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Aedifica

DB:AOO
Snowflake Description

Established dividend payer with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AOO
DB
€2B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Aedifica is a Regulated Real Estate Company under Belgian law specialised in healthcare real estate, particularly in senior housing. The last earnings update was 149 days ago. More info.


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AOO Share Price and Events
7 Day Returns
-1.7%
DB:AOO
-0.8%
Europe REITs
3%
DE Market
1 Year Returns
11.6%
DB:AOO
-4.4%
Europe REITs
-12.1%
DE Market
AOO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aedifica (AOO) -1.7% 6.8% 10.7% 11.6% 43.1% 61.3%
Europe REITs -0.8% 2.4% -0.4% -4.4% 3% 6.9%
DE Market 3% 2.8% -0.7% -12.1% 11.8% 4.9%
1 Year Return vs Industry and Market
  • AOO outperformed the REITs industry which returned -4.4% over the past year.
  • AOO outperformed the Market in Germany which returned -12.1% over the past year.
Price Volatility
AOO
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Aedifica 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 Aedifica 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 Aedifica.

DB:AOO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:AOO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 9.8%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.452 (1 + (1- 29%) (50.52%))
0.614
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 9.77%)
8.05%

Discounted Cash Flow Calculation for DB:AOO using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Aedifica is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

Aedifica is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

DB:AOO DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Funds From Operations (FFO) (EUR, Millions) 73.99 99.19 111.20 119.80 124.80
Source Analyst x2 Analyst x2 Analyst x2 Analyst x1 Analyst x1
Present Value
Discounted (@ 8.05%)
68.48 84.97 88.16 87.91 84.76
Present value of next 5 years cash flows €414.28
DB:AOO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= €124.80 × (1 + 0.23%) ÷ (8.05% – 0.23%)
€1,600.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= €1,600.04 ÷ (1 + 8.05%)5
€1,086.66
DB:AOO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= €414.28 + €1,086.66
€1,500.94
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,500.94 / 18.43
€80.84
DB:AOO Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AOO represents 0.99638x of ENXTBR:AED
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99638x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 81.13 x 0.99638
€80.84
Value per share (EUR) From above. €80.84
Current discount Discount to share price of €82.70
= -1 x (€82.70 - €80.84) / €80.84
-2.3%

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

  • The current share price of Aedifica 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 Aedifica's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aedifica's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AOO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in EUR €3.99
ENXTBR:AED Share Price ** ENXTBR (2019-02-15) in EUR €83
Europe REITs Industry PE Ratio Median Figure of 128 Publicly-Listed REITs Companies 11.77x
Germany Market PE Ratio Median Figure of 419 Publicly-Listed Companies 18.21x

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

** Primary Listing of Aedifica.

DB:AOO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 83 ÷ 3.99

20.78x

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

  • Aedifica is overvalued based on earnings compared to the Europe REITs industry average.
  • Aedifica is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Aedifica's expected growth come at a high price?
Raw Data
DB:AOO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
Not available
Europe REITs Industry PEG Ratio Median Figure of 65 Publicly-Listed REITs Companies 0.31x
Germany Market PEG Ratio Median Figure of 276 Publicly-Listed Companies 1.42x

*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 Aedifica, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Aedifica's assets?
Raw Data
DB:AOO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in EUR €51.74
ENXTBR:AED Share Price * ENXTBR (2019-02-15) in EUR €83
Europe REITs Industry PB Ratio Median Figure of 148 Publicly-Listed REITs Companies 0.94x
Germany Market PB Ratio Median Figure of 566 Publicly-Listed Companies 1.79x
DB:AOO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 83 ÷ 51.74

1.6x

* Primary Listing of Aedifica.

