New Risk • Jul 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% 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 (16% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 257% Cash payout ratio: 207% Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (€2.6m revenue, or US$3.0m). Market cap is less than US$100m (€15.3m market cap, or US$17.5m). Reported Earnings • Jul 03
Full year 2025 earnings released: EPS: €0.41 (vs €0.45 in FY 2024) Full year 2025 results: EPS: €0.41 (down from €0.45 in FY 2024). Revenue: €2.60m (down 16% from FY 2024). Net income: €1.45m (down 9.5% from FY 2024). Profit margin: 56% (up from 52% in FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • May 20
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Jorge Alemán is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Tillkännagivande • Apr 02
VBARE Iberian Properties SOCIMI, S.A., Annual General Meeting, May 04, 2026 VBARE Iberian Properties SOCIMI, S.A., Annual General Meeting, May 04, 2026. Location: calle serrano 45, planta 1, madrid, Spain Tillkännagivande • Nov 14
VBARE Iberian Properties SOCIMI, S.A. announces Annual dividend, payable on November 18, 2025 VBARE Iberian Properties SOCIMI, S.A. announced Annual dividend of EUR 0.2840 per share payable on November 18, 2025, ex-date on November 14, 2025 and record date on November 17, 2025. Tillkännagivande • Jun 12
VBARE Iberian Properties SOCIMI, S.A. announces Annual dividend, payable on June 18, 2025 VBARE Iberian Properties SOCIMI, S.A. announced Annual dividend of EUR 1.1562 per share payable on June 18, 2025, ex-date on June 16, 2025 and record date on June 17, 2025. New Risk • Apr 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: 51% Last year net profit margin: 85% 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 Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (51% net profit margin). Revenue is less than US$5m (€3.1m revenue, or US$3.4m). Market cap is less than US$100m (€35.5m market cap, or US$38.3m). Board Change • Feb 11
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director Yair Shahar is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Tillkännagivande • Oct 15
Advero Properties SOCIMI, S.A. (BME:YADV) cancelled the acquisition of VBARE Iberian Properties SOCIMI, S.A. (BME:YVBA). Advero Properties SOCIMI, S.A. (BME:YADV) made a public purchase offer to acquire VBARE Iberian Properties SOCIMI, S.A. (BME:YVBA) for €30 million on August 2, 2024. A cash consideration of €23.7 million will be paid by Advero Properties SOCIMI, S.A. The consideration consists of common equity of Advero Properties SOCIMI, S.A. having a value of €6.3 million to be issued for common equity of VBARE Iberian Properties SOCIMI, S.A. As part of consideration, €30 million is paid towards common equity of VBARE Iberian Properties SOCIMI, S.A. Under the terms, the offer to the entire shareholder base of VBARE is made at €8.31 per share, with a premium of 45% on VBARE's current share price and of 37% on the average share price over the last twelve months. Transaction with mixed payment: €6.56 per share in cash and €1.75 in ADVERO shares. The total amount of the offer is €30 million, of which €23.7 million in cash and €6.3 million in shares.
ADVERO has set as a condition to obtain at least a 51% acceptance of VBARE's shareholding. The General Shareholders' Meeting of ADVERO Properties SOCIMI has approved the transaction. As announced on August 27, 2024, VBARE shareholders have until September 13, 2024 to respond to the €30 million bid that offers a mixed payment of €6.56 per share in cash and €1.75 per share in shares of ADVERO. ADVERO`s Board of Directors has resolved to extend the Offer Acceptance Period until October 8, 2024.
Advero Properties SOCIMI, S.A. (BME:YADV) cancelled the acquisition of VBARE Iberian Properties SOCIMI, S.A. (BME:YVBA) on October 14, 2024. The Acceptance period was ended on October 8, 2024, and Advero did not obtain an acceptance percentage greater than 51% of the share capital of VBARE, as was a condition for the Offer, Therefore, the board of directors of ADVERO has agreed not to improve the conditions of the Offer and leave the offer without effect. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €6.65, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 22x in the Residential REITs industry in Spain. Total loss to shareholders of 27% over the past three years. Reported Earnings • Jul 28
First half 2024 earnings released: EPS: €0.21 (vs €0.23 in 1H 2023) First half 2024 results: EPS: €0.21 (down from €0.23 in 1H 2023). Revenue: €1.52m (up 48% from 1H 2023). Net income: €754.0k (down 7.7% from 1H 2023). Profit margin: 50% (down from 80% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 09
Now 20% overvalued Over the last 90 days, the stock has fallen 5.0% to €5.70. The fair value is estimated to be €4.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Meanwhile, the company has become profitable. Tillkännagivande • May 16
VBARE Iberian Properties SOCIMI, S.A., Annual General Meeting, Jun 19, 2024 VBARE Iberian Properties SOCIMI, S.A., Annual General Meeting, Jun 19, 2024. Location: calle jose abascal 41, madrid Spain Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: €0.55 (vs €0.18 in FY 2022) Full year 2023 results: EPS: €0.55 (up from €0.18 in FY 2022). Revenue: €2.30m (up 20% from FY 2022). Net income: €1.95m (up 201% from FY 2022). Profit margin: 85% (up from 34% in FY 2022). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Feb 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 37% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin). Revenue is less than US$5m (€2.0m revenue, or US$2.1m). Market cap is less than US$100m (€23.4m market cap, or US$25.0m). New Risk • Aug 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: 11% Last year net profit margin: 97% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 37% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin). Revenue is less than US$5m (€2.0m revenue, or US$2.2m). Market cap is less than US$100m (€17.4m market cap, or US$19.1m). Reported Earnings • Jul 31
First half 2023 earnings released: EPS: €0.23 (vs €0.35 in 1H 2022) First half 2023 results: EPS: €0.23 (down from €0.35 in 1H 2022). Revenue: €1.04m (up 7.1% from 1H 2022). Net income: €817.0k (down 34% from 1H 2022). Profit margin: 79% (down from 129% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 22
Third quarter 2022 earnings released: €0.025 loss per share (vs €0.076 profit in 3Q 2021) Third quarter 2022 results: €0.025 loss per share (down from €0.076 profit in 3Q 2021). Revenue: €487.0k (up 9.2% from 3Q 2021). Net loss: €92.0k (down 134% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Vice Chairman of the Board Juan Manuel Huertas was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €0.21 (vs €0.094 loss in 2Q 2021) Second quarter 2022 results: EPS: €0.21 (up from €0.094 loss in 2Q 2021). Revenue: €492.0k (up 15% from 2Q 2021). Net income: €735.0k (up €1.07m from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Vice Chairman of the Board Juan Manuel Huertas was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Dec 07
New 90-day low: €11.00 The company is down 13% from its price of €12.70 on 08 September 2020. The Spanish market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day low: €11.90 The company is down 7.0% from its price of €12.80 on 07 August 2020. The Spanish market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 9.0% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: €12.20 The company is down 10.0% from its price of €13.50 on 26 June 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 7.0% over the same period. 
