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Befimmo

ENXTBR:BEFB
Snowflake Description

Good value with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BEFB
ENXTBR
€1B
Market Cap
  1. Home
  2. BE
  3. Real Estate
Company description

Befimmo, a Regulated Real-Estate Investment Trust (BE-REIT), listed on Euronext Brussels, is a real-estate operator specialising in office buildings, meeting centres and coworking spaces. The last earnings update was 9 days ago. More info.


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BEFB Share Price and Events
7 Day Returns
-0.2%
ENXTBR:BEFB
0.5%
BE REITs
0.5%
BE Market
1 Year Returns
-5.3%
ENXTBR:BEFB
12.5%
BE REITs
-8%
BE Market
BEFB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Befimmo (BEFB) -0.2% -2.9% 5% -5.3% -12.2% -6.4%
BE REITs 0.5% -1.4% 4.3% 12.5% 17.5% 43.2%
BE Market 0.5% -5.8% 3.7% -8% -14.1% 3.6%
1 Year Return vs Industry and Market
  • BEFB underperformed the REITs industry which returned 12.5% over the past year.
  • BEFB outperformed the Market in Belgium which returned -8% over the past year.
Price Volatility
BEFB
Industry
5yr Volatility vs Market

BEFB Value

 Is Befimmo undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Befimmo to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Befimmo.

ENXTBR:BEFB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
Perpetual Growth Rate 10-Year BE Government Bond Rate 0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTBR:BEFB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year BE Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 6.8%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 29%) (59.81%))
0.829
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (0.829 * 6.8%)
6.41%

Discounted Cash Flow Calculation for ENXTBR:BEFB using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Befimmo is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Befimmo is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ENXTBR:BEFB DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 6.41%)
2019 92.40 Analyst x1 86.84
2020 97.49 Est @ 5.51% 86.11
2021 101.48 Est @ 4.09% 84.23
2022 104.62 Est @ 3.09% 81.61
2023 107.12 Est @ 2.4% 78.53
2024 109.17 Est @ 1.91% 75.21
2025 110.88 Est @ 1.57% 71.79
2026 112.35 Est @ 1.33% 68.37
2027 113.65 Est @ 1.16% 65.00
2028 114.84 Est @ 1.04% 61.72
Present value of next 10 years cash flows €759.40
ENXTBR:BEFB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €114.84 × (1 + 0.77%) ÷ (6.41% – 0.77%)
€2,053.27
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,053.27 ÷ (1 + 6.41%)10
€1,103.54
ENXTBR:BEFB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €759.40 + €1,103.54
€1,862.93
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,862.93 / 25.58
€72.83
ENXTBR:BEFB Discount to Share Price
Calculation Result
Value per share (EUR) From above. €72.83
Current discount Discount to share price of €50.40
= -1 x (€50.40 - €72.83) / €72.83
30.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Befimmo is available for.
Intrinsic value
31%
Share price is €50.4 vs Future cash flow value of €72.83
Current Discount Checks
For Befimmo to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Befimmo's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Befimmo's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Befimmo's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Befimmo's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:BEFB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €5.24
ENXTBR:BEFB Share Price ** ENXTBR (2019-05-17) in EUR €50.4
Belgium REITs Industry PE Ratio Median Figure of 15 Publicly-Listed REITs Companies 14.71x
Belgium Market PE Ratio Median Figure of 86 Publicly-Listed Companies 14.91x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Befimmo.

ENXTBR:BEFB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:BEFB Share Price ÷ EPS (both in EUR)

= 50.4 ÷ 5.24

9.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Befimmo is good value based on earnings compared to the BE REITs industry average.
  • Befimmo is good value based on earnings compared to the Belgium market.
Price based on expected Growth
Does Befimmo's expected growth come at a high price?
Raw Data
ENXTBR:BEFB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
Not available
Belgium REITs Industry PEG Ratio Median Figure of 6 Publicly-Listed REITs Companies 0.4x
Belgium Market PEG Ratio Median Figure of 42 Publicly-Listed Companies 1.86x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Befimmo, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Befimmo's assets?
Raw Data
ENXTBR:BEFB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €59.06
ENXTBR:BEFB Share Price * ENXTBR (2019-05-17) in EUR €50.4
Belgium REITs Industry PB Ratio Median Figure of 16 Publicly-Listed REITs Companies 1.27x
Belgium Market PB Ratio Median Figure of 120 Publicly-Listed Companies 1.54x
ENXTBR:BEFB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:BEFB Share Price ÷ Book Value per Share (both in EUR)

