Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €76.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Industrial REITs industry in Europe. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €78.84 per share. Tillkännagivande • Jul 25
Warehouses De Pauw SA (ENXTBR:WDP), Famille LE LAN, Predica and Jos De Pauw family agreed to acquire Argan SA (ENXTPA:ARG) from Famille LE LAN, the Jos De Pauw family and Predica for approximately €1.7 billion. Warehouses De Pauw SA (ENXTBR:WDP), Famille LE LAN, Predica and Jos De Pauw family agreed to acquire Argan SA (ENXTPA:ARG) from Famille LE LAN, the Jos De Pauw family and Predica for approximately €1.7 billion on July 23, 2026. The consideration consists of common equity of Warehouses De Pauw SA at a ratio of 3 per common equity of Argan SA. As part of consideration €1.73 billion is being paid by Warehouses De Pauw SA. Jos De Pauw family, Le Lan family and Crédit Agricole Assurances, through its subsidiary Predica expected to hold ~14%, ~9% and ~4%, respectively, of the combined group immediately following completion. Through the proposed combination, ARGAN and WDP will take a defining step in that journey: bringing together two highly complementary logistics real estate platforms and creating a leading core European logistics real estate portfolio exceeding €13 billion GAV with more than €700 million of annualised rental income, ~13 million m² of high-quality logistics space and a committed pipeline of around €1 billion.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and by the key reference shareholders: the Le Lan family, the Jos De Pauw family and Crédit Agricole Assurances, through its subsidiary Predica. Separate voting commitments represent ~52% of ARGAN’s and ~19% of WDP’s voting rights. The deal has been unanimously approved by the board. The expected completion of the transaction is January 1, 2027 to March 31, 2027.
Rothschild Belgium Nv acted as financial advisor for Warehouses De Pauw SA. Van Lanschot Kempen NV acted as financial advisor for Warehouses De Pauw SA. Eubelius acted as legal advisor for Warehouses De Pauw SA. Bredin Prat & Associes acted as legal advisor for Warehouses De Pauw SA. Deloitte Belgium acted as accountant for Warehouses De Pauw SA. BNP Paribas SA acted as financial advisor for Argan SA. Brandford-Griffith & Associés acted as legal advisor for Argan SA. CMS Francis Lefebvre tax division acted as accountant for Argan SA. Bredin Prat & Associes Tax dividion acted as accountant for Warehouses De Pauw SA. Crédit Agricole Corporate and Investment Bank S.A. acted as financial advisor for Predica. BDGS Associés acted as legal advisor for Predica. Live-nyheter • Jul 25
Argan Suspends Liquidity Contract After Revealing €13 Billion Merger Plan With WDP ARGAN has suspended its liquidity contract with Oddo BHF following the announcement of a friendly all-share merger with WDP, a proposed €13b transaction that would combine their logistics real estate platforms across eight European countries, with completion targeted for the first quarter of 2027 subject to shareholder and regulatory approvals.
The combined REIT is described as aiming for accretive growth and immediate shareholder value. At the same time, ARGAN continues to develop and lease premium warehouses in France, indicating that day-to-day operations are still running alongside the merger process.
Argan’s share price is around €75.20, with the stock up about 15.7% year to date. This indicates that the market is already pricing in some expectations around the enlarged European logistics REIT plan.
The key investor question now is how merger terms, integration costs and regulatory conditions will affect Argan’s future dividend capacity and balance sheet once the combined logistics platform is in place. Reported Earnings • Jul 21
First half 2026 earnings released: EPS: €6.07 (vs €5.32 in 1H 2025) First half 2026 results: EPS: €6.07 (up from €5.32 in 1H 2025). Revenue: €144.3m (up 4.8% from 1H 2025). Net income: €156.2m (up 15% from 1H 2025). Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Industrial REITs industry in Europe are expected to grow by 6.4%. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Live-nyheter • Jun 18
Argan Stock Gains Visibility With Danone Cold Storage Lease and On-Site Green Energy Argan has delivered a new AutOnom cold storage warehouse to Danone in Sorigny, near Tours, in Western France.
