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COV

Covivio ENXTPA:COV Stock Report

Last Price

€49.52

Market Cap

€4.6b

7D

3.0%

1Y

-32.8%

Updated

30 Sep, 2022

Data

Company Financials +
COV fundamental analysis
Snowflake Score
Valuation6/6
Future Growth0/6
Past Performance3/6
Financial Health2/6
Dividends3/6

COV Stock Overview

A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.

Covivio Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Covivio
Historical stock prices
Current Share Price€49.52
52 Week High€77.74
52 Week Low€44.40
Beta1.56
1 Month Change-11.25%
3 Month Change-5.68%
1 Year Change-32.85%
3 Year Change-48.58%
5 Year Change-42.39%
Change since IPO372.59%

Recent News & Updates

Shareholder Returns

COVFR REITsFR Market
7D3.0%0.3%-0.1%
1Y-32.8%-22.0%-12.3%

Return vs Industry: COV underperformed the French REITs industry which returned -24% over the past year.

Return vs Market: COV underperformed the French Market which returned -13.4% over the past year.

Price Volatility

Is COV's price volatile compared to industry and market?
COV volatility
COV Average Weekly Movement4.8%
REITs Industry Average Movement4.1%
Market Average Movement4.9%
10% most volatile stocks in FR Market9.2%
10% least volatile stocks in FR Market2.8%

Stable Share Price: COV is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: COV's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1963997Joseph Kullmannhttps://www.covivio.eu

A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces. A benchmark in the European real estate market with €25 Billion in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.

Covivio Fundamentals Summary

How do Covivio's earnings and revenue compare to its market cap?
COV fundamental statistics
Market Cap€4.64b
Earnings (TTM)€1.25b
Revenue (TTM)€1.03b

3.7x

P/E Ratio

4.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
COV income statement (TTM)
Revenue€1.03b
Cost of Revenue€206.39m
Gross Profit€824.66m
Other Expenses-€427.76m
Earnings€1.25b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 20, 2022

Earnings per share (EPS)13.36
Gross Margin79.98%
Net Profit Margin121.47%
Debt/Equity Ratio84.6%

How did COV perform over the long term?

See historical performance and comparison

Dividends

7.6%

Current Dividend Yield

50%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is COV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for COV?

Other financial metrics that can be useful for relative valuation.

COV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue19.9x
Enterprise Value/EBITDA24.1x
PEG Ratio-0.1x

Price to Earnings Ratio vs Peers

How does COV's PE Ratio compare to its peers?

COV PE Ratio vs Peers
The above table shows the PE ratio for COV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average7x
FLY Société Foncière Lyonnaise
8.7x-18.2%€3.6b
GFC Gecina
5.8x6.3%€5.9b
VTR Vitura
6.6xn/a€334.6m
INEA Fonciere Inea
6.9xn/a€432.6m
COV Covivio
3.7x-31.7%€4.6b

Price-To-Earnings vs Peers: COV is good value based on its Price-To-Earnings Ratio (3.7x) compared to the peer average (7x).


Price to Earnings Ratio vs Industry

How does COV's PE Ratio compare vs other companies in the FR REITs Industry?

Price-To-Earnings vs Industry: COV is good value based on its Price-To-Earnings Ratio (3.7x) compared to the French REITs industry average (6.7x)


Price to Earnings Ratio vs Fair Ratio

What is COV's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

COV PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.7x
Fair PE Ratio7.2x

Price-To-Earnings vs Fair Ratio: COV is good value based on its Price-To-Earnings Ratio (3.7x) compared to the estimated Fair Price-To-Earnings Ratio (7.2x).


Share Price vs Fair Value

What is the Fair Price of COV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: COV (€49.52) is trading below our estimate of fair value (€70.57)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Covivio forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-31.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COV's earnings are forecast to decline over the next 3 years (-31.7% per year).

Earnings vs Market: COV's earnings are forecast to decline over the next 3 years (-31.7% per year).

