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CeGeREAL

DB:D2L
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
D2L
DB
€633M
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The last earnings update was 85 days ago. More info.


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D2L Share Price and Events
7 Day Returns
0%
DB:D2L
1.1%
DE REITs
0.7%
DE Market
1 Year Returns
3.1%
DB:D2L
14.5%
DE REITs
-8.7%
DE Market
D2L Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CeGeREAL (D2L) 0% -0.5% -0.5% 3.1% 6.3% 57.2%
DE REITs 1.1% 2.1% 7.5% 14.5% 1.5% 13.3%
DE Market 0.7% -1.2% 0.2% -8.7% 10% 8.1%
1 Year Return vs Industry and Market
  • D2L underperformed the REITs industry which returned 14.5% over the past year.
  • D2L outperformed the Market in Germany which returned -8.7% over the past year.
Price Volatility
D2L
Industry
5yr Volatility vs Market
Related Companies

D2L Value

 Is CeGeREAL 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 CeGeREAL 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 CeGeREAL.

DB:D2L 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 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
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:D2L
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 33%) (122.7%))
0.934
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.934 * 6.65%)
6.44%

Discounted Cash Flow Calculation for DB:D2L using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for CeGeREAL is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

CeGeREAL 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:D2L DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 6.44%)
2019 42.50 Analyst x1 39.93
2020 45.10 Analyst x1 39.81
2021 49.10 Analyst x1 40.72
2022 52.99 Est @ 7.92% 41.29
2023 55.97 Est @ 5.61% 40.97
2024 58.20 Est @ 4% 40.03
2025 59.87 Est @ 2.87% 38.69
2026 61.11 Est @ 2.08% 37.10
2027 62.04 Est @ 1.52% 35.39
2028 62.75 Est @ 1.13% 33.63
Present value of next 10 years cash flows €387.56
DB:D2L DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €62.75 × (1 + 0.23%) ÷ (6.44% – 0.23%)
€1,012.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,012.98 ÷ (1 + 6.44%)10
€542.88
DB:D2L Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €387.56 + €542.88
€930.44
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €930.44 / 15.89
€58.54
DB:D2L Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:D2L represents 0.98995x of ENXTPA:CGR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.98995x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 58.54 x 0.98995
€57.95
Value per share (EUR) From above. €57.95
Current discount Discount to share price of €39.40
= -1 x (€39.40 - €57.95) / €57.95
32%

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

Current Discount
Amount off the current price CeGeREAL is available for.
Intrinsic value
32%
Share price is €39.4 vs Future cash flow value of €57.95
Current Discount Checks
For CeGeREAL to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CeGeREAL's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CeGeREAL's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 CeGeREAL's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CeGeREAL's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:D2L PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €2.40
ENXTPA:CGR Share Price ** ENXTPA (2019-06-19) in EUR €39.8
Germany REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 12.85x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.53x

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

** Primary Listing of CeGeREAL.

DB:D2L PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:CGR Share Price ÷ EPS (both in EUR)

= 39.8 ÷ 2.40

16.56x

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

  • CeGeREAL is overvalued based on earnings compared to the DE REITs industry average.
  • CeGeREAL is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does CeGeREAL's expected growth come at a high price?
Raw Data
DB:D2L PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.56x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
16.1%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.63x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

DB:D2L PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.56x ÷ 16.1%

1.03x

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

  • CeGeREAL is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CeGeREAL's assets?
Raw Data
DB:D2L PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €43.29
ENXTPA:CGR Share Price * ENXTPA (2019-06-19) in EUR €39.8
Germany REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.35x
Germany Market PB Ratio Median Figure of 575 Publicly-Listed Companies 1.78x
DB:D2L PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:CGR Share Price ÷ Book Value per Share (both in EUR)

= 39.8 ÷ 43.29

0.92x

* Primary Listing of CeGeREAL.

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

  • CeGeREAL is good value based on assets compared to the DE REITs industry average.
X
Value checks
We assess CeGeREAL'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. CeGeREAL has a total score of 3/6, 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.

D2L Future Performance

 How is CeGeREAL expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
16.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CeGeREAL expected to grow at an attractive rate?
  • CeGeREAL's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • CeGeREAL's earnings growth is expected to exceed the Germany market average.
  • CeGeREAL's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:D2L Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:D2L Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 16.1%
DB:D2L Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 3.6%
Germany REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.3%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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:D2L Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:D2L Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 69
2021-12-31 76 49 48 1
2020-12-31 71 45 42 1
2019-12-31 68 43 42 1
DB:D2L Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 68 44 33
2018-09-30 67 22 38
2018-06-30 66 1 44
2018-03-31 66 20 53
2017-12-31 66 39 62
2017-09-30 63 36 50
2017-06-30 60 34 38
2017-03-31 59 30 40
2016-12-31 59 25 41
2016-09-30 60 30 61
2016-06-30 61 35 81
2016-03-31 58 25 81

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CeGeREAL's earnings are expected to grow by 16.1% yearly, however this is not considered high growth (20% yearly).
  • CeGeREAL's revenue is expected to grow by 3.6% 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:D2L Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from CeGeREAL Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:D2L Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31
2019-12-31
DB:D2L Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 2.40
2018-09-30 2.79
2018-06-30 3.28
2018-03-31 3.98
2017-12-31 4.53
2017-09-30 3.72
2017-06-30 2.87
2017-03-31 2.98
2016-12-31 3.09
2016-09-30 4.59
2016-06-30 6.09
2016-03-31 6.08

*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.
  • Unable to establish if CeGeREAL will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess CeGeREAL'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 Germany 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.
CeGeREAL has a total score of 2/6, 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.

