New Risk • Jul 03
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 German stocks, typically moving 14% 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 Debt is not well covered by operating cash flow (0.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (€20.9m market cap, or US$23.9m). Tillkännagivande • May 31
Adler Group S.A. Confirms Revenue Guidance for the Year 2026 Adler Group S.A. confirmed revenue guidance for the year 2026. For the period, the company confirms its 2026 net rental income guidance in the range of €124 million to €129 million. Reported Earnings • May 28
First quarter 2026 earnings released First quarter 2026 results: Revenue: €236.6m (up 313% from 1Q 2025). Net loss: €10.2m (loss narrowed 94% from 1Q 2025). Board Change • Dec 30
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Thilo Schmid is the most experienced director on the board, commencing their role in 2020. Independent Chairman Stefan Brendgen was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Aug 30
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €78.1m (up 6.8% from 2Q 2023). Net loss: €413.6m (loss narrowed 53% from 2Q 2023). Board Change • Jul 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman Stefan Brendgen was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 29
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€47m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-€47m). Earnings have declined by 61% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€27.9m market cap, or US$30.3m). Reported Earnings • May 29
First quarter 2024 earnings released: €0.52 loss per share (vs €0.50 loss in 1Q 2023) First quarter 2024 results: €0.52 loss per share (further deteriorated from €0.50 loss in 1Q 2023). Revenue: €88.8m (down 25% from 1Q 2023). Net loss: €78.6m (loss widened 34% from 1Q 2023). Reported Earnings • Apr 26
Full year 2023 earnings released: €11.75 loss per share (vs €13.25 loss in FY 2022) Full year 2023 results: €11.75 loss per share. Revenue: €445.1m (down 39% from FY 2022). Net loss: €1.66b (loss widened 6.4% from FY 2022). Reported Earnings • Nov 29
Third quarter 2023 earnings released: €1.31 loss per share (vs €1.42 loss in 3Q 2022) Third quarter 2023 results: €1.31 loss per share. Revenue: €96.6m (down 75% from 3Q 2022). Net loss: €215.3m (loss widened 30% from 3Q 2022). Reported Earnings • Sep 01
Second quarter 2023 earnings released: €6.73 loss per share (vs €4.93 loss in 2Q 2022) Second quarter 2023 results: €6.73 loss per share (further deteriorated from €4.93 loss in 2Q 2022). Revenue: €73.2m (down 28% from 2Q 2022). Net loss: €875.9m (loss widened 51% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 23 percentage points per year, which is a significant difference in performance. Board Change • Jul 07
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). CEO, Daily Manager & Executive Director Thierry Beaudemoulin is the most experienced director on the board, commencing their role in 2019. Independent Director Thomas Werner Zinnocker was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • May 26
First quarter 2023 earnings released: €0.50 loss per share (vs €0.017 loss in 1Q 2022) First quarter 2023 results: €0.50 loss per share (further deteriorated from €0.017 loss in 1Q 2022). Revenue: €119.0m (down 8.1% from 1Q 2022). Net loss: €58.6m (loss widened €56.6m from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Tillkännagivande • May 26
Adler Group S.A. to Report Fiscal Year 2022 Results on Sep 30, 2024 Adler Group S.A. announced that they will report fiscal year 2022 results on Sep 30, 2024 Tillkännagivande • May 25
Adler Group S.A. Provides Earnings Guidance for the Year 2023 Adler Group announced that the company expects to generate net rental income for the full year 2023 in the range of EUR 207 million - EUR 219 million. Reported Earnings • Apr 26
Full year 2022 earnings released: €13.25 loss per share (vs €10.02 loss in FY 2021) Full year 2022 results: €13.25 loss per share (further deteriorated from €10.02 loss in FY 2021). Revenue: €734.5m (down 36% from FY 2021). Net loss: €1.56b (loss widened 32% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 01
Third quarter 2022 earnings released: €4.55 loss per share (vs €0.08 profit in 3Q 2021) Third quarter 2022 results: €4.55 loss per share (down from €0.08 profit in 3Q 2021). Revenue: €392.9m (up 182% from 3Q 2021). Net loss: €166.2m (down €175.2m from profit in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Board Change • Nov 17
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. CEO, Daily Manager & Executive Director Thierry Beaudemoulin is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 31
Second quarter 2022 earnings released: €4.55 loss per share (vs €1.80 profit in 2Q 2021) Second quarter 2022 results: €4.55 loss per share (down from €1.80 profit in 2Q 2021). Revenue: €101.9m (down 23% from 2Q 2021). Net loss: €579.1m (down 374% from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 03
First quarter 2022 earnings released: €0.02 loss per share (vs €0.97 profit in 1Q 2021) First quarter 2022 results: €0.02 loss per share (down from €0.97 profit in 1Q 2021). Revenue: €129.1m (down 22% from 1Q 2021). Net loss: €1.97m (down 102% from profit in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
