ENXTBR:CPINV

Stock Analysis Report

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Executive Summary

Serviceflats Invest NV, a real estate investment company, builds and finances residences for elderly residents.

Rewards

Trading at 25.2% below its fair value

Earnings are forecast to grow 11.97% per year

Earnings grew by 39.1% over the past year

Pays a high and reliable dividend of 2.78%

Risk Analysis

Debt is not well covered by operating cash flow

Highly volatile share price over past 3 months

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Established dividend payer with proven track record.

Share Price & News

How has Care Property Invest's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CPINV's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.0%

CPINV

2.9%

BE REITs

7.4%

BE Market


1 Year Return

17.9%

CPINV

1.6%

BE REITs

-19.2%

BE Market

Return vs Industry: CPINV exceeded the Belgian REITs industry which returned 1.6% over the past year.

Return vs Market: CPINV exceeded the Belgian Market which returned -18.5% over the past year.


Shareholder returns

CPINVIndustryMarket
7 Day3.0%2.9%7.4%
30 Day3.4%-0.2%-0.6%
90 Day-7.7%-12.8%-10.3%
1 Year20.5%17.9%4.3%1.6%-18.2%-19.2%
3 Year52.3%36.1%27.6%13.0%-30.3%-34.3%
5 Year102.3%73.7%61.1%31.3%-25.2%-33.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Care Property Invest undervalued compared to its fair value and its price relative to the market?

25.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CPINV (€27.7) is trading below our estimate of fair value (€37.02)

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


Price To Earnings Ratio

PE vs Industry: CPINV is poor value based on its PE Ratio (18.6x) compared to the REITs industry average (13.9x).

PE vs Market: CPINV is poor value based on its PE Ratio (18.6x) compared to the Belgian market (14x).


Price to Earnings Growth Ratio

PEG Ratio: CPINV is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: CPINV is overvalued based on its PB Ratio (2.1x) compared to the BE REITs industry average (1x).


Next Steps

Future Growth

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

12.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CPINV's forecast earnings growth (12% per year) is above the savings rate (1.6%).

Earnings vs Market: CPINV's earnings (12% per year) are forecast to grow slower than the Belgian market (19.1% per year).

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

Revenue vs Market: CPINV's revenue (13.3% per year) is forecast to grow faster than the Belgian market (2.8% per year).

High Growth Revenue: CPINV's revenue (13.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CPINV's Return on Equity is forecast to be low in 3 years time (11.8%).


Next Steps

Past Performance

How has Care Property Invest performed over the past 5 years?

32.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CPINV has a large one-off gain of €11.2M impacting its March 31 2020 financial results.

Growing Profit Margin: CPINV's current net profit margins are higher than last year (85.3%).


Past Earnings Growth Analysis

Earnings Trend: CPINV has become profitable over the past 5 years, growing earnings by 32.8% per year.

Accelerating Growth: CPINV's earnings growth over the past year (39.1%) exceeds its 5-year average (32.8% per year).

Earnings vs Industry: CPINV earnings growth over the past year (39.1%) exceeded the REITs industry 11.1%.


Return on Equity

High ROE: CPINV's Return on Equity (11.7%) is considered low.


Next Steps

Financial Health

How is Care Property Invest's financial position?


Financial Position Analysis

Short Term Liabilities: CPINV's short term assets (€6.0M) do not cover its short term liabilities (€116.7M).

Long Term Liabilities: CPINV's short term assets (€6.0M) do not cover its long term liabilities (€189.8M).


Debt to Equity History and Analysis

Debt Level: CPINV's debt to equity ratio (110.9%) is considered high.

Reducing Debt: CPINV's debt to equity ratio has reduced from 164.5% to 110.9% over the past 5 years.

Debt Coverage: CPINV's debt is not well covered by operating cash flow (5.9%).

Interest Coverage: CPINV's interest payments on its debt are well covered by EBIT (4.3x coverage).


Balance Sheet


Next Steps

Dividend

What is Care Property Invest's current dividend yield, its reliability and sustainability?

2.78%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CPINV's dividend (2.78%) is higher than the bottom 25% of dividend payers in the Belgian market (2.42%).

High Dividend: CPINV's dividend (2.78%) is low compared to the top 25% of dividend payers in the Belgian market (5.76%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (79.5%), CPINV's payments are covered by earnings.


Future Payout to Shareholders

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


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

12.5yrs

Average board tenure


CEO

Peter Van Heukelom (64yo)

no data

Tenure

€531,888

Compensation

Mr. Peter Van Heukelom serves as CEO at Care Property Invest NV and also serves as its Chairman of the Board since 2019. He served as the General Manager at Care Property Invest since April 1, 2010 and ser ...


CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD591.32K) is about average for companies of similar size in the Belgian market ($USD588.05K).

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


Board Members

NamePositionTenureCompensationOwnership
Peter Van Heukelom
Chairman & CEOno data€531.89kno data
Willy Pintens
Executive Director19yrs€16.75kno data
Dirk Ernestus Van den Broeck
Executive Directorno data€15.25kno data
Mark Suykens
Chairman of the Boardno data€26.50kno data
Myriam Lint
Non-Executive Director16yrs€7.38kno data
Paul Van Gorp
Non-Executive Independent Directorno data€17.75kno data
Lode De Vrieze
Non-Executive Director9yrs€6.88kno data
Brigitte Grouwels
Non-Executive Independent Directorno data€17.25kno data
Caroline Riské
Non-Executive Independent Directorno data€16.75kno data
Kristien Van der Hasselt
Non-Executive Directorno data€6.88kno data

12.5yrs

Average Tenure

63.5yo

Average Age

Experienced Board: CPINV's board of directors are seasoned and experienced ( 12.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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 7.8%.


Top Shareholders

Company Information

Care Property Invest NV's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Care Property Invest NV
  • Ticker: CPINV
  • Exchange: ENXTBR
  • Founded: 1995
  • Industry: Residential REITs
  • Sector: Real Estate
  • Market Cap: €599.546m
  • Shares outstanding: 21.64m
  • Website: https://carepropertyinvest.be

Number of Employees


Location

  • Care Property Invest NV
  • Horstebaan 3
  • Schoten
  • Antwerp
  • 2900
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CPINVENXTBR (Euronext Brussels)YesCommon SharesBEEURJan 2007
0R6HLSE (London Stock Exchange)YesCommon SharesGBEURJan 2007

Biography

Serviceflats Invest NV, a real estate investment company, builds and finances residences for elderly residents. It engages in the letting of furnished retirement flats with a net floor area of approximately 54 square meters. The company is based in Antwerpen, Belgium. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/30 23:08
End of Day Share Price2020/05/29 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.