Narrative Update • May 21
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French (CAC) Real Estate Sector Analysis
UpdatedMay 30, 2026
DataAggregated Company Financials
Companies85
- 7D1.5%
- 3M-4.6%
- 1Y1.8%
- YTD2.9%
Over the last 7 days, the Real Estate industry has risen 1.5%, driven by gains from Unibail-Rodamco-Westfield of 1.8%. Meanwhile, Bleecker Société Anonyme actually underperformed within the industry, shrinking 14% in the last week. Overall in the last year, the industry is flat. As for the next few years, earnings are expected to grow by 12% per annum.
Sector Valuation and Performance
Has the French Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 30 May 2026 | €59.7b | €20.0b | €4.5b | 13.1x | 13.2x | 3x |
| Mon, 27 Apr 2026 | €60.6b | €20.0b | €4.5b | 13.5x | 13.5x | 3x |
| Wed, 25 Mar 2026 | €56.0b | €20.3b | €4.5b | 13x | 12.6x | 2.8x |
| Fri, 20 Feb 2026 | €60.5b | €21.3b | €4.1b | 14.1x | 14.6x | 2.8x |
| Sun, 18 Jan 2026 | €57.6b | €21.0b | €3.5b | 15.5x | 16.2x | 2.7x |
| Tue, 16 Dec 2025 | €57.3b | €21.4b | €3.4b | 15x | 16.8x | 2.7x |
| Thu, 13 Nov 2025 | €57.4b | €21.3b | €3.4b | 14.8x | 16.8x | 2.7x |
| Sat, 11 Oct 2025 | €56.6b | €21.4b | €3.4b | 15.6x | 16.5x | 2.6x |
| Mon, 08 Sep 2025 | €60.6b | €21.7b | €3.7b | 15.4x | 16.6x | 2.8x |
| Wed, 06 Aug 2025 | €61.8b | €21.7b | €3.7b | 16.6x | 16.9x | 2.8x |
| Fri, 04 Jul 2025 | €59.7b | €22.0b | €2.3b | 17.8x | 25.8x | 2.7x |
| Sun, 01 Jun 2025 | €49.2b | €18.7b | €2.2b | 15.3x | 22.6x | 2.6x |
| Tue, 29 Apr 2025 | €58.0b | €22.0b | €2.0b | 15.5x | 29.1x | 2.6x |
| Thu, 27 Mar 2025 | €57.9b | €22.2b | €2.0b | 19.1x | 28.8x | 2.6x |
| Sat, 22 Feb 2025 | €58.9b | €21.7b | €1.1b | 18.7x | 51.7x | 2.7x |
| Mon, 20 Jan 2025 | €55.4b | €21.4b | -€4,189,010,558.00 | 16.4x | -13.2x | 2.6x |
| Wed, 18 Dec 2024 | €53.7b | €21.4b | -€4,195,317,558.00 | 16.5x | -12.8x | 2.5x |
| Fri, 15 Nov 2024 | €55.8b | €21.3b | -€4,262,426,743.00 | 18.3x | -13.1x | 2.6x |
| Sun, 13 Oct 2024 | €58.0b | €21.6b | -€4,219,103,290.00 | 19.1x | -13.7x | 2.7x |
| Tue, 10 Sep 2024 | €57.0b | €21.6b | -€4,253,817,673.00 | 19x | -13.4x | 2.6x |
| Thu, 08 Aug 2024 | €52.9b | €21.6b | -€4,240,738,673.00 | 18.7x | -12.5x | 2.4x |
| Sat, 06 Jul 2024 | €53.2b | €21.8b | -€7,820,238,673.00 | 19.2x | -6.8x | 2.4x |
| Mon, 03 Jun 2024 | €56.6b | €21.9b | -€7,817,665,424.00 | 20.3x | -7.2x | 2.6x |
| Wed, 01 May 2024 | €53.1b | €21.9b | -€7,784,428,414.00 | 17.1x | -6.8x | 2.4x |
| Fri, 29 Mar 2024 | €52.7b | €22.0b | -€7,519,962,446.00 | 15.7x | -7x | 2.4x |
| Sun, 25 Feb 2024 | €51.5b | €22.9b | -€6,263,153,446.00 | 14.5x | -8.2x | 2.3x |
| Tue, 23 Jan 2024 | €53.0b | €22.9b | -€2,886,689,446.00 | 15x | -18.4x | 2.3x |
| Thu, 21 Dec 2023 | €54.6b | €23.0b | -€3,099,091,940.00 | 14.2x | -17.6x | 2.4x |
| Sat, 18 Nov 2023 | €49.9b | €23.0b | -€3,057,539,941.00 | 13.9x | -16.3x | 2.2x |
| Mon, 16 Oct 2023 | €45.7b | €22.9b | -€3,034,734,711.00 | 12.9x | -15.1x | 2x |
| Wed, 13 Sep 2023 | €49.2b | €22.9b | -€2,907,213,503.00 | 14.2x | -16.9x | 2.2x |
| Fri, 11 Aug 2023 | €49.9b | €22.9b | -€2,400,619,503.00 | 12.7x | -20.8x | 2.2x |
| Sun, 09 Jul 2023 | €48.3b | €23.2b | €3.7b | 10.1x | 13.2x | 2.1x |
| Tue, 06 Jun 2023 | €49.0b | €23.2b | €3.7b | 9.8x | 13.3x | 2.1x |
Price to Earnings Ratio
13.3x
Current Industry PE
- Investors are optimistic on the French Real Estate industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 13.2x which is higher than its 3-year average PE of 2.1x.
- The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 7.1% per year over the last three years.
- Meanwhile revenues for these companies have declined 4.9% per year.
- This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.
Industry Trends
Which industries have driven the changes within the French Real Estate sector?
| FR Market | 1.09% | |
| Real Estate | 1.54% | |
| Hotel and Resort REITs | 3.11% | |
| REITS | 2.65% | |
| Retail REITs | 1.52% | |
| Industrial REITs | 0.94% | |
| Office REITs | 0.87% | |
| Real Estate | 0.50% | |
| Residential REITs | 0.23% | |
| Specialized REITs | 0% | 0 |
| Health Care REITs | 0% | 0 |
Industry PE
- Investors are most optimistic about the Residential REITs industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 37.2%, which is lower than the prior year's growth of 94.8% per year.
Forecasted Growth
- Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 79% over the next 5 years.
- This is better than its past earnings decline of 9.0% per year.
- In contrast, the Industrial REITs industry is expected to see its earnings decline by 11% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| URW Unibail-Rodamco-Westfield | €99.34 | 1.8% +€250.9m | 19.0% | PB0.8x | |
| COV Covivio | €55.25 | 3.1% +€182.8m | 4.6% | PB0.7x | |
| COVH Covivio Hotels | €23.20 | 3.1% +€110.6m | 5.0% | PB1x | |
| CARM Carmila | €16.68 | 4.5% +€100.5m | -10.6% | PB0.7x | |
| GFC Gecina | €73.45 | 1.5% +€81.5m | -24.2% | PB0.5x |