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IMMOBEL

ENXTBR:IMMO
Snowflake Description

Reasonable growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IMMO
ENXTBR
€481M
Market Cap
  1. Home
  2. BE
  3. Real Estate
Company description

IMMOBEL SA engages in the real estate development activities in Belgium, Grand-Duchy of Luxemburg, and Poland. The last earnings update was 156 days ago. More info.


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IMMO Share Price and Events
7 Day Returns
-1.4%
ENXTBR:IMMO
-0.4%
BE Real Estate
-0.2%
BE Market
1 Year Returns
1.9%
ENXTBR:IMMO
-1.7%
BE Real Estate
-14.2%
BE Market
IMMO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
IMMOBEL (IMMO) -1.4% 7% 5.4% 1.9% - -
BE Real Estate -0.4% 10.2% 6.4% -1.7% 41% 84.8%
BE Market -0.2% 3.3% -1.4% -14.2% -16% 4%
1 Year Return vs Industry and Market
  • IMMO outperformed the Real Estate industry which returned -1.7% over the past year.
  • IMMO outperformed the Market in Belgium which returned -14.2% over the past year.
Price Volatility
IMMO
Industry
5yr Volatility vs Market
Related Companies

Value

 Is IMMOBEL 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 IMMOBEL 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 IMMOBEL.

ENXTBR:IMMO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
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:IMMO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year BE Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 9.2%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.43
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.427 (1 + (1- 29%) (78.5%))
0.665
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (0.8 * 9.23%)
8.15%

Discounted Cash Flow Calculation for ENXTBR:IMMO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for IMMOBEL is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTBR:IMMO DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (EUR, Millions) 142.25 88.47 104.40 122.15 141.69
Source Analyst x1 Analyst x1 Est @ 18%, capped from 33.02% Est @ 17%, capped from 33.02% Est @ 16%, capped from 33.02%
Present Value
Discounted (@ 8.15%)
131.52 75.64 82.52 89.27 95.75
Present value of next 5 years cash flows €474.70
ENXTBR:IMMO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= €141.69 × (1 + 0.77%) ÷ (8.15% – 0.77%)
€1,933.68
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= €1,933.68 ÷ (1 + 8.15%)5
€1,306.69
ENXTBR:IMMO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= €474.70 + €1,306.69
€1,781.39
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,781.39 / 8.78
€202.87
ENXTBR:IMMO Discount to Share Price
Calculation Result
Value per share (EUR) From above. €202.87
Current discount Discount to share price of €54.80
= -1 x (€54.80 - €202.87) / €202.87
73%

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

Current Discount
Amount off the current price IMMOBEL is available for.
Intrinsic value
>50%
Share price is €54.8 vs Future cash flow value of €202.87
Current Discount Checks
For IMMOBEL to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • IMMOBEL's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • IMMOBEL's share price is below the future cash flow value, and 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 IMMOBEL's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are IMMOBEL's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:IMMO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in EUR €2.37
ENXTBR:IMMO Share Price ** ENXTBR (2019-02-15) in EUR €54.8
Belgium Real Estate Industry PE Ratio Median Figure of 7 Publicly-Listed Real Estate Companies 11.29x
Belgium Market PE Ratio Median Figure of 93 Publicly-Listed Companies 14.27x

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

** Primary Listing of IMMOBEL.

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

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

= 54.8 ÷ 2.37

23.09x

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

  • IMMOBEL is overvalued based on earnings compared to the BE Real Estate industry average.
  • IMMOBEL is overvalued based on earnings compared to the Belgium market.
Price based on expected Growth
Does IMMOBEL's expected growth come at a high price?
Raw Data
ENXTBR:IMMO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
9.5%per year
Europe Real Estate Industry PEG Ratio Median Figure of 93 Publicly-Listed Real Estate Companies -0.11x
Belgium Market PEG Ratio Median Figure of 47 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

ENXTBR:IMMO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.09x ÷ 9.5%

2.44x

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

  • IMMOBEL is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on IMMOBEL's assets?
Raw Data
ENXTBR:IMMO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in EUR €34.53
ENXTBR:IMMO Share Price * ENXTBR (2019-02-15) in EUR €54.8
Belgium Real Estate Industry PB Ratio Median Figure of 10 Publicly-Listed Real Estate Companies 1.24x
Belgium Market PB Ratio Median Figure of 119 Publicly-Listed Companies 1.53x
ENXTBR:IMMO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 54.8 ÷ 34.53

1.59x

* Primary Listing of IMMOBEL.

