ENXTBR:BEFB

Stock Analysis Report

Executive Summary

Befimmo, a Regulated Real-Estate Investment Trust (BE-REIT), listed on Euronext Brussels, is a real- state operator specialising in office buildings, meeting centres and coworking spaces.

Snowflake

Fundamentals

Good value with proven track record.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-0.7%

BEFB

-0.2%

BE REITs

-0.6%

BE Market


1 Year Return

17.6%

BEFB

34.0%

BE REITs

9.2%

BE Market

Return vs Industry: BEFB underperformed the Belgian REITs industry which returned 34% over the past year.

Return vs Market: BEFB exceeded the Belgian Market which returned 9.2% over the past year.


Shareholder returns

BEFBIndustryMarket
7 Day-0.7%-0.2%-0.6%
30 Day0%2.3%-4.4%
90 Day9.0%6.6%-2.0%
1 Year23.4%17.6%38.8%34.0%11.9%9.2%
3 Year28.4%11.5%61.8%41.5%0.6%-5.9%
5 Year16.0%-5.8%95.7%58.7%14.3%0.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

1.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BEFB (€58) is trading below our estimate of fair value (€58.76)

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


Price To Earnings Ratio

PE vs Industry: BEFB is good value based on its PE Ratio (11.7x) compared to the REITs industry average (15.3x).

PE vs Market: BEFB is good value based on its PE Ratio (11.7x) compared to the Belgian market (16.9x).


Price to Earnings Growth Ratio

PEG Ratio: BEFB's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BEFB is good value based on its PB Ratio (1x) compared to the BE REITs industry average (1.4x).


Next Steps

Future Growth

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

-13.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEFB's earnings are forecast to decline over the next 3 years (-13.2% per year).

Earnings vs Market: BEFB's earnings are forecast to decline over the next 3 years (-13.2% per year).

High Growth Earnings: BEFB's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BEFB's revenue (2.8% per year) is forecast to grow slower than the Belgian market (4.1% per year).

High Growth Revenue: BEFB's revenue (2.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BEFB's Return on Equity is forecast to be low in 3 years time (4.6%).


Next Steps

Past Performance

How has Befimmo performed over the past 5 years?

11.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BEFB has large one-off items impacting its financial results.

Growing Profit Margin: BEFB's current net profit margins (84.3%) are higher than last year (58.7%).


Past Earnings Growth Analysis

Earnings Trend: BEFB's earnings have grown by 11.9% per year over the past 5 years.

Accelerating Growth: BEFB's earnings growth over the past year (40%) exceeds its 5-year average (11.9% per year).

Earnings vs Industry: BEFB earnings growth over the past year (40%) exceeded the REITs industry 13.6%.


Return on Equity

High ROE: BEFB's Return on Equity (8.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Befimmo'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: BEFB has a high level of physical assets or inventory.

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


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

5.95%

Current Dividend Yield


Dividend Yield vs Market

company5.9%marketbottom25%2.1%markettop25%4.3%industryaverage3.7%forecastin3Years5.5%

Current dividend yield vs market & industry

Notable Dividend: BEFB's dividend (5.95%) is higher than the bottom 25% of dividend payers in the Belgian market (2.13%).

High Dividend: BEFB's dividend (5.95%) is in the top 25% of dividend payers in the Belgian market (4.31%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (123.3%), BEFB's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BEFB's dividends in 3 years are not forecast to be well covered by earnings (109.3% payout ratio).


Next Steps

Management

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

11.8yrs

Average management tenure


CEO

Benoît De Blieck (62yo)

20.3yrs

Tenure

€972,810

Compensation

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  ...


CEO Compensation Analysis

Compensation vs Market: Benoît's total compensation ($USD1.08M) is above average for companies of similar size in the Belgian market ($USD719.28K).

Compensation vs Earnings: Benoît's compensation has been consistent with company performance over the past year.


