ENXTPA:CGR

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Good value average dividend payer.

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

-0.5%

CGR

3.0%

FR REITs

2.9%

FR Market


1 Year Return

13.0%

CGR

12.2%

FR REITs

10.2%

FR Market

Return vs Industry: CGR matched the French REITs industry which returned 12.2% over the past year.

Return vs Market: CGR exceeded the French Market which returned 10.2% over the past year.


Share holder returns

CGRIndustryMarket
7 Day-0.5%3.0%2.9%
30 Day10.0%3.9%-0.3%
90 Day8.3%7.0%0.1%
1 Year19.6%13.0%19.6%12.2%14.0%10.2%
3 Year34.0%10.2%28.1%7.6%44.3%30.4%
5 Year130.5%65.2%76.1%32.4%75.2%49.3%

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

Valuation

Is CeGeREAL undervalued based on future cash flows and its price relative to the stock market?

35%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Undervalued: CGR (€41.8) is trading below our estimate of fair value (€64.49)

Significantly Undervalued: CGR is trading below fair value, but not by a significant amount.


Price Based on Earnings

PE vs Industry: CGR is good value based on its PE Ratio (9.7x) compared to the REITs industry average (9.9x).

PE vs Market: CGR is good value based on its PE Ratio (9.7x) compared to the French market (17.1x).


Price Based on Expected Growth

Low PEG Ratio: CGR is poor value based on its PEG Ratio (2.1x)


Price Based on Value of Assets

PB vs Industry: CGR is good value based on its PB Ratio (1x) compared to the FR REITs industry average (1x).


Next Steps

Future Growth

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

4.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: CGR's forecast earnings growth (4.7% per year) is above the savings rate (0.7%).

Earnings vs Market: CGR's earnings (4.7% per year) are forecast to grow slower than the French market (11.1% per year).

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

Revenue vs Market: CGR's revenue (1.4% per year) is forecast to grow slower than the French market (4.5% per year).

High Growth Revenue: CGR's revenue (1.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

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


Next Steps

Past Performance

How has CeGeREAL performed over the past 5 years?

1.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: CGR's earnings have grown by 1.3% per year over the past 5 years.

Accelerating Growth: CGR's earnings growth over the past year (47.6%) exceeds its 5-year average (1.3% per year).

Earnings vs Industry: CGR earnings growth over the past year (47.6%) exceeded the REITs industry 14.1%.


Return on Equity

High ROE: CGR's Return on Equity (9.3%) is considered low.


Return on Assets

ROA vs Industry: CGR's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: CGR's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is CeGeREAL's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CGR has a high level of physical assets or inventory.

Debt Coverage by Assets: CGR's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: CGR's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CGR has a sufficient allowance for bad loans.

Low Risk Liabilities: CGR reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CGR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CGR has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CGR has an appropriate level of bad loans.


Next Steps

Dividend

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

6.16%

Expected Dividend Yield


Dividend Yield vs Market

company5.5%marketbottom25%1.6%markettop25%4.6%industryaverage5.2%forecastin3Years6.2%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: CGR's dividend (5.5%) is higher than the bottom 25% of dividend payers in the French market (1.57%).

High Dividend: CGR's dividend (5.5%) is in the top 25% of dividend payers in the French market (4.65%)

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

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (108.2%), CGR's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CGR's dividends in 3 years are forecast to be thoroughly covered by earnings (5.7% payout ratio).


Next Steps

Management

What is the CEO of CeGeREAL's salary, the management and board of directors tenure and is there insider trading?

3.8yrs

Average board tenure


CEO

Jérôme Anselme (45yo)

2yrs

Tenure

0

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 Age and Tenure

3.8yrs

Average Tenure

47yo

Average Age

Experienced Board: CGR's board of directors are considered experienced (3.8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Klaus Waldherr (54yo)

    Head of the Law Department - Commerz Real

    • Tenure: 0yrs
  • Anja Kleinke

    Technical Director of Commerz Real

    • Tenure: 0yrs
  • Barkha Mehmedagic

    Executive Director and Head of Asset Financing & Group Treasury of Commerz Real

    • Tenure: 0yrs
  • Jérôme Anselme (45yo)

    CEO & Director

    • Tenure: 2yrs
  • Charlotte Laroche

    Financial Manager

    • Tenure: 3.8yrs

Board Members

  • John Kukral (59yo)

    Chairman of the Board

    • Tenure: 3.5yrs
  • Alec Emmott (72yo)

    Independent Director

    • Tenure: 8.7yrs
  • Jean-Marc Besson (61yo)

    Independent Director

    • Tenure: 3.5yrs
  • Marie-Flore Bachelier (49yo)

    Independent Director

    • Tenure: 3.7yrs
  • Khaled Kudsi (41yo)

    Director

    • Tenure: 3.9yrs
  • Jérôme Anselme (45yo)

    CEO & Director

    • Tenure: 2yrs
  • Sophie Kramer (42yo)

    Director

    • Tenure: 3.9yrs
  • Erin Cannata (30yo)

    Director

    • Tenure: 3.9yrs
  • Madeleine Cosgrave (52yo)

    Director

    • Tenure: 3.4yrs
  • Sébastien Pierre Abascal (42yo)

    Director

    • Tenure: 3.5yrs

Company Information

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


Key Information

  • Name: CeGeREAL
  • Ticker: CGR
  • Exchange: ENXTPA
  • Founded: 1999
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €664.323m
  • 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
CGRPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURMar 2006

Biography

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 (ex ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 20:49
End of Day Share Price2019/10/14 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.

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