Financials Immobel NV

Equities

Market Closed - Euronext Bruxelles Other stock markets 11:35:08 2024-06-14 am EDT			5-day change	1st Jan Change
25.6 ^EUR	-0.78%		-2.85%	-14.09%

Mar. 11	Immobel SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 14	California Regional Multiple Listing Service Works with Immobel to Offer MLS Match Referral Network and Xomio Website Builder	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	583.2	654.8	726.8	448.7	297.2	263.8	-	-
Enterprise Value (EV) ¹	1,134	1,259	726.8	1,278	297.2	1,520	1,271	1,298
P/E ratio	5.69 x	19.1 x	7.88 x	41.9 x	-7.74 x	21.3 x	9.04 x	10.1 x
Yield	4.01%	4.06%	4.18%	6.78%	-	4.65%	8.24%	12%
Capitalization / Revenue	1.39 x	1.74 x	1.85 x	1.84 x	1.82 x	0.93 x	0.77 x	0.38 x
EV / Revenue	2.7 x	3.35 x	1.85 x	5.24 x	1.82 x	5.37 x	3.73 x	1.86 x
EV / EBITDA	9.1 x	23.8 x	5.68 x	18.6 x	8.49 x	33.9 x	18 x	11.3 x
EV / FCF	-7.35 x	-	-	-	-	36.4 x	20.7 x	-
FCF Yield	-13.6%	-	-	-	-	2.75%	4.82%	-
Price to Book	1.37 x	1.33 x	1.27 x	0.81 x	-	0.44 x	0.47 x	-
Nbr of stocks (in thousands)	8,783	9,602	9,970	9,972	9,972	10,227	-	-
Reference price ²	66.40	68.20	72.90	45.00	29.80	25.80	25.80	25.80
Announcement Date	3/10/20	3/4/21	3/10/22	3/9/23	3/11/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	419.5	375.4	392.8	243.9	162.8	283.2	341.1	699.9
EBITDA ¹	124.6	52.8	127.9	68.6	35	44.8	70.6	114.5
EBIT ¹	112	42	99.06	17.48	26.63	35.8	60.93	111
Operating Margin	26.69%	11.19%	25.22%	7.17%	16.35%	12.64%	17.86%	15.86%
Earnings before Tax (EBT) ¹	111.6	42.7	93.96	13.13	-25.33	13	33.8	-
Net income ¹	102.4	33.3	92.15	10.72	-38.42	12.1	28.83	63
Net margin	24.41%	8.87%	23.46%	4.4%	-23.6%	4.27%	8.45%	9%
EPS ²	11.66	3.580	9.247	1.075	-3.850	1.210	2.853	2.550
Free Cash Flow ¹	-154.3	-	-	-	-	41.8	61.3	-
FCF margin	-36.79%	-	-	-	-	14.76%	17.97%	-
FCF Conversion (EBITDA)	-	-	-	-	-	93.3%	86.83%	-
FCF Conversion (Net income)	-	-	-	-	-	345.45%	212.6%	-
Dividend per Share ²	2.660	2.770	3.050	3.050	-	1.200	2.125	3.100
Announcement Date	3/10/20	3/4/21	3/10/22	3/9/23	3/11/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	551	604	-	829	-	1,256	1,007	1,035
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.421 x	11.44 x	-	12.08 x	-	28.03 x	14.26 x	9.036 x
Free Cash Flow ¹	-154	-	-	-	-	41.8	61.3	-
ROE (net income / shareholders' equity)	29.7%	-	17.3%	10%	-	1.7%	4.75%	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	48.50	51.20	57.30	55.80	-	58.40	54.60	-
Cash Flow per Share ²	-16.90	-10.60	-2.130	-8.030	-	3.450	4.620	-
Capex ¹	-	-	-	-	-	17.2	18.5	19.9
Capex / Sales	-	-	-	-	-	6.07%	5.42%	2.84%
Announcement Date	3/10/20	3/4/21	3/10/22	3/9/23	3/11/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

25.8 EUR

Average target price

41.83 EUR

Spread / Average Target

+62.14%

	1st Jan change	Capi.
IMMOBEL NV	-14.09%	284M
MITSUI FUDOSAN CO., LTD.	+28.09%	26.11B
DLF LIMITED	+20.95%	25.9B
SUN HUNG KAI PROPERTIES LIMITED	-15.22%	25.25B
CHINA RESOURCES LAND LIMITED	-3.57%	24.51B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.09%	20.21B
MITSUBISHI ESTATE CO., LTD.	+33.30%	20.19B
EMAAR PROPERTIES	-2.15%	18.6B
MACROTECH DEVELOPERS LIMITED	+52.13%	18.32B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+1.01%	16.13B