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

  • Aedifica is overvalued based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Aedifica'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. Aedifica has a total score of 0/6, 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 Aedifica expected to perform in the next 1 to 3 years based on estimates from 3 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
26.5%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Aedifica expected to grow at an attractive rate?
  • Aedifica's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Aedifica's earnings growth is expected to exceed the Germany market average.
  • Aedifica's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AOO Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AOO Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 26.5%
DB:AOO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 14.7%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 3.4%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 9.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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
DB:AOO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AOO Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30 192 127 1
2022-06-30 187 122 1
2021-06-30 177 110 3
2020-06-30 157 98 3
2019-06-30 119 72 3
DB:AOO Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-06-30 94 85 72
2018-03-31 92 82 72
2017-12-31 89 79 73
2017-09-30 85 74 68
2017-06-30 82 69 63
2017-03-31 76 63 54
2016-12-31 71 56 44
2016-09-30 66 53 42
2016-06-30 62 50 40
2016-03-31 60 47 44
2015-12-31 58 43 47
2015-09-30 55 40 46

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Aedifica's earnings are expected to grow significantly at over 20% yearly.
  • Aedifica's revenue is expected to grow by 14.7% 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
DB:AOO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Aedifica Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AOO Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30
2022-06-30
2021-06-30 8.99 8.99 8.99 1.00
2020-06-30 7.76 7.76 7.76 1.00
2019-06-30 5.70 5.70 5.70 1.00
DB:AOO Past Financials Data
Date (Data in EUR Millions) EPS *
2018-06-30 3.99
2018-03-31 4.12
2017-12-31 4.26
2017-09-30 4.21
2017-06-30 4.16
2017-03-31 3.64
2016-12-31 3.08
2016-09-30 2.97
2016-06-30 2.85
2016-03-31 3.29
2015-12-31 3.79
2015-09-30 4.00

*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.
  • Aedifica is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Aedifica'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Aedifica has a total score of 4/6, 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 Aedifica 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 Aedifica'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.
  • Aedifica has delivered over 20% year on year earnings growth in the past 5 years.
  • Aedifica's 1-year earnings growth is less than its 5-year average (13.4% vs 23.9%)
  • Aedifica's earnings growth has exceeded the Europe REITs industry average in the past year (13.4% vs 12.1%).
Earnings and Revenue History
Aedifica'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 Aedifica Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AOO Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 94.23 71.86 10.22
2018-03-31 91.56 72.40 9.74
2017-12-31 88.90 72.94 9.26
2017-09-30 85.25 68.15 8.66
2017-06-30 81.61 63.36 8.06
2017-03-31 76.13 53.54 7.59
2016-12-31 70.64 43.73 7.12
2016-09-30 66.28 42.00 6.71
2016-06-30 61.91 40.27 6.31
2016-03-31 59.74 43.85 6.07
2015-12-31 57.56 47.43 5.83
2015-09-30 54.65 46.30 5.49
2015-06-30 51.75 45.17 5.16
2015-03-31 48.57 38.15 4.78
2014-12-31 45.39 31.13 4.40
2014-09-30 43.60 26.26 4.22
2014-06-30 41.81 21.39 4.05
2014-03-31 40.30 22.02 4.00
2013-12-31 38.80 22.65 3.95
2013-09-30 38.11 25.16 3.83
2013-06-30 37.42 27.67 3.71
2013-03-31 37.09 26.39 3.62
2012-12-31 36.76 25.10 3.53
2012-09-30 35.98 20.22 3.48
2012-06-30 35.20 15.34 3.42
2012-03-31 33.78 16.37 3.31

*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.
  • Aedifica has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aedifica used its assets less efficiently than the Europe REITs industry average last year based on Return on Assets.
  • Aedifica has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Aedifica'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.
Aedifica 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 Aedifica'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 Aedifica's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aedifica's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Aedifica's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Aedifica'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 0x 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 Aedifica Company Filings, last reported 7 months ago.