The facility includes on-site green energy production designed for self-consumption.
Argan and Danone have signed a long-term lease with a firm nine-year commitment for this warehouse.
This new project shows Argan continuing to focus on logistics assets that combine operational efficiency with environmental features, which can appeal to large corporate tenants such as Danone.
For investors, the firm nine-year lease adds visibility to Argan’s rental income from this site, while the cold storage and energy features highlight the company’s exposure to more specialized logistics real estate, which can come with both higher technical requirements and potential cost risks. Live-nyheter • Jun 05
Argan Secures 12 Year Lease for Energy Efficient 18,000 Sq M Logistics Platform ARGAN has delivered an 18,000 sq.m AutOnom® logistics platform in the Ouest Park development zone in Louailles, positioned between Angers and Le Mans with direct access to the A11 highway.
The warehouse is leased to NORTENE HOME DEPOT under a firm 12-year contract, providing long-term visibility on occupancy for this asset.
The facility includes a rooftop photovoltaic power plant and battery systems designed to enable energy self-consumption and carbon neutrality during operations, and was completed in successive phases to meet NORTENE's urgent timeline.
This new lease-backed asset highlights ARGAN’s focus on long-duration contracts and logistics properties that incorporate energy-efficient features.
For you as an investor, the combination of a 12-year firm lease and energy-focused infrastructure aligns with the current demand trend for logistics platforms with lower operating emissions, while still concentrating exposure in a single tenant and location. Buy Or Sell Opportunity • Mar 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €56.40. The fair value is estimated to be €71.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to decline by 2.4% per annum. Earnings are also forecast to decline by 8.8% per annum over the same time period. Tillkännagivande • Mar 27
Argan Sa Increases Annual Dividend, Payable on April 2, 2026 Argan SA at the AGM held on March 26, 2026 approved 5% increase in the dividend (EUR 3.45 per share), based on excellent performance in 2025, with an ex-dividend date of March 31, 2026, and a payment date of April 2, 2026. Reported Earnings • Mar 06
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €9.57 (down from €9.96 in FY 2024). Revenue: €251.6m (up 5.3% from FY 2024). Net income: €245.2m (flat on FY 2024). Profit margin: 98% (down from 103% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Industrial REITs industry in Europe are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 20
Dividend increased to €3.45 Dividend of €3.45 is 4.5% higher than last year. Ex-date: 31st March 2026 Payment date: 2nd April 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.4%. Major Estimate Revision • Jan 24
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €8.02 to €7.08 per share. Revenue forecast steady at €221.2m. Net income forecast to shrink 38% next year vs 19% growth forecast for Industrial REITs industry in France . Consensus price target broadly unchanged at €78.14. Share price fell 3.7% to €65.20 over the past week. Tillkännagivande • Jan 20
Argan Sa Announces Supervisory Board Changes At the meeting of the Supervisory Board held on December 9, 2025, and as a result of the signing of an employment contract between Argan SA and Mr. Eric DONNET effective from January 2, 2026, it was acknowledged that Mr. Eric DONNET no longer met all of the independence criteria set out in the Middlenext corporate governance code to which the Company refers, and therefore ceased to be considered independent within the meaning of said code. In light of this situation, Mr. Jean-Claude LE LAN Junior informed the members of the Supervisory Board of his intention to resign, with effect from December 31, 2025, in order to allow the Company to adjust its governance in compliance with the required quota of independent members. On the recommendation of the Nominations and Remuneration Committee, ARGAN’s Supervisory Board therefore unanimously decided to appoint Ms. Laurence BATLLE as an independent member of the Supervisory Board with effect from January 1, 2026, replacing Mr. Jean-Claude LE LAN Junior, for the remainder of his term of office, i.e. until the General Meeting scheduled for March 26, 2026. A graduate of ICN and holder of the DEC (Diplôme d’Expertise Comptable), Ms. Laurence BATLLE has more than 30 years of professional experience, including 8 years