Reported Earnings • Jul 27
First half 2025 earnings released: EPS: €2.33 (vs €1.79 in 1H 2024) First half 2025 results: EPS: €2.33 (up from €1.79 in 1H 2024). Revenue: €153.0m (up 3.0% from 1H 2024). Net income: €100.0m (up 30% from 1H 2024). Profit margin: 65% (up from 52% in 1H 2024). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% 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. Announcement • Jun 27
Société Foncière Lyonnaise to Report First Half, 2025 Results on Jul 23, 2025 Société Foncière Lyonnaise announced that they will report first half, 2025 results on Jul 23, 2025 Upcoming Dividend • Apr 21
Upcoming dividend of €2.85 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 30 April 2025. Trailing yield: 3.7%. Lower than top quartile of French dividend payers (5.6%). Lower than average of industry peers (5.5%). New Risk • Apr 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.6% 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 Risks Debt is not well covered by operating cash flow (3.6% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Cash payout ratio: 126% Minor Risk Large one-off items impacting financial results. Declared Dividend • Mar 21
Dividend increased to €2.85 Dividend of €2.85 is 19% higher than last year. Ex-date: 28th April 2025 Payment date: 30th April 2025 Dividend yield will be 3.8%, which is lower than the industry average of 5.5%. Announcement • Mar 20
Société Foncière Lyonnaise, Annual General Meeting, Apr 23, 2025 Société Foncière Lyonnaise, Annual General Meeting, Apr 23, 2025. Location: 42 rue washington, paris France Reported Earnings • Feb 21
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: €255.9m (down 11% from FY 2023). Net income: €206.9m (up €845.7m from FY 2023). Profit margin: 81% (up from net loss in FY 2023). Revenue was in line with analyst estimates. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Office REITs industry in Europe. Announcement • Feb 19
Société Foncière Lyonnaise Recommends Dividend Société Foncière Lyonnaise announced that at the Annual General Meeting to be held on 28 April 2025, the Board of Directors will recommend paying a dividend of €2.85 per share. This payout is in line with SIIC distribution rules and is consistent with the Group’s EPRA earnings for 2024 and its growth outlook. New Risk • Feb 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.4% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jan 07
Société Foncière Lyonnaise to Report Fiscal Year 2024 Results on Feb 18, 2025 Société Foncière Lyonnaise announced that they will report fiscal year 2024 results After-Market on Feb 18, 2025 Announcement • Nov 21
Société Foncière Lyonnaise Announce Chief Executive Officer Changes Following confirmation of the proposed merger between Société Foncière Lyonnaise (SFL) and Colonial, Dimitri Boulte is stepping down as Chief Executive Officer of SFL. He is succeeded by Aude Grant, Managing Director and Chief Operating Officer, who will take up the position of Chief Executive Officer of SFL on 21 December 2024. The Board of Directors extends its Dimitri Boulte for his decisive contribution to SFL's success over some 14 years, particularly in his roles as Managing Director and Chief Operating Officer from 2015 and Chief Executive Officer from 2022. Over this period, SFL has become a benchmark player, recognised for the quality of its properties in the centre of Paris, its commitment to sustainable development and its expertise in managing exceptional projects. Aude Grant, who joined SFL in 2014, has acquired extensive expertise in the property sector over the course of her career. At SFL, she was Deputy Managing Director, Asset Management and Investments, from 2016, before being appointed Managing Director and Chief Operating Officer. She has made a major contribution to SFL's success. Aude Grant succeeds Dimitri Boulte as Chief Executive Officer of SFL. In this capacity, she will complete the work on the merger with Colonial and implement the planned business combination between the two companies, prior to SFL continuing its operations within the Colonial group. She will be responsible for managing the group’s French operations, launching a new chapter in SFL's history in a still rapidly changing environment. Aude Grant, a 43-year-old French citizen, is a graduate of HEC Paris business school. She began her career at Deloitte, before taking up a position with the Covivio group in 2006. She joined SFL in 2014 as Transactions & Business Strategy Director and was appointed Deputy Managing Director, Asset Management & Investments, in 2016. She was appointed Managing Director and Chief Operating Officer of SFL in June 2022. Price Target Changed • Nov 07