DB:AOO Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 941.65 772.97 10.59
2018-03-31 941.65 772.97 10.59
2017-12-31 890.78 750.79 6.91
2017-09-30 890.78 750.79 6.91
2017-06-30 888.04 647.75 8.14
2017-03-31 888.04 647.75 8.14
2016-12-31 632.13 808.82 7.92
2016-09-30 632.13 808.82 7.92
2016-06-30 620.75 524.80 4.95
2016-03-31 620.75 524.80 4.95
2015-12-31 605.80 453.04 4.68
2015-09-30 605.80 453.04 4.68
2015-06-30 598.27 404.70 3.60
2015-03-31 598.27 404.70 3.60
2014-12-31 421.98 542.72 4.95
2014-09-30 421.98 542.72 4.95
2014-06-30 397.08 383.67 1.16
2014-03-31 397.08 383.67 1.16
2013-12-31 376.45 348.71 1.78
2013-09-30 376.45 348.71 1.78
2013-06-30 382.16 259.58 0.73
2013-03-31 382.16 259.58 0.73
2012-12-31 365.46 251.99 1.21
2012-09-30 365.46 251.99 1.21
2012-06-30 267.58 331.08 2.04
2012-03-31 267.58 331.08 2.04
  • Aedifica's level of debt (82.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (68.2% vs 82.1% today).
  • Debt is not well covered by operating cash flow (11%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.6x coverage).
X
Financial health checks
We assess Aedifica'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. Aedifica has a total score of 1/6, 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 Aedifica'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
3.01%
Current annual income from Aedifica dividends. Estimated to be 4.07% next year.
If you bought €2,000 of Aedifica shares you are expected to receive €60 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?
  • Aedifica's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.53%).
  • Aedifica's dividend is below the markets top 25% of dividend payers in Germany (3.96%).
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
DB:AOO 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 3 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 117 Stocks 5.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 332 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AOO Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 4.20 1.00
2022-06-30 4.00 1.00
2021-06-30 3.65 3.00
2020-06-30 3.26 3.00
2019-06-30 2.90 4.00
DB:AOO Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-09-21 2.500 3.234
2018-09-05 2.500 3.099
2018-02-22 2.500 3.190
2017-09-22 2.250 2.853
2017-09-05 2.500 3.116
2017-02-22 2.250 3.021
2016-09-22 2.100 2.924
2016-02-24 2.050 3.114
2015-09-24 2.050 3.503
2015-09-03 2.000 3.804
2014-09-24 1.900 3.397
2014-09-17 1.930 3.757
2014-08-26 1.930 3.725
2013-09-16 1.860 3.658
2013-09-04 1.860 3.838
2012-09-03 1.860 3.957
2011-09-05 1.820 3.964
2011-08-29 1.820 4.402
2010-09-06 1.820 4.432
2010-02-16 1.800 4.307
2009-09-07 1.800 4.688
2009-06-30 1.800 5.058
2009-02-18 1.800 5.118

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Aedifica's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (30.4x coverage).
X
Income/ dividend checks
We assess Aedifica's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Aedifica afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aedifica has a total score of 5/6, 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 Aedifica'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
Mrics Gielens
COMPENSATION €837,757
AGE 53
TENURE AS CEO 13.1 years
CEO Bio

Mr. Stefaan Gielens, Mrics, serves as the Chief Executive Officer and Managing Director at Aedifica SA (formerly AEdifica Inc.) and serves as its Executive Manager. Mr. Gielens serves as Managing Director of Almafin Real Estate SA and Almafin Real Estate Services SA. He serves as Managing Director for Au Bon Vieux Temps SA, Clavan NV, Aux Deux Parcs NV, Séniorie Mélopée SA and Senior Service Evere NV and a Manager for L'Air du Temps SPRL, Christiaens BVBA, Peeters BVBA and Ter Wolf BVBA. He has held several positions within various KBC group companies. Mr. Gielens serves as a Director of I&V NV, Ring NV, ECI SA and SEIMI SA. He has been a Director of Aedifica SA since January 1, 2006. He serves as a Director of Biprop SA, Celestimmo SA, Distienen SA, FM-A Invest SA, General building leasing SA, Imfina SA, Immo Arenberg SA, Immo Genk-Zuid SA, Immo-Duo SA, Immo-Prim SA, Immo-Quinto SA, Immo-Tetra SA, Immo-Tres SA, Immocert T'Serclaes SA, Immolease-Trust SA, Origo Belgium SA, Orim SA, SM Berchem SA, SM Vinvoorde SA, Trelo SA, Trustimmo SA, VGM Dorlick SA, VGM Manhatten-Kruisvaarten SA and Weyvelmij SA. He serves as a Director of the Dutch companies, Dala Beheer, Dala property holding III, Dala XV, Dala XX and Sicalis. He serves as a Director of the French company Almaloisir & Immobilier. Mr. Gielens also serves as a Director of Aedifica Invest SA. He is a Barrister at the Brussels Bar.

