 2021. Trailing yield: 3.3%. Lower than top quartile of Italian dividend payers (3.9%). In line with average of industry peers (3.1%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS €0.41 (vs €0.36 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €1.09b (up 11% from 1Q 2020). Net income: €234.7m (up 19% from 1Q 2020). Profit margin: 22% (up from 20% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 12
Upcoming dividend of €1.69 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 19 May 2021. Trailing yield: 2.9%. Lower than top quartile of Italian dividend payers (4.1%). In line with average of industry peers (3.1%). Reported Earnings • Mar 05
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €4.03b (up 9.8% from FY 2019). Net income: €3.27b (up 185% from FY 2019). Profit margin: 81% (up from 31% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 18
New 90-day low: €54.28 The company is down 1.0% from its price of €55.10 on 19 November 2020. The Italian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.36 per share. Is New 90 Day High Low • Jan 04
New 90-day high: €59.72 The company is up 1.0% from its price of €59.00 on 06 October 2020. The Italian market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.84 per share. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS €0.47 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €992.0m (up 5.0% from 3Q 2019). Net income: €260.1m (up €331.3m from 3Q 2019). Profit margin: 26% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 29
New 90-day low: €53.70 The company is down 1.0% from its price of €54.34 on 30 July 2020. The Italian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Real Estate industry, which is also down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.12 per share. 
