olivLaw · European equity research
Xior Student Housing NV XIOR.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Xior Student Housing is the largest student housing owner and operator in continental Europe, with a portfolio worth over 3.6 billion EUR across eight countries. The company has reduced leverage and continues to expand in a niche anchored by structural demand for affordable student accommodation, with occupancy of 98% and a LTV of 49.87%.
At the close of 05 Nov 2026, Xior Student Housing NV (XIOR.BR) stock was 25.65 EUR (+1.18% on the day), with market capitalisation 1.2 bn EUR, P/E 17.3 on diluted EPS of 1.48 EUR over the last 12 months, dividend yield 6.89%, beta 0.35, 52-week range 23.00–30.10 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)
- 67.7
- strong (55–70)
- Bollinger (20, 2)
- 23.10 – 25.48
- above the upper band · %B 1.07 · band width 9.8%
- SMA 50 / 200
- 24.79 / 26.94
- mixed trend
- MACD (12, 26, 9)
- 0.20 / -0.04
- 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 | +8.2% | +0.4% | +7.9 pp | — |
| 3 months | −8.2% | −3.3% | −5.0 pp | — |
| 6 months | −7.7% | +4.0% | −11.7 pp | — |
| Year to date | −11.4% | +8.1% | −19.5 pp | — |
| 1 year | −10.0% | +10.7% | −20.7 pp | +7.2% |
| 3 years | −11.9% | +50.1% | −61.9 pp | −5.5% |
| 5 years | −50.0% | +43.6% | −93.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 4.6, median 18.3, max 19.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 186.5 m | -9.4 m | 66.5 m | 68.7 m |
| Net income YoY | unavailable | −105.0% | unavailable | +3.3% |
| Diluted EPS | 6.22 | -0.25 | 1.62 | 1.48 |
| Diluted EPS YoY | unavailable | −104.0% | unavailable | −8.6% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 3.6 m | 23.8 m | 54.6 m | 84.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.8 bn EUR
- Total assets
- 3.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.48x
- ROE
- 4.1%
- ROA
- 1.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating income | 137.2 m | 41.6 m | 131.5 m | 112.4 m | esef· 15 Apr 2026verified |
| Interest expense | 12.2 m | 24.8 m | 37.4 m | 38.7 m | esef· 15 Apr 2026verified |
| Pre-tax income | 201.2 m | -16.2 m | 75.9 m | 82.5 m | esef· 15 Apr 2026verified |
| Income tax | 14.7 m | -6.8 m | 9.4 m | 13.8 m | esef· 15 Apr 2026verified |
| Net income | 186.5 m | -9.4 m | 66.5 m | 68.7 m | esef· 15 Apr 2026verified |
| Diluted EPS | 6.22 | -0.25 | 1.62 | 1.48 | esef· 15 Apr 2026verified |
| Dividend per share | — | 1.77 | — | 1.77 | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 7.8 m | 13.8 m | 9.5 m | 4.8 m | esef· 15 Apr 2026verified |
| Current assets | 71.1 m | 111.6 m | 121.5 m | 93.7 m | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.5 m | 3.2 m | 4.9 m | 6.5 m | esef· 15 Apr 2026verified |
| Total assets | 3.2 bn | 3.4 bn | 3.5 bn | 3.7 bn | esef· 15 Apr 2026verified |
| Current liabilities | 256.5 m | 566.0 m | 215.2 m | 195.2 m | esef· 15 Apr 2026verified |
| Total liabilities | 1.7 bn | 1.9 bn | 1.9 bn | 2.0 bn | esef· 15 Apr 2026verified |
| Equity | 1.5 bn | 1.5 bn | 1.6 bn | 1.8 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 30.0 m | 37.6 m | 41.1 m | 46.4 m | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 7.3 m | 26.1 m | 56.5 m | 86.1 m | esef· 15 Apr 2026verified |
| Capex | 3.7 m | 2.3 m | 1.9 m | 1.2 m | esef· 15 Apr 2026verified |
| Free cash flow | 3.6 m ≈ | 23.8 m ≈ | 54.6 m ≈ | 84.9 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -552.9 m | -134.6 m | -13.6 m | -204.0 m | esef· 15 Apr 2026verified |
| Financing cash flow | 528.2 m | 114.1 m | -48.2 m | 112.9 m | esef· 15 Apr 2026verified |
≈ 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.83 – 34.51 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
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/E15.83 – 34.51 (Mid 21.63)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)24.04 – 32.79 (Mid 27.74)
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 123.6% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -38.0% | 0 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.9x | 22 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 17.3x | 46 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.1% | 89 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation65/100 · 2/3 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
XIOR STUDENT HOUSING (XIOR.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.1%.
The estimated value range is 19.94–33.65 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 24.69 EUR, the price of 25.65 EUR leaves a potential of -3.7% (value / price − 1) and a margin of safety of -3.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 123.6%
- FCF yield: 7.1%
What contradicts it
- EPS CAGR 3Y: -38.0%
- Interest coverage: 2.9x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
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 | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| 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 | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for XIOR.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
Xior Student Housing is the largest student housing owner and operator in continental Europe, with a portfolio worth over 3.6 billion EUR across eight countries. The company has reduced leverage and continues to expand in a niche anchored by structural demand for affordable student accommodation, with occupancy of 98% and a LTV of 49.87%.
SWOT
Strengths
- Leading continental position in student housing, with a pan-European platform that reduces concentration risk in any single market.
- High occupancy and reported tenant satisfaction support rental income.
