Major Estimate Revision • Jun 07
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €812.8m to €800.5m. EPS estimate also fell from €2.08 per share to €1.58 per share. Net income forecast to shrink 62% next year vs 4.5% decline forecast for Real Estate industry in Austria. Consensus price target down from €20.50 to €16.75. Share price fell 5.4% to €15.10 over the past week. Price Target Changed • Jun 05
Price target decreased by 20% to €16.75 Down from €21.00, the current price target is provided by 1 analyst. New target price is 11% above last closing price of €15.10. Stock is down 17% over the past year. The company is forecast to post earnings per share of €1.58 for next year compared to €3.73 last year. Reported Earnings • May 29
First quarter 2026 earnings released: EPS: €0.76 (vs €0.38 in 1Q 2025) First quarter 2026 results: EPS: €0.76 (up from €0.38 in 1Q 2025). Revenue: €191.7m (up 1.5% from 1Q 2025). Net income: €105.2m (up 100% from 1Q 2025). Profit margin: 55% (up from 28% in 1Q 2025). Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Apr 15
An undisclosed buyer acquired STOP SHOP San Fior and STOP SHOP Terminal Nord Udine Retail parks in Italy from CPI Europe AG (WBAG:CPI). An undisclosed buyer acquired STOP SHOP San Fior and STOP SHOP Terminal Nord Udine Retail parks in Italy from CPI Europe AG (WBAG:CPI) on April 13, 2026. The transaction was finalised under favourable market conditions following active portfolio management.
An undisclosed buyer completed the acquisiiton of STOP SHOP San Fior and STOP SHOP Terminal Nord Udine Retail parks in Italy from CPI Europe AG (WBAG:CPI) on April 13, 2026. Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €862.4m to €812.8m. EPS estimate also fell from €2.57 per share to €2.08 per share. Net income forecast to shrink 44% next year vs 7.3% decline forecast for Real Estate industry in Austria. Consensus price target down from €21.00 to €20.50. Share price was steady at €15.68 over the past week. Reported Earnings • Mar 30
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: €3.73 (up from €0.97 in FY 2024). Revenue: €754.2m (down 6.9% from FY 2024). Net income: €514.0m (up 285% from FY 2024). Profit margin: 68% (up from 17% in FY 2024). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 57%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Dec 09
CPI Europe AG, Annual General Meeting, May 05, 2026 CPI Europe AG, Annual General Meeting, May 05, 2026. Reported Earnings • Dec 01
Third quarter 2025 earnings released: EPS: €0.25 (vs €0.054 in 3Q 2024) Third quarter 2025 results: EPS: €0.25 (up from €0.054 in 3Q 2024). Revenue: €35.5m (down 82% from 3Q 2024). Net income: €33.9m (up 351% from 3Q 2024). Profit margin: 96% (up from 3.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €15.72. The fair value is estimated to be €19.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Sep 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 143% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 8.0% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Jun 26
Diorit Private Equity Fund managed by Gránit Asset Management and BDPST Zrt acquired The Budapest Marriott Hotel from CPI Europe AG (WBAG:CPI) for approximately €120 million. Diorit Private Equity Fund managed by Gránit Asset Management and BDPST Zrt acquired The Budapest Marriott Hotel from CPI Europe AG (WBAG:CPI) for approximately €120 million on June 25, 2025. The group emerged as the best bidder in an open international tender. The transaction hinges on regulatory approvals and other closing conditions. New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings have declined by 22% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 22% per year over the past 5 years. Reported Earnings • May 29
First quarter 2025 earnings released: EPS: €0.38 (vs €0.40 in 1Q 2024) First quarter 2025 results: EPS: €0.38 (down from €0.40 in 1Q 2024). Revenue: €188.4m (down 2.1% from 1Q 2024). Net income: €52.5m (down 4.4% from 1Q 2024). Profit margin: 28% (in line with 1Q 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 2.3% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: €808.4m (up 11% from FY 2023). Net income: €133.7m (up €314.0m from FY 2023). Profit margin: 17% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.8%. Revenue is forecast to stay flat during the next 2 years compared to a 2.0% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Mar 06
Now 20% undervalued Over the last 90 days, the stock has risen 5.2% to €15.80. The fair value is estimated to be €19.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 29
Now 21% undervalued Over the last 90 days, the stock has risen 10% to €16.50. The fair value is estimated to be €21.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 27