Price target increased by 21% to €87.00 Up from €72.00, the current price target is provided by 1 analyst. New target price is 24% above last closing price of €70.00. Stock is up 9.4% over the past year. The company is forecast to post earnings per share of €3.36 next year compared to a net loss per share of €14.90 last year. Announcement • Oct 16
Société Foncière Lyonnaise to Report Q3, 2024 Results on Oct 24, 2024 Société Foncière Lyonnaise announced that they will report Q3, 2024 results After-Market on Oct 24, 2024 Reported Earnings • Jul 28
First half 2024 earnings released: EPS: €1.79 (vs €4.14 loss in 1H 2023) First half 2024 results: EPS: €1.79 (up from €4.14 loss in 1H 2023). Revenue: €148.6m (up 8.7% from 1H 2023). Net income: €76.7m (up €254.2m from 1H 2023). Profit margin: 52% (up from net loss in 1H 2023). Revenue is forecast to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Office REITs 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 92 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 14
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €67.40. The fair value is estimated to be €56.10, however this is not to be taken as a sell 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 10% in a year. Earnings are forecast to grow by 57% in the next year. Major Estimate Revision • May 01
Consensus EPS estimates fall from profit to €6.34 loss, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €242.0m to €257.0m. Now expected to report loss of -€6.34 instead of €4.09 per share profit. Office REITs industry in France expected to see average net income growth of 85% next year. Consensus price target down from €75.00 to €72.00. Share price was steady at €66.60 over the past week. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued Over the last 90 days, the stock has fallen 5.7% to €66.60. The fair value is estimated to be €55.25, however this is not to be taken as a sell 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 10% in a year. Earnings are forecast to grow by 57% in the next year. Upcoming Dividend • Apr 11
Upcoming dividend of €2.40 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 22 April 2024. Trailing yield: 6.1%. Within top quartile of French dividend payers (5.5%). In line with average of industry peers (5.9%). Announcement • Mar 27
Société Foncière Lyonnaise, Annual General Meeting, Apr 16, 2024 Société Foncière Lyonnaise, Annual General Meeting, Apr 16, 2024, at 11:00 Central European Standard Time. Location: 42 rue Washington Paris France Declared Dividend • Mar 14
Dividend reduced to €2.40 Dividend of €2.40 is 43% lower than last year. Ex-date: 18th April 2024 Payment date: 22nd April 2024 Dividend yield will be 3.4%, which is lower than the industry average of 5.5%. Reported Earnings • Feb 16
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: €14.90 loss per share (down from €3.35 profit in FY 2022). Revenue: €286.9m (up 16% from FY 2022). Net loss: €638.8m (down €782.2m from profit in FY 2022). Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) missed analyst estimates by 59%. Revenue is expected to decline by 7.3% p.a. on average during the next 2 years, while revenues in the Office REITs industry in Europe are expected to grow by 2.4%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Feb 15
Société Foncière Lyonnaise Recommends Dividend for the Year 2024 Société Foncière Lyonnaise announced that at the Annual General Meeting to be held on 16 April 2024, the Board of Directors will recommend paying a dividend of €2.40 per share. New Risk • Feb 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.8% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 143% Cash payout ratio: 148% Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Reported Earnings • Jul 24
First half 2023 earnings released: €4.14 loss per share (vs €5.18 profit in 1H 2022) First half 2023 results: €4.14 loss per share (down from €5.18 profit in 1H 2022). Revenue: €136.6m (up 17% from 1H 2022). Net loss: €177.5m (down 180% from profit in 1H 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Apr 10
Upcoming dividend of €4.20 per share at 5.1% yield Eligible shareholders must have bought the stock before 17 April 2023. Payment date: 19 April 2023. Trailing yield: 5.1%. Lower than top quartile of French dividend payers (5.5%). Lower than average of industry peers (5.8%). Price Target Changed • Feb 15