- Lower leverage than in earlier years, with a declining LTV that gives more financial flexibility.
Weaknesses
- Dependence on rapid integration of new acquisitions and operational systems, which can create inefficiencies.
- Exposure to different tax regimes in each country, with the risk of reinterpretation or costly proceedings.
- Portfolio of buildings of varying age, some with weak energy performance that could require large investments.
Opportunities
- Development of the pipeline scheduled for 2026 and 2027 could significantly expand rentable units.
- Digitalisation through the MyXior platform could raise efficiency and student loyalty.
- Eastern European markets, where valuation yields are higher, could offer additional growth.
Threats
- Energy regulation changes could force renovations or divestments and reduce asset values.
- Changes to the GVV regime or to local tax rules could increase the group's tax burden.
- Extreme weather events or cyberattacks could generate repair costs and operational disruption.
Risks
- Loss of REIT statushigh
Losing the regulated real estate status could remove tax advantages and could trigger early repayment clauses in credit agreements.
- Taxation across several jurisdictionsmedium
Differences in tax regimes and taxable base calculation across operating countries could lead to disputes and proceedings with authorities.
- Energy regulation and EPCmedium
Buildings with weak energy certificates could lose appeal and value if standards tighten.
- Climate and operational risksmedium
Storms, floods and extreme temperatures could generate repair costs and affect student comfort and occupancy.
- Cybersecuritylow
Attacks on IT systems could lead to service unavailability, data leaks and financial losses.
Investment thesis
What would need to be true (bull case)
- If structural demand for student housing holds, the leading continental position and high occupancy could support rental income and EPRA growth.
- Lower leverage and delivery of the pipeline could open room for growth without excessive financial exposure.
- The pan-European platform and digitalisation could strengthen the scale advantage over smaller operators.
What would break the thesis
- If the GVV regime or tax treatment in operating countries changes, the tax burden could rise and reduce distributable dividends.
- Stricter energy requirements could demand large investments or divestments, affecting portfolio value.
- Rapid integration of acquisitions could create inefficiencies and pressure operating margins.
What to watch
- Delivery of Brinktoren (Amsterdam) and Boavista (Porto) and growth in rentable units2026-2027
- Evolution of LTV and cost of financing against the 49.87% level of 2025next 10-K
- EPRA result per share and occupancy level against 98% reported for 2025Q1 2027
- Developments in GVV and SOCIMI tax regimes in operating countries2027
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
Xior is a regulated real estate company (GVV/SIIC) specialised in acquiring, developing and leasing student housing. Founded in 2007 and listed in 2015, it started from a local Belgian and Dutch portfolio. The 2025 annual report describes it as offering integrated housing and services, not only built space, focused on a living experience for students at the start of their careers 1.
The operating model is pan-European, with operations in Belgium, the Netherlands, Spain, Portugal, Poland, Germany, Denmark and Sweden. The MyXior digital platform supports integration, efficiency and student engagement. The company acknowledges that rapid integration of acquisitions and systems such as Yardi can pressure efficiency 1.
The governance structure includes a board of seven directors, five of them independent, and the shareholder base is dominated by free float, with a significant stake held by founders through Aloxe NV. Stated strategic objectives are return, efficiency and quality, with EPS growth as the foundation 1.
Segments
Netherlands
The Netherlands accounts for 34% of the net rental result at 31 December 2025, the largest single-country contribution to rental income 1.
Denmark and Poland
Denmark contributes 11% and Poland 9% of net rental result, and Poland has the highest gross valuation yield in the portfolio, giving that market a different risk-return profile from the rest of the group 1.
Total portfolio
Rentable units grew by about 8% in 2025, with acquisitions in Wroclaw and Warsaw and delivery of the Wenedow residence, and the pipeline includes Brinktoren in Amsterdam and Boavista in Porto 1.
Market context
Demand for quality, affordable student housing remains high, driven by a growing international student population, a persistent undersupply and increasing professionalisation of the sector. Management describes digitalisation and scale as increasingly important in the industry 1.
Gross valuation yields differ by country, from about 5% in Belgium and Denmark to above 8% in Poland at 31 December 2025. The differences reflect both risk profile and rent levels in each market 1.
Trends
- Structural student demandtailwind
Growth in international students and a shortage of affordable supply support occupancy and rents, provided demand stays robust.
- Professionalisation of the sectortailwind
Operators with scale and digital processes could gain share, which favours a pan-European player such as Xior.
- Energy regulationheadwind
Stricter EPC standards could require costly renovations or divestments of poorly rated buildings.
- Tax and policy pressuremixed
Changes to tax regimes in operating countries could raise the tax burden if the REIT or SOCIMI status is modified.
Competitive position
Xior presents itself as the largest student housing owner and operator in continental Europe. Competition comes from specialised local operators and from generalist developers entering the student segment, and the analysed sources do not explicitly identify US-listed competitors.
The stated advantage lies in pan-European scale, a common digital platform and high occupancy, which can support its position against smaller operators. Competitive pressure could increase if new investors enter markets with higher yields.
- Local student housing operators
Regional players in the Netherlands, Belgium and Germany competing for the same student rental segments.
- Generalist residential developers
Companies building or leasing student accommodation as part of a broader residential portfolio.
- Specialised real estate funds
Institutional investors that could acquire student assets and compete for projects.
- Student residence operators in Eastern Europe
Players active in Poland and Germany, where Xior is expanding through acquisitions and developments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Xior Student Housing NV · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.