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Intervest Offices & Warehouses

ENXTBR:INTO
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INTO
ENXTBR
€623M
Market Cap
  1. Home
  2. BE
  3. Real Estate
Company description

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. The last earnings update was 45 days ago. More info.


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INTO Share Price and Events
7 Day Returns
0.2%
ENXTBR:INTO
0.7%
BE REITs
0.9%
BE Market
1 Year Returns
16.4%
ENXTBR:INTO
13.1%
BE REITs
-9%
BE Market
INTO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Intervest Offices & Warehouses (INTO) 0.2% -1.6% 9.1% 16.4% 2.2% 7.5%
BE REITs 0.7% 1.3% 2.4% 13.1% 19.5% 41.6%
BE Market 0.9% -0.7% 0.9% -9% -13.1% 0.2%
1 Year Return vs Industry and Market
  • INTO outperformed the REITs industry which returned 13.1% over the past year.
  • INTO outperformed the Market in Belgium which returned -9% over the past year.
Price Volatility
INTO
Industry
5yr Volatility vs Market

Value

 Is Intervest Offices & Warehouses 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 Intervest Offices & Warehouses 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 Intervest Offices & Warehouses.

ENXTBR:INTO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
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:INTO
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 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.493 (1 + (1- 29%) (64.4%))
0.811
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (0.811 * 6.8%)
6.29%

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

The calculations below outline how an intrinsic value for Intervest Offices & Warehouses 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.

ENXTBR:INTO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.29%)
2019 0.10 Est @ -99.63% 0.10
2020 0.03 Est @ -69.51% 0.03
2021 0.02 Est @ -48.43% 0.01
2022 0.01 Est @ -33.67% 0.01
2023 0.01 Est @ -23.34% 0.01
2024 0.01 Est @ -16.1% 0.00
2025 0.01 Est @ -11.04% 0.00
2026 0.01 Est @ -7.5% 0.00
2027 0.01 Est @ -5.02% 0.00
2028 0.01 Est @ -3.28% 0.00
Present value of next 10 years cash flows €0.17
ENXTBR:INTO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €0.01 × (1 + 0.77%) ÷ (6.29% – 0.77%)
€0.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €0.10 ÷ (1 + 6.29%)10
€0.05
ENXTBR:INTO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €0.17 + €0.05
€0.22
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €0.22 / 24.66
€0.01
ENXTBR:INTO Discount to Share Price
Calculation Result
Value per share (EUR) From above. €0.01
Current discount Discount to share price of €25.25
= -1 x (€25.25 - €0.01) / €0.01
-277323.8%

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

  • The current share price of Intervest Offices & Warehouses is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Intervest Offices & Warehouses's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Intervest Offices & Warehouses's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:INTO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €1.62
ENXTBR:INTO Share Price ** ENXTBR (2019-06-14) in EUR €25.25
Belgium REITs Industry PE Ratio Median Figure of 15 Publicly-Listed REITs Companies 14.04x
Belgium Market PE Ratio Median Figure of 87 Publicly-Listed Companies 14.45x

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

** Primary Listing of Intervest Offices & Warehouses.

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

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

= 25.25 ÷ 1.62

15.56x

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

  • Intervest Offices & Warehouses is overvalued based on earnings compared to the BE REITs industry average.
  • Intervest Offices & Warehouses is overvalued based on earnings compared to the Belgium market.
Price based on expected Growth
Does Intervest Offices & Warehouses's expected growth come at a high price?
Raw Data
ENXTBR:INTO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.56x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
Not available
Belgium REITs Industry PEG Ratio Median Figure of 5 Publicly-Listed REITs Companies 0.9x
Belgium Market PEG Ratio Median Figure of 39 Publicly-Listed Companies 1.91x

*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 Intervest Offices & Warehouses, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Intervest Offices & Warehouses's assets?
Raw Data
ENXTBR:INTO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €19.98
ENXTBR:INTO Share Price * ENXTBR (2019-06-14) in EUR €25.25
Belgium REITs Industry PB Ratio Median Figure of 16 Publicly-Listed REITs Companies 1.26x
Belgium Market PB Ratio Median Figure of 120 Publicly-Listed Companies 1.56x
ENXTBR:INTO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 25.25 ÷ 19.98

1.26x

* Primary Listing of Intervest Offices & Warehouses.