as CEO of major companies. She notably served as Chair of the Management Board of RATP Dev and as Executive Chair of Foncia. She is also a non-executive director of several companies. This appointment is made on a provisional basis and will therefore be submitted for ratification at the next General Meeting. Subject to ratification by the next General Meeting and to her renewal for a four-year term, it is specified that Ms. Laurence BATLLE will be appointed as a member and Chair of the Audit, Risk and Sustainability Committee, replacing Mr. Eric DONNET, who is expected to become Vice-Chair of the Supervisory Board with effect from March 27, 2026. ARGAN adds that this appointment leads to gender parity within its Supervisory Board. Major Estimate Revision • Jan 08
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from €7.19 to €8.09. Revenues were reaffirmed at €212.7m. Net income forecast to shrink 33% next year vs 17% growth forecast for Industrial REITs industry in France . Consensus price target of €78.29 unchanged from last update. Share price was steady at €67.20 over the past week. Buy Or Sell Opportunity • Jan 08
Now 20% undervalued Over the last 90 days, the stock has risen 4.5% to €67.20. The fair value is estimated to be €84.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 0.8% per annum. Earnings are also forecast to decline by 9.4% per annum over the same time period. Buy Or Sell Opportunity • Nov 14
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €66.60. The fair value is estimated to be €84.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 1.4% per annum. Earnings are also forecast to decline by 5.9% per annum over the same time period. Major Estimate Revision • Oct 03
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €9.04 to €7.19 per share. Revenue forecast steady at €213.1m. Net income forecast to shrink 32% next year vs 23% growth forecast for Industrial REITs industry in France . Consensus price target of €80.33 unchanged from last update. Share price rose 2.1% to €64.50 over the past week. Buy Or Sell Opportunity • Sep 23
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €62.90. The fair value is estimated to be €78.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 1.4% per annum. Earnings are also forecast to decline by 5.5% per annum over the same time period. Buy Or Sell Opportunity • Sep 02
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €63.40. The fair value is estimated to be €80.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 1.7% per annum. Earnings are also forecast to decline by 5.4% per annum over the same time period. New Risk • Jul 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 5.4% 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 • Jul 23
First half 2025 earnings released: EPS: €5.32 (vs €3.80 in 1H 2024) First half 2025 results: EPS: €5.32 (up from €3.80 in 1H 2024). Revenue: €137.6m (up 6.0% from 1H 2024). Net income: €135.9m (up 50% from 1H 2024). Profit margin: 99% (up from 70% in 1H 2024). Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Industrial REITs industry in Europe are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 04
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to €57.50. The fair value is estimated to be €76.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.8% per annum. Earnings are also forecast to decline by 5.4% per annum over the same time period. Tillkännagivande • Apr 04
Argan SA, Annual General Meeting, Mar 26, 2026 Argan SA, Annual General Meeting, Mar 26, 2026. Tillkännagivande • Mar 28
ARGAN and 4MURS Inaugurate A New Aut0nom® for 9,500 Sq.M in Metz In the presence of Christophe Ranchoup (CEO of 4MURS), François Henrion (Augny’s Mayor) and Cedric Gouth (Vice-Chairman of the Eurométropole – European community of cities – of Metz), Aymar de Germay – ARGAN’s General Secretary – officially inaugurated the new Aut0nom® opened in Augny. With a surface of 9,500 sq.m, this site is operated by 4MURS as part of a nine-year fixed-term lease. ARGAN is thus back for a second project on this former air base, closed in 2010, which has been turned around into a business area where real estate company inaugurated in 2020 its most significant project in size: a multi-storey building of 185,000 sq.m operated by AMAZON. A structuring project: With a surface of 9,500 sq.m, the site of Augny is home to 7,000 SKUs sold by 4MURS and thus helps the company grow, more particularly through an expansion of its catalogues. With 500 employees and a portfolio of 89 stores in France, 4MURS is rethinking its positioning and has become a decoration concept-store, with an expertise in walls arrangements, through a diversified offering, granting easy access combined to an actual know-how. This new site of 9,500 sq.m is part of long-term plans, as the company has signed a nine-year fixed-term lease. 