Price target decreased by 13% to €89.00 Down from €102, the current price target is provided by 1 analyst. New target price is 8.3% above last closing price of €82.20. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of €10.91 for next year compared to €6.51 last year. Price Target Changed • Feb 05
Price target decreased by 13% to €89.00 Down from €102, the current price target is provided by 1 analyst. New target price is 10% above last closing price of €80.80. Stock is down 3.8% over the past year. The company is forecast to post earnings per share of €10.91 for next year compared to €6.51 last year. Announcement • Dec 06
Société Foncière Lyonnaise Appoints Jérôme Lacombe as Deputy Managing Director and Chief Resources Officer Société Foncière Lyonnaise (SFL) has appointed Jérôme Lacombe as Deputy Managing Director and Chief Resources Officer, effective as of today. Mr. Lacombe will report to Dimitri Boulte, Chief Executive Officer, and will actively contribute to SFL's continued development by supervising the Finance, Information Systems, General Secretary, Human Resources and Communications functions. He will also be responsible for shaping the Company's ESG strategy and will sit on SFL’s Executive and Management Committees. Jérôme Lacombe is a graduate of Université Paris Dauphine. He holds an MBA from ESADE in Barcelona and has recently completed a University of Oxford course on sustainable finance and climate-related financial risk. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Alexandra Rocca was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Aug 01
Consensus EPS estimates increase by 176% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €183.0m to €189.0m. EPS estimate increased from €3.95 to €10.91 per share. Net income forecast to grow 4.1% next year vs 26% decline forecast for REITs industry in France. Consensus price target up from €102 to €108. Share price was steady at €85.20 over the past week. Reported Earnings • Jul 27
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €98.8m from profit in 1H 2021). Profit margin: (down from 97% in 1H 2021). Over the next year, revenue is expected to shrink by 9.6% compared to a 12% decline forecast for the industry in France. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • May 31
Institut Catholique De Lille acquired Le Vaisseau building on Ile Saint-Germain, Issy-les-Moulineaux from Société Foncière Lyonnaise (ENXTPA:FLY) for €27 million. Institut Catholique De Lille acquired Le Vaisseau building on Ile Saint-Germain, Issy-les-Moulineaux from Société Foncière Lyonnaise (ENXTPA:FLY) for €27 million on May 30, 2022. Anne-Hélène Garnier of Oudot & Associés acted as legal advisor and BNP Real Estate acted as advisor to Société Foncière Lyonnaise where as Grégory Jacobsoone of Fontaine Roussel & Associés acted as legal advisor to Institut Catholique De Lille.
Institut Catholique De Lille completed the acquisition of Le Vaisseau building on Ile Saint-Germain, Issy-les-Moulineaux from Société Foncière Lyonnaise (ENXTPA:FLY) on May 30, 2022. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Alexandra Rocca was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 13
Upcoming dividend of €4.20 per share Eligible shareholders must have bought the stock before 20 April 2022. Payment date: 22 April 2022. Trailing yield: 4.8%. Lower than top quartile of French dividend payers (5.0%). Lower than average of industry peers (5.7%). Announcement • Apr 09
Société Foncière Lyonnaise Announces Executive Changes Société Foncière Lyonnaise at its meeting held immediately following the Annual General Meeting of 7 April 2022, the Board of Directors decided to appoint Pere Viñolas Serra as Chairman of the Board with immediate effect. Pere Viñolas Serra takes over from Juan José Brugera, who has reached the age limit of 75 for serving as Chairman, as set out in the articles of association. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €208.5m (down 4.7% from FY 2020). Net income: €292.0m (up 1.8% from FY 2020). Revenue missed analyst estimates by 1.4%. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 19% share price gain to €85.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the REITs industry in France. Total returns to shareholders of 61% over the past three years. Reported Earnings • Aug 03
First half 2021 earnings released: EPS €2.13 (vs €2.45 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: €101.5m (down 6.5% from 1H 2020). Net income: €98.8m (down 13% from 1H 2020). Profit margin: 97% (down from 105% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Major Estimate Revision • Jun 07
