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DEQ

Deutsche EuroShop XTRA:DEQ Stock Report

Last Price

€22.70

Market Cap

€1.4b

7D

2.5%

1Y

26.5%

Updated

28 Sep, 2022

Data

Company Financials +
DEQ fundamental analysis
Snowflake Score
Valuation1/6
Future Growth2/6
Past Performance1/6
Financial Health3/6
Dividends3/6

DEQ Stock Overview

Deutsche EuroShop AG is a German-based international real estate investment company headquartered in Hamburg.

Deutsche EuroShop Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Deutsche EuroShop
Historical stock prices
Current Share Price€22.70
52 Week High€26.80
52 Week Low€13.26
Beta1.64
1 Month Change-6.35%
3 Month Change2.25%
1 Year Change26.53%
3 Year Change-11.19%
5 Year Change-28.05%
Change since IPO14.07%

Recent News & Updates

Shareholder Returns

DEQDE Real EstateDE Market
7D2.5%-2.6%-5.1%
1Y26.5%-48.4%-28.7%

Return vs Industry: DEQ exceeded the German Real Estate industry which returned -50% over the past year.

Return vs Market: DEQ exceeded the German Market which returned -28.5% over the past year.

Price Volatility

Is DEQ's price volatile compared to industry and market?
DEQ volatility
DEQ Average Weekly Movement5.9%
Real Estate Industry Average Movement4.9%
Market Average Movement5.6%
10% most volatile stocks in DE Market10.0%
10% least volatile stocks in DE Market2.9%

Stable Share Price: DEQ is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: DEQ's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
20005n/ahttps://www.deutsche-euroshop.de

Deutsche EuroShop AG is a German-based international real estate investment company headquartered in Hamburg. It is the largest German investor in shopping centers, and the country's only publicly traded company to do so exclusively. At the end of 2010 the firm held investments in 18 properties, of which 14 were in Germany, two in Poland and one each in Austria and Hungary.

Deutsche EuroShop Fundamentals Summary

How do Deutsche EuroShop's earnings and revenue compare to its market cap?
DEQ fundamental statistics
Market Cap€1.40b
Earnings (TTM)€69.32m
Revenue (TTM)€242.60m

20.2x

P/E Ratio

5.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DEQ income statement (TTM)
Revenue€242.60m
Cost of Revenue€29.88m
Gross Profit€212.72m
Other Expenses€143.40m
Earnings€69.32m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 10, 2022

Earnings per share (EPS)1.12
Gross Margin87.68%
Net Profit Margin28.58%
Debt/Equity Ratio62.0%

How did DEQ perform over the long term?

See historical performance and comparison

Dividends

4.4%

Current Dividend Yield

89%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is DEQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DEQ?

Other financial metrics that can be useful for relative valuation.

DEQ key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue11.7x
Enterprise Value/EBITDA14.3x
PEG Ratio1.2x

Price to Earnings Ratio vs Peers

How does DEQ's PE Ratio compare to its peers?

DEQ PE Ratio vs Peers
The above table shows the PE ratio for DEQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average20.6x
GWK3 GAG Immobilien
35.6xn/a€1.3b
GYC Grand City Properties
2.7x-18.1%€1.6b
TEG TAG Immobilien
2.5x-20.3%€1.4b
SPB Sedlmayr Grund und Immobilien
41.7xn/a€1.9b
DEQ Deutsche EuroShop
20.2x16.2%€1.4b

Price-To-Earnings vs Peers: DEQ is good value based on its Price-To-Earnings Ratio (20.2x) compared to the peer average (20.6x).


Price to Earnings Ratio vs Industry

How does DEQ's PE Ratio compare vs other companies in the DE Real Estate Industry?

Price-To-Earnings vs Industry: DEQ is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the German Real Estate industry average (11.9x)


Price to Earnings Ratio vs Fair Ratio

What is DEQ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DEQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.2x
Fair PE Ratio12.1x

Price-To-Earnings vs Fair Ratio: DEQ is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the estimated Fair Price-To-Earnings Ratio (12.1x).


Share Price vs Fair Value

What is the Fair Price of DEQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DEQ (€22.7) is trading above our estimate of fair value (€18.22)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.


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Future Growth

How is Deutsche EuroShop forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


16.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DEQ's forecast earnings growth (16.2% per year) is above the savings rate (-0.01%).

Earnings vs Market: DEQ's earnings (16.2% per year) are forecast to grow faster than the German market (9.8% per year).

High Growth Earnings: DEQ's earnings are forecast to grow, but not significantly.

Revenue vs Market: DEQ's revenue is expected to decline over the next 3 years (-0.8% per year).

High Growth Revenue: DEQ's revenue is forecast to decline over the next 3 years (-0.8% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DEQ's Return on Equity is forecast to be low in 3 years time (5.4%).


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Past Performance

How has Deutsche EuroShop performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-45.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DEQ has a large one-off loss of €63.3M impacting its June 30 2022 financial results.

Growing Profit Margin: DEQ became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: DEQ's earnings have declined by 45.3% per year over the past 5 years.

Accelerating Growth: DEQ has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: DEQ has become profitable in the last year, making it difficult to compare its past year earnings growth to the Real Estate industry (9.6%).


Return on Equity

High ROE: DEQ's Return on Equity (3.5%) is considered low.


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Financial Health

How is Deutsche EuroShop's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: DEQ's short term assets (€419.0M) exceed its short term liabilities (€269.1M).

