WBAG:COFB

Stock Analysis Report

Executive Summary

Cofinimmo has been acquiring, developing and managing rental properties for over 35 years.

Rewards

Trading at 17.6% below its fair value

Earnings are forecast to grow 10.81% per year

Risk Analysis

Unstable dividend track record

Profit margins (48.3%) are lower than last year (71.6%)

Shareholders have been diluted in the past year



Snowflake Analysis

Second-rate dividend payer with questionable track record.


Similar Companies

Share Price & News

How has Cofinimmo's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: COFB has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.2%

COFB

0.3%

AT REITs

0.5%

AT Market


1 Year Return

17.7%

COFB

14.3%

AT REITs

6.8%

AT Market

Return vs Industry: COFB matched the Austrian REITs industry which returned 14.3% over the past year.

Return vs Market: COFB exceeded the Austrian Market which returned 6.8% over the past year.


Shareholder returns

COFBIndustryMarket
7 Day-1.2%0.3%0.5%
30 Day-2.7%0.6%-2.1%
90 Day3.0%7.8%1.2%
1 Year19.7%17.7%20.4%14.3%10.7%6.8%
3 Yearn/a35.7%16.5%37.4%25.0%
5 Yearn/a56.7%23.0%76.7%52.1%

Price Volatility Vs. Market

How volatile is Cofinimmo's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Cofinimmo undervalued compared to its fair value and its price relative to the market?

17.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: COFB (€130.6) is trading below our estimate of fair value (€158.41)

Significantly Below Fair Value: COFB is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: COFB is poor value based on its PE Ratio (23.1x) compared to the REITs industry average (14.1x).

PE vs Market: COFB is poor value based on its PE Ratio (23.1x) compared to the Austrian market (14.4x).


Price to Earnings Growth Ratio

PEG Ratio: COFB is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: COFB is overvalued based on its PB Ratio (1.4x) compared to the XE REITs industry average (1x).


Next Steps

Future Growth

How is Cofinimmo forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

10.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COFB's forecast earnings growth (10.8% per year) is above the savings rate (-0.1%).

Earnings vs Market: COFB's earnings (10.8% per year) are forecast to grow faster than the Austrian market (9.1% per year).

High Growth Earnings: COFB's earnings are forecast to grow, but not significantly.

Revenue vs Market: COFB's revenue (0.3% per year) is forecast to grow slower than the Austrian market (2.7% per year).

High Growth Revenue: COFB's revenue (0.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COFB's Return on Equity is forecast to be low in 3 years time (10.8%).


Next Steps

Past Performance

How has Cofinimmo performed over the past 5 years?

31.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COFB has high quality earnings.

Growing Profit Margin: COFB's current net profit margins (48.3%) are lower than last year (71.6%).


Past Earnings Growth Analysis

Earnings Trend: COFB has become profitable over the past 5 years, growing earnings by 31.3% per year.

Accelerating Growth: COFB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: COFB had negative earnings growth (-27.8%) over the past year, making it difficult to compare to the REITs industry average (13.6%).


Return on Equity

High ROE: COFB's Return on Equity (5.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Cofinimmo's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: COFB has a high level of physical assets or inventory.

Debt Coverage by Assets: COFB's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: COFB's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if COFB has a sufficient allowance for bad loans.

Low Risk Liabilities: COFB reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if COFB has an acceptable proportion of non-loan assets held.

Low Risk Deposits: COFB has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if COFB has an appropriate level of bad loans.


Next Steps

Dividend

What is Cofinimmo's current dividend yield, its reliability and sustainability?

4.20%

Current Dividend Yield


Dividend Yield vs Market

company4.2%marketbottom25%1.7%markettop25%4.3%industryaverage4.6%forecastin3Years4.4%

Current dividend yield vs market & industry

Notable Dividend: COFB's dividend (4.2%) is higher than the bottom 25% of dividend payers in the Austrian market (1.7%).

High Dividend: COFB's dividend (4.2%) is low compared to the top 25% of dividend payers in the Austrian market (4.33%).


