ENXTBR:ASC

Stock Analysis Report

Executive Summary

Ascencio is based in Gosselies, Belgium.

Rewards

Trading at 42.1% below its fair value

Pays a high and reliable dividend of 6.23%

Risk Analysis

Large one-off items impacting financial results

Profit margins (44.6%) are lower than last year (71.6%)



Snowflake Analysis

6 star dividend payer and fair value.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

1.4%

ASC

2.4%

BE REITs

-0.3%

BE Market


1 Year Return

12.6%

ASC

31.0%

BE REITs

12.5%

BE Market

Return vs Industry: ASC underperformed the Belgian REITs industry which returned 28.6% over the past year.

Return vs Market: ASC matched the Belgian Market which returned 12.2% over the past year.


Shareholder returns

ASCIndustryMarket
7 Day1.4%2.4%-0.3%
30 Day2.9%4.7%-0.9%
90 Day-1.7%4.7%-2.5%
1 Year18.0%12.6%35.7%31.0%14.8%12.5%
3 Year3.0%-5.7%60.9%40.9%-0.6%-7.2%
5 Year14.4%-4.6%82.7%48.0%5.0%-7.2%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

41.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ASC (€56.2) is trading below our estimate of fair value (€97.1)

Significantly Below Fair Value: ASC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ASC is poor value based on its PE Ratio (17.4x) compared to the REITs industry average (17.1x).

PE vs Market: ASC is poor value based on its PE Ratio (17.4x) compared to the Belgian market (17.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ASC's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ASC is good value based on its PB Ratio (1x) compared to the BE REITs industry average (1.3x).


Next Steps

Future Growth

How is Ascencio forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-5.2%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if ASC's forecast earnings growth is above the savings rate (0.7%).

Earnings vs Market: Insufficient data to determine if ASC's earnings are forecast to grow faster than the Belgian market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ASC's revenue is expected to decline over the next 3 years (-5.2% per year).

High Growth Revenue: ASC's revenue is forecast to decline over the next 3 years (-5.2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ASC's Return on Equity is forecast to be low in 3 years time (7%).


Next Steps

Past Performance

How has Ascencio performed over the past 5 years?

5.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ASC has a large one-off loss of €8.0M impacting its September 30 2019 financial results.

Growing Profit Margin: ASC's current net profit margins (44.6%) are lower than last year (71.6%).


Past Earnings Growth Analysis

Earnings Trend: ASC's earnings have grown by 5.9% per year over the past 5 years.

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

Earnings vs Industry: ASC had negative earnings growth (-37.3%) over the past year, making it difficult to compare to the REITs industry average (13.6%).


Return on Equity

High ROE: ASC's Return on Equity (5.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Ascencio'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: ASC has a high level of physical assets or inventory.

Debt Coverage by Assets: ASC's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

6.14%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Ascencio before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company6.1%marketbottom25%2.0%markettop25%4.4%industryaverage3.7%forecastin3Years6.6%

Current dividend yield vs market & industry

Notable Dividend: ASC's dividend (6.23%) is higher than the bottom 25% of dividend payers in the Belgian market (2.03%).

High Dividend: ASC's dividend (6.23%) is in the top 25% of dividend payers in the Belgian market (4.39%)


Stability and Growth of Payments

Stable Dividend: ASC's dividends per share have been stable in the past 10 years.

Growing Dividend: ASC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (69.2%), ASC's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ASC's dividends in 3 years are forecast to be covered by earnings (85.4% payout ratio).


Next Steps

Management

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

2.2yrs

Average management tenure


CEO

Vincent Querton 0

2.2yrs

Tenure

€88,000

Compensation

Mr. Vincent H. Querton has been Chief Executive Officer and Director of Ascencio SCA since November 03, 2017. Mr. Querton serves as Managing Director and International Director of Jones Lang Lasalle Gmbh ( ...


Management Age and Tenure

2.2yrs

Average Tenure

Experienced Management: ASC's management team is considered experienced (2.2 years average tenure).


Board Age and Tenure

2.3yrs

Average Tenure

Experienced Board: ASC's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


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 not been meaningfully diluted in the past year.


Management Team

  • Michèle Delvaux

    Chief Financial Officer

    • Tenure: 8yrs
  • Vincent Querton

    CEO & Director

    • Tenure: 2.2yrs
    • Compensation: €88.00k
  • Stéphanie Broecke

    Secretary General & General Counsel

    • Tenure: 2.2yrs

Board Members

  • Carl Mestdagh

    Chairman

    • Tenure: 8.6yrs
    • Compensation: €25.50k
  • Serge Fautré (59yo)

    Non-Executive Member of the Board of Directors

    • Tenure: 7.7yrs
    • Compensation: €13.50k
  • Vincent Querton

    CEO & Director

    • Tenure: 2.2yrs
    • Compensation: €88.00k
  • Yves Klein

    Non-Executive & Independent Director

    • Tenure: 10.5yrs
    • Compensation: €21.00k
  • Olivier Beguin

    Non-Executive Director

    • Tenure: 1.8yrs
    • Compensation: €16.50k
  • Patrick Tacq

    Non-Executive & Independent Director

    • Tenure: 2.5yrs
    • Compensation: €24.00k
  • Laurence Deklerck

    Non-Executive Independent Director

    • Tenure: 5yrs
    • Compensation: €25.50k
  • Stéphanie Boniface

    Independent Non-Executive Director

    • Tenure: 1.8yrs
    • Compensation: €22.50k
  • Alexandra Leunen

    Independent Non-Executive Director

    • Tenure: 1.8yrs
    • Compensation: €13.50k
  • Amand-Benoît D’Hondt

    Non-Executive Director

    • Tenure: 1.1yrs
    • Compensation: €15.50k

Company Information

Ascencio SCA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Ascencio SCA
  • Ticker: ASC
  • Exchange: ENXTBR
  • Founded:
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €375.971m
  • Shares outstanding: 6.60m
  • Website: https://www.ascencio.be

Number of Employees


Location

  • Ascencio SCA
  • Avenue Jean Mermoz 1
  • Bâtiment H Boîte 4
  • Gosselies
  • Hainaut
  • 6041
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ASCENXTBR (Euronext Brussels)YesOrdinary SharesBEEURFeb 2007
0P2JLSE (London Stock Exchange)YesOrdinary SharesGBEURFeb 2007
ASCBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURFeb 2007

Biography

Ascencio is based in Gosselies, Belgium. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/01/21 21:17
End of Day Share Price2020/01/21 00:00
Earnings2019/09/30
Annual Earnings2019/09/30


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.