DB:M8E

Stock Analysis Report

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Executive Summary

Montea Comm. VA is a public regulated real estate company (RREC) under Belgian law (SIR – SIIC), specialising in the development and the management of logistics property in Belgium, France and the Netherlands.


Snowflake Analysis

Fair value second-rate dividend payer.

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

Stable Share Price: M8E has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.4%

M8E

-1.8%

DE REITs

2.7%

DE Market


1 Year Return

25.0%

M8E

5.8%

DE REITs

10.3%

DE Market

Return vs Industry: M8E exceeded the German REITs industry which returned 5.8% over the past year.

Return vs Market: M8E exceeded the German Market which returned 10.3% over the past year.


Shareholder returns

M8EIndustryMarket
7 Day0.4%-1.8%2.7%
30 Day-0.4%-3.7%1.9%
90 Day15.0%2.0%17.0%
1 Year27.7%25.0%6.3%5.8%12.8%10.3%
3 Year131.1%102.8%-1.1%-14.2%7.1%-1.4%
5 Year246.9%184.5%2.0%-18.7%18.2%2.3%

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 compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: M8E (€95) is trading below our estimate of fair value (€288.67)

Significantly Below Fair Value: M8E is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: M8E is poor value based on its PE Ratio (17x) compared to the DE REITs industry average (8.1x).

PE vs Market: M8E is good value based on its PE Ratio (17x) compared to the German market (22.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate M8E's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: M8E is overvalued based on its PB Ratio (2.2x) compared to the DE REITs industry average (1.5x).


Next Steps

Future Growth

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

18.1%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if M8E's forecast earnings growth is above the savings rate (0.2%).

Earnings vs Market: Insufficient data to determine if M8E's earnings are forecast to grow faster than the German market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: M8E's revenue (18.1% per year) is forecast to grow faster than the German market (5.9% per year).

High Growth Revenue: M8E's revenue (18.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if M8E's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

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

37.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: M8E has a large one-off gain of €37.6M impacting its March 31 2020 financial results.

Growing Profit Margin: M8E's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: M8E's earnings have grown significantly by 37.4% per year over the past 5 years.

Accelerating Growth: M8E's earnings growth over the past year (11.3%) is below its 5-year average (37.4% per year).

Earnings vs Industry: M8E earnings growth over the past year (11.3%) underperformed the REITs industry 25.3%.


Return on Equity

High ROE: M8E's Return on Equity (13%) is considered low.


Next Steps

Financial Health

How is Montea Comm. VA's financial position?


Financial Position Analysis

Short Term Liabilities: M8E's short term assets (€35.6M) do not cover its short term liabilities (€103.4M).

Long Term Liabilities: M8E's short term assets (€35.6M) do not cover its long term liabilities (€416.7M).


Debt to Equity History and Analysis

Debt Level: M8E's debt to equity ratio (53.7%) is considered high.

Reducing Debt: M8E's debt to equity ratio has reduced from 125.3% to 53.7% over the past 5 years.

Debt Coverage: M8E's debt is not well covered by operating cash flow (17.6%).

Interest Coverage: M8E's interest payments on its debt are well covered by EBIT (5.7x coverage).


Balance Sheet


Next Steps

Dividend

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

2.64%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: M8E's dividend (2.64%) is higher than the bottom 25% of dividend payers in the German market (1.22%).

High Dividend: M8E's dividend (2.64%) is low compared to the top 25% of dividend payers in the German market (3.77%).


Stability and Growth of Payments

Stable Dividend: M8E's dividend payments have been volatile in the past 10 years.

Growing Dividend: M8E's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (44.6%), M8E's dividend payments are 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?

4.4yrs

Average management tenure


CEO

Jo De Wolf (46 yo)

9.83yrs

Tenure

€818,130

Compensation

Mr. Jo De Wolf serves as CEO, MD and Director of Montea Comm. VA. Mr. De Wolf holds a Master’s degree in Applied Economics from KU Leuven, an MBA from the Vlerick School for management and pursued the Mast ...


CEO Compensation Analysis

Compensation vs Market: Jo's total compensation ($USD962.39K) is below average for companies of similar size in the German market ($USD1.48M).

Compensation vs Earnings: Jo's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Dirk De Pauw
Chairman of the Board5.83yrs€60.00k11.7%
€ 180.4m
Jo De Wolf
MD, CEO & Director9.83yrs€818.13kno data
Els Vervaecke
Chief Financial Officer4.42yrsno datano data
Christine De Glas
Communication & Marketing Managerno datano datano data
Elhanafi Oubial
Financial Controller & Compliance Officerno datano datano data
Jimmy Gysels
Chief Property Management0.42yrno datano data

4.4yrs

Average Tenure

Experienced Management: M8E's management team is considered experienced (4.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Dirk De Pauw
Chairman of the Board5.83yrs€60.00k11.7%
€ 180.4m
Jo De Wolf
MD, CEO & Director9.83yrs€818.13kno data
Jean-Marc Mayeur
Non-Executive Director8.25yrsno datano data
Peter Snoeck
Non-Executive Director13.83yrsno datano data
Ciska Servais
Independent Vice Chairman of the Board7.25yrs€24.00kno data
Sophie Maes
Non-Executive & Independent Director6.83yrs€28.00kno data
Greta Afslag
Non-Executive Director3.25yrsno datano data
Philippe Mathieu
Non-executive & Independent Director2.25yrs€28.00kno data

7.0yrs

Average Tenure

60.5yo

Average Age

Experienced Board: M8E's board of directors are considered experienced (7 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

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: €1.541b
  • Shares outstanding: 16.02m
  • Website: https://www.montea.com

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
MONS.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDOct 2006

Biography

Montea Comm. VA is a public regulated real estate company (RREC) under Belgian law (SIR – SIIC), specialising in the development and the management of logistics property in Belgium, France and the Netherla ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/12 21:17
End of Day Share Price2020/08/12 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.