New Risk • May 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.3% 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 Risk Debt is not well covered by operating cash flow (9.3% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Canlı Haberler • May 13
Montea Comm. VA Sees 6% EPRA EPS Gain With 99.6% Occupancy and 20% Rent Uplift EPRA earnings per share rose 6% in Q1 2026, supported by what the company described as strong operational performance.
Like-for-like rental growth reached 2.7% and the portfolio occupancy rate stood at 99.6%.
Montea signed or renewed 30,000 square meters of leases, with an average rent uplift of 20% on these contracts.
The combination of very high occupancy, rent uplifts on new and renewed leases, and higher EPRA earnings per share points to a portfolio that is currently being used efficiently and priced higher on recent contracts.
You may want to pay close attention to whether this level of rent uplift and occupancy can be maintained as leases roll over and as financing and construction costs evolve. Duyuru • May 12
Montea Comm. VA, Annual General Meeting, May 19, 2026 Montea Comm. VA, Annual General Meeting, May 19, 2026, at 10:00 Romance Standard Time. Reported Earnings • Apr 21
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: €7.09 (down from €8.17 in FY 2024). Revenue: €173.1m (up 26% from FY 2024). Net income: €163.3m (down 4.8% from FY 2024). Profit margin: 94% (down from 125% in FY 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. New Risk • Mar 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.5% 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 Risk Debt is not well covered by operating cash flow (9.5% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Feb 13
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: €7.09 (down from €8.17 in FY 2024). Revenue: €167.1m (up 22% from FY 2024). Net income: €163.3m (down 4.8% from FY 2024). Profit margin: 98% (down from 125% in FY 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Buy Or Sell Opportunity • Nov 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.7% to €74.40. The fair value is estimated to be €61.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: €1.62 (vs €1.26 in 3Q 2024) Third quarter 2025 results: EPS: €1.62 (up from €1.26 in 3Q 2024). Revenue: €25.7m (up 10% from 3Q 2024). Net income: €37.4m (up 44% from 3Q 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Major Estimate Revision • Aug 24
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €6.70 to €8.22. Revenue forecast steady at €143.1m. Net income forecast to grow 13% next year vs 27% growth forecast for Industrial REITs industry in Belgium. Consensus price target broadly unchanged at €79.13. Share price rose 3.2% to €70.00 over the past week. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: €2.30 (vs €3.74 in 2Q 2024) Second quarter 2025 results: EPS: €2.30 (down from €3.74 in 2Q 2024). Revenue: €46.0m (up 21% from 2Q 2024). Net income: €52.9m (down 30% from 2Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • May 23
Montea Comm. VA announces Annual dividend, payable on June 04, 2025 Montea Comm. VA announced Annual dividend of EUR 2.6200 per share payable on June 04, 2025, ex-date on May 23, 2025 and record date on May 26, 2025. New Risk • May 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% 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 Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 22
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: €8.17 (up from €6.45 in FY 2023). Revenue: €137.2m (up 5.2% from FY 2023). Net income: €171.5m (up 45% from FY 2023). Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 9.9% 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 33% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €139.5m to €142.3m. EPS estimate fell from €6.54 to €5.78 per share. Net income forecast to grow 9.1% next year vs 10% growth forecast for Industrial REITs industry in Belgium. Consensus price target of €82.13 unchanged from last update. Share price rose 4.7% to €67.00 over the past week. Reported Earnings • Feb 13
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: €8.17 (up from €6.45 in FY 2023). Revenue: €137.2m (up 5.2% from FY 2023). Net income: €171.5m (up 45% from FY 2023). Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% 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. Buy Or Sell Opportunity • Jan 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €61.10. The fair value is estimated to be €77.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are forecast to decline by 1.5% per annum over the same time period. New Risk • Nov 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Nov 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.9% 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 Risk Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (25% increase in shares outstanding). Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: €1.26 (vs €1.87 in 3Q 2023) Third quarter 2024 results: EPS: €1.26 (down from €1.87 in 3Q 2023). Revenue: €23.3m (down 3.5% from 3Q 2023). Net income: €26.1m (down 24% from 3Q 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Sep 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to €76.60. The fair value is estimated to be €96.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Reported Earnings • Aug 23
