Financials Réalités

Equities

Market Closed - Euronext Paris Other stock markets 11:12:47 2024-04-26 am EDT			5-day change	1st Jan Change
12.5 ^EUR	-3.85%		-4.94%	-29.18%

Mar. 28	Realites: net income plummets (-74.5%) in 2023	CF
Mar. 28	Réalités S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2022	2023	2024	2025
Capitalization ¹	59.36	75.99	112	83.73	59.34	-
Enterprise Value (EV) ¹	128.3	227.2	441.9	83.73	407.5	398
P/E ratio	7.87 x	13.3 x	11.6 x	-	4.07 x	2.67 x
Yield	-	3.07%	3.45%	-	9.84%	15%
Capitalization / Revenue	0.36 x	0.37 x	0.31 x	0.21 x	0.12 x	0.1 x
EV / Revenue	0.78 x	1.11 x	1.21 x	0.21 x	0.8 x	0.64 x
EV / EBITDA	6.3 x	9.35 x	9.23 x	2.54 x	6.81 x	5.64 x
EV / FCF	-	-7.79 x	-	-	34.8 x	14.5 x
FCF Yield	-	-12.8%	-	-	2.87%	6.88%
Price to Book	-	0.98 x	-	-	0.06 x	0.05 x
Nbr of stocks (in thousands)	2,852	3,666	4,294	4,744	4,747	-
Reference price ²	20.82	20.73	26.09	17.65	12.50	12.50
Announcement Date	7/2/20	3/25/21	3/22/23	3/28/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2022	2023	2024	2025
Net sales ¹	165.4	204.8	364.2	402	506.9	617.5
EBITDA ¹	20.38	24.3	47.9	33	59.8	70.6
EBIT ¹	15.86	13.6	28.9	20.1	36	44.8
Operating Margin	9.59%	6.64%	7.94%	5%	7.1%	7.26%
Earnings before Tax (EBT)	10.97	9.12	-	-	-	-
Net income ¹	7.556	6.1	10.7	2.7	14.7	22.4
Net margin	4.57%	2.98%	2.94%	0.67%	2.9%	3.63%
EPS ²	2.645	1.564	2.245	-	3.070	4.680
Free Cash Flow ¹	-	-29.17	-	-	11.7	27.4
FCF margin	-	-14.24%	-	-	2.31%	4.44%
FCF Conversion (EBITDA)	-	-	-	-	19.57%	38.81%
FCF Conversion (Net income)	-	-	-	-	79.59%	122.32%
Dividend per Share ²	-	0.6364	0.9000	-	1.230	1.870
Announcement Date	7/2/20	3/25/21	3/22/23	3/28/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2022	2023	2024	2025
Net Debt ¹	69	151	330	-	348	339
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.384 x	6.222 x	6.887 x	-	5.823 x	4.797 x
Free Cash Flow ¹	-	-29.2	-	-	11.7	27.4
ROE (net income / shareholders' equity)	-	6.84%	10.1%	-	9.6%	13.3%
ROA (Net income/ Total Assets)	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-
Book Value Per Share ²	-	21.20	-	-	217.0	244.0
Cash Flow per Share ²	-	6.490	9.780	-	8.410	10.60
Capex ¹	-	5.41	-	-	11.1	10.5
Capex / Sales	-	2.64%	-	-	2.19%	1.7%
Announcement Date	7/2/20	3/25/21	3/22/23	3/28/24	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

12.5 EUR

Average target price

27 EUR

Spread / Average Target

+116.00%

	1st Jan change	Capi.
RÉALITÉS	-29.18%	63.35M
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B