Reported Earnings • Jul 31
Second quarter 2022 earnings released: €0.13 FFO loss per share (vs €0.15 profit in 2Q 2021) Second quarter 2022 results: €0.13 FFO loss per share (down from €0.15 profit in 2Q 2021). Revenue: €9.81m (down 11% from 2Q 2021). Funds from operations (FFO) loss: €4.60m (down 187% from profit in 2Q 2021). Over the next year, revenue is forecast to decline by 21% while the industry in Italy is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Jun 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. 11 experienced directors. No highly experienced directors. Non-Executive Independent Director Paola Bruno was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: €9.54m (down 11% from 1Q 2021). Net income: €3.79m (down 4.4% from 1Q 2021). Profit margin: 40% (up from 37% in 1Q 2021). Revenue exceeded analyst estimates by 6.8%. Over the next year, revenue is forecast to decline by 18% while the industry in Italy is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improved over the past week After last week's 22% share price gain to €9.86, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 11x in the REITs industry in Europe. Total returns to shareholders of 45% over the past three years. Board Change • May 02
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. 11 experienced directors. No highly experienced directors. Non-Executive Independent Director Paola Bruno was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target increased to €7.40 Up from €6.55, the current price target is an average from 3 analysts. New target price is 9.8% below last closing price of €8.20. Stock is up 18% over the past year. The company is forecast to post earnings per share of €0.30 for next year compared to €0.64 last year. Upcoming Dividend • Apr 18
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 25 April 2022. Payment date: 27 April 2022. Trailing yield: 3.6%. Lower than top quartile of Italian dividend payers (4.7%). Lower than average of industry peers (4.0%). Reported Earnings • Apr 05
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: FFO: €41.2m per share (up from €0.68 in FY 2020). Revenue: €41.2m (down 7.1% from FY 2020). Funds from operations (FFO): €35.9m (up 47% from FY 2020). FFO margin: 87% (up from 55% in FY 2020). Net asset value (NAV) per share: €12.70 (up 2.9% from FY 2020). The current share price is 38% lower than NAV per share. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Over the next year, revenue is forecast to decline by 18% while the reits industry in Italy is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • Mar 03
Price target decreased to €6.55 Down from €7.43, the current price target is an average from 2 analysts. New target price is 17% below last closing price of €7.90. Stock is up 18% over the past year. The company posted earnings per share of €0.64 last year. Price Target Changed • Mar 01
Price target increased to €9.05 Up from €7.37, the current price target is an average from 2 analysts. New target price is 16% above last closing price of €7.78. Stock is up 12% over the past year. The company is forecast to post earnings per share of €0.22 for next year compared to €0.64 last year. Reported Earnings • Feb 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.64 (up from €0.43 in FY 2020). Revenue: €57.9m (up 30% from FY 2020). Net income: €23.1m (up 48% from FY 2020). Profit margin: 40% (up from 35% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Over the next year, revenue is forecast to decline by -39% while the reits industry in Italy is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: FFO €0.60 per share (vs €0.16 in 3Q 2020) Third quarter 2021 results: Revenue: €9.93m (down 9.6% from 3Q 2020). Funds from operations (FFO): €21.4m (up 275% from 3Q 2020). 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 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 06
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.28 to €0.39. Revenue forecast steady at €39.2m. Net income forecast to shrink 40% next year vs 0.9% decline forecast for REITs industry in Italy. Consensus price target of €7.27 unchanged from last update. Share price rose 2.5% to €6.88 over the past week. Reported Earnings • Aug 01
Second quarter 2021 earnings released: €0.15 FFO loss per share (vs €0.16 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: €11.0m (down 14% from 2Q 2020). Funds from operations (FFO) loss: €5.50m (down 195% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% 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. Reported Earnings • May 09
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €10.7m (down 3.0% from 1Q 2020). Net income: €3.96m (up 20% from 1Q 2020). Profit margin: 37% (up from 30% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% 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. Upcoming Dividend • Apr 19
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 26 April 2021. Payment date: 28 April 2021. Trailing yield: 4.3%. Within top quartile of Italian dividend payers (4.0%). Higher than average of industry peers (3.8%). Is New 90 Day High Low • Feb 10
New 90-day high: €6.90 The company is up 25% from its price of €5.54 on 11 November 2020. The Italian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.68 per share. Is New 90 Day High Low • Jan 19
New 90-day high: €6.70 The company is up 30% from its price of €5.14 on 21 October 2020. The Italian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.93 per share. Is New 90 Day High Low • Dec 24
New 90-day high: €6.56 The company is up 18% from its price of €5.58 on 24 September 2020. The Italian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.83 per share. Is New 90 Day High Low • Nov 27
New 90-day high: €6.20 The company is up 3.0% from its price of €6.02 on 28 August 2020. The Italian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.58 per share. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 17% share price gain to €5.76, the stock is trading at a trailing P/E ratio of 9x, up from the previous P/E ratio of 7.7x. This compares to an average P/E of 15x in the REITs industry in Europe. Total return to shareholders over the past three years is a loss of 28%. Reported Earnings • Nov 08
Third quarter 2020 earnings released The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: €9.22m (up 1.3% from 3Q 2019). Funds from operations (FFO) loss: €11.6m (down 390% from profit in 3Q 2019). 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 18% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 21
New 90-day low: €5.14 The company is down 16% from its price of €6.12 on 23 July 2020. The Italian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.49 per share. Price Target Changed • Oct 07
Price target lowered to €7.17 Down from €9.10, the current price target is an average from 2 analysts. The new target price is 28% above the current share price of €5.58. As of last close, the stock is down 35% over the past year. Is New 90 Day High Low • Oct 02
New 90-day low: €5.44 The company is down 13% from its price of €6.24 on 03 July 2020. The Italian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.69 per share. 