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

  • IMMOBEL is overvalued based on assets compared to the BE Real Estate industry average.
X
Value checks
We assess IMMOBEL'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. IMMOBEL has a total score of 2/6, 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.

Future Performance

 How is IMMOBEL 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
9.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is IMMOBEL expected to grow at an attractive rate?
  • IMMOBEL's earnings growth is expected to exceed the low risk savings rate of 0.8%.
Growth vs Market Checks
  • IMMOBEL's earnings growth is positive but not above the Belgium market average.
  • IMMOBEL's revenue growth is expected to exceed the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:IMMO Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:IMMO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 9.5%
ENXTBR:IMMO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 20.4%
Belgium Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 7.8%
Belgium Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 8.8%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 12.2%
Belgium Market Revenue Growth Rate Market Cap Weighted Average 2.9%

*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:IMMO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months 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:IMMO Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 610 64 1
2021-12-31 630 65 1
2020-12-31 726 90 93 1
2019-12-31 489 143 95 3
2018-12-31 302 41 49 2
ENXTBR:IMMO Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-06-30 187 -14 21
2018-03-31 166 -14 16
2017-12-31 145 -15 11
2017-09-30 189 7 19
2017-06-30 232 29 27
2017-03-31 247 52 40
2016-12-31 262 75 52
2016-09-30 193 48 45
2016-06-30 124 21 37
2016-03-31 106 18 31
2015-12-31 88 16 24

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • IMMOBEL's earnings are expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
  • IMMOBEL's revenue is expected to grow significantly at over 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:IMMO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from IMMOBEL Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:IMMO Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 6.40 6.40 6.40 1.00
2021-12-31 6.50 6.50 6.50 1.00
2020-12-31 9.30 9.30 9.30 1.00
2019-12-31 10.03 11.68 8.37 2.00
2018-12-31 4.87 4.87 4.87 1.00
ENXTBR:IMMO Past Financials Data
Date (Data in EUR Millions) EPS *
2018-06-30 2.37
2018-03-31 1.81
2017-12-31 1.26
2017-09-30 2.20
2017-06-30 3.12
2017-03-31 4.56
2016-12-31 5.99
2016-09-30 5.12
2016-06-30 4.26
2016-03-31 3.52
2015-12-31 4.15

*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.
  • IMMOBEL is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess IMMOBEL'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.
IMMOBEL has a total score of 4/6, 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.

Past Performance

  How has IMMOBEL 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 IMMOBEL's growth in the last year to its industry (Real Estate).
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.
  • IMMOBEL's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • IMMOBEL's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • IMMOBEL's 1-year earnings growth is negative, it can't be compared to the BE Real Estate industry average.
Earnings and Revenue History
IMMOBEL'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 IMMOBEL Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:IMMO Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 186.86 20.73 20.28
2018-03-31 165.93 15.88 20.33
2017-12-31 145.00 11.04 20.37
2017-09-30 188.65 19.25 19.82
2017-06-30 232.31 27.47 19.26
2017-03-31 247.24 39.97 17.31
2016-12-31 262.17 52.47 15.36
2016-09-30 193.11 44.89 10.25
2016-06-30 124.06 37.31 5.15
2016-03-31 106.01 30.84 3.42
2015-12-31 87.96 24.36 1.69
2014-12-31 3.89 1.25
2013-12-31 2.43 0.36

*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.
  • IMMOBEL has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • IMMOBEL used its assets less efficiently than the BE Real Estate industry average last year based on Return on Assets.
  • IMMOBEL's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess IMMOBEL'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 Real Estate 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.
IMMOBEL has a total score of 1/6, 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.

Health

 How is IMMOBEL'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 IMMOBEL's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • IMMOBEL is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • IMMOBEL's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of IMMOBEL'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 covered by short term assets, assets are 1.8x 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 IMMOBEL Company Filings, last reported 7 months ago.

ENXTBR:IMMO Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 302.72 377.72 69.10
2018-03-31 302.72 377.72 69.10
2017-12-31 303.58 400.47 148.69
2017-09-30 303.58 400.47 148.69
2017-06-30 298.51 434.93 179.93
2017-03-31 298.51 434.93 179.93
2016-12-31 314.95 323.90 121.71
2016-09-30 314.95 323.90 121.71
2016-06-30 290.68 351.55 86.08
2016-03-31 290.68 351.55 86.08
2015-12-31 165.47 180.41 92.42
2014-12-31 9.09 0.00 1.74
2013-12-31 7.84 0.00 0.76
  • IMMOBEL's level of debt (124.8%) compared to net worth is high (greater than 40%).
  • Unable to establish if IMMOBEL's debt level has increased without past 5-year debt data.
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 13.3x coverage).
X
Financial health checks
We assess IMMOBEL'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. IMMOBEL has a total score of 3/6, 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.