Full year 2021 earnings released: €10.03 loss per share (vs €2.00 profit in FY 2020) Full year 2021 results: €10.03 loss per share (down from €2.00 profit in FY 2020). Revenue: €1.14b (up 52% from FY 2020). Net loss: €1.18b (down €1.34b from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 53% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target decreased to €19.03 Down from €25.80, the current price target is an average from 2 analysts. New target price is 103% above last closing price of €9.36. Stock is down 62% over the past year. The company is forecast to post earnings per share of €4.32 for next year compared to €2.00 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Deputy Chairman Peter Maser is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 17% share price gain to €13.13, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Real Estate industry in Germany. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.36 per share. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 19% share price gain to €11.45, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Real Estate industry in Germany. Total loss to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.38 per share. Price Target Changed • Jan 28
Price target decreased to €22.82 Down from €25.80, the current price target is an average from 2 analysts. New target price is 111% above last closing price of €10.84. Stock is down 57% over the past year. The company is forecast to post earnings per share of €4.32 for next year compared to €2.00 last year. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 45% share price gain to €12.58, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Real Estate industry in Germany. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.93 per share. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 45% share price gain to €12.58, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Real Estate industry in Germany. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.93 per share. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: EPS: €0.08 (up from €0.05 in 3Q 2020). Revenue: €139.3m (down 34% from 3Q 2020). Net income: €8.97m (up 91% from 3Q 2020). Profit margin: 6.4% (up from 2.2% in 3Q 2020). Revenue exceeded analyst estimates by 67%. Earnings per share (EPS) missed analyst estimates by 42%. Earnings per share (EPS) missed analyst estimates by 42%. Over the next year, revenue is expected to shrink by 21% compared to a 36% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 15
Price target decreased to €25.80 Down from €28.33, the current price target is an average from 2 analysts. New target price is 133% above last closing price of €11.07. Stock is down 53% over the past year. The company is forecast to post earnings per share of €2.66 for next year compared to €2.00 last year. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €14.77, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Real Estate industry in Germany. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.87 per share. Reported Earnings • Sep 03
Second quarter 2021 earnings released: EPS €1.80 (vs €1.05 in 2Q 2020) Second quarter 2021 results: Revenue: €133.1m (down 7.1% from 2Q 2020). Net income: €211.3m (up 259% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 26% per year. Upcoming Dividend • Jun 23
Upcoming dividend of €0.46 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 02 July 2021. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (2.9%). Reported Earnings • May 29
First quarter 2021 earnings released: EPS €0.97 (vs €0.04 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €166.0m (up 425% from 1Q 2020). Net income: €114.4m (up €116.0m from 1Q 2020). Profit margin: 69% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year. Is New 90 Day High Low • Dec 29
New 90-day high: €28.50 The company is up 22% from its price of €23.36 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €43.44 per share. Is New 90 Day High Low • Dec 10
New 90-day high: €26.38 The company is up 5.0% from its price of €25.12 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €42.35 per share. Reported Earnings • Dec 01
Third quarter 2020 earnings released: EPS €0.07 The company reported a decent third quarter result with improved revenues, although earnings and profit margins were weaker. Third quarter 2020 results: Revenue: €242.3m (up €202.3m from 3Q 2019). Net income: €6.82m (down 91% from 3Q 2019). Profit margin: 2.8% (down from 186% in 3Q 2019). The decrease in margin was primarily driven by lower expenses. 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 18% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Dec 01
Earnings beat expectations Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 58%. Over the next year, revenue is expected to shrink by 14% compared to a 31% decline forecast for the Real Estate industry in Germany. Price Target Changed • Nov 03
Price target raised to €31.55 Up from €29.27, the current price target is an average from 3 analysts. The new target price is 47% above the current share price of €21.46. As of last close, the stock is down 42% over the past year. Is New 90 Day High Low • Oct 22
New 90-day low: €22.56 The company is down 11% from its price of €25.26 on 24 July 2020. The German market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate 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 €7.73 per share. Is New 90 Day High Low • Sep 26
New 90-day low: €22.86 The company is down 7.0% from its price of €24.58 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.52 per share. 
