INTO

Intervest Offices & WarehousesENXTBR:INTO Stock Report

Market Cap

€650.9m

7D

0.6%

1Y

11.2%

Updated

16 Sep, 2021

Data

Company Financials +
INTO fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance3/6
Financial Health2/6
Dividends5/6

INTO Overview

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.

Price History & Performance

Summary of all time highs, changes and price drops for Intervest Offices & Warehouses
Historical stock prices
Current Share Price€24.75
52 Week High€20.10
52 Week Low€26.50
Beta0.30
1 Month Change-2.94%
3 Month Change8.08%
1 Year Change11.24%
3 Year Change6.91%
5 Year Change1.02%
Change since IPO-4.81%

Recent News & Updates

Mar 17
Share Price Aside, Intervest Offices & Warehouses (EBR:INTO) Has Delivered Shareholders A 8.3% Return.

Share Price Aside, Intervest Offices & Warehouses (EBR:INTO) Has Delivered Shareholders A 8.3% Return.

Ideally, your overall portfolio should beat the market average. A talented investor can beat the market with a...

Shareholder Returns

INTOBE REITsBE Market
7D0.6%-0.4%-0.7%
1Y11.2%9.4%16.3%

Return vs Industry: INTO exceeded the Belgian REITs industry which returned 8.1% over the past year.

Return vs Market: INTO underperformed the Belgian Market which returned 15.6% over the past year.

Price Volatility

Is INTO's price volatile compared to industry and market?
INTO volatility
INTO Beta0.30
Industry Beta0.56
Market Beta1

Stable Share Price: INTO is not significantly more volatile than the rest of Belgian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: INTO's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199645Gunther Gielenhttps://www.intervest.be

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.

Valuation

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

31.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: INTO (€24.75) is trading below our estimate of fair value (€35.99)

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 (8.5x) compared to the Belgian REITs industry average (12x).

PE vs Market: INTO is good value based on its PE Ratio (8.5x) compared to the Belgian market (14.5x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: INTO's PB Ratio (1.1x) is in line with the BE REITs industry average.


Future Growth

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

-12.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: INTO's earnings are forecast to decline over the next 3 years (-12.9% per year).

Earnings vs Market: INTO's earnings are forecast to decline over the next 3 years (-12.9% per year).

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

Revenue vs Market: INTO's revenue (5.9% per year) is forecast to grow slower than the Belgian market (6.6% per year).

High Growth Revenue: INTO's revenue (5.9% 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 (7.3%).


Past Performance

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

26.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: INTO has a large one-off gain of €48.7M impacting its June 30 2021 financial results.

Growing Profit Margin: INTO's current net profit margins are higher than last year (95.1%).


Past Earnings Growth Analysis

Earnings Trend: INTO's earnings have grown significantly by 26.4% per year over the past 5 years.

Accelerating Growth: INTO's earnings growth over the past year (31.1%) exceeds its 5-year average (26.4% per year).

Earnings vs Industry: INTO earnings growth over the past year (31.1%) underperformed the REITs industry 66.8%.


Return on Equity

High ROE: INTO's Return on Equity (13.7%) is considered low.


Financial Health

How is Intervest Offices & Warehouses's financial position?


Financial Position Analysis

Short Term Liabilities: INTO's short term assets (€32.4M) do not cover its short term liabilities (€129.4M).

Long Term Liabilities: INTO's short term assets (€32.4M) do not cover its long term liabilities (€402.2M).


Debt to Equity History and Analysis

Debt Level: INTO's debt to equity ratio (81.3%) is considered high.

Reducing Debt: INTO's debt to equity ratio has reduced from 95% to 81.3% over the past 5 years.

Debt Coverage: INTO's debt is not well covered by operating cash flow (9.1%).

Interest Coverage: INTO's interest payments on its debt are well covered by EBIT (5.1x coverage).


Balance Sheet


Dividend

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

6.18%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: INTO's dividend (6.18%) is higher than the bottom 25% of dividend payers in the Belgian market (1.52%).

High Dividend: INTO's dividend (6.18%) is in the top 25% of dividend payers in the Belgian market (4.47%)


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 reasonable payout ratio (55%), INTO's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: INTO's dividends in 3 years are forecast to be covered by earnings (88% payout ratio).


Next Steps

Management

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

1.3yrs

Average management tenure


CEO

Gunther Gielen (48 yo)

1.58yrs

Tenure

€459,608

Compensation

Mr. Gunther Gielen serves as Chief Executive Officer, Member of the Management Board and Chairman of the Management Board at Intervest Offices & Warehouses since February 1, 2020, and served as its Directo...


CEO Compensation Analysis

Compensation vs Market: Gunther's total compensation ($USD540.72K) is below average for companies of similar size in the Belgian market ($USD800.81K).

Compensation vs Earnings: Gunther's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: INTO's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


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 3.1%.


Top Shareholders

Company Information

Intervest Offices & Warehouses nv's 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: €650.947m
  • Shares outstanding: 26.30m
  • Website: https://www.intervest.be

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/16 21:32
End of Day Share Price2021/09/16 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.