4MURS is already very well established in the area with headquarters in the neighbouring city of Marly. Located in the South area of Metz, at the heart of a metropolitan area of 240,000 inhabitants – with direct access to the A31 French highway – Augny offers an ideal location for logistics businesses. Combining ‘in-use’ carbon neutrality and a turn-around of artificialized soils: this new site aims for environmental excellence: This new warehouse is Aut0nom® -labelled. The site is equipped with a photovoltaic power station on the roof that grants 250 kWp coupled with energy storage batteries with a capacity of 250 kWh. This warehouse thus generates its own green energy for self-consumption. On-site heating is ensured by electric heat pumps and lighting with smart LED technology along presence and luminosity sensors. Aut0nom® provides close to half of energy needs for the site, meaning 170 MWh per year with green energy generated locally, drastically reducing the site’s CO2 emissions to only 1.2 kg/sq.m/year. Remaining emissions will be compensated by a reforestation plan in France, in the area of Bordeaux. The site is thus carbon neutral for the ‘in-use’ phase. Additionally, this development, on the military brownfield of Frescaty, enables to re-use already artificialized land and helps reduce the ecological impact of the whole project. Tillkännagivande • Mar 21
Argan SA Approves the Distribution of Dividend, Payable on April 17, 2025 Argan SA at its Combined General Assembly held on March 20, 2025, approved the distribution of a dividend of €3.30 /share; The ex-dividend date will be March 26, 2025, and the payment date will be April 17, 2025. The option for payment in shares has to be exercised from March 28untilApril 11, 2025, included. After this period, shareholders who have not opted for dividend payment in shares will receive their dividend in cash. Upcoming Dividend • Mar 19
Upcoming dividend of €3.30 per share Eligible shareholders must have bought the stock before 26 March 2025. Payment date: 17 April 2025. Trailing yield: 5.1%. Lower than top quartile of French dividend payers (5.5%). In line with average of industry peers (4.8%). Declared Dividend • Feb 12
Dividend increased to €3.30 Dividend of €3.30 is 4.8% higher than last year. Ex-date: 26th March 2025 Payment date: 17th April 2025 Dividend yield will be 5.2%, which is higher than the industry average of 3.4%. Reported Earnings • Jan 17
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €10.00 (up from €11.44 loss in FY 2023). Revenue: €239.0m (up 8.3% from FY 2023). Net income: €245.7m (up €509.1m from FY 2023). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Industrial REITs industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Tillkännagivande • Jan 16
Argan Confirms Dividend Guidance for the Year 2025 Argan confirmed dividend guidance for the year 2025. The company expects dividend per share to be €3.45, +5% (vs. €3.30 in respect of 2024). Tillkännagivande • Dec 12
Argan SA Appoints Éric Donnet as an Independent Member of the Supervisory Board Upon proposal of the Nominations and Remuneration Committee, ARGAN’s Supervisory Board, which met on December 10, 2024, has unanimously decided to appoint Mr. Éric DONNET as an independent member of the Supervisory Board, upon this day. Mr. Éric DONNET graduated from the ICN (Institut Commercial de Nancy) and holds a DESCF (French master’s degree in management control, accountancy and financial management), and has acquired over 25 years of experience in the financial and real estate fields. He was, more particularly, the CEO of Groupama Immobilier and Chairman of Groupama Gan REIM from 2014 to 2024. He is now the CEO of the Daniel Féau group, since March 2024. This appointment is provisional to replace Mr. François-Régis de CAUSANS. This decision will thus be put to shareholders during the next General Assembly to take place on March 20, 2025. Please note that the mandate would then expire on the same day as the mandate of the replaced member; i.e., the General Assembly of 2026. As a consequence of this appointment, ARGAN’s Supervisory Board has once again 8 members, including 3 independent, which thus represents 38% of its composition, a ratio above the threshold of one third recommended by the Middlenext code. Tillkännagivande • Nov 22