Stability and Growth of Payments

Stable Dividend: COFB's dividend payments have been volatile in the past 10 years.

Growing Dividend: COFB's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67.5%), COFB's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: COFB's dividends in 3 years are forecast to be thoroughly covered by earnings (3.1% payout ratio).


Next Steps

Management

What is the CEO of Cofinimmo's salary, the management and board of directors tenure and is there insider trading?

3.6yrs

Average board tenure


CEO

Jean-Pierre Hanin (53yo)

1.6yrs

Tenure

0

Mr. Jean-Pierre Hanin has been the Chief Executive Officer and a Director of Cofinimmo SA since May 9, 2018 and has been its Interim Chief Operating Officer since May 31, 2018 and serves as its Managing Di ...


Board Age and Tenure

3.6yrs

Average Tenure

57.5yo

Average Age

Experienced Board: COFB's board of directors are considered experienced (3.6 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.3%.


Management Team

  • Jean Van Buggenhout

    Head of Property Services & Corporate Social Responsibility

    • Tenure: 0yrs
  • Domien Szekér

    Head of Project Management

    • Tenure: 0yrs
  • Françoise Roels (58yo)

    Chief of Corporate Affairs

    • Tenure: 12.7yrs
  • Dirk Huysmans

    Head of Offices Belgium

    • Tenure: 0yrs
  • Chantal Cabuy

    Chief Human Resources Officer

    • Tenure: 0yrs
  • Sébastien Berden

    Chief Operating Officer of Healthcare

    • Tenure: 0yrs
  • Pascale Minet

    Head of Accounting

    • Tenure: 0yrs
  • Jean Kotarakos (46yo)

    CFO & Executive Director

    • Tenure: 1.6yrs
  • Ellen Grauls

    Head of External Communication & Investor Relations

    • Tenure: 0yrs
  • Jean-Pierre Hanin (53yo)

    Interim COO

    • Tenure: 1.6yrs

Board Members

  • Jacques Rijckevorsel (69yo)

    Independent Chairman of the Board

    • Tenure: 2.6yrs
  • Xavier de Walque (54yo)

    Independent Director

    • Tenure: 10.7yrs
  • Françoise Roels (58yo)

    Chief of Corporate Affairs

    • Tenure: 12.7yrs
  • Olivier Chapelle (55yo)

    Independent Director

    • Tenure: 3.6yrs
  • Jean Kotarakos (46yo)

    CFO & Executive Director

    • Tenure: 1.6yrs
  • Maurice Gauchot (67yo)

    Independent Director

    • Tenure: 3.6yrs
  • Jean-Pierre Hanin (53yo)

    Interim COO

    • Tenure: 1.6yrs
  • Inès Archer-Toper (62yo)

    Independent Director

    • Tenure: 6.6yrs
  • Kathleen Van den Eynde (57yo)

    Independent Director

    • Tenure: 4.6yrs
  • Diana Monissen (64yo)

    Independent Director

    • Tenure: 3.6yrs

Company Information

Cofinimmo SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cofinimmo SA
  • Ticker: COFB
  • Exchange: WBAG
  • Founded: 1983
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €3.374b
  • Shares outstanding: 25.80m
  • Website: https://www.cofinimmo.com

Number of Employees


Location

  • Cofinimmo SA
  • Boulevard de la Woluwe 58
  • Woluwe-Saint-Lambert
  • Brussels
  • Brussels
  • 1200
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COFBENXTBR (Euronext Brussels)YesOrdinary SharesBEEURDec 1994
COFDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 1994
0J3XLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 1994
COFBBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 1994
COFBWBAG (Wiener Boerse AG)YesOrdinary SharesATEURDec 1994

Biography

Cofinimmo has been acquiring, developing and managing rental properties for over 35 years. The company has a portfolio spread across Belgium, France, the Netherlands and Germany, with a value of 4 billion  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/11 21:35
End of Day Share Price2019/12/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.