IMMOFINANZ AG, Annual General Meeting, May 20, 2025 IMMOFINANZ AG, Annual General Meeting, May 20, 2025. Announcement • Dec 04
IMMOFINANZ AG (WBAG:IIA) completed the acquisition of an additional 7.13% stake in S IMMO AG (WBAG:SPI) IMMOFINANZ AG (WBAG:IIA) intends to launch a squeeze-out offer to acquire additional 7.13% stake in S IMMO AG (WBAG:SPI) on May 24, 2024. The Supervisory Board of IMMOFINANZ AG approved the commencement of preparations for a squeeze-out of S IMMO AG (“S IMMO”) in accordance with the Austrian Squeeze out Act (Gesellschafter-Ausschlussgesetz). Together with its parent company CPI Property Group S.A., IMMOFINANZ holds a stake of approximately 92.54%. The squeeze-out currently relates to 5,246,664 S IMMO shares. Following the completion of preparatory steps, and subject to further legal, tax and financial review, IMMOFINANZ as main shareholder would submit a request to S IMMO to initiate the procedure under the Austrian Squeeze-out Act. The cash compensation for the acquisition of the S IMMO shares will be determined based on a valuation report to be obtained. The squeeze-out will then be submitted for approval at a shareholders' meeting of S IMMO. The S IMMO general meeting is expected to decide on the squeeze-out this autumn, and expect the process will be completed by the end of 2024. On October 14, 2024, S IMMO AG shareholders has approved the transaction. The affected minority shareholders will receive a cash compensation of €22.05 per share of S IMMO AG in accordance with the resolution of the Shareholders’ Meeting. The last trading day in the shares of S IMMO AG on the Vienna Stock Exchange is therefore expected to be December, 2 2024. PwC Advisory Services GmbH acted as fairness opinion provider to S IMMO AG.
IMMOFINANZ AG (WBAG:IIA) completed the acquisition of an additional 7.13% stake in S IMMO AG (WBAG:SPI) on December 3, 2024. The squeeze-out was executed in accordance with the Austrian Squeeze-out Act (Gesellschafterausschlussgesetz). The cash compensation is expected to be paid out as scheduled with value date of 11 December 2024 concurrently against derecognition of the claim certificates. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: €0.054 (vs €0.26 in 3Q 2023) Third quarter 2024 results: EPS: €0.054 (down from €0.26 in 3Q 2023). Revenue: €193.3m (up 9.4% from 3Q 2023). Net income: €7.51m (down 79% from 3Q 2023). Profit margin: 3.9% (down from 20% in 3Q 2023). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Oct 02
An undisclosed buyer acquired 5.34% stake in IMMOFINANZ AG (WBAG:IIA) from Klaus Umek's Petrus Advisers Investments Fund L.P. fund managed by Petrus Advisers LLP. An undisclosed buyer acquired 5.34% stake in IMMOFINANZ AG (WBAG:IIA) from Klaus Umek's Petrus Advisers Investments Fund L.P. fund managed by Petrus Advisers LLP on September 26, 2024. Post completion of the acquisition, Petrus Advisers Investments Fund L.P. would be holding 1.056% of stake in IMMOFINANZ.
An undisclosed buyer completed the acquisition of 5.34% stake in IMMOFINANZ AG (WBAG:IIA) from Klaus Umek's Petrus Advisers Investments Fund L.P. fund managed by Petrus Advisers LLP on September 26, 2024. Buy Or Sell Opportunity • Sep 27
Now 21% overvalued Over the last 90 days, the stock has fallen 29% to €18.44. The fair value is estimated to be €15.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company became loss making. Announcement • Sep 05
Immofinanz Starts Negotiations to Purchase CPI Property Group's Remaining 38.37% Stake in S Immo IMMOFINANZ AG (WBAG:IIA) started negotiations to purchase CPI Property Group (XTRA:O5G) (Cpipg)'s remaining 38.37% stake in S IMMO AG (WBAG:SPI). Currently, Immofinanz Directly holds approximately 50.60% of S Immo and Cpipg directly holds 38.37%. Potential transaction would involve 28,241,094 shares in S Immo (approximately 38.37%). Transaction would take place at a fair market price taking into account as an upper limit cash compensation of EUR 22.05 per share. Upon completion of a purchase and squeeze-out Immofinanz would be 100% shareholder of S Immo. Reported Earnings • Sep 03
Second quarter 2024 earnings released: €0.071 loss per share (vs €0.75 loss in 2Q 2023) Second quarter 2024 results: €0.071 loss per share (improved from €0.75 loss in 2Q 2023). Revenue: €200.8m (up 11% from 2Q 2023). Net loss: €9.77m (loss narrowed 93% from 2Q 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
AFI Europe N.V. acquired myhive Victoriei building on Calea Victoriei in Bucharest from IMMOFINANZ AG (WBAG:IIA) for €27 million. AFI Europe N.V. acquired myhive Victoriei building on Calea Victoriei in Bucharest from IMMOFINANZ AG (WBAG:IIA) for €27 million on August 20, 2024. The transaction was brokered by Colliers and Cushman & Wakefield Echinox.