High Growth Earnings: COV's earnings are forecast to decline over the next 3 years.

Revenue vs Market: COV's revenue (4.3% per year) is forecast to grow slower than the French market (5.3% per year).

High Growth Revenue: COV's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COV's Return on Equity is forecast to be low in 3 years time (4.9%).


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Past Performance

How has Covivio performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-0.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: COV has a large one-off gain of €1.1B impacting its June 30 2022 financial results.

Growing Profit Margin: COV's current net profit margins are higher than last year (68.1%).


Past Earnings Growth Analysis

Earnings Trend: COV's earnings have declined by 0.4% per year over the past 5 years.

Accelerating Growth: COV's earnings growth over the past year (98.1%) exceeds its 5-year average (-0.4% per year).

Earnings vs Industry: COV earnings growth over the past year (98.1%) exceeded the REITs industry 78.8%.


Return on Equity

High ROE: COV's Return on Equity (13.5%) is considered low.


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Financial Health

How is Covivio's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: COV's short term assets (€2.3B) do not cover its short term liabilities (€2.9B).

Long Term Liabilities: COV's short term assets (€2.3B) do not cover its long term liabilities (€11.7B).


Debt to Equity History and Analysis

Debt Level: COV's net debt to equity ratio (77.3%) is considered high.

Reducing Debt: COV's debt to equity ratio has reduced from 109.6% to 84.6% over the past 5 years.

Debt Coverage: COV's debt is not well covered by operating cash flow (5.9%).

Interest Coverage: COV's interest payments on its debt are well covered by EBIT (5.3x coverage).


Balance Sheet


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Dividend

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

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


7.57%

Current Dividend Yield

Dividend Yield vs Market

Covivio Dividend Yield vs Market
How does Covivio dividend yield compare to the market?
SegmentDividend Yield
Company (Covivio)7.6%
Market Bottom 25% (FR)2.0%
Market Top 25% (FR)6.1%
Industry Average (REITs)7.3%
Analyst forecast in 3 Years (Covivio)8.1%

Notable Dividend: COV's dividend (7.57%) is higher than the bottom 25% of dividend payers in the French market (2.04%).

High Dividend: COV's dividend (7.57%) is in the top 25% of dividend payers in the French market (6.13%)


Stability and Growth of Payments

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

Growing Dividend: COV's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (50%), COV's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (758.2%), COV's dividend payments are not well covered by cash flows.


Discover strong dividend paying companies

Management

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

4.7yrs

Average management tenure


CEO

Joseph Kullmann (57 yo)

10.42yrs

Tenure

€2,565,457

Compensation

Mr. Christophe Kullmann, also known as Joseph, has been Chief Executive Officer of Foncière Développement Logements since February 2018. Mr. Kullmann has been the Chief Executive Officer since October 2015...


CEO Compensation Analysis

Joseph Kullmann's Compensation vs Covivio Earnings
How has Joseph Kullmann's remuneration changed compared to Covivio's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

€1b

Mar 31 2022n/an/a

€1b

Dec 31 2021€3m€700k

€924m

Sep 30 2021n/an/a

€778m

Jun 30 2021n/an/a

€632m

Mar 31 2021n/an/a

€496m

Dec 31 2020€2m€700k

€360m

Sep 30 2020n/an/a

€473m

Jun 30 2020n/an/a

€586m

Mar 31 2020n/an/a

€667m

Dec 31 2019€3m€700k

€747m

Sep 30 2019n/an/a

€693m

Jun 30 2019n/an/a

€639m

Mar 31 2019n/an/a

€694m

Dec 31 2018€2m€600k

€750m

Sep 30 2018n/an/a

€820m

Jun 30 2018n/an/a

€890m

Mar 31 2018n/an/a

€902m

Dec 31 2017€2m€600k

€914m

Sep 30 2017n/an/a

€889m

Jun 30 2017n/an/a

€864m

Mar 31 2017n/an/a

€825m

Dec 31 2016€2m€600k

€787m

Sep 30 2016n/an/a

€712m

Jun 30 2016n/an/a

€637m

Mar 31 2016n/an/a

€566m

Dec 31 2015€2m€600k

€494m

Compensation vs Market: Joseph's total compensation ($USD2.52M) is about average for companies of similar size in the French market ($USD2.05M).

