olivLaw · European equity research
Immo Moury SCA IMMOU.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Immo Moury is a Belgian regulated real estate company (SCA) that owns and manages a property portfolio and also holds stakes in other SIRs. For the year ended 31 March 2022 its debt ratio was 38,96 %, and its share capital was 22.073.220 EUR, represented by 463.154 shares.
At the close of 06 Nov 2026, Immo Moury SCA (IMMOU.BR) stock was 30.40 EUR (+3.40% on the day), with beta 0.13, 52-week range 29.20–36.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.1
- neutral
- Bollinger (20, 2)
- 28.74 – 31.92
- in the upper half of the band · %B 0.52 · band width 10.5%
- SMA 50 / 200
- 31.73 / 32.67
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.56 / -0.60
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −0.6% | −4.4 pp | — |
| 3 months | −5.0% | −4.2% | −0.8 pp | — |
| 6 months | −11.1% | +4.3% | −15.4 pp | — |
| Year to date | −6.7% | +7.5% | −14.3 pp | — |
| 1 year | −16.0% | +9.9% | −25.9 pp | +6.4% |
| 3 years | −7.3% | +49.8% | −57.2 pp | −6.8% |
| 5 years | −35.9% | +42.8% | −78.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 1.4 k | 3.3 k |
| Net income YoY | unavailable | +133.1% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | -2.4 k | 4.9 k |
Balance sheet & financial health
Fiscal year 2022 · 31 Mar 2022
- Cash
- 197 EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 26.2 k EUR
- Total assets
- 42.5 k EUR
- Debt / equity
- unavailable
- Current ratio
- 0.04x
- ROE
- 13.2%
- ROA
- 8.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating income | 1.5 k | 2.3 k | esef· 19 Jul 2022verified |
| Interest expense | 68 | 165 | esef· 19 Jul 2022verified |
| Pre-tax income | 1.5 k | 3.4 k | esef· 19 Jul 2022verified |
| Income tax | 65 | 67 | esef· 19 Jul 2022verified |
| Net income | 1.4 k | 3.3 k | esef· 19 Jul 2022verified |
| Weighted average diluted shares | 463.2 k | 463.2 k | esef· 19 Jul 2022verified |
Balance sheet · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 219 | 197 | esef· 19 Jul 2022verified |
| Current assets | 4.8 k | 569 | esef· 19 Jul 2022verified |
| Intangibles (excl. goodwill) | 21 | 11 | esef· 19 Jul 2022verified |
| Total assets | 34.2 k | 42.5 k | esef· 19 Jul 2022verified |
| Accounts payable | 423 | 1.2 k | esef· 19 Jul 2022verified |
| Current liabilities | 10.6 k | 16.0 k | esef· 19 Jul 2022verified |
| Equity | 23.2 k | 26.2 k | esef· 19 Jul 2022verified |
Cash flow · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -2.4 k | 4.9 k | esef· 19 Jul 2022verified |
| Capex | -14 | 0 | esef· 19 Jul 2022verified |
| Free cash flow | -2.4 k ≈ | 4.9 k ≈ | esef· 19 Jul 2022derived |
| Investing cash flow | -1.8 k | -8.5 k | esef· 19 Jul 2022verified |
| Financing cash flow | 4.3 k | 3.6 k | esef· 19 Jul 2022verified |
| Dividends paid | 984 | 832 | esef· 19 Jul 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 152.0% | 100 (on a fixed band) | 30% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 14.1x | 100 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.0x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 16.8% | 100 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IMMO MOURY (IMMOU.BR). Latest full fiscal year: 2022; data up to 2022-03-31.