= 50.4 ÷ 59.06

0.85x

* Primary Listing of Befimmo.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Befimmo is good value based on assets compared to the BE REITs industry average.
X
Value checks
We assess Befimmo's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Befimmo has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BEFB Future Performance

 How is Befimmo expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-6.3%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Befimmo expected to grow at an attractive rate?
  • Befimmo's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.8%.
Growth vs Market Checks
  • Befimmo's earnings are expected to decrease over the next 1-3 years, this is below the Belgium market average.
  • Befimmo's revenue growth is positive but not above the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:BEFB Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:BEFB Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -6.3%
ENXTBR:BEFB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 0.1%
Belgium REITs Industry Earnings Growth Rate Market Cap Weighted Average 7.1%
Belgium REITs Industry Revenue Growth Rate Market Cap Weighted Average 7.5%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 9.6%
Belgium Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTBR:BEFB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTBR:BEFB Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 143 1
2020-12-31 138 82 69 2
2019-12-31 133 85 3
ENXTBR:BEFB Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 150 134
2018-12-31 156 91 83
2018-09-30 155 91
2018-06-30 155 105 80
2018-03-31 154 106
2017-12-31 151 105 136
2017-09-30 152 177
2017-06-30 150 81 176
2017-03-31 148 150
2016-12-31 145 90 90
2016-09-30 145 51
2016-06-30 145 97 53

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Befimmo's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Befimmo's revenue is expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTBR:BEFB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Befimmo Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:BEFB Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.84 3.84 3.84 1.00
2020-12-31 3.77 3.77 3.77 1.00
2019-12-31 3.84 3.84 3.84 1.00
ENXTBR:BEFB Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 5.24
2018-12-31 3.24
2018-09-30 3.55
2018-06-30 3.14
2018-03-31 4.13
2017-12-31 5.32
2017-09-30 6.93
2017-06-30 7.03
2017-03-31 6.16
2016-12-31 3.82
2016-09-30 2.25
2016-06-30 2.32

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Befimmo is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Befimmo's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Belgium market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Belgium market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Befimmo has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BEFB Past Performance

  How has Befimmo performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Befimmo's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Befimmo's year on year earnings growth rate has been positive over the past 5 years.
  • Befimmo's 1-year earnings growth exceeds its 5-year average (26.9% vs 11.3%)
  • Befimmo's earnings growth has exceeded the BE REITs industry average in the past year (26.9% vs 16.7%).
Earnings and Revenue History
Befimmo's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Befimmo Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:BEFB Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 149.55 133.99 15.31
2018-12-31 155.62 82.85 14.32
2018-09-30 154.66 90.71 13.42
2018-06-30 154.50 80.31 13.46
2018-03-31 154.34 105.59 12.71
2017-12-31 151.48 136.07 12.27
2017-09-30 152.21 177.25 11.95
2017-06-30 149.55 175.53 11.64
2017-03-31 148.01 149.93 11.43
2016-12-31 144.99 90.41 10.48
2016-09-30 144.93 51.41 10.01
2016-06-30 144.80 52.56 10.06
2016-03-31 146.53 63.48 9.96
2015-12-31 149.37 97.93 9.96
2015-09-30 151.49 91.46 10.20
2015-06-30 153.61 85.00 10.45
2015-03-31 152.76 76.93 10.79
2014-12-31 151.91 68.86 11.14
2014-09-30 149.88 71.27 11.07
2014-06-30 147.84 73.67 11.00
2014-03-31 147.08 76.41 11.00
2013-12-31 146.31 79.16 11.00
2013-09-30 143.69 56.16 10.58
2013-06-30 141.07 33.17 10.15
2013-03-31 138.08 20.52 10.18
2012-12-31 135.09 7.87 10.22
2012-06-30 134.06 41.85 11.78

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Befimmo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Befimmo used its assets more efficiently than the BE REITs industry average last year based on Return on Assets.
  • Befimmo's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Befimmo's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Befimmo has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BEFB Health

 How is Befimmo's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Befimmo's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Befimmo's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Befimmo's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Befimmo's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Befimmo Company Filings, last reported 1 month ago.

