Investis Holding (SWX:IREN) - Share price, News & Analysis

IREN fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	1/6
Past Performance	5/6
Financial Health	1/6
Dividends	2/6

IREN Stock Overview

Investis Holding SA operates as a residential property company in Switzerland.

Rewards

PE ratio (6.8x) is below the Swiss market (17.9x)

Revenue is forecast to grow 9.48% per year

Earnings grew by 77% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 63.2% per year for the next 3 years

Debt is not well covered by operating cash flow

Unstable dividend track record

Large one-off items impacting financial results

Investis Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Investis Holding
Historical stock prices
Current Share Price	CHF106.50
52 Week High	CHF115.00
52 Week Low	CHF96.00
Beta	0.088
1 Month Change	-6.58%
3 Month Change	0%
1 Year Change	9.12%
3 Year Change	67.45%
5 Year Change	80.36%
Change since IPO	82.05%

Shareholder Returns

	IREN	CH Real Estate	CH Market
7D	0%	0.5%	-1.7%
1Y	9.1%	1.6%	-1.9%

Return vs Industry: IREN exceeded the Swiss Real Estate industry which returned 2.5% over the past year.

Return vs Market: IREN exceeded the Swiss Market which returned 1.2% over the past year.

Price Volatility

Is IREN's price volatile compared to industry and market?
IREN volatility
IREN Average Weekly Movement	2.1%
Real Estate Industry Average Movement	2.9%
Market Average Movement	5.0%
10% most volatile stocks in CH Market	9.0%
10% least volatile stocks in CH Market	2.5%

Stable Share Price: IREN is less volatile than 75% of Swiss stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: IREN's weekly volatility (2%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1994	2,343	Stéphane Bonvin	https://www.investisgroup.com

Investis Holding SA operates as a residential property company in Switzerland. It operates through Properties and Real Estate Services segments. The company acquires, develops, sells, and rents residential properties.

Investis Holding Fundamentals Summary

How do Investis Holding's earnings and revenue compare to its market cap?
IREN fundamental statistics
Market Cap	CHF1.36b
Earnings (TTM)	CHF200.70m
Revenue (TTM)	CHF216.00m

6.8x

P/E Ratio

6.3x

P/S Ratio

Is IREN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
IREN income statement (TTM)
Revenue	CHF216.00m
Cost of Revenue	CHF0
Gross Profit	CHF216.00m
Other Expenses	CHF15.30m
Earnings	CHF200.70m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 31, 2022

Earnings per share (EPS)	15.77
Gross Margin	100.00%
Net Profit Margin	92.92%
Debt/Equity Ratio	72.2%

How did IREN perform over the long term?

See historical performance and comparison

Dividends

2.3%

Current Dividend Yield

16%

Payout Ratio

Valuation

Is Investis Holding undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

6.75x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: IREN (CHF106.5) is trading above our estimate of fair value (CHF37)

Significantly Below Fair Value: IREN is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: IREN is good value based on its PE Ratio (6.8x) compared to the Swiss Real Estate industry average (12.6x).

PE vs Market: IREN is good value based on its PE Ratio (6.8x) compared to the Swiss market (17.9x).

Price to Earnings Growth Ratio

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

Price to Book Ratio

PB vs Industry: IREN is overvalued based on its PB Ratio (1.5x) compared to the CH Real Estate industry average (1.1x).

Future Growth

How is Investis Holding forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-63.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IREN's earnings are forecast to decline over the next 3 years (-63.2% per year).

Earnings vs Market: IREN's earnings are forecast to decline over the next 3 years (-63.2% per year).

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

Revenue vs Market: IREN's revenue (9.5% per year) is forecast to grow faster than the Swiss market (4.2% per year).

High Growth Revenue: IREN's revenue (9.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: IREN's Return on Equity is forecast to be low in 3 years time (4.1%).

Past Performance

How has Investis Holding performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

29.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IREN has a large one-off gain of CHF187.8M impacting its December 31 2021 financial results.

Growing Profit Margin: IREN's current net profit margins (92.9%) are higher than last year (63.5%).

Past Earnings Growth Analysis

Earnings Trend: IREN's earnings have grown significantly by 29.4% per year over the past 5 years.

Accelerating Growth: IREN's earnings growth over the past year (77%) exceeds its 5-year average (29.4% per year).

Earnings vs Industry: IREN earnings growth over the past year (77%) exceeded the Real Estate industry 61.3%.

Return on Equity

High ROE: IREN's Return on Equity (22.3%) is considered high.

Financial Health

How is Investis Holding's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: IREN's short term assets (CHF57.7M) do not cover its short term liabilities (CHF253.2M).

Long Term Liabilities: IREN's short term assets (CHF57.7M) do not cover its long term liabilities (CHF594.5M).

Debt to Equity History and Analysis

Debt Level: IREN's net debt to equity ratio (71.8%) is considered high.

Reducing Debt: IREN's debt to equity ratio has increased from 61.7% to 72.2% over the past 5 years.

Debt Coverage: IREN's debt is not well covered by operating cash flow (5.5%).

Interest Coverage: IREN's interest payments on its debt are well covered by EBIT (13.1x coverage).

Balance Sheet

Dividend

What is Investis Holding current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.35%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: IREN's dividend (2.35%) is higher than the bottom 25% of dividend payers in the Swiss market (1.87%).

High Dividend: IREN's dividend (2.35%) is low compared to the top 25% of dividend payers in the Swiss market (3.94%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, IREN has been paying a dividend for less than 10 years.

Growing Dividend: IREN's dividend payments have increased, but the company has only paid a dividend for 5 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (15.9%), IREN's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Insufficient data to calculate cash payout ratio to determine if its dividend payments are covered by cash flows.

Discover strong dividend paying companies

Management

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

6.2yrs

Average management tenure

CEO

Stéphane Bonvin (54 yo)

28.33yrs

Tenure

CHF1,205,000

Compensation

Mr. Stéphane Bonvin serves as the Chairman of the Group Executive Board at Investis Holding SA and has been its Chief Executive Officer since 1994. Mr. Bonvin founded Investis Holding AG in 1994. He also h...

CEO Compensation Analysis

Compensation vs Market: Stéphane's total compensation ($USD1.24M) is about average for companies of similar size in the Swiss market ($USD1.32M).

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

Leadership Team

Experienced Management: IREN's management team is seasoned and experienced (6.2 years average tenure).

Board Members

Experienced Board: IREN's board of directors are considered experienced (6.3 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 not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/19 00:00
End of Day Share Price	2022/05/19 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31