Argan SA Announces Resignation of François-Régis De Causans as Member of the Supervisory Board Argan SA takes note of the resignation of Mr. François-Régis de Causans from his position as a member of the Supervisory Board, effective immediately, for personal reasons. The Supervisory Board is therefore now composed of seven members, including two independent members. Furthermore, as announced on October 22 during the communication regarding the signing of a new shareholding pact between the Le Lan family and Predica, it is reiterated that a governance change will be put to shareholders at the next ordinary general meeting, scheduled for March 20, 2025. At that time, the Supervisory Board would be reduced to six members, including two independent members, representing 33% of the Board’s composition. Tillkännagivande • Oct 09
Invesco Advisers, Inc. acquired Datacentre in Wissous from Argan SA (ENXTPA:ARG) for €59 million. Invesco Advisers, Inc. acquired Datacentre in Wissous from Argan SA (ENXTPA:ARG) for €59 million on October 8, 2024. Following the sale of an 18,000 sq.m warehouse near Caen, this second operation thus finalized by Argan asset sales program in a total amount of €77 million, in line with the announced target for the year. Argan was advised by CBRE. The cash generated by Argan SA assets sales is part of the Group’s broader aim to self-finance its development and to pursue its debt reduction.
Invesco Advisers, Inc. completed the acqusiition of Datacentre in Wissous from Argan SA (ENXTPA:ARG) on October 8, 2024. Tillkännagivande • Sep 05
Argan SA Appoints Stéphane CASSAGNE as Member of the Executive Board Argan SA announced that upon the recommendation of the Nomination and Remuneration Committee, ARGAN’s Supervisory Board has decided to appoint Stéphane CASSAGNE as member of the Executive Board from September 1, 2024. Stéphane CASSAGNE is 57 and holds a master's degree in commercial law and a French postgraduate diploma (DESS) in business law. He also has a large experience in the logistics sector as he previously held many executive positions in the GEODIS group. On top of an expertise of the logistics and real estate professions, Stéphane CASSAGNE knows particularly well ARGAN, being previously a member of the Supervisory Board between 2019 and 2021. Stéphane CASSAGNE is joining ARGAN as Director of Asset Management and will – in this capacity – ensure the directorship of real estate company’s portfolio. This position was previously held by Frédéric LARROUMETS who has decided to leave the company, at the end of September, to start an entrepreneurial project. With the arrival of Stéphane CASSAGNE, all professions and positions at ARGAN are consequently represented within an Executive Board that is from now on complete. Major Estimate Revision • Jul 31
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €8.31 to €5.90 per share. Revenue forecast steady at €199.0m. Net income forecast to grow 103% next year vs 7.2% growth forecast for Industrial REITs industry in France. Consensus price target of €89.00 unchanged from last update. Share price was steady at €76.70 over the past week. Reported Earnings • Jul 28
First half 2024 earnings released: EPS: €3.80 (vs €11.61 loss in 1H 2023) First half 2024 results: EPS: €3.80 (up from €11.61 loss in 1H 2023). Revenue: €129.8m (up 7.4% from 1H 2023). Net income: €90.9m (up €357.9m from 1H 2023). Profit margin: 70% (up from net loss in 1H 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.9% growth forecast for the Industrial REITs 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. New Risk • May 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% 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 Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Buy Or Sell Opportunity • Apr 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to €72.40. The fair value is estimated to be €90.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Meanwhile, the company became loss making. Tillkännagivande • Apr 20