D2L Past Performance

  How has CeGeREAL 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 CeGeREAL'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.
  • CeGeREAL's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • CeGeREAL's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CeGeREAL's 1-year earnings growth is negative, it can't be compared to the DE REITs industry average.
Earnings and Revenue History
CeGeREAL'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 CeGeREAL Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:D2L Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 67.60 33.11 4.04
2018-09-30 66.70 38.47 4.33
2018-06-30 65.79 43.83 4.63
2018-03-31 65.82 53.12 4.70
2017-12-31 65.84 62.41 4.77
2017-09-30 63.06 50.39 4.55
2017-06-30 60.28 38.38 4.33
2017-03-31 59.43 39.82 4.00
2016-12-31 58.58 41.27 3.66
2016-09-30 59.55 61.35 4.23
2016-06-30 60.52 81.43 4.79
2016-03-31 58.09 81.19 4.88
2015-12-31 55.66 80.96 4.98
2015-09-30 57.25 74.55 4.24
2015-06-30 58.83 68.13 3.50
2015-03-31 58.38 55.27 3.28
2014-12-31 57.92 42.40 3.06
2014-09-30 56.91 22.90 2.98
2014-06-30 55.90 3.40 2.89
2014-03-31 54.83 2.67 2.82
2013-12-31 53.77 1.94 2.75
2013-09-30 52.92 7.12 2.80
2013-06-30 52.07 12.30 2.84
2013-03-31 49.74 14.58 2.84
2012-12-31 47.41 16.86 2.85
2012-09-30 45.43 10.70 2.46
2012-06-30 43.46 4.55 2.08

*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.
  • CeGeREAL has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CeGeREAL used its assets less efficiently than the DE REITs industry average last year based on Return on Assets.
  • CeGeREAL's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CeGeREAL'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.
CeGeREAL has a total score of 1/6, 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.

D2L Health

 How is CeGeREAL'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 CeGeREAL's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CeGeREAL is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CeGeREAL's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CeGeREAL'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 0.1x 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 CeGeREAL Company Filings, last reported 5 months ago.

DB:D2L Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 674.89 776.19 53.37
2018-09-30 674.89 776.19 53.37
2018-06-30 573.70 626.00 18.88
2018-03-31 573.70 626.00 18.88
2017-12-31 617.53 624.96 61.72
2017-09-30 617.53 624.96 61.72
2017-06-30 584.85 585.60 42.32
2017-03-31 584.85 585.60 42.32
2016-12-31 583.05 583.99 18.63
2016-09-30 583.05 583.99 18.63
2016-06-30 574.19 408.90 26.35
2016-03-31 574.19 408.90 26.35
2015-12-31 568.31 408.24 8.72
2015-09-30 568.31 408.24 8.72
2015-06-30 519.26 408.30 24.07
2015-03-31 519.26 408.30 24.07
2014-12-31 509.14 407.77 23.50
2014-09-30 509.14 407.77 23.50
2014-06-30 483.13 402.18 26.98
2014-03-31 483.13 402.18 26.98
2013-12-31 486.63 401.04 16.02
2013-09-30 486.63 401.04 16.02
2013-06-30 489.61 400.48 19.56
2013-03-31 489.61 400.48 19.56
2012-12-31 493.40 399.14 20.92
2012-09-30 493.40 399.14 20.92
2012-06-30 485.99 400.88 22.38
  • CeGeREAL's level of debt (115%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (82.4% vs 115% today).
  • Debt is not well covered by operating cash flow (5.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess CeGeREAL'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. CeGeREAL 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.

D2L Dividends

 What is CeGeREAL'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
5.78%
Current annual income from CeGeREAL dividends. Estimated to be 6.47% next year.
If you bought €2,000 of CeGeREAL shares you are expected to receive €116 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?
  • CeGeREAL's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • CeGeREAL's dividend is above the markets top 25% of dividend payers in Germany (3.91%).
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:D2L 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 1 Analyst Estimates (S&P Global) See Below
Germany REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:D2L Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.70 1.00
2021-12-31 2.65 1.00
2020-12-31 2.50 1.00
2019-12-31 2.45 1.00
DB:D2L Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-26 2.300 5.736
2019-02-22 2.300 5.971
2018-02-16 2.200 5.859
2017-02-17 2.100 5.494
2017-02-16 2.100 5.611
2016-05-04 2.000 5.377
2016-01-11 2.000 5.831
2015-03-09 3.300 10.738
2015-02-13 3.300 11.575
2014-07-24 1.500 5.589
2014-04-14 0.750 3.057
2014-02-14 0.750 3.039
2013-02-20 0.650 2.797
2013-02-15 1.500 6.405
2012-07-24 0.000 0.000
2012-04-16 0.000 0.000
2012-02-15 0.000 0.000
2011-04-29 1.100 5.749
2011-02-25 1.100 4.490