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €38.1m (up 9.1% from 2Q 2023). Net income: €75.9m (up 48% from 2Q 2023). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Industrial REITs industry in Europe. Buy Or Sell Opportunity • Aug 22
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €80.80. The fair value is estimated to be €101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Buy Or Sell Opportunity • Aug 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.2% to €78.80. The fair value is estimated to be €101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Board Change • Jun 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. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Lieve Creten was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 10
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €7.53 to €8.71. Revenue forecast steady at €122.9m. Net income forecast to grow 61% next year vs 7.4% growth forecast for Industrial REITs industry in Belgium. Consensus price target of €90.71 unchanged from last update. Share price was steady at €84.80 over the past week. Reported Earnings • Apr 22
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €6.45 (down from €12.37 in FY 2022). Revenue: €130.5m (up 18% from FY 2022). Net income: €118.5m (down 42% from FY 2022). Profit margin: 91% (down from 184% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 11
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €6.45 (down from €12.37 in FY 2022). Revenue: €130.5m (up 18% from FY 2022). Net income: €118.5m (down 42% from FY 2022). Profit margin: 91% (down from 184% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Feb 06
Montea Comm. VA to Report Fiscal Year 2023 Final Results on Apr 18, 2024 Montea Comm. VA announced that they will report fiscal year 2023 final results at 5:40 PM, Central European Standard Time on Apr 18, 2024 Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €5.19 to €4.20 per share. Revenue forecast steady at €109.5m. Net income forecast to grow 13% next year vs 8.2% decline forecast for Industrial REITs industry in Belgium. Consensus price target broadly unchanged at €85.17. Share price rose 3.2% to €67.80 over the past week. Buying Opportunity • Nov 06
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be €88.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 4.7% in 2 years. Earnings is forecast to grow by 72% in the next 2 years. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: €1.87 (vs €2.30 in 3Q 2022) Third quarter 2023 results: EPS: €1.87 (down from €2.30 in 3Q 2022). Revenue: €24.2m (up 14% from 3Q 2022). Net income: €34.2m (down 9.5% from 3Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 11% per year. Major Estimate Revision • Aug 24
Consensus EPS estimates fall by 33%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €107.3m to €110.2m. EPS estimate fell from €6.50 to €4.32 per share. Net income forecast to shrink 33% next year vs 11% decline forecast for Industrial REITs industry in Belgium. Consensus price target of €87.33 unchanged from last update. Share price rose 4.6% to €72.80 over the past week. Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: €2.84 (vs €6.14 in 2Q 2022) Second quarter 2023 results: EPS: €2.84 (down from €6.14 in 2Q 2022). Revenue: €34.9m (up 17% from 2Q 2022). Net income: €51.3m (down 49% from 2Q 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Industrial REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 13
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €92.3m to €93.8m. EPS estimate increased from €11.79 to €13.31 per share. Net income forecast to shrink 81% next year vs 41% decline forecast for REITs industry in Belgium. Consensus price target down from €97.00 to €85.25. Share price rose 5.5% to €72.50 over the past week. Price Target Changed • Nov 16
Price target decreased to €104 Down from €115, the current price target is an average from 5 analysts. New target price is 57% above last closing price of €66.00. Stock is down 47% over the past year. The company is forecast to post earnings per share of €11.79 for next year compared to €14.11 last year. Major Estimate Revision • Oct 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €89.0m to €91.0m. EPS estimate fell from €13.63 to €11.44 per share. Net income forecast to shrink 57% next year vs 33% decline forecast for REITs industry in Belgium. Consensus price target down from €117 to €104. Share price fell 4.8% to €64.80 over the past week. Price Target Changed • Oct 11
Price target decreased to €104 Down from €117, the current price target is an average from 5 analysts. New target price is 56% above last closing price of €66.60. Stock is down 44% over the past year. The company is forecast to post earnings per share of €13.63 for next year compared to €14.11 last year. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €69.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the REITs industry in Belgium. Total loss to shareholders of 4.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €127 per share. Reported Earnings • Aug 23
First quarter 2022 earnings released: EPS: €4.86 (vs €4.87 in 1Q 2021) First quarter 2022 results: EPS: €4.86. Revenue: €21.9m (flat on 1Q 2021). Net income: €78.8m (flat on 1Q 2021). Over the next year, revenue is forecast to decline by 6.4% while the REITs industry in Belgium is not expected to grow. Price Target Changed • Aug 23