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

  • Intervest Offices & Warehouses is good value based on assets compared to the BE REITs industry average.
X
Value checks
We assess Intervest Offices & Warehouses'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. Intervest Offices & Warehouses has a total score of 1/6, 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 Intervest Offices & Warehouses expected to perform in the next 1 to 3 years based on estimates from 2 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
14%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Intervest Offices & Warehouses expected to grow at an attractive rate?
  • Intervest Offices & Warehouses's earnings growth is expected to exceed the low risk savings rate of 0.8%.
Growth vs Market Checks
  • Intervest Offices & Warehouses's earnings growth is expected to exceed the Belgium market average.
  • Intervest Offices & Warehouses's revenue growth is expected to exceed the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:INTO Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:INTO Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 14%
ENXTBR:INTO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 12.8%
Belgium REITs Industry Earnings Growth Rate Market Cap Weighted Average 5%
Belgium REITs Industry Revenue Growth Rate Market Cap Weighted Average 7.4%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 8.9%
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:INTO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTBR:INTO Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 86 1
2021-12-31 82 1
2020-12-31 70 1
2019-12-31 62 1
ENXTBR:INTO Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 52 34
2018-12-31 49 33 34
2018-09-30 47 35
2018-06-30 46 27 34
2018-03-31 45 24
2017-12-31 44 30 21
2017-09-30 44 28
2017-06-30 44 30 29
2017-03-31 45 33
2016-12-31 46 30 21
2016-09-30 46 13
2016-06-30 47 32 12

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Intervest Offices & Warehouses's earnings are expected to grow by 14% yearly, however this is not considered high growth (20% yearly).
  • Intervest Offices & Warehouses's revenue is expected to grow by 12.8% 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:INTO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Intervest Offices & Warehouses Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:INTO Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 3.10 3.10 3.10 1.00
2021-12-31 2.40 2.40 2.40 1.00
2020-12-31 2.21 2.21 2.21 1.00
2019-12-31 2.12 2.12 2.12 1.00
ENXTBR:INTO Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 1.62
2018-12-31 1.78
2018-09-30 1.91
2018-06-30 1.86
2018-03-31 1.37
2017-12-31 1.22
2017-09-30 1.60
2017-06-30 1.67
2017-03-31 1.98
2016-12-31 1.23
2016-09-30 0.82
2016-06-30 0.76

*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.
  • Intervest Offices & Warehouses is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Intervest Offices & Warehouses'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.
Intervest Offices & Warehouses has a total score of 3/6, 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 Intervest Offices & Warehouses 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 Intervest Offices & Warehouses'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.
  • Intervest Offices & Warehouses's year on year earnings growth rate has been positive over the past 5 years.
  • Intervest Offices & Warehouses's 1-year earnings growth exceeds its 5-year average (37% vs 10.4%)
  • Intervest Offices & Warehouses's earnings growth has exceeded the BE REITs industry average in the past year (37% vs 16.7%).
Earnings and Revenue History
Intervest Offices & Warehouses'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 Intervest Offices & Warehouses Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:INTO 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 52.23 33.50 2.86
2018-12-31 48.73 34.11 2.52
2018-09-30 46.95 35.19 2.52
2018-06-30 45.92 33.81 2.64
2018-03-31 45.12 24.45 2.65
2017-12-31 43.97 21.19 2.59
2017-09-30 43.93 27.88 2.62
2017-06-30 43.95 28.65 2.64
2017-03-31 44.55 33.45 2.52
2016-12-31 45.77 20.58 2.07
2016-09-30 45.99 13.41 1.88
2016-06-30 46.67 12.40 1.79
2016-03-31 46.75 10.23 1.70
2015-12-31 49.00 25.95 1.62
2015-09-30 48.02 26.16 1.67
2015-06-30 46.39 22.60 1.61
2015-03-31 44.85 19.91 1.63
2014-12-31 40.93 16.29 1.55
2014-09-30 40.76 17.71 1.37
2014-06-30 40.68 19.66 1.24
2014-03-31 40.67 32.87 1.12
2013-12-31 40.99 34.58 1.08
2013-09-30 41.35 20.84 1.41
2013-06-30 41.57 19.56 1.50
2013-03-31 41.79 6.81 1.50
2012-12-31 42.30 7.16 1.57
2012-09-30 42.10 15.92 1.27
2012-06-30 43.49 14.44 1.15

