ENXTBR:INTO

Stock Analysis Report

Intervest Offices & Warehouses

Executive Summary

Intervest Offices & Warehouses nv, (hereinafter Intervest), is a public regulated real estate company (RREC) founded in 1996 of which the shares are listed on Euronext Brussels (INTO) as from 1999.

Rewards

Trading at 34.3% below its fair value

Revenue is forecast to grow 9.91% per year

Earnings grew by 30.2% over the past year

Pays a high and reliable dividend of 5.34%

Risk Analysis

Shareholders have been diluted in the past year



Snowflake Analysis

Undervalued established dividend payer.

Share Price & News

How has Intervest Offices & Warehouses's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

3.5%

INTO

2.8%

BE REITs

-0.7%

BE Market


1 Year Return

28.3%

INTO

29.6%

BE REITs

12.2%

BE Market

Return vs Industry: INTO underperformed the Belgian REITs industry which returned 29.6% over the past year.

Return vs Market: INTO exceeded the Belgian Market which returned 14.3% over the past year.


Shareholder returns

INTOIndustryMarket
7 Day3.5%2.8%-0.7%
30 Day3.7%4.2%-0.6%
90 Day0.9%4.4%-2.9%
1 Year28.8%28.3%34.2%29.6%14.4%12.2%
3 Year37.9%15.7%59.7%39.8%-0.5%-7.1%
5 Year45.2%15.7%80.1%45.4%5.1%-7.1%

Price Volatility Vs. Market

How volatile is Intervest Offices & Warehouses's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Intervest Offices & Warehouses undervalued compared to its fair value and its price relative to the market?

32.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: INTO (€26.2) is trading below our estimate of fair value (€39.85)

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


Price To Earnings Ratio

PE vs Industry: INTO is good value based on its PE Ratio (13.5x) compared to the REITs industry average (17.1x).

PE vs Market: INTO is good value based on its PE Ratio (13.5x) compared to the Belgian market (17.1x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

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


Next Steps

Future Growth

How is Intervest Offices & Warehouses forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

9.9%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: INTO's revenue (9.9% per year) is forecast to grow faster than the Belgian market (4.2% per year).

High Growth Revenue: INTO's revenue (9.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: INTO's Return on Equity is forecast to be low in 3 years time (12.5%).


Next Steps

Past Performance

How has Intervest Offices & Warehouses performed over the past 5 years?

17.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: INTO has high quality earnings.

Growing Profit Margin: INTO's current net profit margins (71.1%) are lower than last year (74.9%).


Past Earnings Growth Analysis

Earnings Trend: INTO's earnings have grown by 17.5% per year over the past 5 years.

Accelerating Growth: INTO's earnings growth over the past year (30.2%) exceeds its 5-year average (17.5% per year).

Earnings vs Industry: INTO earnings growth over the past year (30.2%) exceeded the REITs industry 13.6%.


Return on Equity

High ROE: INTO's Return on Equity (9.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Intervest Offices & Warehouses'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: INTO has a high level of physical assets or inventory.

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


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

What is Intervest Offices & Warehouses's current dividend yield, its reliability and sustainability?

5.19%

Current Dividend Yield


Dividend Yield vs Market

company5.2%marketbottom25%2.0%markettop25%4.4%industryaverage3.7%forecastin3Years5.9%

Current dividend yield vs market & industry

Notable Dividend: INTO's dividend (5.34%) is higher than the bottom 25% of dividend payers in the Belgian market (2.03%).

High Dividend: INTO's dividend (5.34%) is in the top 25% of dividend payers in the Belgian market (4.39%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (44.4%), INTO's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: INTO's dividends in 3 years are forecast to be covered by earnings (87.7% payout ratio).


Next Steps

Management

What is the CEO of Intervest Offices & Warehouses's salary, the management and board of directors tenure and is there insider trading?

3.1yrs

Average management tenure


CEO

Intervest Offices & Warehouses has no CEO, or we have no data on them.


Management Age and Tenure

3.1yrs

Average Tenure

Experienced Management: INTO's management team is considered experienced (3.1 years average tenure).


Board Age and Tenure

3.8yrs

Average Tenure

56.5yo

Average Age

Experienced Board: INTO's board of directors are considered experienced (3.8 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 been diluted in the past year, with total shares outstanding growing by 27.8%.


Management Team

  • Inge Tas

    CFO & Compliance Officer

    • Tenure: 13.8yrs
    • Compensation: €334.00k
  • Roland Meekers

    Head of Warehouses

    • Tenure: 2.6yrs
  • Marco Hengst

    Chief Investment Officer & Head of Warehouses

    • Tenure: 3.7yrs
    • Compensation: €278.00k
  • Stijn Van den Abbeele

    Technical Director

    • Tenure: 2.6yrs
  • Jacqueline Mouzon

    Investors Relations Assistant


    Board Members

    • Johan Buijs (54yo)

      Director

      • Tenure: 8.3yrs
    • Jean-Pierre Blumberg (62yo)

      Independent Chairman of the Board

      • Tenure: 3.8yrs
    • Chris Peeters (59yo)

      Independent Director

      • Tenure: 12yrs
    • Jacqueline de Rijk-Heeren (67yo)

      Independent Director

      • Tenure: 3.8yrs
    • Marleen Willekens (54yo)

      Independent Director

      • Tenure: 3.8yrs
    • Gunther Gielen (46yo)

      Director

      • Tenure: 3.8yrs

    Company Information

    Intervest Offices & Warehouses nv's company bio, employee growth, exchange listings and data sources


    Key Information

    • Name: Intervest Offices & Warehouses nv
    • Ticker: INTO
    • Exchange: ENXTBR
    • Founded: 1996
    • Industry: Office REITs
    • Sector: Real Estate
    • Market Cap: €664.506m
    • Shares outstanding: 24.66m
    • Website: https://www.intervest.be

    Number of Employees


    Location

    • Intervest Offices & Warehouses nv
    • Uitbreidingstraat 66
    • Berchem
    • Antwerp
    • Antwerp
    • 2600
    • Belgium

    Listings

    TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
    IJYDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 1999
    INTOENXTBR (Euronext Brussels)YesOrdinary SharesBEEURMar 1999
    0MTKLSE (London Stock Exchange)YesOrdinary SharesGBEURMar 1999
    INTOBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURMar 1999

    Biography

    Intervest Offices & Warehouses nv, (hereinafter Intervest), is a public regulated real estate company (RREC) founded in 1996 of which the shares are listed on Euronext Brussels (INTO) as from 1999. Intervest invests in high-quality Belgian office buildings and logistics properties that are leased to first-class tenants. The properties in which Intervest invests, consist primarily of up-to-date buildings that are strategically located in the city centre and outside municipal centres. The offices of the real estate portfolio are situated in and around centre cities such as Antwerp, Mechelen, Brussels and Leuven; the logistics properties are located on the Antwerp - Brussels - Nivelles, Antwerp - Limburg - Liège, and Antwerp - Ghent - Lille axes and concentrated in the Netherlands on the Moerdijk - ‘s Hertogenbosch - Nijmegen and Bergen-op-zoom - Eindhoven - Venlo axes. Intervest distinguishes itself when leasing space by offering more than square metres only. The company goes beyond real estate by offering ‘turn-key solutions’ (a tailor-made global solution for and with the customer), extensive services provisioning, coworking and serviced offices. 


    Company Analysis and Financial Data Status

    All financial data provided by Standard & Poor's Capital IQ.
    DataLast Updated (UTC time)
    Company Analysis2020/01/19 20:58
    End of Day Share Price2020/01/17 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.