Figures computed from the financial statements: ROE 13.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 152.0%
- Interest coverage: 14.1x
- Payout ratio (FCF): 16.8%
What contradicts it
- Current ratio: 0.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 12.0 bn | 23.4 | 9.6% | 13.6% | −2.0% | +29% / +35% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.3 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.5 bn | 22.7 | — | 5.3% | −1.5% | +19% / +14% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.1 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.5 | 9.4% | 2.9% | +3.1% | +10% / −7% |
| DEME.BRDeme Group | 4.1 bn | 12.0 | 15.5% | 8.3% | +1.3% | +18% / +69% |
| AZE.BRAzelis Group | 2.9 bn | 15.9 | 6.6% | 4.3% | +1.5% | +27% / −43% |
| MELE.BRMelexis | 2.2 bn | 12.6 | 30.7% | 18.4% | −3.3% | +1% / −37% |
| BEKB.BRNV Bekaert SA | 2.0 bn | 30.2 | 3.1% | 1.8% | −6.4% | +8% / −6% |
| FAGR.BRFagron | 1.8 bn | 22.0 | 16.7% | 9.2% | +14.3% | +14% / +39% |
| KIN.BRKinepolis Group | 1.3 bn | 33.1 | 19.3% | 7.0% | −4.5% | +58% / +9% |
| JEN.BRJensen Group | 710.7 m | 17.3 | 15.1% | 9.1% | +13.3% | +28% / +112% |
| BAR.BRBarco | 556.0 m | 9.0 | 7.9% | 6.7% | −9.9% | −49% / −59% |
| IBAB.BRIon Beam Applications | 479.6 m | 38.9 | 10.7% | 2.1% | +24.5% | +45% / +50% |
| DECB.BRDeceuninck | 337.1 m | 24.3 | 4.3% | 1.7% | −4.5% | +7% / +7% |
| CAMB.BRCampine | 270.8 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +160% |
| CFEB.BRAannemingsmaatschappij Cfe | 269.3 m | 11.2 | 9.9% | 2.0% | −5.3% | +24% / +49% |
| MOUR.BRMoury Construct | 265.2 m | 10.9 | 21.3% | 13.1% | −4.0% | +13% / +79% |
| EVS.BREvs Broadcast Equipment | 243.5 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| ECONB.BREconocom Group | 205.3 m | 39.5 | 1.2% | 0.2% | +4.3% | −4% / −37% |
| BPOST.BRBpost | 176.2 m | 2.7 | 6.3% | 1.5% | −2.6% | −53% / −81% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 166.0 m | 157.4 | 3.5% | 4.5% | −5.9% | −8% / −20% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for IMMOU.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Immo Moury is a Belgian regulated real estate company (SCA) that owns and manages a property portfolio and also holds stakes in other SIRs. For the year ended 31 March 2022 its debt ratio was 38,96 %, and its share capital was 22.073.220 EUR, represented by 463.154 shares.
SWOT
Strengths
- Portfolio managed internally, with stable rents and good relations with banks and existing shareholders.
- Diversification through stakes in other listed SIRs, which reduces the risk of property concentration.
- Coverage of interest rate exposure through fixed-rate swap contracts.
Weaknesses
- Low liquidity of the shares, which makes short-term selling or buying difficult.
- Small team, with dependence on a few key people.
- Free float close to the legal threshold, which limits flexibility in the shareholder structure.
Opportunities
- Modernising the portfolio with energy-efficient buildings could attract tenants and investors.
- New property projects identified could be financed if the debt ratio remains prudent.
- Implementing a new integrated management system could improve internal processes.
Threats
- Rising interest rates could raise the cost of variable-rate financing.
- A higher withholding tax could reduce the net yield on the stakes.
- Cyberattacks and IT failures could affect business continuity.
Risks
- Property valuationmedium
Quarterly valuation of the portfolio directly influences result and equity, and over- or under-valuation by experts remains a risk.
- Variable interest ratehigh
Variable-rate borrowings expose the company to higher financing costs, and partial hedging does not fully remove the exposure.
- Share liquiditymedium
Low trading volume limits exits and entries for shareholders, and a free float close to the minimum narrows the investor base.
- Dividend distributionmedium
The distribution obligation is conditional on compliance with the Companies and Associations Code, and a breach could lead to repayment of amounts.
- Shareholder concentrationlow
Joint control by the Horion family and purchase options over shares can influence decisions and share transfers.
Investment thesis
What would need to be true (bull case)
- If the property portfolio continues to be maintained and re-let efficiently, rental income could remain stable, supported by indexation clauses.