Compensation vs Earnings: Joseph's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: COV's management team is considered experienced (4.7 years average tenure).


Board Members

Experienced Board: COV's board of directors are considered experienced (6.9 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

What is the ownership structure of COV?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders322,0050.3%
General Public22,646,38924.2%
Private Companies33,978,88036.2%
Institutions36,817,05539.3%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 72.11% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
27.56%
Delfin S.à R.L.
25,839,093€1.3b0%no data
8.68%
CM-CIC Asset Management Société anonyme
8,139,787€403.1m0%6.7%
8.68%
Crédit Agricole Group
8,139,787€403.1m0%no data
8.28%
Covéa Finance
7,761,193€384.3m0%8.11%
7.17%
BlackRock, Inc.
6,720,057€332.8m0%0.01%
2.31%
The Vanguard Group, Inc.
2,165,813€107.3m1.59%no data
2.18%
Norges Bank Investment Management
2,045,609€101.3m0%0.01%
1.03%
Dimensional Fund Advisors LP
970,182€48.0m-0.21%0.01%
0.69%
BNPP Asset Management France
650,890€32.2m6.23%0.1%
0.69%
BNPP Asset Management Holding
649,217€32.1m111%0.06%
0.64%
UBS Asset Management
603,880€29.9m2.3%0.01%
0.63%
Amundi Asset Management
587,718€29.1m38.53%0.01%
0.61%
BFT Investment Managers
572,000€28.3m0%3.53%
0.35%
Degroof Petercam Asset Management
323,639€16.0m0%0.09%
0.34%
J.P. Morgan Asset Management, Inc.
317,949€15.7m-3.46%no data
0.32%
Northern Trust Global Investments
295,383€14.6m-2.3%no data
0.29%
Deutsche Asset & Wealth Management
267,295€13.2m0.2%0.01%
0.27%
State Street Global Advisors, Inc.
249,355€12.3m-1.34%no data
0.26%
Geode Capital Management, LLC
244,532€12.1m-0.04%no data
0.24%
Columbia Management Investment Advisers, LLC
225,474€11.2m0%no data
0.22%
Oddo Bhf Asset Management SAS
202,456€10.0m11.14%0.17%
0.2%
EdenTree Investment Management Limited
191,894€9.5m0%0.61%
0.16%
Legal & General Investment Management Limited
154,658€7.7m1.15%no data
0.16%
Charles Schwab Investment Management, Inc.
148,936€7.4m1.01%no data
0.16%
Christophe Kullmann
146,212€7.2m0%no data

Company Information

Covivio's employee growth, exchange listings and data sources


Key Information

  • Name: Covivio
  • Ticker: COV
  • Exchange: ENXTPA
  • Founded: 1963
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: €4.643b
  • Shares outstanding: 93.76m
  • Website: https://www.covivio.eu

Number of Employees


Location

  • Covivio
  • 30, Avenue Kléber
  • Paris
  • Ile-de-France
  • 75016
  • France


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COVENXTPA (Euronext Paris)YesCommon SharesFREURJan 1992
0J6VLSE (London Stock Exchange)YesCommon SharesGBEURJan 1992
GSEF.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJan 1992
F5DDB (Deutsche Boerse AG)YesCommon SharesDEEURJan 1992
COVPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJan 1992
CVOBIT (Borsa Italiana)YesCommon SharesITEURJan 1992
FNCD.YOTCPK (Pink Sheets LLC)UNSP ADS EACH REPR 0.25 ORDUSUSDApr 2015
F5D0DB (Deutsche Boerse AG)UNSP ADS EACH REPR 0.25 ORDDEEURApr 2015

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.