Reported Earnings • May 18
First quarter 2026 earnings released: EPS: RON0.19 (vs RON1.30 in 1Q 2025) First quarter 2026 results: EPS: RON0.19 (down from RON1.30 in 1Q 2025). Revenue: RON163.9m (down 64% from 1Q 2025). Net income: RON17.1m (down 89% from 1Q 2025). Profit margin: 11% (down from 33% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% 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 fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 12
Upcoming dividend of RON0.44 per share Eligible shareholders must have bought the stock before 19 May 2026. Payment date: 05 June 2026. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Romanian dividend payers (6.6%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 05
Full year 2025 earnings released Full year 2025 results: Revenue: RON1.40b (down 1.6% from FY 2024). Net income: RON425.8m (up 31% from FY 2024). Profit margin: 30% (up from 23% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RON35.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Real Estate 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 RON18.77 per share. Price Target Changed • Dec 03
Price target increased by 11% to RON34.75 Up from RON31.25, the current price target is an average from 2 analysts. New target price is 25% above last closing price of RON27.80. Stock is up 36% over the past year. The company is forecast to post earnings per share of RON3.67 for next year compared to RON3.82 last year. Major Estimate Revision • Dec 03
Consensus revenue estimates increase by 19% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from RON1.28b to RON1.52b. EPS estimate increased from RON3.17 to RON3.68 per share. Net income forecast to grow 10% next year vs 3.5% growth forecast for Real Estate industry in Romania. Consensus price target up from RON31.25 to RON34.75. Share price rose 3.3% to RON27.80 over the past week. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: RON0.99 (vs RON0.88 in 3Q 2024) Third quarter 2025 results: EPS: RON0.99 (up from RON0.88 in 3Q 2024). Revenue: RON373.4m (up 11% from 3Q 2024). Net income: RON101.6m (up 51% from 3Q 2024). Profit margin: 27% (up from 20% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Nov 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Oct 27
Upcoming dividend of RON0.36 per share Eligible shareholders must have bought the stock before 03 November 2025. Payment date: 19 November 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Romanian dividend payers (6.2%). Lower than average of industry peers (3.3%). Price Target Changed • Sep 30
Price target decreased by 11% to RON31.50 Down from RON35.35, the current price target is an average from 3 analysts. New target price is 14% above last closing price of RON27.65. The company is forecast to post earnings per share of RON3.63 for next year compared to RON3.82 last year. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RON29.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Real Estate industry in Europe. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RON57.10 per share. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: RON0.87 (vs RON2.05 in 2Q 2024) Second quarter 2025 results: EPS: RON0.87 (down from RON2.05 in 2Q 2024). Revenue: RON348.6m (down 17% from 2Q 2024). Net income: RON91.1m (down 38% from 2Q 2024). Profit margin: 26% (down from 35% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.2% 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 fallen by 24% per year whereas the company’s share price has fallen by 20% per year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RON26.35, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Real Estate industry in Europe. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RON43.57 per share. Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RON1.55b to RON1.39b. EPS estimate also fell from RON4.54 per share to RON3.56 per share. Net income forecast to grow 87% next year vs 36% growth forecast for Real Estate industry in Romania. Consensus price target broadly unchanged at RON35.63. Share price fell 2.9% to RON19.80 over the past week. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON19.98, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Real Estate industry in Europe. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RON37.82 per share. Reported Earnings • May 14
First quarter 2025 earnings released First quarter 2025 results: Revenue: RON348.6m (down 17% from 1Q 2024). Net income: RON96.2m (down 34% from 1Q 2024). Profit margin: 28% (down from 35% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 1.6% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. New Risk • May 13
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 Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • May 13
Upcoming dividend of RON0.36 per share Eligible shareholders must have bought the stock before 20 May 2025. Payment date: 29 May 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Romanian dividend payers (7.0%). In line with average of industry peers (4.5%). 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. 4 experienced directors. 2 highly experienced directors. Non-executive Independent Director Dirk Pahlke was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 23
Consensus revenue estimates increase by 50% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from RON874.7m to RON1.31b. EPS estimate unchanged from RON2.20 at last update. Real Estate industry in Romania expected to see average net income growth of 21% next year. Consensus price target of RON35.35 unchanged from last update. Share price was steady at RON18.10 over the past week. Price Target Changed • Apr 16
Price target decreased by 7.0% to RON35.35 Down from RON38.03, the current price target is an average from 4 analysts. New target price is 94% above last closing price of RON18.24. Stock is down 61% over the past year. The company is forecast to post earnings per share of RON2.20 for next year compared to RON3.82 last year. New Risk • Apr 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 28
Full year 2024 earnings released Full year 2024 results: Revenue: RON1.41b (down 7.2% from FY 2023). Net income: RON381.4m (down 8.3% from FY 2023). Profit margin: 27% (in line with FY 2023). Revenue is forecast to grow 10% 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 fallen by 16% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. New Risk • Feb 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RON32.2m (US$6.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (RON32.2m market cap, or US$6.71m). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Jan 11