- Stakes in listed SIRs bring dividend yield and diversify exposure, which reduces the risk of concentration in one type of asset.
- A prudent debt policy and interest hedging could support the company's ability to finance projects without turning to capital markets.
What would break the thesis
- Higher financing costs could reduce profit margins, especially on the unhedged portion of variable-rate debt.
- Low share liquidity and a free float close to the minimum could limit investor interest and dampen volatility.
- Dependence on a few key people and a small team could affect operations if unexpected departures occur.
What to watch
- Trend in the debt ratio and compliance with the regulatory limitnext 10-K
- Level of the free float relative to the legal threshold2023
- Impact of the new integrated management system on internal processes2023
- Path of the withholding tax and the net yield on stakesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Immo Moury SCA has the status of a regulated real estate company and manages internally the technical, administrative and accounting activity of its property portfolio. According to the annual report for fiscal 2021-2022, the company aims to maintain and increase existing rents and to facilitate the re-letting of its assets. It also holds shares in other listed SIRs, such as Conimmo and Bemmo, which diversify risk.
The shareholder structure is concentrated: members of the Horion family together hold more than half of the capital, while the free float, at 33,86 % on 30 June 2022, is close to the legal minimum of 30 %. The company also noted low liquidity of its shares, which limits short-term buying and selling.
Financial policy aims to keep a prudent level of indebtedness and partly hedges variable-rate borrowings with interest rate swaps. Under the legal framework the company must distribute 80 % of its result, subject to compliance with the conditions of the Companies and Associations Code.
Segments
Direct property portfolio
Directly held properties generate rental income, indexed annually to the health index or the consumer price index. The quarterly valuation of these properties directly influences net result, equity and the debt ratio.
Stakes in other SIRs and FIIs
The company holds shares in SIRs and FIIs listed on Euronext, which bring dividend yield but are subject to non-recoverable withholding tax. Changes in their value are recorded in other elements of the comprehensive result.
Market context
The company operates in the Belgian SIR sector, a framework regulated by the law of 12 May 2014, which limits concentration on a single asset complex to 20 % of consolidated assets. Available data show the company had a debt ratio of 38,96 % at 31 March 2022, close to regulatory limits.
The share is characterised by low liquidity and a free float close to the legal threshold, which makes the secondary market less deep. Over the medium term, the path of interest rates and withholding tax could influence the company's net yield.
Trends
- Rising interest ratesheadwind
Variable-rate financing exposes the company to rises in short-term Euribor, which could increase financing costs. The company has hedged part of the exposure with fixed-rate interest rate swaps.
- ESG expectationsmixed
The attractiveness of properties increasingly depends on energy performance and resilience to climate change. The company has moved its head office into a low-energy building and invests in renewing its portfolio with new buildings.
- Rent indexationmixed
Leases provide for rent indexation to the health index, which offers protection against inflation but exposes income to deflation. More recent clauses limit the negative effects of a fall in the indices.
- Regulation and diversificationheadwind
The SIR legal framework requires portfolio diversification and debt limits, and a possible tightening of restrictions could limit development. The company reviews each investment to avoid exceeding the 20 % limit.
Competitive position
Immo Moury competes with other Belgian SIRs for quality properties and for investors seeking dividend yield. Diversification through stakes in SIRs such as Conimmo and Bemmo places it in a specific position compared with companies that hold only property.
The company's competitive advantage lies in internal management of its portfolio and stable relations with shareholders and banks, but its small size makes it more vulnerable to the departure of key people.
- Conimmo
Belgian SIR listed on Euronext, in which Immo Moury holds shares with stable yield.
- Bemmo
Belgian SIR listed on Euronext, partly held by Immo Moury for diversification.
- Other Belgian SIRs
Regulated real estate companies competing for the same properties and investors.
- Private property developers
Private companies competing for construction and leasing projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202219 Jul 2022
Sources
- [1] Annual report, fiscal year ended 2022-03-31 (ESEF) · SEC / Immo Moury SCA · 31 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.