Price target decreased to €119 Down from €129, the current price target is an average from 2 analysts. New target price is 28% above last closing price of €93.20. Stock is down 22% over the past year. The company is forecast to post earnings per share of €16.51 for next year compared to €14.11 last year. Duyuru • May 25
Montea Comm. VA to Report First Half, 2022 Results on Jun 30, 2022 Montea Comm. VA announced that they will report first half, 2022 results on Jun 30, 2022 Buying Opportunity • May 21
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be €128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is forecast to decline by 13% per annum over the same time period. Buying Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €127, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings is forecast to decline by 20% per annum over the same time period. Reported Earnings • Apr 18
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €14.12 (up from €9.74 in FY 2020). Revenue: €94.4m (up 14% from FY 2020). Net income: €227.7m (up 47% from FY 2020). Net asset value (NAV) per share: €62.60 (up 23% from FY 2020). The current share price is 95% higher than NAV per share. Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is expected to shrink by 8.2% compared to a 1.4% growth forecast for the reits industry in Belgium. 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 18% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 17
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €90.0m to €87.2m. EPS estimate also fell from €11.29 per share to €7.65 per share. Net income forecast to shrink 46% next year vs 28% decline forecast for REITs industry in Belgium. Consensus price target of €130 unchanged from last update. Share price fell 6.2% to €109 over the past week. Reported Earnings • Feb 14
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €14.02 (up from €9.74 in FY 2020). Revenue: €94.4m (up 14% from FY 2020). Net income: €226.1m (up 46% from FY 2020). Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is forecast to decline by -12% while the reits industry in Belgium is not expected to grow. 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 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS €2.78 (vs €2.90 in 3Q 2020) Third quarter 2021 results: Revenue: €16.6m (up 1.7% from 3Q 2020). Net income: €45.1m (down 3.0% from 3Q 2020). 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 33% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 25
Price target increased to €116 Up from €108, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €118. Stock is up 21% over the past year. Reported Earnings • Aug 23
Second quarter 2021 earnings released: EPS €3.14 (vs €2.61 in 2Q 2020) Second quarter 2021 results: Revenue: €25.7m (up 18% from 2Q 2020). Net income: €50.4m (up 22% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 34% per year. Major Estimate Revision • Aug 21
Consensus EPS estimates increase to €9.39 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €80.1m to €81.1m. EPS estimate increased from €7.50 to €9.39 per share. Net income forecast to shrink 10% next year vs 30% decline forecast for REITs industry in Belgium. Consensus price target up from €108 to €115. Share price rose 2.1% to €119 over the past week. Price Target Changed • Aug 20
Price target increased to €115 Up from €105, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €119. Stock is up 23% over the past year. Major Estimate Revision • Jun 04
Consensus EPS estimates increase to €7.50 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €78.1m to €80.1m. EPS estimate increased from €4.88 to €7.50 per share. Net income forecast to shrink 42% next year vs 4.9% growth forecast for REITs industry in Belgium . Consensus price target broadly unchanged at €107. Share price rose 4.1% to €98.70 over the past week. Executive Departure • May 23
Non-Executive Director has left the company On the 18th of May, Jean-Marc Mayeur's tenure as Non-Executive Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Jean-Marc's name. A total of 3 executives have left over the last 12 months. Executive Departure • May 23
Independent Vice-President of the Board Ciska Servais has left the company On the 18th of May, Ciska Servais' tenure as Independent Vice-President of the Board ended after 8.0 years in the role. We don't have any record of a personal shareholding under Ciska's name. A total of 3 executives have left over the last 12 months. Executive Departure • May 23
Non-independent, Non-Executive Director has left the company On the 18th of May, Greta Afslag's tenure as Non-independent, Non-Executive Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Greta's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 17
First quarter 2021 earnings released: EPS €4.87 (vs €0.42 in 1Q 2020) First quarter 2021 results: Revenue: €22.0m (up 25% from 1Q 2020). Net income: €78.1m (up €71.5m from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 30
New 90-day high: €101 The company is up 7.0% from its price of €94.20 on 30 October 2020. The Belgian market is up 19% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the REITs industry, which is also up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €88.51 per share. Is New 90 Day High Low • Dec 15
New 90-day low: €89.90 The company is down 14% from its price of €104 on 15 September 2020. The Belgian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €335 per share.