AFI Europe N.V. completed the acquisition of myhive Victoriei building on Calea Victoriei in Bucharest from IMMOFINANZ AG (WBAG:IIA) on August 20, 2024. Popovici & Asociatii acted as legal advisor to AFI Europe. Reported Earnings • May 30
First quarter 2024 earnings released: EPS: €0.35 (vs €0.28 in 1Q 2023) First quarter 2024 results: EPS: €0.35 (up from €0.28 in 1Q 2023). Revenue: €192.2m (up 4.0% from 1Q 2023). Net income: €54.9m (up 118% from 1Q 2023). Profit margin: 29% (up from 14% in 1Q 2023). 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. Reported Earnings • Mar 28
Full year 2023 earnings released: €1.31 loss per share (vs €1.04 profit in FY 2022) Full year 2023 results: €1.31 loss per share (down from €1.04 profit in FY 2022). Revenue: €727.0m (up 169% from FY 2022). Net loss: €180.3m (down 226% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 20% per year over the past 5 years. Announcement • Feb 09
An unknown buyer acquired Grand Center Zagreb office property from IMMOFINANZ AG (WBAG:IIA). An unknown buyer acquired Grand Center Zagreb office property from IMMOFINANZ AG (WBAG:IIA) on February 8, 2024.An unknown buyer completed the acquisition of Grand Center Zagreb office property from IMMOFINANZ AG (WBAG:IIA) on February 8, 2024. Announcement • Dec 12
IMMOFINANZ AG Announces Resignation of Gayatri Narayan from the Supervisory Board, Effective on December 31, 2023 IMMOFINANZ AG announced resignation of Gayatri Narayan from the Supervisory Board as of 31 December 2023 for personal reasons. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: €0.067 (vs €0.62 in 3Q 2022) Third quarter 2023 results: EPS: €0.067 (down from €0.62 in 3Q 2022). Revenue: €23.1m (down 80% from 3Q 2022). Net income: €9.30m (down 89% from 3Q 2022). Profit margin: 40% (down from 75% in 3Q 2022). Revenue is forecast to grow 24% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Austria are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Oct 29
Price target increased by 8.1% to €17.30 Up from €16.00, the current price target is an average from 2 analysts. New target price is 7.2% below last closing price of €18.64. Stock is up 56% over the past year. The company is forecast to post a net loss per share of €1.89 compared to earnings per share of €1.04 last year. Price Target Changed • Sep 27
Price target increased by 10% to €16.87 Up from €15.33, the current price target is an average from 3 analysts. New target price is 7.4% below last closing price of €18.22. Stock is up 45% over the past year. The company is forecast to post a net loss per share of €1.89 compared to earnings per share of €1.04 last year. Reported Earnings • Aug 31
Second quarter 2023 earnings released: €1.21 loss per share (vs €0.65 profit in 2Q 2022) Second quarter 2023 results: €1.21 loss per share (down from €0.65 profit in 2Q 2022). Revenue: €74.1m (down 34% from 2Q 2022). Net loss: €167.6m (down 285% from profit in 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Real Estate industry in Austria. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 11
Now 20% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be €22.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 119% in 2 years. Earnings is forecast to grow by 75% in the next 2 years. Major Estimate Revision • Jul 19
Consensus EPS estimates upgraded to €2.62 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -€3.37 per share to -€2.62 per share. Revenue forecast reaffirmed at €697.3m. Real Estate industry in Austria expected to see average net income decline 17% next year. Consensus price target up from €14.00 to €15.33. Share price was steady at €18.10 over the past week. Announcement • Jul 12