One United Properties SA, Annual General Meeting, Apr 29, 2025 One United Properties SA, Annual General Meeting, Apr 29, 2025. New Risk • Dec 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Romanian stocks, typically moving 28% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Market cap is less than US$10m (RON31.3m market cap, or US$6.61m). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Price Target Changed • Nov 13
Price target decreased by 8.0% to RON1.04 Down from RON1.13, the current price target is an average from 6 analysts. New target price is 98% above last closing price of RON0.53. Stock is down 46% over the past year. The company is forecast to post earnings per share of RON0.095 for next year compared to RON0.11 last year. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: RON0.02 (vs RON0.015 in 3Q 2023) Third quarter 2024 results: EPS: RON0.02 (up from RON0.015 in 3Q 2023). Revenue: RON335.2m (up 8.8% from 3Q 2023). Net income: RON67.1m (up 19% from 3Q 2023). Profit margin: 20% (up from 18% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% 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 fallen by 8% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Oct 22
Upcoming dividend of RON0.01 per share Eligible shareholders must have bought the stock before 29 October 2024. Payment date: 11 November 2024. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Romanian dividend payers (7.4%). Lower than average of industry peers (4.7%). New Risk • Sep 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Romanian stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: RON0.019 (vs RON0.031 in 2Q 2023) Second quarter 2024 results: EPS: RON0.019 (down from RON0.031 in 2Q 2023). Revenue: RON278.7m (down 31% from 2Q 2023). Net income: RON73.2m (down 37% from 2Q 2023). Profit margin: 26% (down from 29% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.2% decline forecast for the Real Estate industry in Europe. 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 7% per year. Price Target Changed • Aug 08
Price target decreased by 7.4% to RON1.13 Down from RON1.22, the current price target is an average from 5 analysts. New target price is 79% above last closing price of RON0.63. Stock is down 32% over the past year. The company is forecast to post earnings per share of RON0.095 for next year compared to RON0.11 last year. New Risk • Aug 06
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 Romanian stocks, typically moving 7.6% 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 Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Buy Or Sell Opportunity • Jul 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to RON0.86. The fair value is estimated to be RON1.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 7.4%. For the next 3 years, revenue is forecast to grow by 0.8% per annum. Earnings are forecast to decline by 0.2% per annum over the same time period. Upcoming Dividend • Jun 20
Upcoming dividend of RON0.01 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Romanian dividend payers (7.3%). Lower than average of industry peers (3.1%). Buy Or Sell Opportunity • May 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to RON0.86. The fair value is estimated to be RON1.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 6.9%. For the next 3 years, revenue is forecast to decline by 5.1% per annum. Earnings are also forecast to decline by 7.2% per annum over the same time period. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: RON0.041 (vs RON0.04 in 1Q 2023) First quarter 2024 results: EPS: RON0.041. Revenue: RON417.4m (down 4.9% from 1Q 2023). Net income: RON145.8m (flat on 1Q 2023). Profit margin: 35% (up from 34% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to fall by 14% p.a. on average during the next 2 years compared to a 1.9% decline forecast for the Real Estate industry in Europe. New Risk • May 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (27% net profit margin). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Announcement • Apr 23
One United Properties SA, Annual General Meeting, May 28, 2024 One United Properties SA, Annual General Meeting, May 28, 2024, at 10:00 E. Europe Standard Time. Location: One Tower, 17th floor, 165 Calea Floreasca, District 1, Bucharest Romania Agenda: To Approval of the election of Mr. Alexandru-Victor Savi-Nims as meeting secretary of the OGMS and Mrs. Anca Minescu, technical secretary of the OGMS, both of them having the identification data available at the Company's headquarters; to consider approval of the supplementation of dividends corresponding to the financial year 2023; to consider approval of the authorisation of the executive members of the Board of Directors and/or the Company's Managers, acting jointly or severally, with the right to sub-delegate, in the name and on behalf of the Company, with full power and authority to execute any documents, including the resolution of the OGMS; and to consider other matters. New Risk • Mar 28
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: 27% Last year net profit margin: 41% 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 Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (27% net profit margin). Announcement • Mar 26
One United Properties SA Provides Earnings Guidance for the Year 2024 One United Properties SA provided earnings guidance for the year 2024. For the period, the company expected net profit is estimated to reach EUR 105 million in 2024, a 16% increase versus 2023. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.9% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 29
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: RON1.51b (up 42% from FY 2022). Net income: RON443.2m (flat on FY 2022). Profit margin: 29% (down from 41% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Upcoming Dividend • Jan 08
Upcoming dividend of RON0.01 per share at 2.0% yield Eligible shareholders must have bought the stock before 15 January 2024. Payment date: 31 January 2024. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Romanian dividend payers (7.5%). Lower than average of industry peers (3.8%). Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON308.0m (up 32% from 3Q 2022). Net income: RON56.2m (down 19% from 3Q 2022). Profit margin: 18% (down from 30% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Real Estate industry in Europe. Announcement • Sep 05