CEO Compensation
  • Mrics's compensation has been consistent with company performance over the past year.
  • Mrics's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Aedifica management team in years:

1.3
Average Tenure
44
Average Age
  • The average tenure for the Aedifica management team is less than 2 years, this suggests a new team.
Management Team

Mrics Gielens

TITLE
MD, CEO
COMPENSATION
€838K
AGE
53
TENURE
13.1 yrs

Adeline Simont

TITLE
Non-Executive Director
COMPENSATION
€40K
AGE
58

Eric Hohl

TITLE
Director & Head of internal Audit
COMPENSATION
€26K
AGE
56

Ingrid Daerden

TITLE
Executive Manager
AGE
44
TENURE
0.4 yrs

Laurence Gacoin

TITLE
Executive Manager & COO
AGE
41
TENURE
4.1 yrs

Charles-Antoine van Aelst

TITLE
Executive Manager & Chief investment Officer
AGE
32
TENURE
1.3 yrs

Martina Carlsson

TITLE
Control & Communication Manager

Sven Bogaerts

TITLE
Executive Manager and Chief Mergers & Acquisitions Officer
AGE
41
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Aedifica board of directors in years:

3.3
Average Tenure
56
Average Age
  • The tenure for the Aedifica board of directors is about average.
Board of Directors

Serge Roger Wibaut

TITLE
Chairman of the Board
COMPENSATION
€71K
AGE
61
TENURE
2.4 yrs

Mrics Gielens

TITLE
MD, CEO
COMPENSATION
€838K
AGE
53
TENURE
13.1 yrs

Adeline Simont

TITLE
Non-Executive Director
COMPENSATION
€40K
AGE
58
TENURE
13.3 yrs

Eric Hohl

TITLE
Director & Head of internal Audit
COMPENSATION
€26K
AGE
56
TENURE
4.3 yrs

Jean Franken

TITLE
Independent Non-Executive Director
COMPENSATION
€55K
AGE
70
TENURE
5.6 yrs

Elisabeth May-Roberti

TITLE
Non-Executive Independent Director
COMPENSATION
€32K
AGE
55
TENURE
3.3 yrs

Marleen Willekens

TITLE
Non-Executive Independent Director
COMPENSATION
€29K
AGE
53
TENURE
1.3 yrs

Katrien Kesteloot

TITLE
Non-Executive Independent Director
COMPENSATION
€27K
AGE
56
TENURE
3.3 yrs

Luc Plasman

TITLE
Non-Executive Independent Director
COMPENSATION
€34K
AGE
65
TENURE
1.3 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 Aedifica'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. Aedifica 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

Company Info

Map
Description

Aedifica is a Regulated Real Estate Company under Belgian law specialised in healthcare real estate, particularly in senior housing. Aedifica has developed a portfolio worth more than €1.8 billion in Belgium, Germany and in The Netherlands. Aedifica has been quoted on Euronext Brussels (regulated market) since 2006 and is identified by the following ticker symbols: AED; AED:BB (Bloomberg); AOO.BR (Reuters). The Company’s market capitalisation was €1.3 billion as of 31 October 2018. Aedifica is included in the EPRA indices.

Details
Name: Aedifica SA
AOO
Exchange: DB
Founded: 2005
€1,529,947,217
18,433,099
Website: http://www.aedifica.be/
Address: Aedifica SA
Rue Belliard 40 (bte 11),
Belliardstraat 40 (bus 11),
Brussels,
Brussels, 1040,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR AED Ordinary Shares Euronext Brussels BE EUR 23. Oct 2006
DB AOO Ordinary Shares Deutsche Boerse AG DE EUR 23. Oct 2006
LSE 0DKX Ordinary Shares London Stock Exchange GB EUR 23. Oct 2006
BATS-CHIXE AEDB Ordinary Shares BATS 'Chi-X Europe' GB EUR 23. Oct 2006
Number of employees
Current staff
Staff numbers
60
Aedifica employees.
Industry
Health Care REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/17 21:23
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/02/05
Last earnings filing: 2018/09/21
Last earnings reported: 2018/06/30
Last annual earnings reported: 2018/06/30


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.