Argan SA Announces Board Changes Upon proposal of the Nominations and Remuneration Committee, the Supervisory Board of Argan decided, on April 18, 2024, to appoint Mr. Aymar de GERMAY as a member of the Executive Board replacing Mr. Frédéric LARROUMETS, who resigned, with immediate effect and for the remaining duration of the term. Aged 50, Mr. Aymar de GERMAY joined the Company in July 2022. A graduate of Sciences Po and ESSEC, he has developed, over more than 25 years, a unique career path leading him to assume management roles in both the public and private sectors. Alongside his professional activity, he notably held several mandates as a local elected official between 2001 and 2020. Before joining ARGAN, he was the CEO of TILIA France, a consulting firm that supports industrial and public authorities in their ecological and energy transition strategies and projects. As General Secretary of ARGAN, Aymar de GERMAY will also continue to oversee governance, corporate legal matters, administrative affairs, human resources, and ESG strategy. Consequently, the Executive Board is composed of three members: Ronan LE LAN, Chairman, Francis ALBERTINELLI, Member, and Aymar de GERMAY, Member. Tillkännagivande • Apr 16
Argan Launches A New 18,000 Sq.M Aut0nom®? Stalled Project in Chartres The success of Aut0nom®? cannot be denied with a new project launched by ARGAN in Chartres. Work on this new 18,000 sq.m platform has started in the Jardin d'Entreprises economic activity zone. Connected by the A11 motorway, the Chartres ring road and tomorrow by the future A154 motorway, this area is the economic heart of the Chartres Metropolitan area. This new logistics site will be operated under a fixed-term ten-year lease in future state of completion. The future site will be made up of three cells: two with controlled temperatures (15degC/25degC) and one refrigerated (2degC/8degC). It will bring together all the future operator's logistics activities on a single platform and thus drastically reduce greenhouse gas emissions by consolidating transport flows and eliminating shuttles between different sites. This Premium site will be labelled Aut0nom®?. Equipped with a photovoltaic plant on the roof coupled with energy storage batteries, it will produce its own green energy for its own consumption. Heating and cooling of the site will be provided by electric heat pumps and lighting by intelligent LEDs with presence and brightness sensors. All this equipment will make it possible to drastically reduce the site's CO2 emissions during the operational phase. The residual will be compensated through an ambitious reforestation plan carried out in France. Delivery of the site is expected at the beginning of 2025. Tillkännagivande • Mar 29
Argan SA Announces Board Changes Argan SA announced resignation of Mr. Frédéric Larroumets from his position as a member of the Executive Board. However, Mr. Frédéric LARROUMETS will continue to fully perform his duties as the Director of Asset Management and Investment of the company. Pending his replacement, Mr. Ronan LE LAN, Chairman of the Executive Board, will assume his responsibilities within the Executive Board. Upcoming Dividend • Mar 20
Upcoming dividend of €3.15 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 22 April 2024. Trailing yield: 4.0%. Lower than top quartile of French dividend payers (5.8%). In line with average of industry peers (4.1%). Declared Dividend • Feb 28
Dividend increased to €3.15 Dividend of €3.15 is 5.0% higher than last year. Ex-date: 27th March 2024 Payment date: 22nd April 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.4%. Reported Earnings • Jan 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €49.9m (up 10% from 3Q 2022). Net income: €1.74m (up €115.0m from 3Q 2022). Profit margin: 3.5% (up from net loss in 3Q 2022). Revenue is forecast to grow 1.1% p.a. on average during the next 4 years, compared to a 4.1% growth forecast for the Industrial REITs industry in Europe. 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 3% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jan 05
Argan SA to Report Fiscal Year 2024 Results on Jan 16, 2025 Argan SA announced that they will report fiscal year 2024 results After-Market on Jan 16, 2025 Buying Opportunity • Nov 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.4%. The fair value is estimated to be €87.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 8.9% in a year. Earnings is forecast to grow by 71% in the next year. Major Estimate Revision • Oct 05
Consensus EPS estimates fall by 42% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€6.76 to -€9.57 per share. Revenue forecast unchanged at €186.1m. Industrial REITs industry in France expected to see average net income decline 9.7% next year. Consensus price target broadly unchanged at €83.50. Share price was steady at €63.00 over the past week. Reported Earnings • Jul 21
First half 2023 earnings released: €11.61 loss per share (vs €14.16 profit in 1H 2022) First half 2023 results: €11.61 loss per share (down from €14.16 profit in 1H 2022). Revenue: €120.8m (up 12% from 1H 2022). Net loss: €267.0m (down 183% from profit in 1H 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% 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. Price Target Changed • Jul 20