ENXTBR:BEFB Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,510.77 771.08 1.84
2018-12-31 1,443.21 1,199.02 0.73
2018-09-30 1,497.83 1,120.47 1.08
2018-06-30 1,465.24 1,143.21 0.21
2018-03-31 1,470.45 1,119.39 16.02
2017-12-31 1,448.50 1,016.35 0.26
2017-09-30 1,495.15 968.83 20.04
2017-06-30 1,472.97 1,003.97 0.29
2017-03-31 1,453.78 1,008.77 32.58
2016-12-31 1,401.35 1,120.97 1.26
2016-09-30
2016-06-30 1,252.84 1,172.65 0.06
2016-03-31 1,265.30 1,137.33 0.22
2015-12-31 1,265.30 1,137.33 0.22
2015-09-30 1,265.30 1,137.33 0.22
2015-06-30 1,231.01 1,157.33 0.71
2015-03-31 1,231.01 1,157.33 0.71
2014-12-31 1,195.45 1,070.13 0.08
2014-09-30 1,195.45 1,070.13 0.08
2014-06-30 1,185.83 1,048.12 1.02
2014-03-31 1,185.83 1,048.12 1.02
2013-12-31 1,165.61 993.94 1.52
2013-09-30 1,165.61 993.94 1.52
2013-06-30 1,058.30 988.91 2.41
2013-03-31 1,058.30 988.91 2.41
2012-12-31 998.24 960.89 2.31
2012-06-30 1,071.18 912.74 3.36
  • Befimmo's level of debt (51%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (88.4% vs 51% today).
  • Debt is not well covered by operating cash flow (11.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.8x coverage).
X
Financial health checks
We assess Befimmo's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Befimmo has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BEFB Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.85%
Current annual income from Befimmo dividends. Estimated to be 6.54% next year.
If you bought €2,000 of Befimmo shares you are expected to receive €137 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Befimmo's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.43%).
  • Befimmo's dividend is above the markets top 25% of dividend payers in Belgium (4.9%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTBR:BEFB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Belgium REITs Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 4.4%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 78 Stocks 3.7%
Belgium Minimum Threshold Dividend Yield 10th Percentile 1.2%
Belgium Bottom 25% Dividend Yield 25th Percentile 2.4%
Belgium Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTBR:BEFB Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.45 1.00
2020-12-31 3.14 3.00
2019-12-31 3.45 2.00
ENXTBR:BEFB Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-14 3.450 6.814
2018-10-25 3.450 6.955
2018-02-08 3.450 6.699
2017-10-26 3.450 6.431
2017-07-19 3.450 6.508
2017-03-24 3.450 6.535
2017-02-16 3.450 6.702
2016-12-06 3.410 6.600
2016-07-20 3.450 6.260
2016-03-29 3.450 5.946
2016-02-18 3.450 6.451
2015-10-29 3.450 6.302
2015-03-27 3.450 5.938
2015-02-19 3.450 5.370
2014-11-20 3.390 5.324
2014-08-01 3.450 5.744
2014-03-31 3.455 6.314
2014-02-21 3.455 6.667
2013-11-14 3.452 6.819
2013-08-02 3.450 6.687
2013-08-01 3.450 6.509
2013-04-02 3.454 6.805
2013-02-22 3.454 7.012
2012-11-15 3.450 6.970
2012-08-30 3.450 7.400
2012-05-15 3.450 7.473
2012-05-14 3.451 7.885
2012-03-27 4.929 10.504
2012-02-17 4.929 10.040
2011-11-17 4.929 9.673
2011-05-26 7.882 13.723
2010-11-30 3.906 6.327
2010-11-18 3.906 6.055
2010-05-31 3.900 6.501
2010-05-25 3.900 6.859
2009-11-18 4.412 7.331

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Befimmo's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Befimmo's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Befimmo afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Befimmo has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BEFB Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Benoît De Blieck
COMPENSATION €972,810
AGE 61
TENURE AS CEO 19.8 years
CEO Bio