Dividends

 What is IMMOBEL'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
4.01%
Current annual income from IMMOBEL dividends. Estimated to be 4.64% next year.
If you bought €2,000 of IMMOBEL shares you are expected to receive €80 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?
  • IMMOBEL's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.25%).
  • IMMOBEL's dividend is below the markets top 25% of dividend payers in Belgium (4.73%).
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:IMMO 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 Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.2%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 77 Stocks 3.4%
Belgium Minimum Threshold Dividend Yield 10th Percentile 1.4%
Belgium Bottom 25% Dividend Yield 25th Percentile 2.2%
Belgium Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

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

ENXTBR:IMMO Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 2.70 1.00
2019-12-31 2.47 2.00
2018-12-31 2.35 1.00
ENXTBR:IMMO Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-04-19 2.200 4.182
2018-03-13 2.200 4.071
2017-04-24 2.000 3.697
2016-06-30 0.000 0.000

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

  • Whilst dividend payments have been stable, IMMOBEL has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but IMMOBEL only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of IMMOBEL's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess IMMOBEL's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - 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 IMMOBEL afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. IMMOBEL has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of IMMOBEL'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
Alexander Hodac
AGE 37
CEO Bio

Mr. Alexander Hodac has been the Chief Executive Officer of IMMOBEL SA since December 16, 2015 and serves as its Managing Director. Mr. Hodac served as Senior Manager at Deloitte Corporate Finance-Real Estate. He worked at Deloitte Corporate Finance-Real Estate from 2005 to 2013. He served as Chief Commercial Officer of the Belgian residential REIT Home Invest Belgium S.A. from August 1, 2013 to 2015. In this last function he was responsible for the entire acquisition and disposal process of existing assets/ portfolios and development projects with an investment value of up to 30 MEUR and a size of 30-150 units. Mr. Hodac has been a Director of IMMOBEL SA since December 1, 2015. He obtained a degree in business engineering (Solvay/VUB).

CEO Compensation
  • Insufficient data for Alexander to compare compensation growth.
  • Insufficient data for Alexander to establish whether their remuneration is reasonable compared to companies of similar size in Belgium.
Management Team Tenure

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

1.2
Average Tenure
44
Average Age
  • The average tenure for the IMMOBEL management team is less than 2 years, this suggests a new team.
Management Team

Marnix Galle

TITLE
Executive Chairman of the Board
AGE
54

Alexander Hodac

TITLE
MD, CEO & Director
AGE
37

Valery Autin

TITLE
CFO & Head of Finance
AGE
39

Adel Yahia

TITLE
Chief Development Officer & COO
AGE
39
TENURE
1.2 yrs

Rudi op Roodt

TITLE
Head of Technical Department
AGE
54

Sophie Grulois

TITLE
Head of Legal Services
AGE
42

Joëlle Micha

TITLE
Head of Corporate Affairs & Compliance Officer
AGE
48
TENURE
0.1 yrs

Sandrine Jacobs

TITLE
Head of Marketing & Communications
AGE
42

Hilde De Valck

TITLE
Head of Project Structuring & Financing
AGE
54
TENURE
2.7 yrs

Olivier Xhonneux

TITLE
Head of Landbanking
AGE
46
Board of Directors Tenure

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

3.5
Average Tenure
53
Average Age
  • The tenure for the IMMOBEL board of directors is about average.
Board of Directors

Marnix Galle

TITLE
Executive Chairman of the Board
AGE
54
TENURE
4.4 yrs

Alexander Hodac

TITLE
MD, CEO & Director
AGE
37
TENURE
3.2 yrs

Astrid De Lathauwer

TITLE
Independent Director
AGE
54
TENURE
3.5 yrs

Pierre Nothomb

TITLE
Independent Director
AGE
55
TENURE
3.4 yrs

Piet Vercruysse

TITLE
Director
AGE
68
TENURE
4.4 yrs

Karin Koks-Van der Sluijs

TITLE
Independent Director
AGE
49
TENURE
2.3 yrs

Sophie Lambrighs

TITLE
Director
AGE
47
TENURE
4.4 yrs

Annick Van Overstraeten

TITLE
Independent Director
AGE
53
TENURE
2.4 yrs

Michèle Sioen

TITLE
Director
AGE
53
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 IMMOBEL'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. IMMOBEL 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.