Price target decreased by 10% to €84.50 Down from €94.00, the current price target is an average from 4 analysts. New target price is 22% above last closing price of €69.40. Stock is down 25% over the past year. The company is forecast to post earnings per share of €1.29 for next year compared to €4.14 last year. Tillkännagivande • Jul 12
Argan Announces Launching the Construction of A Fulfillment Centre in Rouen ARGAN announced launching the construction of a fulfilment centre in Rouen, thus carrying out a new project under construction in Eslettes (76), near Rouen. This building of 4,600 sq.m will be operated by DSVRoad, as part of a lease with a 9-year fixed term. After entering the French Normandie market in 2022 by delivering two logistics platforms near Rouen and Caen, ARGAN is now developing a new site in this area. The group has indeed initiated the construction of a distribution centre totaling 4,600 sq.m, on the municipality of Eslettes, located about 15 kilometres away from the Northern limits of Rouen. The agency under development will be operated by DSV, a major international player that offers transport and logistics services, through its DSV Road subsidiary, as part of a lease With a 9-year fixed term". This is the second time that DSV and ARGAN work together, as group already owns the site located in Gennevilliers that is also operated by the company specializing in transport and logistics solutions. With this new development, ARGAN is confirming its ability to support its lease customers' growth. A particular attention was given to limiting the site's carbon footprint. With an Aut0nom®? label, the building will generate and use its own green energy due to a photovoltaic power plant on its roof, together with batteries for energy storage. This equipment will help cover a significant part of DSV's energy needs; it will also contribute to one of the group's targets included in its approach to decarbonizing transportation and logistics through consistent improvement in its buildings' eco-efficiency. All of these investments are beneficial to targeting a 'BREEAM Very Good' certification. Major Estimate Revision • Jun 21
Consensus EPS estimates upgraded to €0.63 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -€6.74 to -€0.63 per share. Revenue forecast unchanged from €184.4m at last update. Industrial REITs industry in France expected to see average net income decline 16% next year. Consensus price target of €94.00 unchanged from last update. Share price fell 2.1% to €69.50 over the past week. Major Estimate Revision • Apr 05
Consensus EPS estimates fall by 259% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€1.88 to -€6.74 per share. Revenue forecast of €184.0m unchanged since last update. Industrial REITs industry in France expected to see average net income decline 162% next year. Consensus price target of €94.00 unchanged from last update. Share price fell 4.6% to €67.00 over the past week. Buying Opportunity • Mar 20
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €94.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings is also forecast to grow by 43% per annum over the same time period. Reported Earnings • Jan 23
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: €4.17 (down from €29.58 in FY 2021). Revenue: €197.9m (up 6.6% from FY 2021). Net income: €95.1m (down 86% from FY 2021). Profit margin: 48% (down from 360% in FY 2021). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to stay flat during the next 2 years compared to a 3.1% growth forecast for the REITs industry in France. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jan 20
Argan SA, Annual General Meeting, Mar 23, 2023 Argan SA, Annual General Meeting, Mar 23, 2023. Buying Opportunity • Nov 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €97.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 0.2% in 2 years. Earnings is forecast to decline by 90% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to €104 Down from €112, the current price target is an average from 2 analysts. New target price is 32% above last closing price of €78.40. Stock is down 29% over the past year. The company is forecast to post earnings per share of €11.89 for next year compared to €29.58 last year. Tillkännagivande • Oct 12
Argan SA to Report Fiscal Year 2022 Results on Jan 19, 2023 Argan SA announced that they will report fiscal year 2022 results After-Market on Jan 19, 2023 Reported Earnings • Jul 22