Long Term Liabilities: DEQ's short term assets (€419.0M) do not cover its long term liabilities (€1.6B).


Debt to Equity History and Analysis

Debt Level: DEQ's net debt to equity ratio (46.5%) is considered high.

Reducing Debt: DEQ's debt to equity ratio has reduced from 71.1% to 62% over the past 5 years.

Debt Coverage: DEQ's debt is not well covered by operating cash flow (10.6%).

Interest Coverage: DEQ's interest payments on its debt are well covered by EBIT (5.4x coverage).


Balance Sheet


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Dividend

What is Deutsche EuroShop 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

  • Cash Flow Coverage


4.41%

Current Dividend Yield

Dividend Yield vs Market

Deutsche EuroShop Dividend Yield vs Market
How does Deutsche EuroShop dividend yield compare to the market?
SegmentDividend Yield
Company (Deutsche EuroShop)4.4%
Market Bottom 25% (DE)1.7%
Market Top 25% (DE)5.5%
Industry Average (Real Estate)5.8%
Analyst forecast in 3 Years (Deutsche EuroShop)4.9%

Notable Dividend: DEQ's dividend (4.41%) is higher than the bottom 25% of dividend payers in the German market (1.66%).

High Dividend: DEQ's dividend (4.41%) is low compared to the top 25% of dividend payers in the German market (5.45%).


Stability and Growth of Payments

Stable Dividend: DEQ's dividend payments have been volatile in the past 10 years.

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


Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (89.1%), DEQ's payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (38.5%), DEQ's dividend payments are well covered by cash flows.


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Management

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

0.7yrs

Average board tenure


CEO

Deutsche EuroShop has no CEO, or we have no data on them.


Board Members

Experienced Board: DEQ's board of directors are not considered experienced ( 0.7 years average tenure), which suggests a new board.


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

What is the ownership structure of DEQ?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders10,529,35315.1%
Institutions17,478,92525.1%
Private Companies41,605,07259.8%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 43.26% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
17.04%
Alexander Otto
10,529,353€239.0m242.99%no data
3.71%
UBS Asset Management
2,289,811€52.0m35.39%0.01%
2.95%
BlackRock, Inc.
1,823,090€41.4m-5.76%no data
2.9%
AXA Investment Managers S.A.
1,789,430€40.6m0%0.08%
2.7%
Goldman Sachs Group, Investment Banking and Securities Investments
1,671,059€37.9m27942.61%0.02%
2.46%
Morgan Stanley, Investment Banking and Brokerage Investments
1,522,419€34.6m-52.86%0.01%
1.9%
GS&P Kapitalanlagegesellschaft S.A.
1,172,500€26.6m0%5.19%
1.53%
PGGM
944,820€21.4m-70.26%0.11%
1.26%
Norges Bank Investment Management
780,222€17.7m-35.02%no data
0.93%
The Vanguard Group, Inc.
573,600€13.0m-71.49%no data
0.77%
Deutsche Asset & Wealth Management
476,638€10.8m-79.4%no data
0.71%
Gestion 21
436,135€9.9m0%6.28%
0.7%
Ersel Asset Management SGR S.p.A.
430,000€9.8m0%1.16%
0.66%
Dimensional Fund Advisors LP
406,576€9.2m-33.3%no data
0.58%
Columbia Management Investment Advisers, LLC
360,998€8.2m0%no data
0.43%
Degroof Petercam Asset Management
265,000€6.0m0%0.03%
0.37%
PEH Wertpapier AG
230,000€5.2m0%0.45%
0.33%
Sarasin & Partners LLP
205,397€4.7m-24.85%0.03%
0.29%
JPMorgan Chase & Co, Brokerage and Securities Investments
181,740€4.1m0%no data
0.24%
Morgan Stanley Investment Management Inc.
146,655€3.3m-11.71%no data
0.19%
KBC Asset Management NV
116,631€2.6m1182.93%0.01%
0.17%
Monega KAG
106,000€2.4m0%0.33%
0.16%
Premier Fund Managers Limited
98,876€2.2m65.77%0.02%
0.15%
Northern Trust Global Investments
90,145€2.0m-35.35%no data
0.13%
CCB Asset Management UD EAD
78,798€1.8m-0.01%0.8%

Company Information

Deutsche EuroShop AG's employee growth, exchange listings and data sources


Key Information

  • Name: Deutsche EuroShop AG
  • Ticker: DEQ
  • Exchange: XTRA
  • Founded: 2000
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Implied Market Cap: €1.402b
  • Shares outstanding: 61.78m
  • Website: https://www.deutsche-euroshop.de

Number of Employees


Location

  • Deutsche EuroShop AG
  • Heegbarg 36
  • Hamburg
  • Hamburg
  • 22391
  • Germany


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DEQDB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 2001
DEQXTRA (XETRA Trading Platform)YesRegistered SharesDEEURJan 2001
0I3ZLSE (London Stock Exchange)YesRegistered SharesGBEURJan 2001
DUSC.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 2001
DEQDBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBEURJan 2001
DEQWBAG (Wiener Boerse AG)YesRegistered SharesATEURJan 2001
DEQETLX (Eurotlx)YesRegistered SharesITEURJan 2001
DHRP.YOTCPK (Pink Sheets LLC)UNSP ADR EACH REP 0.25 ORD SHSUSUSDJun 2016

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.