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

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Intervest Offices & Warehouses's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Intervest Offices & Warehouses's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Intervest Offices & Warehouses'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 Intervest Offices & Warehouses Company Filings, last reported 2 months ago.

ENXTBR:INTO Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 485.76 400.96 2.30
2018-12-31 477.21 379.47 1.97
2018-09-30 375.06 359.78 2.71
2018-06-30 365.83 325.09 1.53
2018-03-31 368.54 300.30 4.29
2017-12-31 359.37 301.20 0.73
2017-09-30 340.49 305.80 1.24
2017-06-30 333.08 298.64 1.79
2017-03-31 331.99 283.33 2.87
2016-12-31 326.09 285.06 0.41
2016-09-30 314.32 287.64 0.82
2016-06-30 306.15 291.12 0.43
2016-03-31 314.77 304.08 3.34
2015-12-31 321.74 309.72 0.60
2015-09-30 317.11 318.86 2.12
2015-06-30 309.94 326.32 1.20
2015-03-31 322.93 311.05 3.30
2014-12-31 314.17 289.01 1.26
2014-09-30 283.16 288.03 1.14
2014-06-30 279.50 293.99 0.35
2014-03-31 291.73 281.32 1.67
2013-12-31 286.52 287.87 0.69
2013-09-30 279.97 293.38 1.03
2013-06-30 274.30 301.69 1.13
2013-03-31 279.36 298.30 0.51
2012-12-31 272.36 308.05 0.75
2012-09-30 279.74 313.74 1.00
2012-06-30 275.49 317.88 0.40
  • Intervest Offices & Warehouses's level of debt (82.5%) 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 (96.5% vs 82.5% today).
  • Debt is not well covered by operating cash flow (8.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess Intervest Offices & Warehouses'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. Intervest Offices & Warehouses 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.

Dividends

 What is Intervest Offices & Warehouses'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
5.54%
Current annual income from Intervest Offices & Warehouses dividends. Estimated to be 6.2% next year.
If you bought €2,000 of Intervest Offices & Warehouses shares you are expected to receive €111 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?
  • Intervest Offices & Warehouses's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.37%).
  • Intervest Offices & Warehouses's dividend is above the markets top 25% of dividend payers in Belgium (4.92%).
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:INTO 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 2 Analyst Estimates (S&P Global) See Below
Belgium REITs Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 4.3%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 77 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:INTO Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.67 1.00
2021-12-31 1.62 1.00
2020-12-31 1.55 2.00
2019-12-31 1.51 2.00
ENXTBR:INTO Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-22 1.400 5.642
2019-02-14 1.400 6.301
2018-03-23 1.400 6.352
2018-02-07 1.400 6.142
2017-05-04 1.400 6.225
2016-04-28 1.710 7.087
2015-03-30 1.400 6.068
2015-02-10 1.400 5.270
2014-05-06 1.530 6.828
2013-02-08 1.760 8.984
2012-02-15 1.370 7.115
2011-02-22 1.560 7.463
2010-02-23 2.150 9.518

