DB:D2L

Stock Analysis Report

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Executive Summary

Created in 2006, Cegereal is a listed property company that invests in prime office properties in Greater Paris.


Snowflake Analysis

Fair value with acceptable track record.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: D2L has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.5%

D2L

-2.0%

DE REITs

0.7%

DE Market


1 Year Return

-13.5%

D2L

9.7%

DE REITs

3.9%

DE Market

Return vs Industry: D2L underperformed the German REITs industry which returned 9.7% over the past year.

Return vs Market: D2L underperformed the German Market which returned 3.9% over the past year.


Shareholder returns

D2LIndustryMarket
7 Day-3.5%-2.0%0.7%
30 Day-7.3%1.2%5.3%
90 Day-12.6%6.0%17.3%
1 Year-11.7%-13.5%10.2%9.7%6.2%3.9%
3 Year0.1%-15.6%-2.4%-15.4%1.8%-6.2%
5 Year55.6%18.2%2.7%-18.8%9.3%-5.4%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

6.47x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: D2L (€33.2) is trading above our estimate of fair value (€13.71)

Significantly Below Fair Value: D2L is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: D2L is good value based on its PE Ratio (6.5x) compared to the DE REITs industry average (8.6x).

PE vs Market: D2L is good value based on its PE Ratio (6.5x) compared to the German market (21x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate D2L's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: D2L is good value based on its PB Ratio (0.7x) compared to the DE REITs industry average (1.5x).


Next Steps

Future Growth

How is CeGeREAL forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

0.6%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as CeGeREAL has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has CeGeREAL performed over the past 5 years?

-2.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: D2L has a large one-off gain of €46.2M impacting its December 31 2019 financial results.

Growing Profit Margin: D2L's current net profit margins (99.1%) are higher than last year (49%).


Past Earnings Growth Analysis

Earnings Trend: D2L's earnings have declined by -2.6% per year over the past 5 years.

Accelerating Growth: D2L's earnings growth over the past year (143.9%) exceeds its 5-year average (-2.6% per year).

Earnings vs Industry: D2L earnings growth over the past year (143.9%) exceeded the REITs industry 25.3%.


Return on Equity

High ROE: D2L's Return on Equity (11.1%) is considered low.


Next Steps

Financial Health

How is CeGeREAL's financial position?


Financial Position Analysis

Short Term Liabilities: D2L's short term assets (€66.5M) exceed its short term liabilities (€48.6M).

Long Term Liabilities: D2L's short term assets (€66.5M) do not cover its long term liabilities (€774.7M).


Debt to Equity History and Analysis

Debt Level: D2L's debt to equity ratio (106.5%) is considered high.

Reducing Debt: D2L's debt to equity ratio has increased from 80.1% to 106.5% over the past 5 years.

Debt Coverage: D2L's debt is not well covered by operating cash flow (3.7%).

Interest Coverage: D2L's interest payments on its debt are well covered by EBIT (3.7x coverage).


Balance Sheet


Next Steps

Dividend

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

2.27%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: D2L's dividend (2.27%) is higher than the bottom 25% of dividend payers in the German market (1.24%).

High Dividend: D2L's dividend (2.27%) is low compared to the top 25% of dividend payers in the German market (3.82%).


Stability and Growth of Payments

Stable Dividend: D2L has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: D2L has only been paying a dividend for 9 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (125.8%), D2L's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

4.3yrs

Average board tenure


CEO

Jérôme Anselme (46yo)

2.75yrs

Tenure

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 manageme ...


Board Members

NamePositionTenureCompensationOwnership
Jérôme Anselme
CEO & Director2.75yrsno datano data
John Kukral
Chairman of the Board4.25yrsno datano data
Alec Emmott
Independent Director9.42yrs€65.00k0.00074% 3.9k
Jean-Marc Besson
Independent Director4.25yrs€65.00kno data
Florian Schaefer
Director1.25yrsno datano data
Marie-Flore Bachelier
Independent Director4.42yrs€65.00kno data
Sophie Kramer
Director4.67yrsno datano data
Erin Cannata
Director4.67yrsno datano data
Madeleine Cosgrave
Director4.17yrsno datano data
Sebastien Pierre Abascal
Director4.25yrsno datano data

4.3yrs

Average Tenure

48yo

Average Age

Experienced Board: D2L's board of directors are considered experienced (4.3 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.


Top Shareholders

Company Information

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


Key Information

  • Name: CeGeREAL
  • Ticker: D2L
  • Exchange: DB
  • Founded: 1999
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €524.494m
  • Shares outstanding: 15.89m
  • Website: https://www.cegereal.com

Number of Employees


Location

  • CeGeREAL
  • 42, rue de Bassano
  • Paris
  • Languedoc-Roussillon
  • 75008
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CGRENXTPA (Euronext Paris)YesCommon StockFREURMar 2006
D2LDB (Deutsche Boerse AG)YesCommon StockDEEURMar 2006
0DYTLSE (London Stock Exchange)YesCommon StockGBEURMar 2006
CGRPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURMar 2006

Biography

Created in 2006, Cegereal is a listed property company that invests in prime office properties in Greater Paris. The total value of the portfolio is estimated at €1,464 million at December 31, 2019 (excluding transfer duties). Thanks to its strong commitment to environmental, social and governance issues, Cegereal achieved first place among listed companies in Europe in the 2019 Global Real Estate Sustainability Benchmark (GRESB) ranking. Its entire portfolio has achieved NF HQETM Exploitation and BREEAM In-Use International certification. Cegereal is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096). The Company had a market capitalization of €490 million at May 14, 2020. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/11 21:48
End of Day Share Price2020/07/10 00:00
Earnings2019/12/31
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.