DB:COF

Stock Analysis Report

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Executive Summary

Cofinimmo has been acquiring, developing and managing rental properties for over 35 years.


Snowflake Analysis

Proven track record average dividend payer.


Similar Companies

Share Price & News

How has Cofinimmo's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: COF has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.5%

COF

0.1%

DE REITs

1.5%

DE Market


1 Year Return

5.2%

COF

9.6%

DE REITs

-1.8%

DE Market

Return vs Industry: COF underperformed the German REITs industry which returned 10.7% over the past year.

Return vs Market: COF exceeded the German Market which returned -0.7% over the past year.


Shareholder returns

COFIndustryMarket
7 Day-2.5%0.1%1.5%
30 Day-0.6%2.0%4.3%
90 Day4.4%15.5%25.1%
1 Year8.4%5.2%10.2%9.6%0.2%-1.8%
3 Year28.0%14.7%-1.7%-14.2%1.3%-6.9%
5 Year60.5%30.8%9.9%-12.5%15.0%-0.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

1.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: COF (€122.4) is trading below our estimate of fair value (€124.74)

Significantly Below Fair Value: COF is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: COF is poor value based on its PE Ratio (14x) compared to the REITs industry average (8.9x).

PE vs Market: COF is good value based on its PE Ratio (14x) compared to the German market (20.7x).


Price to Earnings Growth Ratio

PEG Ratio: COF is poor value based on its PEG Ratio (10.1x)


Price to Book Ratio

PB vs Industry: COF is good value based on its PB Ratio (1.3x) compared to the DE REITs industry average (1.5x).


Next Steps

Future Growth

How is Cofinimmo forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

1.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COF's forecast earnings growth (1.4% per year) is above the savings rate (0.2%).

Earnings vs Market: COF's earnings (1.4% per year) are forecast to grow slower than the German market (22.2% per year).

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

Revenue vs Market: COF's revenue (4.5% per year) is forecast to grow slower than the German market (5.8% per year).

High Growth Revenue: COF's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COF's Return on Equity is forecast to be low in 3 years time (8.9%).


Next Steps

Past Performance

How has Cofinimmo performed over the past 5 years?

22.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COF has a large one-off gain of €61.5M impacting its March 31 2005 financial results.

Growing Profit Margin: COF's current net profit margins (76%) are higher than last year (40.5%).


Past Earnings Growth Analysis

Earnings Trend: COF has become profitable over the past 5 years, growing earnings by 22.7% per year.

Accelerating Growth: COF's earnings growth over the past year (111.9%) exceeds its 5-year average (22.7% per year).

Earnings vs Industry: COF earnings growth over the past year (111.9%) exceeded the REITs industry 25.3%.


Return on Equity

High ROE: COF's Return on Equity (8.8%) is considered low.


Next Steps

Financial Health

How is Cofinimmo's financial position?


Financial Position Analysis

Short Term Liabilities: COF's short term assets (€156.2M) do not cover its short term liabilities (€877.2M).

Long Term Liabilities: COF's short term assets (€156.2M) do not cover its long term liabilities (€1.2B).


Debt to Equity History and Analysis

Debt Level: COF's debt to equity ratio (71.1%) is considered high.

Reducing Debt: COF's debt to equity ratio has reduced from 107.1% to 71.1% over the past 5 years.

Debt Coverage: COF's debt is not well covered by operating cash flow (9.2%).

Interest Coverage: COF's interest payments on its debt are well covered by EBIT (18.7x coverage).


Balance Sheet


Next Steps

Dividend

What is Cofinimmo current dividend yield, its reliability and sustainability?

4.71%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: COF's dividend (4.71%) is higher than the bottom 25% of dividend payers in the German market (1.28%).

High Dividend: COF's dividend (4.71%) is in the top 25% of dividend payers in the German market (3.82%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (72.9%), COF's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: COF's dividends in 3 years are forecast to be thoroughly covered by earnings (3.2% payout ratio).


Next Steps

Management

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

4.2yrs

Average board tenure


CEO

Jean-Pierre Hanin (54yo)

2.17yrs

Tenure

Mr. Jean-Pierre Hanin has been the Chief Executive Officer and a Director of Cofinimmo SA since May 9, 2018 and has been its Interim Chief Operating Officer since May 31, 2018 and serves as its Managing Di ...


Board Members

NamePositionTenureCompensationOwnership
Jean-Pierre Hanin
Interim COO2.17yrsno data0.0019% 61.6k
Jean Kotarakos
CFO & Executive Director2.17yrsno data0.0019% 61.9k
Francoise Roels
Chief of Corporate Affairs13.25yrsno data0.0054% 179.0k
Jacques Rijckevorsel
Independent Chairman of the Board3.17yrs€100.00k0.0015% 49.3k
Xavier de Walque
Independent Director11.25yrs€66.70k0.0020% 66.2k
Olivier Chapelle
Independent Director4.17yrs€60.45k0.0012% 41.3k
Maurice Gauchot
Independent Director4.17yrs€69.45k0.00071% 23.6k
Ines Archer-Toper
Independent Director7.17yrs€68.75kno data
Kathleen Van den Eynde
Independent Director5.17yrs€52.03kno data
Diana Monissen
Independent Director4.17yrs€69.05k0.00067% 22.3k

4.2yrs

Average Tenure

58.5yo

Average Age

Experienced Board: COF's board of directors are considered experienced (4.2 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 6.3%.


Top Shareholders

Company Information

Cofinimmo SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cofinimmo SA
  • Ticker: COF
  • Exchange: DB
  • Founded: 1983
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €3.328b
  • Shares outstanding: 27.01m
  • Website: https://www.cofinimmo.com

Number of Employees


Location

  • Cofinimmo SA
  • Boulevard de la Woluwe 58
  • Woluwe-Saint-Lambert
  • Brussels
  • Brussels
  • 1200
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COFBENXTBR (Euronext Brussels)YesOrdinary SharesBEEURDec 1994
COFDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 1994
0J3XLSE (London Stock Exchange)YesOrdinary SharesGBEURDec 1994
COFBBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURDec 1994
COFBWBAG (Wiener Boerse AG)YesOrdinary SharesATEURDec 1994

Biography

Cofinimmo has been acquiring, developing and managing rental properties for over 35 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany and Spain, with a value of approximately 4.3 billion EUR. With attention to social developments, Cofinimmo has the mission of making high-quality care, living and working environments available to its partners-tenants, from which users benefit directly. “Caring, Living and Working - Together in Real Estate” is the expression of this mission. Thanks to its expertise, Cofinimmo has built up a healthcare real estate portfolio of approximately 2.4 billion EUR in Europe. As an independent company that applies the highest standards of corporate governance and sustainability, Cofinimmo offers its tenants services and manages its portfolio through a team of approximately 130 employees in Brussels, Paris, Breda and Frankfurt. Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT system in Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/01 21:43
End of Day Share Price2020/07/01 00:00
Earnings2020/03/31
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.