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €3.21 to €4.13. Revenue forecast unchanged at €179.0m. Net income forecast to shrink 108% next year vs 22% decline forecast for REITs industry in France. Consensus price target up from €51.12 to €74.50. Share price rose 45% to €90.60 over the past week. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 49% share price gain to €91.20, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 25x in the REITs industry in France. Total returns to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €64.61 per share. Price Target Changed • Jun 04
Price target increased to €74.50 Up from €67.00, the current price target is an average from 2 analysts. New target price is 16% above last closing price of €64.00. Stock is down 9.6% over the past year. Upcoming Dividend • Apr 20
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 29 April 2021. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (3.9%). Lower than average of industry peers (4.5%). Major Estimate Revision • Apr 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €4.23 to €3.21. Revenue forecast unchanged from €177.5m at last update. Net income forecast to shrink 107% next year vs 107% decline forecast for REITs industry in France. Consensus price target of €64.50 unchanged from last update. Share price was steady at €62.00 over the past week. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS €6.19 (vs €12.74 in FY 2019) Full year 2020 results: Revenue: €218.8m (down 9.1% from FY 2019). Net income: €286.9m (down 51% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 18
Deka Immobilien Investment GMBH acquired Building at 9 Avenue Percier in Paris from Société Foncière Lyonnaise SA (ENXTPA:FLY) for €144 million. Deka Immobilien Investment GMBH acquired Building at 9 Avenue Percier in Paris from Société Foncière Lyonnaise SA (ENXTPA:FLY) for €144 million on February 17, 2021. Anne-Hélène Garnier of Oudot & Associés and JLL advised Société Foncière Lyonnaise SA. Silke Nadolni of LPA-CGR Avocats acted as legal advisor and Laurent Hosanna of C&C Notaires advised Deka.
Deka Immobilien Investment GMBH completed the acquisition of Building at 9 Avenue Percier in Paris from Société Foncière Lyonnaise SA (ENXTPA:FLY) on February 17, 2021. Price Target Changed • Feb 12
Price target lowered to €64.50 Down from €71.50, the current price target is an average from 2 analysts. The new target price is close to the current share price of €63.20. As of last close, the stock is down 22% over the past year. Announcement • Feb 12
Société Foncière Lyonnaise SA, Annual General Meeting, Apr 15, 2021 Société Foncière Lyonnaise SA, Annual General Meeting, Apr 15, 2021. Agenda: To consider payment of dividend. Announcement • Feb 11
Société Foncière Lyonnaise SA to Report Fiscal Year 2020 Results on Feb 11, 2021 Société Foncière Lyonnaise SA announced that they will report fiscal year 2020 results After-Market on Feb 11, 2021 Major Estimate Revision • Feb 06
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €1.99 to €1.34. No change was made to the revenue estimate which at the last update was €184.5m. Net income is expected to shrink by 70% next year compared to 80% decline forecast for the REITs industry in France. The consensus price target was lowered from €71.50 to €67.00. Share price is up 1.3% to €64.60 over the past week. Price Target Changed • Feb 05
Price target lowered to €67.00 Down from €75.00, the current price target is an average from 2 analysts. The new target price is close to the current share price of €65.00. As of last close, the stock is down 17% over the past year. Announcement • Jan 24
SFL Announces Executive Changes SFL announces the departure of François Sebillotte, General Secretary. François Sebillotte joined SFL in 2000 as Legal Director, before being promoted to General Secretary the following year. Emilie Germane has been appointed General Secretary of SFL, reporting to Dimitri Boulte, Managing Director. Emilie Germane began her career at SFL in 2016 as Legal Director and joined the Management Committee in 2020. A trained lawyer and a graduate of ESSEC business school, Emilie previously held positions in the real estate departments at law firms Lacourte Balas & Associés and Lefèvre Pelletier & Associés, before joining the Legal Department of Club Méditerranée in 2009. Is New 90 Day High Low • Nov 29
New 90-day high: €63.60 The company is up 1.0% from its price of €63.00 on 31 August 2020. The French market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: €57.00 The company is down 17% from its price of €69.00 on 24 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €51.70 per share. 