News

Simply Wall St News

Is IMMOBEL SA's (EBR:IMMO) ROE Of 6.8% Concerning?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … That means that for every €1 worth of shareholders' equity, it generated €0.068 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

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Is IMMOBEL SA's (EBR:IMMO) Balance Sheet Strong Enough To Weather A Storm?

IMMOBEL SA (EBR:IMMO) is a small-cap stock with a market capitalization of €441m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … So, understanding the company's financial health becomes.

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Why IMMOBEL SA's (EBR:IMMO) High P/E Ratio Isn't Necessarily A Bad Thing

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll show how you can use IMMOBEL SA's (EBR:IMMO) P/E ratio to inform your assessment of the investment opportunity. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

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

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … IMMOBEL is a smaller company with a market capitalization of €442m, so it may still be flying under the radar of many institutional investors. … institutional investors have bought into the company.

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Is IMMOBEL SA (EBR:IMMO) A Financially Sound Company?

However, an important fact which most ignore is: how financially healthy is the business? … Evaluating financial health as part of your investment thesis is. … Here are few basic financial health checks you should consider before taking the plunge.

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Does IMMOBEL SA's (EBR:IMMO) PE Ratio Warrant A Sell?

and want to better understand how you can grow your money by investing in IMMOBEL SA (EBR:IMMO). … IMMOBEL SA (EBR:IMMO) trades with a trailing P/E of 41.5x, which is higher than the industry average of 12x. … Although some investors may jump to the conclusion that you should avoid the stock or sell if you own it, understanding the assumptions behind the P/E ratio might change your mind

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Is IMMOBEL SA (EBR:IMMO) Cheap And High Growth?

Real estate analysts are forecasting for the entire industry, a positive double-digit growth of 14.97% in the upcoming year , and a massive growth of 59.29% over the next couple of years. … IMMOBEL lags the pack with its negative growth rate of -78.99% over the past year, which indicates the company will be growing at a slower pace than its real estate peers. … In terms of returns, IMMOBEL generated 3.60% in the past year, which is 4.91% below the real estate sector.

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Who Are The Major Shareholders In IMMOBEL SA (EBR:IMMO)?

This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and potential acquisitions. … Private Company Ownership Potential investors in IMMO should also look at another important group of investors: private companies, with a stake of 66.98%, who are primarily invested because of strategic and capital gain interests. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: With a low level of institutional ownership, investors in IMMO need not worry about non-fundamental factors such as ownership structure causing large impact on stock prices.

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How Do Analysts See IMMOBEL SA's (EBR:IMMO) Margin Performing In The Next Few Years?

To help investors get a top level understanding, this article will interpret IMMOBEL's margin performance to assist in analysing the revenue and cost anatomy behind the earnings expectations for the future and the impact it has on shareholder returns relative to the wider industry. … Margin Calculation for IMMO Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 11.04 Million ÷ 145.00 Million = 7.61% The past five years have seen IMMOBEL's margin contract, with a 42.74% average growth in revenue surpassing a 26.20% average growth in net income, indicating that that a smaller percentage of revenue is being converted in to net income despite the top line growth. … IMMO's most recent margin of 7.61% appears to follow this trend, indicating that earnings growth has likely been driven through an increase in revenue rather than improved cost management.

Simply Wall St -

What You Must Know About IMMOBEL SA's (EBR:IMMO) 3.60% ROE

Return on Equity = Net Profit ÷ Shareholders Equity Returns are usually compared to costs to measure the efficiency of capital. … ROE can be broken down into three different ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity ENXTBR:IMMO Last Perf Apr 9th 18 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.

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Company Info

Map
Description

IMMOBEL SA engages in the real estate development activities in Belgium, Grand-Duchy of Luxemburg, and Poland. The company undertakes office, residential, retail, and landbanking projects. It also provides project management and leasing services. The company was formerly known as Allfin NV and changed its name to IMMOBEL SA in June 2016. IMMOBEL SA was founded in 1863 and is based in Brussels, Belgium.

Details
Name: IMMOBEL SA
IMMO
Exchange: ENXTBR
Founded: 1863
€481,190,799
8,780,854
Website: http://www.immobel.be
Address: IMMOBEL SA
Rue de la Régence 58,
Brussels,
Brussels, 1000,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR IMMO Share Capital Euronext Brussels BE EUR 30. Jun 2016
BATS-CHIXE IMMOB Share Capital BATS 'Chi-X Europe' GB EUR 30. Jun 2016
Number of employees
Current staff
Staff numbers
100
IMMOBEL employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/15 23:30
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/01/22
Last earnings filing: 2018/09/12
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


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.