S IMMO AG (WBAG:SPI) acquired Vienna Twin Towers from IMMOFINANZ AG (WBAG:IIA). S IMMO AG (WBAG:SPI) acquired Vienna Twin Towers from IMMOFINANZ AG (WBAG:IIA) on July 11, 2023. The towers were last valued at €194 million and generate rental income of €12.6 million per year
S IMMO AG (WBAG:SPI) completed the acquisition of Vienna Twin Towers from IMMOFINANZ AG (WBAG:IIA) on July 11, 2023. Announcement • Jun 17
IMMOFINANZ AG Appoints Pavel Mechura to the Executive Board The Supervisory Board of IMMOFINANZ AG appointed Pavel Mechura to the Executive Board, effective immediately. The IMMOFINANZ Executive Board will now include two members: Radka Doehring and Pavel Mechura. Also effective June 16, 2023, Radka Doehring will become a member of the Executive Board of S IMMO AG. Price Target Changed • May 17
Price target decreased by 22% to €14.00 Down from €17.95, the current price target is an average from 4 analysts. New target price is 8.9% below last closing price of €15.36. Stock is down 33% over the past year. The company is forecast to post a net loss per share of €1.73 compared to earnings per share of €1.04 last year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €12.93, the stock trades at a trailing P/E ratio of 5.9x. Average forward P/E is 13x in the Real Estate industry in Austria. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.33 per share. Buying Opportunity • Mar 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.8%. The fair value is estimated to be €13.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has grown by 3.5%. Revenue is forecast to grow by 64% in 2 years. Earnings is forecast to decline by 97% in the next 2 years. Price Target Changed • Jan 05
Price target decreased to €17.95 Down from €19.82, the current price target is an average from 5 analysts. New target price is 48% above last closing price of €12.10. Stock is down 46% over the past year. The company is forecast to post earnings per share of €0.96 for next year compared to €2.81 last year. Announcement • Sep 20
IMMOFINANZ AG (WBAG:IIA) agreed to acquire Portfolio of 53 retail properties from CPI Property Group S.A. (XTRA:O5G) for approximately €330 million. IMMOFINANZ AG (WBAG:IIA) agreed to acquire Portfolio of 53 retail properties from CPI Property Group S.A. (XTRA:O5G) for approximately €330 million on September 19, 2022. Closing for 36 properties in the Czech Republic and Poland already completed. The purchase price of €191 million for those properties was financed from existing funds. The properties reported an annual rental income of around 25 million euros in 2021. The closing for the remaining 17 properties in Hungary and Slovakia is expected to take place by the end of this year. Major Estimate Revision • Sep 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €333.9m to €364.9m. EPS estimate fell from €1.22 to €0.96 per share. Net income forecast to shrink 79% next year vs 38% decline forecast for Real Estate industry in Austria. Consensus price target down from €19.82 to €18.46. Share price was steady at €14.89 over the past week. Announcement • Sep 07
Passerinvest Group, a.s acquired BBC Gamma office building in Prague from IMMOFINANZ AG (WBAG:IIA). Passerinvest Group, a.s acquired BBC Gamma office building in Prague from IMMOFINANZ AG (WBAG:IIA) on June 30, 2022.