Mr. Benoît De Blieck is Managing Director of Befimmo SA (“Befimmo”). He is a Civil Engineer (ULB, École Polytechnique, 1980), and a postgraduate (Cepac) of the Solvay Business School (ULB, 1986). He began his career in 1980 at Entreprises Ed. François & Fils, later to become CFE, in charge of a number of building sites in Saudi Arabia (1980-1985) and project studies in China, Zaire and Egypt (1985-1988). He was then responsible for real-estate project development, first at Codic (1988-1990) and later at Galliford (1990-1992). From 1992 to 1999 he was a Member of the management committee of Bernheim-Comofi SA (then a subsidiary of Groupe Bruxelles Lambert), responsible for international development. He was then appointed Managing Director of Befimmo in August 1999 and of its subsidiary Fedimmo in December 2006. Other positions held at December 2016: He is Managing Director of Fedimmo, a subsidiary of Befimmo; Chairman of Beway, a subsidiary of Befimmo; Manager of BDB Management SPRLu; Director of the Professional Union of Real-Estate Sector (UPSI); Fellow Member of the Royal Institution of Chartered Surveyors (FRICS). BDB Management SPRLu, represented by its permanent Representative: He holds the following positions: Chairman of Axento SA, a subsidiary of Befimmo; Director of Meirfree and Vitalfree, subsidiaries of Befimmo; Managing Director of Befimmo Property Services, a subsidiary of Befimmo; Managing Director of Noblieck SA; Managing agent of BVR SPRL. Directorships expired as at December 2016 held during the period 2012-2016: He was a Member of the management Board of the European Public Real Estate Association (EPRA).

CEO Compensation
  • Benoît's compensation has been consistent with company performance over the past year.
  • Benoît's remuneration is higher than average for companies of similar size in Belgium.
Management Team Tenure

Average tenure and age of the Befimmo management team in years:

11.3
Average Tenure
52.5
Average Age
  • The average tenure for the Befimmo management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Benoît De Blieck

TITLE
MD, CEO & Executive Director
COMPENSATION
€973K
AGE
61
TENURE
19.8 yrs

Laurent Carlier

TITLE
Chief Financial Officer
AGE
52
TENURE
13.3 yrs

Martine Rorif

TITLE
Chief Operating Officer
AGE
53
TENURE
11.3 yrs

Nicolas Billen

TITLE
Chief Investment Officer

Stéphane Dos Santos

TITLE
Chief Accountant

Caroline Kerremans

TITLE
Head of IR & Communication?
TENURE
6.3 yrs

Aminata Kaké

TITLE
General Counsel
AGE
41
TENURE
7.3 yrs

Sylvie De Muelenaere

TITLE
Head of Legal

Dany Deschuyteneer

TITLE
Head of HR & Tresory

Emilie Delacroix

TITLE
Head of CSR & Innovation
Board of Directors Tenure

Average tenure and age of the Befimmo board of directors in years:

5.1
Average Tenure
59
Average Age
  • The tenure for the Befimmo board of directors is about average.
Board of Directors

Alain Devos

TITLE
Chairman of the Board
COMPENSATION
€136K
AGE
65

Benoît De Blieck

TITLE
MD, CEO & Executive Director
COMPENSATION
€973K
AGE
61
TENURE
19.8 yrs

Etienne Dewulf

TITLE
Independent Non-Executive Director
COMPENSATION
€84K
AGE
63
TENURE
8.2 yrs

Sophie Goblet

TITLE
Independent Non-Executive Director
COMPENSATION
€88K
AGE
54
TENURE
6.1 yrs

Benoît Godts

TITLE
Non-Executive Director
COMPENSATION
€87K
AGE
62
TENURE
23.5 yrs

Kurt André De Schepper

TITLE
Non-Executive Director
COMPENSATION
€68K
AGE
62
TENURE
5.1 yrs

Sophie Malarme-Lecloux

TITLE
Independent Non-Executive Director
COMPENSATION
€72K
AGE
48
TENURE
4.1 yrs

Annemie Baeyaert

TITLE
Independent Non-Executive Director
COMPENSATION
€63K
AGE
57
TENURE
1.4 yrs

Wim Aurousseau

TITLE
Non-Executive Director
COMPENSATION
€23K
AGE
47
TENURE
1.1 yrs

Vincent Querton

TITLE
Independent Director
AGE
57
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Befimmo's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Befimmo has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BEFB News

Simply Wall St News

Does It Make Sense To Buy Befimmo SA (EBR:BEFB) For Its Yield?