One United Properties SA, Annual General Meeting, Oct 09, 2023 One United Properties SA, Annual General Meeting, Oct 09, 2023, at 10:00 E. Europe Standard Time. Location: One Tower, 17th floor, 165 Calea Floreasca District 1, Bucharest, Romania Bucharest Romania Agenda: To consider and approve the election of Mr. Victor-Savi Nims as secretary of the OGMS and Ms. Irena Pavel as technical secretary of the OGMS, both having the identification data available at the Company's headquarters; to consider and approve the half-year individual and consolidated financial statements prepared for the first six months of the financial year ending on 31 December 2023, together with the Board of Directors' report and the independent auditor's report. In the first six months of the financial year ending on 31 December 2023, the Company has registered a net consolidated profit in value of RON 286,943,120, registering a distributable net profit in the individual financial statements in value of RON 16,899,806; and to consider other matters. New Risk • Sep 01
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: 30% Last year net profit margin: 45% 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: Minor Risks Profit margins are more than 30% lower than last year (30% net profit margin). Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: RON0.05 (vs RON0.042 in 2Q 2022) Second quarter 2023 results: EPS: RON0.05. Revenue: RON402.6m (up 8.5% from 2Q 2022). Net income: RON115.2m (down 20% from 2Q 2022). Profit margin: 29% (down from 39% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Announcement • Aug 01
One United Properties SA to Report First Half, 2023 Results on Aug 29, 2023 One United Properties SA announced that they will report first half, 2023 results on Aug 29, 2023 Announcement • May 25
Element Investitii Imobiliare entered into an agreement to acquire office building in Romania from One United Properties SA (BVB:ONE) for €6 million. Element Investitii Imobiliare entered into an agreement to acquire office building in Romania from One United Properties SA (BVB:ONE) for €6 million on May 24, 2023. Price Target Changed • May 14
Price target increased by 7.9% to RON1.08 Up from RON1.00, the current price target is provided by 1 analyst. New target price is 28% above last closing price of RON0.84. Stock is down 14% over the past year. The company posted earnings per share of RON0.12 last year. Announcement • May 09
One United Properties SA to Report Q1, 2023 Results on May 12, 2023 One United Properties SA announced that they will report Q1, 2023 results at 8:30 AM, E. Europe Standard Time on May 12, 2023 Upcoming Dividend • May 04
Upcoming dividend of RON0.01 per share at 2.3% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Romanian dividend payers (9.0%). Lower than average of industry peers (3.9%). Reported Earnings • Apr 28
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: RON0.14 (up from RON0.11 in FY 2021). Revenue: RON1.07b (down 4.3% from FY 2021). Net income: RON502.6m (up 28% from FY 2021). Profit margin: 47% (up from 35% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 25%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.3% decline forecast for the Real Estate industry in Europe. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: RON234.1m (up 22% from 3Q 2021). Net income: RON69.6m (up 105% from 3Q 2021). Profit margin: 30% (up from 18% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Announcement • Nov 08
One United Properties SA to Report Q3, 2022 Results on Nov 11, 2022 One United Properties SA announced that they will report Q3, 2022 results at 8:00 AM, E. Europe Standard Time on Nov 11, 2022 Buying Opportunity • Nov 02
Now 34% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be RON1.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last year. Earnings per share has grown by 101%. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to decline by 31% in the next 2 years. Upcoming Dividend • Oct 10
Upcoming dividend of RON0.013 per share Eligible shareholders must have bought the stock before 17 October 2022. Payment date: 03 November 2022. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Romanian dividend payers (8.0%). Lower than average of industry peers (5.0%). Reported Earnings • Sep 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: RON371.0m (up 54% from 2Q 2021). Net income: RON144.4m (up 54% from 2Q 2021). Profit margin: 39% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 14% compared to a 7.7% decline forecast for the Real Estate industry in Romania. Announcement • May 10
One United Properties SA to Report Q1, 2022 Results on May 16, 2022 One United Properties SA announced that they will report Q1, 2022 results at 5:00 AM, Coordinated Universal Time on May 16, 2022 Upcoming Dividend • May 05
Upcoming dividend of RON0.017 per share Eligible shareholders must have bought the stock before 12 May 2022. Payment date: 30 May 2022. Payout ratio is a comfortable 4.9% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Romanian dividend payers (6.6%). Lower than average of industry peers (3.6%). Reported Earnings • May 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RON0.34 (up from RON0.076 in FY 2020). Revenue: RON1.11b (up 108% from FY 2020). Net income: RON391.3m (up 132% from FY 2020). Profit margin: 35% (up from 32% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 11% while the industry in Romania is not expected to grow. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to RON1.05, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Real Estate industry in Europe. Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RON0.20 (down from RON99.49 in FY 2020). Revenue: RON985.8m (up 84% from FY 2020). Net income: RON506.4m (up 200% from FY 2020). Profit margin: 51% (up from 32% in FY 2020). Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 25% compared to a 4.3% decline forecast for the industry in Romania. Announcement • Feb 22
One United Properties SA to Report Fiscal Year 2021 Results on Feb 28, 2022 One United Properties SA announced that they will report fiscal year 2021 results at 8:00 AM, E. Europe Standard Time on Feb 28, 2022 Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 18% share price gain to RON2.36, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 12x in the Real Estate industry in Europe. 