Passerinvest Group, a.s. completed the acquisition of BBC Gamma office building in Prague from IMMOFINANZ AG (WBAG:IIA) on June 30, 2022. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: €0.65 (vs €0.86 in 2Q 2021) Second quarter 2022 results: EPS: €0.65 (down from €0.86 in 2Q 2021). Revenue: €102.6m (down 17% from 2Q 2021). Net income: €90.4m (down 14% from 2Q 2021). Profit margin: 88% (up from 85% in 2Q 2021). Over the next year, revenue is expected to shrink by 14% compared to a 6.7% decline forecast for the Real Estate industry in Austria. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jul 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 consensus EPS estimate fell from €1.64 to €1.22. Revenue forecast reaffirmed at €333.9m. Net income forecast to shrink 65% next year vs 28% decline forecast for Real Estate industry in Austria. Consensus price target down from €21.82 to €19.82. Share price was steady at €14.46 over the past week. Price Target Changed • Jul 26
Price target decreased to €19.82 Down from €21.86, the current price target is an average from 4 analysts. New target price is 38% above last closing price of €14.38. The company is forecast to post earnings per share of €1.64 for next year compared to €2.81 last year. Announcement • Jul 14
IMMOFINANZ AG Announces Supervisory Board Changes IMMOFINANZ AG announced supervisory Board changes. Stefan Guetter resigned from the supervisory Board, giving 4 weeks' notice with effect from July 15, 2022 midnight. In order to regain the number of 4 capital representatives after Mr. Guetter's resignation, CPIPG proposes Mr. Martin Matula for election to the Supervisory Board. Mr. Martin Matula has just been elected as a member of the Supervisory Board with effect from 16th of July 2022 until the end of the Annual General Meeting, which results on the approval of the actions for the business year 2024, the AGM 2025. Announcement • Jun 09
IMMOFINANZ AG Announces Management Changes IMMOFINANZ AG announced that the Supervisory Board and the members of the Executive Board Dietmar Reindl and Stefan Schönauer mutually agreed in relation to the Change of Control Event, that their contract as board members shall end at 08th of June 2022. Dietmar Reindl and Stefan Schönauer will continue to work for the Company as advisors to the Executive and Supervisory Board until 31st of December 2022. Radka Doehring was appointed as an Executive Board member in April 2022 and takes over the agendas from Dietmar Reindl and Stefan Schönauer. They will continue to support her in her new role and future projects.Dietmar Reindl has held key management positions with IMMOFINANZ since 2012 and was appointed to the Executive Board in May 2014. Stefan Schönauer has been with IMMOFINANZ in leading positions since 2008 and was appointed CFO in March 2016. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €19.27, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Real Estate industry in Europe. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.96 per share. Major Estimate Revision • Apr 28
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €348.8m to €399.9m. EPS estimate increased from €1.65 to €1.88 per share. Net income forecast to shrink 27% next year vs 26% decline forecast for Real Estate industry in Austria. Consensus price target down from €22.60 to €22.02. Share price was steady at €22.94 over the past week. Reported Earnings • Apr 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €2.82 (up from €1.50 loss in FY 2020). Revenue: €515.0m (up 67% from FY 2020). Net income: €347.1m (up €514.1m from FY 2020). Profit margin: 67% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to decline by 22% while the industry in Austria is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 22
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €2.81 (up from €1.50 loss in FY 2020). Revenue: €375.1m (flat on FY 2020). Net income: €347.1m (up €514.1m from FY 2020). Profit margin: 93% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to decline by 7.0% while the industry in Austria is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Apr 21
IMMOFINANZ Provides Dividend Guidance for the 2022 IMMOFINANZ provided dividend guidance for the 2022 financial year remains unchanged at roughly 70% of the FFO 1 generated in 2022. Announcement • Mar 10
IMMOFINANZ AG Changes on the Supervisory Board IMMOFINANZ AG received a request to convene an extraordinary general meeting, together with an agenda covering elections to the Supervisory Board. According to the convocation request, CPIPG holds an investment (directly and indirectly) of approximately 54.86% in IMMOFINANZ and recommends (via its subsidiary WXZ1 a.s.) two new members for election by the general meeting. In view of the controlling interest attained by CPIPG in IMMOFINANZ, Bettina Breiteneder, Sven Bienert, Michael Mendel and Doroth-e Deuring have stated their intention to resign as members of the IMMOFINANZ Supervisory Board at the end of the extraordinary general meeting. The election of the candidates nominated by CPIPG would give the IMMOFINANZ Supervisory Board the following four members (shareholder representatives) elected by the general meeting: Martin Nemecek and Miroslava Grestiakov- as well as the current members Gayatri Narayan and Stefan Guetter. Martin Nemecek is CEO and Managing Director of the CPI Property Group. As a property expert, he has more than 20 years of experience in legal as well as leading management functions. Miroslava Grestiakov is Head of Group Compliance at Unilabs Group Services. Prior to joining Unilabs, this law school graduate, who speaks four languages, also served as a partner with Deloitte Legal in Bratislava for several years. Announcement • Jan 07
Jet Industrial Lease Sicav, A.S acquired Airport Business Centre office building from IMMOFINANZ AG (WBAG:IIA). Jet Industrial Lease Sicav, A.S acquired Airport Business Centre office building from IMMOFINANZ AG (WBAG:IIA) on January 5, 2022.
