DB:M8E

Stock Analysis Report

Executive Summary

Montea Comm. VA is a public property investment company (PPIC – SIIC) under Belgian law specialising in logistical property in Belgium, France and the Netherlands, where the company is a benchmark player.

Snowflake

Fundamentals

High growth potential, good value and pays a dividend.

Risks

  • Montea Comm. VA is covered by less than 3 analysts.

Share Price & News

How has Montea Comm. VA's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.9%

DB:M8E

-0.1%

DE REITs

-1.6%

DE Market


1 Year Return

61.5%

DB:M8E

13.6%

DE REITs

-10.5%

DE Market

M8E outperformed the REITs industry which returned 13.6% over the past year.

M8E outperformed the Market in Germany which returned -10.5% over the past year.


Share holder returns

M8EIndustryMarket
7 Day0.9%-0.1%-1.6%
30 Day-4.0%0.7%-5.4%
90 Day-1.8%2.3%-6.0%
1 Year71.2%61.5%17.7%13.6%-7.7%-10.5%
3 Year98.1%72.2%27.7%13.1%9.4%-0.02%
5 Year198.7%145.4%71.8%38.0%25.5%8.1%

Price Volatility Vs. Market

How volatile is Montea Comm. VA's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Montea Comm. VA undervalued based on future cash flows and its price relative to the stock market?

33%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Montea Comm. VA's share price is below the future cash flow value, and at a moderate discount (> 20%).

Montea Comm. VA's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Montea Comm. VA is good value based on earnings compared to the DE REITs industry average.

Montea Comm. VA is good value based on earnings compared to the Germany market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Montea Comm. VA, we can't assess if its growth is good value.


Price Based on Value of Assets

Montea Comm. VA is good value based on assets compared to the DE REITs industry average.


Next Steps

Future Growth

How is Montea Comm. VA expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

18.0%

Forecasted annual revenue growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Montea Comm. VA's revenue is expected to grow by 18% yearly, however this is not considered high growth (20% yearly).

Montea Comm. VA's earnings are expected to grow significantly at over 20% yearly.

Montea Comm. VA's revenue growth is expected to exceed the Germany market average.

Montea Comm. VA's earnings growth is expected to exceed the Germany market average.

Montea Comm. VA's earnings growth is expected to exceed the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

Montea Comm. VA is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).


Next Steps

Past Performance

How has Montea Comm. VA performed over the past 5 years?

41.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Montea Comm. VA has delivered over 20% year on year earnings growth in the past 5 years.

Montea Comm. VA's 1-year earnings growth exceeds its 5-year average (58.9% vs 41.3%)

Montea Comm. VA's earnings growth has not exceeded the DE REITs industry average in the past year (58.9% vs 83.2%).


Return on Equity

Montea Comm. VA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Montea Comm. VA used its assets more efficiently than the DE REITs industry average last year based on Return on Assets.


Return on Capital Employed

Montea Comm. VA's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Montea Comm. VA's financial position?


Financial Position Analysis

Montea Comm. VA's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Montea Comm. VA's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Montea Comm. VA's level of debt (76.3%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (101.1% vs 76.3% today).

Debt is not well covered by operating cash flow (14.8%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 5x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.1x debt.


Next Steps

Dividend

What is Montea Comm. VA's current dividend yield, its reliability and sustainability?

3.72%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Montea Comm. VA's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.59%).

Montea Comm. VA's dividend is below the markets top 25% of dividend payers in Germany (4.29%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.4x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.3x coverage).


Next Steps

Management

What is the CEO of Montea Comm. VA's salary, the management and board of directors tenure and is there insider trading?

8.6yrs

Average management tenure


CEO

Jo De Wolf (45yo)

8.8yrs

Tenure

€649,937

Compensation

Jo De Wolf holds a Master’s degree in Applied Economics from KU Leuven, an MBA from the Vlerick School for management and pursued the Master’s Real Estate programme at the KU Leuven. The Mandates that h ...


CEO Compensation Analysis

Jo's remuneration is lower than average for companies of similar size in Germany.

Jo's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

8.6yrs

Average Tenure

45yo

Average Age

The average tenure for the Montea Comm. VA management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

6.0yrs

Average Tenure

57yo

Average Age

The tenure for the Montea Comm. VA board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Dirk De Pauw (63yo)

    Chairman of the Board

  • Jean de Beaufort

    Director of France

    • Tenure: 9.0yrs
  • Jo De Wolf (45yo)

    MD & CEO

    • Tenure: 8.8yrs
    • Compensation: 649.94k
  • Peter Demuynck

    Chief Commercial Officer

    • Tenure: 8.6yrs
  • Griet Cappelle (40yo)

    Chief Operating Officer

  • Hylcke Okkinga

    Director of Netherlands

    • Tenure: 4.2yrs
  • Els Vervaecke

    Chief Financial Officer

    • Tenure: 3.4yrs
  • Christine De Glas

    Communication & Marketing Manager


Board Members

  • Jean-Marc Mayeur (49yo)

    Non-Executive Director

    • Tenure: 7.3yrs
  • Dirk De Pauw (63yo)

    Chairman of the Board

    • Tenure: 4.8yrs
  • Peter Snoeck (62yo)

    Non-executive Director

    • Tenure: 12.8yrs
  • Ciska Servais (54yo)

    Vice Chairman of the Board

    • Tenure: 6.3yrs
    • Compensation: 24.00k
  • Jo De Wolf (45yo)

    MD & CEO

    • Tenure: 8.9yrs
    • Compensation: 649.94k
  • Sophie Maes (62yo)

    Non-Executive & Independent Director

    • Tenure: 5.8yrs
    • Compensation: 24.00k
  • Greta Afslag (57yo)

    Non-Executive Director

    • Tenure: 2.3yrs
  • Philipp Mathieu

    Non-executive & Independent Director

    • Tenure: 1.3yrs
    • Compensation: 8.00k

Company Information

Montea Comm. VA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Montea Comm. VA
  • Ticker: M8E
  • Exchange: DB
  • Founded: 1977
  • Industry: industrial reits
  • Sector: real estate
  • Market Cap: €1.204b
  • Shares outstanding: 15.78m
  • Website: Click here

Number of Employees


Location

  • Montea Comm. VA
  • Industrielaan 27
  • Industriezone Z III Zuid
  • Erembodegem
  • Liège
  • 9320
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MONTENXTBR (Euronext Brussels)YesCommon SharesBEEUROct 2006
M8EDB (Deutsche Boerse AG)YesCommon SharesDEEUROct 2006
0LBYLSE (London Stock Exchange)YesCommon SharesGBEUROct 2006
MONTBBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEUROct 2006

Biography

Montea Comm. VA is a public property investment company (PPIC – SIIC) under Belgian law specialising in logistical property in Belgium, France and the Netherlands, where the company is a benchmark player.  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/17 21:00
End of Day Share Price2019/08/16 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.