Could Befimmo SA (EBR:BEFB) be an attractive dividend share to own for the long haul? Investors are often drawn to a company for its dividend.. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments.. … With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Befimmo is a new dividend aristocrat in the making.

Simply Wall St -

Those Who Purchased Befimmo (EBR:BEFB) Shares Three Years Ago Have A 10% Loss To Show For It

While the Befimmo SA (EBR:BEFB) share price is down 10% in the last three years, the total return to shareholders (which includes dividends) was 4.4%. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … In comparison the 3.6% compound annual share price decline isn't as bad as the EPS drop-off.

Simply Wall St -

What Type Of Shareholder Owns Befimmo SA's (EBR:BEFB)?

Every investor in Befimmo SA (EBR:BEFB) should be aware of the most powerful shareholder groups. … Companies that used to be publicly owned tend to have lower insider ownership. … Taking a look at our data on the ownership groups (below), it's seems that.

Simply Wall St -

Does Befimmo SA's (EBR:BEFB) CEO Salary Reflect Performance?

In 1999 Benoît De Blieck was appointed CEO of Befimmo SA (EBR:BEFB). … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Benoît De Blieck's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Is Befimmo SA's (EBR:BEFB) ROE Of 6.1% Concerning?

This article is for those who would like to learn about Return On Equity (ROE). … Our data shows Befimmo has a return on equity of 6.1% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

You May Have Been Looking At Befimmo SA (EBR:BEFB) All Wrong

A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much BEFB actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation … For BEFB, its FFO of €105m makes up 82% of its gross profit,

Simply Wall St -

What Can We Expect From Befimmo SA's (EBR:BEFB) Earnings Over The Next Year?

Looking at Befimmo SA's (EBR:BEFB) earnings update in September 2018, … with earnings expected to decline by -9.7% in the upcoming year

Simply Wall St -

What Kind Of Shareholder Appears On The Befimmo SA's (EBR:BEFB) Shareholder Register?

Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Companies that used to be publicly owned tend to have lower insider ownership. … Befimmo has a market capitalization of €1.3b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

How Did Befimmo SA's (EBR:BEFB) 5.5% ROE Fare Against The Industry?

Though BEFB's recent performance is underwhelming, it is useful to understand what ROE is made up of and how it should be interpreted. … Knowing these components can change your views on BEFB's below-average returns. … I will take you through how metrics such as financial leverage impact ROE which may affect the overall sustainability of BEFB's returns

Simply Wall St -

Why You Shouldn't Look At Befimmo SA's (EBR:BEFB) Bottom Line

real estate investment trust (REIT) based in Brussels, Belgium. … Funds from Operations (FFO) is a higher quality measure of BEFB's earnings compared to net income … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

BEFB Company Info

Description

Befimmo, a Regulated Real-Estate Investment Trust (BE-REIT), listed on Euronext Brussels, is a real-estate operator specialising in office buildings, meeting centres and coworking spaces. Those Befimmo Environments are located in Brussels, the main Belgian cities and the Grand Duchy of Luxembourg. As a company that is human, a corporate citizen, and responsible, Befimmo offers its occupants contemporary office spaces and related services in buildings that are sustainable in terms of architecture, location and respect for the environment. By creating such added value for its users, Befimmo also creates value for its shareholders. At 31 December 2018, the fair value of its portfolio was €2.6 billion.

Details
Name: Befimmo SA
BEFB
Exchange: ENXTBR
Founded: 1995
€1,289,192,385
25,579,214
Website: http://www.befimmo.be
Address: Befimmo SA
Chaussée de Wavre 1945,
Brussels,
Brussels, 1160,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR BEFB Bearer Shares Euronext Brussels BE EUR 04. Jan 1996
DB VJ6 Bearer Shares Deutsche Boerse AG DE EUR 04. Jan 1996
LSE 0MFT Bearer Shares London Stock Exchange GB EUR 04. Jan 1996
BATS-CHIXE BEFBB Bearer Shares BATS 'Chi-X Europe' GB EUR 04. Jan 1996
Number of employees
Current staff
Staff numbers
79
Befimmo employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/18 21:12
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/04/30
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.