ENXTBR:LEAS

Stock Analysis Report

Leasinvest Real Estate

Executive Summary

Regulated real estate company (BE-REIT) Leasinvest Real Estate SCA invests in high-quality and well-situated shops and offices in the Grand Duchy of Luxembourg, Belgium and Austria.

Rewards

Trading at 48.1% below its fair value

Revenue is forecast to grow 3.67% per year

Earnings grew by 30.6% over the past year

Pays a high and reliable dividend of 6.28%

Risk Analysis

Earnings are forecast to decline by an average of -11.3% per year for the next 3 years

Highly volatile share price over past 3 months

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Undervalued established dividend payer.


Similar Companies

Share Price & News

How has Leasinvest Real Estate's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

15.5%

LEAS

7.6%

BE REITs

0.4%

BE Market


1 Year Return

-15.9%

LEAS

-4.7%

BE REITs

-28.6%

BE Market

Return vs Industry: LEAS underperformed the Belgian REITs industry which returned -4.7% over the past year.

Return vs Market: LEAS exceeded the Belgian Market which returned -28.6% over the past year.


Shareholder returns

LEASIndustryMarket
7 Day15.5%7.6%0.4%
30 Day-27.6%-20.1%-21.1%
90 Day-27.0%-15.8%-31.5%
1 Year-15.1%-15.9%-1.7%-4.7%-27.1%-28.6%
3 Year-9.3%-20.3%27.1%11.8%-34.2%-38.6%
5 Year9.0%-10.8%41.5%14.6%-34.5%-42.1%

Price Volatility Vs. Market

How volatile is Leasinvest Real Estate's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Leasinvest Real Estate undervalued compared to its fair value and its price relative to the market?

48.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: LEAS (€83.6) is trading below our estimate of fair value (€161.07)

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


Price To Earnings Ratio

PE vs Industry: LEAS is good value based on its PE Ratio (9.9x) compared to the REITs industry average (11x).

PE vs Market: LEAS is good value based on its PE Ratio (9.9x) compared to the Belgian market (13.1x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: LEAS is good value based on its PB Ratio (1x) compared to the BE REITs industry average (1x).


Next Steps

Future Growth

How is Leasinvest Real Estate forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-11.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LEAS's earnings are forecast to decline over the next 3 years (-11.3% per year).

Earnings vs Market: LEAS's earnings are forecast to decline over the next 3 years (-11.3% per year).

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

Revenue vs Market: LEAS's revenue (3.7% per year) is forecast to grow faster than the Belgian market (2.2% per year).

High Growth Revenue: LEAS's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if LEAS's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Leasinvest Real Estate performed over the past 5 years?

10.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: LEAS has a large one-off gain of €9.4M impacting its December 31 2019 financial results.

Growing Profit Margin: LEAS's current net profit margins (79%) are higher than last year (70.9%).


Past Earnings Growth Analysis

Earnings Trend: LEAS's earnings have grown by 10.6% per year over the past 5 years.

Accelerating Growth: LEAS's earnings growth over the past year (30.6%) exceeds its 5-year average (10.6% per year).

Earnings vs Industry: LEAS earnings growth over the past year (30.6%) exceeded the REITs industry 17.2%.


Return on Equity

High ROE: LEAS's Return on Equity (10.1%) is considered low.


Next Steps

Financial Health

How is Leasinvest Real Estate'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: LEAS has a high level of physical assets or inventory.

Debt Coverage by Assets: LEAS's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

What is Leasinvest Real Estate's current dividend yield, its reliability and sustainability?

6.28%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 29 2020Ex Dividend DateMay 21 2020Dividend Pay DateMay 25 20204 days from Ex DividendBuy in the next 53 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: LEAS's dividend (6.28%) is higher than the bottom 25% of dividend payers in the Belgian market (2.61%).

High Dividend: LEAS's dividend (6.28%) is low compared to the top 25% of dividend payers in the Belgian market (6.3%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (53.8%), LEAS's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LEAS's dividends in 3 years are forecast to be covered by earnings (84.5% payout ratio).


Next Steps

Management

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

3.6yrs

Average board tenure


CEO

Michel Van Geyte (53yo)

1.75s

Tenure

€510,000

Compensation

Mr. Michel Van Geyte serves as a Non-Executive Director at Retail Estates N.V. since 2020 and served as its Independent Director from January 2020 to 2020. Mr. Geyte was a Non-executive Director at Retail  ...


CEO Compensation Analysis

Compensation vs Market: Michel's total compensation ($USD565.47K) is about average for companies of similar size in the Belgian market ($USD482.54K).

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


Board Members

NamePositionTenureCompensationOwnership
Michel Van Geyte
CEO, Executive Director of Leasinvest Real Estate Management SA & MD of Leasinvest Immo Lux1.75yrs€510.00kno data
Piet Dejonghe
Director of Leasinvest Real Estate Management SA3.58yrsno datano data
Jan Suykens
Chairman of Leasinvest Real Estate Management SA3.58yrsno datano data
Jean-Louis Appelmans
Non-Executive Director of Leasinvest Real Estate Management SA20.75yrs€585.68kno data
Marcia De Wachter
Independent Director of Leasinvest Real Estate Management SA0.83yrno datano data
Eric Van Dyck
Independent Director of Leasinvest Real Estate Management SA8.83yrs€26.00kno data
Colette Dierick
Independent Director of of Leasinvest Real Estate Management SA0.83yrno datano data
Dirk Adriaenssen
Independent Non-Executive Director of Leasinvest Real Estate Management SA1.83yrs€26.00kno data
Sigrid Hermans
Independent Director of Leasinvest Real Estate Management SA0.83yrno datano data

3.6yrs

Average Tenure

59yo

Average Age

Experienced Board: LEAS's board of directors are considered experienced (3.6 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.4%.


Top Shareholders

Company Information

Leasinvest Real Estate SCA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Leasinvest Real Estate SCA
  • Ticker: LEAS
  • Exchange: ENXTBR
  • Founded:
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €495.467m
  • Shares outstanding: 5.93m
  • Website: https://www.leasinvest.be

Location

  • Leasinvest Real Estate SCA
  • Schermersstraat 42
  • Antwerp
  • Antwerp
  • 2000
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LEASENXTBR (Euronext Brussels)YesOrdinary SharesBEEURJul 1999
0NUTLSE (London Stock Exchange)YesOrdinary SharesGBEURJul 1999
L3RDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 1999
LEASBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 1999

Biography

Regulated real estate company (BE-REIT) Leasinvest Real Estate SCA invests in high-quality and well-situated shops and offices in the Grand Duchy of Luxembourg, Belgium and Austria. Including the Leasinvest Immo Lux portfolio, the development projects and the participation in Retail Estates, the fair value of the consolidated real estate portfolio amounts to € 1.16 billion at present. The consolidated directly held (excl. stake in Retail Estates) real estate portfolio is invested for 55% in the Grand Duchy of Luxembourg, 35% in Belgium and 10% in Austria. Leasinvest Real Estate is listed on Euronext Brussels (Bel Mid) and is included in the EPRA Belgium and EPRA Eurozone Total Return Indices. The major shareholders of Leasinvest Real Estate are Ackermans & van Haaren Group with 30% and AXA Belgium with 27%. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/28 21:49
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.