First half 2022 earnings released: EPS: €14.16 (vs €15.10 in 1H 2021) First half 2022 results: EPS: €14.16 (down from €15.10 in 1H 2021). Revenue: €107.5m (up 41% from 1H 2021). Net income: €321.7m (down 4.9% from 1H 2021). Over the next year, revenue is expected to shrink by 8.8% compared to a 9.3% decline forecast for the industry in France. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 04
Price target decreased to €112 Down from €130, the current price target is provided by 1 analyst. New target price is 28% above last closing price of €87.20. Stock is down 16% over the past year. The company is forecast to post earnings per share of €11.91 for next year compared to €29.58 last year. Major Estimate Revision • Jun 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €15.86 to €11.91. Revenue forecast unchanged from €165.0m at last update. Net income forecast to shrink 60% next year vs 9.4% growth forecast for REITs industry in France . Consensus price target down from €130 to €125. Share price fell 7.6% to €93.70 over the past week. Major Estimate Revision • Apr 06
Consensus EPS estimates increase by 46% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €163.0m to €165.0m. EPS estimate increased from €10.90 to €15.86 per share. Net income forecast to shrink 46% next year vs 3.5% growth forecast for REITs industry in France . Consensus price target of €130 unchanged from last update. Share price was steady at €117 over the past week. Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €29.58 (up from €12.50 in FY 2020). Revenue: €185.7m (up 8.5% from FY 2020). Net income: €668.1m (up 140% from FY 2020). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is expected to shrink by 12% compared to a 4.8% decline forecast for the reits industry in France. 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 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 25
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €29.70 (up from €12.51 in FY 2020). Revenue: €157.6m (up 9.8% from FY 2020). Net income: €676.3m (up 143% from FY 2020). Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 3.4% compared to a 9.4% decline forecast for the reits industry in France. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 20
Price target increased to €123 Up from €108, the current price target is provided by 1 analyst. New target price is 12% above last closing price of €109. Stock is up 33% over the past year. Reported Earnings • Jul 18
First half 2021 earnings released: EPS €15.10 (vs €2.23 in 1H 2020) First half 2021 results: Revenue: €76.5m (up 10% from 1H 2020). Net income: €338.3m (up €288.7m from 1H 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 25
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 01 April 2021. Payment date: 29 April 2021. Trailing yield: 2.6%. Lower than top quartile of French dividend payers (4.3%). Lower than average of industry peers (5.1%). Is New 90 Day High Low • Jan 20
New 90-day high: €88.40 The company is up 7.0% from its price of €82.60 on 22 October 2020. The French market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 23% over the same period. Tillkännagivande • Jan 10
Argan SA (ENXTPA:ARG) acquired two logistics platforms in France. Argan SA (ENXTPA:ARG) acquired two logistics platforms in France on January 8, 2021. Deutsche Pfandbriefbank provided financing of €80 million for the transaction. Hassan Javanshir, Thomas Ehrecke, Delphine Richard, Philippe None, David Noblinski and Emmanuelle Pontnau-Faure of Ashurst acted as legal advisor to Pfandbriefbank.
Argan SA (ENXTPA:ARG) completed the acquisition of two logistics platforms in France on January 8, 2021. Is New 90 Day High Low • Dec 04
New 90-day low: €77.00 The company is down 10.0% from its price of €86.00 on 04 September 2020. The French market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 17% over the same period. Tillkännagivande • Nov 18
OPPCI Groupama Gan Logistics agreed to acquire Portfolio Of 3 Logistics Platforms from Argan SA (ENXTPA:ARG). OPPCI Groupama Gan Logistics agreed to acquire Portfolio Of 3 Logistics Platforms from Argan SA (ENXTPA:ARG) on November 16, 2020. Platforms had annual rent of €2.5 million. Is New 90 Day High Low • Oct 24
New 90-day low: €81.60 The company is down 1.0% from its price of €82.60 on 24 July 2020. The French market is up 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 10.0% over the same period. Tillkännagivande • Jul 17
Argan SA to Report Fiscal Year 2020 Results on Jan 20, 2021 Argan SA announced that they will report fiscal year 2020 results at 5:00 PM, Romance Standard Time on Jan 20, 2021 