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

  • Intervest Offices & Warehouses has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Intervest Offices & Warehouses has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Intervest Offices & Warehouses's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Intervest Offices & Warehouses'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 Intervest Offices & Warehouses afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Intervest Offices & Warehouses has a total score of 4/6, 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 Intervest Offices & Warehouses'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
Jean-Paul Sols
COMPENSATION €403,000
AGE 54
TENURE AS CEO 13.2 years
CEO Bio

Mr. Jean-Paul Sols has been the Chief Executive Officer at Intervest Retail NV and Intervest Offices NV/SA (alternate name Intervest Offices & Warehouses NV) since April 24, 2006. Mr. Sols serves as the Chief Executive Officer and Chairman of Management Committee at Intervest Retail NV/SA. He served as Country Manager of Belgium at VastNed Retail NV until September 21, 2016. He served as the Chief Executive Officer of Vastned Retail Belgium NV since April 2006 until September 21, 2017. He served as the Chief Executive Officer of Belgium Operations at VastNed Offices/Industrial N.V. He served as the Chairman of Executive Committee at Intervest Offices NV/SA.

CEO Compensation
  • Jean-Paul's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jean-Paul's remuneration is about average for companies of similar size in Belgium.
Management Team Tenure

Average tenure of the Intervest Offices & Warehouses management team in years:

2.9
Average Tenure
  • The tenure for the Intervest Offices & Warehouses management team is about average.
Management Team

Jean-Paul Sols

TITLE
Chief Executive Officer
COMPENSATION
€403K
AGE
54
TENURE
13.2 yrs

Inge Tas

TITLE
CFO & Compliance Officer
COMPENSATION
€334K
TENURE
13.2 yrs

Marco Hengst

TITLE
Chief Investment Officer & Head of Warehouses
COMPENSATION
€278K
TENURE
3.1 yrs

Johan Buijs

TITLE
Director
AGE
53

Stijn Van den Abbeele

TITLE
Head of Technical
TENURE
2 yrs

Jacqueline Mouzon

TITLE
Investors Relations Assistant

Annick Merlevede

TITLE
Head of Finance
TENURE
2.8 yrs

Roland Meekers

TITLE
Head of Warehouses
TENURE
2 yrs
Board of Directors Tenure

Average tenure and age of the Intervest Offices & Warehouses board of directors in years:

3.2
Average Tenure
55.5
Average Age
  • The tenure for the Intervest Offices & Warehouses board of directors is about average.
Board of Directors

Jean-Pierre Blumberg

TITLE
Chairman of the Board
AGE
61
TENURE
3.2 yrs

Johan Buijs

TITLE
Director
AGE
53
TENURE
7.7 yrs

Marleen Willekens

TITLE
Independent Director
AGE
53
TENURE
3.2 yrs

Chris Peeters

TITLE
Independent Director
AGE
58
TENURE
11.4 yrs

Jacqueline de Rijk-Heeren

TITLE
Independent Director
AGE
66
TENURE
3.2 yrs

Gunther Gielen

TITLE
Director
AGE
45
TENURE
3.2 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 Intervest Offices & Warehouses'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. Intervest Offices & Warehouses 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 Now The Time To Put Intervest Offices & Warehouses (EBR:INTO) On Your Watchlist?

Check out our latest analysis for Intervest Offices & Warehouses Intervest Offices & Warehouses's Earnings Per Share Are Growing. … Of course, just because Intervest Offices & Warehouses is growing does not mean it is undervalued. … Although Intervest Offices & Warehouses certainly looks good to me, I would like it more if insiders were buying up shares.

Simply Wall St -

Is Intervest Offices & Warehouses nv (EBR:INTO) Overpaying Its CEO?

Our data indicates that Intervest Offices & Warehouses nv is worth €625m, and total annual CEO compensation is €403k. … The graphic below shows how CEO compensation at Intervest Offices & Warehouses has changed from year to year. … If you want to buy a stock that is better than Intervest Offices & Warehouses, this free list of high return, low debt companies is a great place to look.

