Board Change • Sep 01
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: €2.99 (vs €0.58 in 2Q 2021) Second quarter 2022 results: EPS: €2.99 (up from €0.58 in 2Q 2021). Revenue: €33.6m (up 5.2% from 2Q 2021). Net income: €80.9m (up 416% from 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 7.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 13% 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. Board Change • Aug 02
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: €2.99 (vs €0.58 in 2Q 2021) Second quarter 2022 results: EPS: €2.99 (up from €0.58 in 2Q 2021). Revenue: €33.6m (up 5.2% from 2Q 2021). Net income: €80.9m (up 416% from 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 7.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 13% 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. Board Change • Jul 19
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 08
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. CEO, MD & Executive Director Jean-Philip Vroninks was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improved over the past week After last week's 48% share price gain to €47.70, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 9x in the REITs industry in the United Kingdom. Total returns to shareholders of 12% over the past three years. Reported Earnings • Feb 20
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €3.31 (up from €2.13 in FY 2020). Revenue: €132.0m (down 9.5% from FY 2020). Net income: €89.4m (up 55% from FY 2020). Profit margin: 68% (up from 40% in FY 2020). Net asset value (NAV) per share: €60.35 (up 2.5% from FY 2020). The current share price is 47% lower than NAV per share. Revenue missed analyst estimates by 5.0%. Over the next year, revenue is expected to shrink by 6.8% compared to a 1.0% growth forecast for the reits industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Board Change • Feb 15
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 08
Upcoming dividend of €0.88 per share Eligible shareholders must have bought the stock before 15 December 2021. Payment date: 17 December 2021. Trailing yield: 7.1%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (2.8%). Board Change • Dec 08
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €1.05 (vs €1.11 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: €29.9m (down 15% from 3Q 2020). Net income: €28.4m (down 4.0% from 3Q 2020). Profit margin: 95% (up from 85% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Board Change • Oct 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 01
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 01
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS €0.58 (vs €0.53 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €31.9m (down 12% from 2Q 2020). Net income: €15.7m (up 8.3% from 2Q 2020). Profit margin: 49% (up from 40% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Board Change • Aug 04
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Chairman of the Board Vincent Querton was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2021 earnings released: EPS €1.15 (vs €0.38 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €38.6m (down 10% from 1Q 2020). Net income: €31.1m (up 204% from 1Q 2020). Profit margin: 81% (up from 24% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 28
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 07 May 2021. Trailing yield: 6.4%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (3.0%). Reported Earnings • Feb 21
Full year 2020 earnings released: EPS €2.13 (vs €6.95 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €148.1m (down 2.6% from FY 2019). Net income: €57.7m (down 68% from FY 2019). Profit margin: 39% (down from 117% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue misses expectations Revenue missed analyst estimates by 1.9%. Over the next year, revenue is expected to shrink by 12% compared to a 2.8% decline forecast for the REITs industry in the United Kingdom. Is New 90 Day High Low • Feb 13
New 90-day low: €34.05 The company is down 7.0% from its price of €36.60 on 13 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €62.87 per share. Upcoming Dividend • Dec 09
Upcoming Dividend of €1.18 Per Share Will be paid on the 18th of December to those who are registered shareholders by the 16th of December. The trailing yield of 7.2% is in the top quartile of British dividend payers (4.8%), and it is higher than industry peers (3.5%). 