Jet Industrial Lease Sicav, A.S. completed the acquisition of Airport Business Centre office building from IMMOFINANZ AG (WBAG:IIA) on January 5, 2022. Major Estimate Revision • Dec 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from €336.9m to €333.2m. EPS estimate rose from €1.61 to €1.87. Net income forecast to shrink 16% next year vs 21% decline forecast for Real Estate industry in Austria. Consensus price target up from €21.98 to €22.57. Share price fell 2.4% to €22.24 over the past week. Reported Earnings • Dec 03
Third quarter 2021 earnings: EPS and revenues exceed analyst expectations Third quarter 2021 results: EPS: €0.54 (up from €0.28 in 3Q 2020). Revenue: €101.2m (up 6.8% from 3Q 2020). Net income: €67.1m (up 210% from 3Q 2020). Profit margin: 66% (up from 23% in 3Q 2020). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the next year, revenue is expected to shrink by 17% compared to a 8.5% decline forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Oct 14
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 21 October 2021. Payment date: 25 October 2021. Trailing yield: 3.6%. Within top quartile of Austrian dividend payers (3.5%). In line with average of industry peers (3.7%). Reported Earnings • Sep 02
Second quarter 2021 earnings released: EPS €0.86 (vs €0.82 loss in 2Q 2020) Second quarter 2021 results: Revenue: €90.6m (down 11% from 2Q 2020). Net income: €105.6m (up €188.2m from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 40% 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. Executive Departure • Jul 06
Member of the Executive Board & CEO Ronny Pecik has left the company On the 29th of June, Ronny Pecik's tenure as Member of the Executive Board & CEO of the company ended after 1.2 years in the role. As of March 2021, Ronny still personally held 1.20m shares (€20m worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 6.25 years. Under Ronny's leadership, the company delivered a total shareholder return of 17%. Upcoming Dividend • Jun 15
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 24 June 2021. Trailing yield: 2.8%. Lower than top quartile of Austrian dividend payers (3.2%). Lower than average of industry peers (3.7%). Reported Earnings • Jun 03
First quarter 2021 earnings released: EPS €1.00 (vs €0.37 loss in 1Q 2020) First quarter 2021 results: Revenue: €102.8m (up 9.0% from 1Q 2020). Net income: €123.1m (up €160.4m from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 24
Full year 2020 earnings released: €1.50 loss per share (vs €3.33 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €377.7m (down 36% from FY 2019). Net loss: €167.0m (down 147% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 22% 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. Announcement • Mar 18
IMMOFINANZ AG Announces Review Procedure Initiated by the Austrian Takeover Commission Pursuant to Section 33 of the Austrian Takeover Act The Austrian Takeover Commission notified IMMOFINANZ AG on 17 March 2021 that a review procedure is being initiated pursuant to Section 33 para 1 item 2 of the Austrian Takeover Act with respect to IMMOFINANZ AG as target company. The 2nd Panel of the Austrian Takeover Commission decided on 04 March 2021, pursuant to an application by Petrus Advisers Investments Fund L.P., to initiate a review procedure pursuant to Section 33 para 1 item 2 of the Austrian Takeover Act with respect to the target company IMMOFINANZ AG. The applicant argues that, based on the acquisitions of shares in IMMOFINANZ AG carried out by Ronny Pecik and Peter Korbacka (via RPPK Immo GmbH) in February 2020 and further control-relevant (capital) measures in 2020 at IMMOFINANZ AG and S IMMO AG, an obligation to launch a takeover offer at the level of IMMOFINANZ AG has been violated. Subject of these review proceedings is, whether against this background Ronny Pecik, RPR Privatstiftung (Reg. No. 191884h), RPR Management GmbH (Reg. No. 292808a), RPPK Immo GmbH (Reg. No. 525728f), RPR Treasury GmbH (Reg. No. 534052x), Peter Korbacka, S IMMO AG (Reg. No. 58358x), CEE Immobilien GmbH (Reg. No. 217290w), Norbert Ketterer, HAMAMELIS GmbH & Co KG (Reg. No. 518190w), EVAX Holding GmbH (Reg. No. 533290a) and any further legal entities may acting in concert have violated an obligation to launch a takeover offer pursuant to Sections 22 et seq Austrian Takeover Act for IMMOFINANZ AG. 