Simply Wall St -

Is Intervest Offices & Warehouses's (EBR:INTO) 9.4% Better Than Average?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Intervest Offices & Warehouses (EBR:INTO). … Over the last twelve months Intervest Offices & Warehouses has recorded a ROE of 9.4%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Did Intervest Offices & Warehouses (EBR:INTO) Use Debt To Deliver Its ROE Of 9.2%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Intervest Offices & Warehouses (EBR:INTO). … Our data shows Intervest Offices & Warehouses has a return on equity of 9.2% for the last year.

Simply Wall St -

Is Intervest Offices & Warehouses (EBR:INTO) A Healthy REIT?

Intervest Offices & Warehouses is a €399.40m. … REITs own and operate income-generating property and adhere to a different set of regulations. … View out our latest analysis for Intervest Offices & Warehouses

Simply Wall St -

Who Are The Top Investors In Intervest Offices & Warehouses (EBR:INTO)?

In this article, I'm going to take a look at Intervest Offices & Warehouses’s (ENXTBR:INTO) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Therefore, it is beneficial for us to examine INTO's ownership structure in more detail. … Check out our latest analysis for Intervest Offices & Warehouses ENXTBR:INTO Ownership_summary Apr 26th 18 Institutional Ownership In INTO's case, institutional ownership stands at 24.29%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade.

Simply Wall St -

Intervest Offices & Warehouses (EBR:INTO): What Does It Mean For Your Portfolio?

Generally, an investor should consider two types of risk that impact the market value of INTO. … A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … INTO’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio.

Simply Wall St -

Investing In Property Through Intervest Offices & Warehouses (EBR:INTO)

Intervest Offices & Warehouses is a €427.01M small-cap real estate investment trust (REIT) based in Antwerp, Belgium. … Check out our latest analysis for Intervest Offices & Warehouses REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … Next Steps: As a REIT, Intervest Offices & Warehouses offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

Should You Invest In The Real Estate Stock Intervest Offices & Warehouses (EBR:INTO)?

Intervest Offices & Warehouses (ENXTBR:INTO), a €424.25M small-cap, operates in the real estate industry which remains the single largest sector globally, and has continued to play a key role in investor portfolios as an asset class. … In this article, I’ll take you through the real estate sector growth expectations, as well as evaluate whether Intervest Offices & Warehouses is lagging or leading its competitors in the industry. … Check out our latest analysis for Intervest Offices & Warehouses What’s the catalyst for Intervest Offices & Warehouses's sector growth?

Simply Wall St -

Did Intervest Offices & Warehouses (EBR:INTO) Create Value For Investors Over The Past Year?

Intervest Offices & Warehouses (ENXTBR:INTO) generated a below-average return on equity of 5.90% in the past 12 months, while its industry returned 9.11%. … View our latest analysis for Intervest Offices & Warehouses Peeling the layers of ROE – trisecting a company’s profitability Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … For now, let’s just look at the cost of equity number for Intervest Offices & Warehouses, which is 8.19%.

Simply Wall St -

Company Info

Description

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, co-working and serviced offices.

Details
Name: Intervest Offices & Warehouses nv
INTO
Exchange: ENXTBR
Founded: 1996
€622,589,325
24,657,003
Website: http://www.intervest.be
Address: Intervest Offices & Warehouses nv
Uitbreidingstraat 66,
Berchem,
Antwerp,
Antwerp, 2600,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR INTO Ordinary Shares Euronext Brussels BE EUR 11. Mar 1999
DB IJY Ordinary Shares Deutsche Boerse AG DE EUR 11. Mar 1999
LSE 0MTK Ordinary Shares London Stock Exchange GB EUR 11. Mar 1999
BATS-CHIXE INTOB Ordinary Shares BATS 'Chi-X Europe' GB EUR 11. Mar 1999
Number of employees
Current staff
Staff numbers
41
Intervest Offices & Warehouses employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 21:05
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/05/03
Last earnings filing: 2019/05/02
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.