Management Age and Tenure

11.8yrs

Average Tenure

53.5yo

Average Age

Experienced Management: BEFB's management team is seasoned and experienced (11.8 years average tenure).


Board Age and Tenure

5.6yrs

Average Tenure

60yo

Average Age

Experienced Board: BEFB's board of directors are considered experienced (5.6 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 not been meaningfully diluted in the past year.


Management Team

  • Benoît De Blieck (62yo)

    MD, CEO & Executive Director

    • Tenure: 20.3yrs
    • Compensation: €972.81k
  • Martine Rorif (54yo)

    Chief Operating Officer

    • Tenure: 11.8yrs
  • Dany Deschuyteneer

    Head of HR & Tresory

    • Tenure: 0yrs
  • Emilie Delacroix

    Head of CSR & Innovation

    • Tenure: 0yrs
  • Laurent Carlier (53yo)

    Chief Financial Officer

    • Tenure: 13.8yrs
  • Aminata Kaké (42yo)

    General Counsel

    • Tenure: 7.8yrs
  • Caroline Kerremans

    Head of IR & Communication?

    • Tenure: 6.8yrs
  • Sylvie De Muelenaere

    Head of Legal

    • Tenure: 0yrs
  • Nicolas Billen

    Chief Investment Officer

    • Tenure: 0yrs
  • Stéphane Dos Santos

    Chief Accountant

    • Tenure: 0yrs

Board Members

  • Etienne Dewulf (64yo)

    Independent Non-Executive Director

    • Tenure: 8.7yrs
    • Compensation: €84.00k
  • Benoît De Blieck (62yo)

    MD, CEO & Executive Director

    • Tenure: 20.3yrs
    • Compensation: €972.81k
  • Benoît Godts (63yo)

    Non-Executive Director

    • Tenure: 24yrs
    • Compensation: €87.00k
  • Alain Devos (66yo)

    Chairman of the Board

    • Tenure: 0yrs
    • Compensation: €135.50k
  • Sophie Malarme-Lecloux (49yo)

    Independent Non-Executive Director

    • Tenure: 4.6yrs
    • Compensation: €71.50k
  • Kurt André De Schepper (63yo)

    Non-Executive Director

    • Tenure: 5.6yrs
    • Compensation: €67.50k
  • Sophie Goblet (55yo)

    Independent Non-Executive Director

    • Tenure: 6.6yrs
    • Compensation: €87.50k
  • Annemie Baeyaert (58yo)

    Independent Non-Executive Director

    • Tenure: 1.9yrs
    • Compensation: €62.50k
  • Wim Aurousseau (48yo)

    Non-Executive Director

    • Tenure: 1.6yrs
    • Compensation: €23.33k
  • Vincent Querton (58yo)

    Independent Director

    • Tenure: 0.6yrs

Company Information

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


Key Information

  • Name: Befimmo SA
  • Ticker: BEFB
  • Exchange: ENXTBR
  • Founded: 1995
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €1.484b
  • Shares outstanding: 25.58m
  • Website: https://www.befimmo.be

Number of Employees


Location

  • Befimmo SA
  • Chaussée de Wavre 1945
  • Brussels
  • Brussels
  • 1160
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VJ6DB (Deutsche Boerse AG)YesBearer SharesDEEURJan 1996
BEFBENXTBR (Euronext Brussels)YesBearer SharesBEEURJan 1996
0MFTLSE (London Stock Exchange)YesBearer SharesGBEURJan 1996
BFMO.FOTCPK (Pink Sheets LLC)YesBearer SharesUSUSDJan 1996
BEFBBBATS-CHIXE (BATS 'Chi-X Europe')YesBearer SharesGBEURJan 1996

Biography

Befimmo, a Regulated Real-Estate Investment Trust (BE-REIT), listed on Euronext Brussels, is a real- state operator specialising in office buildings, meeting centres and coworking spaces. Those Befimmo Env ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/22 20:57
End of Day Share Price2019/11/22 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.