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

  • CeGeREAL has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but CeGeREAL only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of CeGeREAL's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (18.5x coverage).
X
Income/ dividend checks
We assess CeGeREAL's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 CeGeREAL afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CeGeREAL has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

D2L Management

 What is the CEO of CeGeREAL'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
Jérôme Anselme
COMPENSATION €0
AGE 44
TENURE AS CEO 1.7 years
CEO Bio

Jérôme Anselme is Managing Director at Northwood Investors (“Northwood”). Since joining Northwood in 2012, Mr. Anselme has been actively involved in all of the firm’s European investment and asset management activities. He previously worked at Citigroup and JPMorgan before being appointed Director at Bank of America Merrill Lynch in London. He was involved in origination, distribution and asset management of commercial real estate debt. Mr. Anselme hold a Master in Management from EDHEC Business School and a Master in Finance from Sciences Po – Institut d’Etudes Politiques, in France. Other current directorships and positions held; • Chairman: - NW Bruges SAS - Garnier SR3 SAS - Scala SR3 SAS - NW Fontenay Sous Bois SAS • Director: - Foncière NW 2 SAS - STAM REI III Rossini SAS - K Reuil SAS • Managing Director: - Prothin SAS • Legal manager: - NW Pointe Métro 1 SCI - NW Pointe Metro 2 SCI - Chinon SCI - Les Guignières SCI - Prosdim Joué SCI - NW Péripôle Construction Sarl - Hanami Reuoil SCI • Corporate officer: - NW One Warrington Limited (Ir) - NW S1 Sàrl (Lux) - NW S2 Sàrl (Lux) - NW G1 Sàrl (Lux) - NWS Holdings Sàrl (Lux) - NW PM Holding Sàrl (Lux) - NW PM 1 Sàrl (Lux) - NW PM 2 Sàrl (Lux) - Highcross Stratégic Advisors Limited (UK) - Glidefern Property Management Limited (UK)

CEO Compensation
  • Insufficient data for Jérôme to compare compensation growth.
  • Jérôme's remuneration is lower than average for companies of similar size in Germany.
Management Team

Jérôme Anselme

TITLE
CEO & Director
AGE
44
TENURE
1.7 yrs

Charlotte Laroche

TITLE
Financial Manager
TENURE
3.4 yrs

Klaus Waldherr

TITLE
Head of the Law Department - Commerz Real
AGE
53

Anja Kleinke

TITLE
Technical Director of Commerz Real

Barkha Mehmedagic

TITLE
Executive Director and Head of Asset Financing & Group Treasury of Commerz Real
Board of Directors Tenure

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

3.5
Average Tenure
46
Average Age
  • The tenure for the CeGeREAL board of directors is about average.
Board of Directors

John Kukral

TITLE
Chairman of the Board
AGE
58
TENURE
3.2 yrs

Jérôme Anselme

TITLE
CEO & Director
AGE
44
TENURE
3.6 yrs

Alec Emmott

TITLE
Director
AGE
71
TENURE
8.3 yrs

Marie-Flore Bachelier

TITLE
Independent Director
AGE
48
TENURE
3.3 yrs

Jean-Marc Besson

TITLE
Independent Director
AGE
60
TENURE
3.2 yrs

Khaled Kudsi

TITLE
Director
AGE
40
TENURE
4.4 yrs

Sophie Kramer

TITLE
Director
AGE
41
TENURE
3.6 yrs

Erin Cannata

TITLE
Director
AGE
29
TENURE
3.6 yrs

Sébastien Abascal

TITLE
Director
AGE
41
TENURE
3.2 yrs

Madeleine Cosgrave

TITLE
Director
AGE
51
TENURE
3.1 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 CeGeREAL'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. CeGeREAL 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.

D2L News

Simply Wall St News

D2L Company Info

Description

Created in 2006, Cegereal is a commercial property company that invests in prime office properties in Greater Paris. The total value of the portfolio is estimated at €1,409 million at December 31, 2018 (excluding transfer duties). From an environmental point of view, Cegereal’s portfolio is fully certified with NF HQETM Exploitation and BREEAM In-Use International certification, and benefits from the “Green Star” rating in the international GRESB benchmark. Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €639 million at April 29, 2019.

Details
Name: CeGeREAL
D2L
Exchange: DB
Founded: 1999
€632,595,050
15,894,348
Website: http://corp.cegereal.com
Address: CeGeREAL
42, rue de Bassano,
Paris,
Languedoc-Roussillon, 75008,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA CGR Common Stock Euronext Paris FR EUR 29. Mar 2006
DB D2L Common Stock Deutsche Boerse AG DE EUR 29. Mar 2006
Number of employees
Current staff
Staff numbers
3
CeGeREAL employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 20:58
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/04/01
Last earnings filing: 2019/03/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.