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Covivio

ENXTPA:COV
Snowflake Description

Average dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
COV
ENXTPA
€8B
Market Cap
  1. Home
  2. FR
  3. Real Estate
Company description

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. The last earnings update was 103 days ago. More info.


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COV Share Price and Events
7 Day Returns
-3.2%
ENXTPA:COV
-0.2%
FR REITs
2.4%
FR Market
1 Year Returns
4.1%
ENXTPA:COV
-1.9%
FR REITs
2.1%
FR Market
COV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Covivio (COV) -3.2% -2.1% -1.9% 4.1% 22.1% 16.4%
FR REITs -0.2% 0% 1.1% -1.9% 6.1% 12.4%
FR Market 2.4% 3.5% 4.8% 2.1% 39.7% 33.6%
1 Year Return vs Industry and Market
  • COV outperformed the REITs industry which returned -1.9% over the past year.
  • COV outperformed the Market in France which returned 2.1% over the past year.
Price Volatility
COV
Industry
5yr Volatility vs Market
Related Companies

COV Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Covivio to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Covivio.

ENXTPA:COV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:COV
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 33%) (142.93%))
0.978
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (0.978 * 6.65%)
7.24%

Discounted Cash Flow Calculation for ENXTPA:COV using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Covivio is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Covivio is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ENXTPA:COV DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 7.24%)
2019 443.50 Analyst x2 413.57
2020 456.80 Analyst x2 397.23
2021 476.30 Analyst x1 386.23
2022 498.30 Analyst x1 376.80
2023 518.40 Analyst x1 365.55
2024 534.95 Est @ 3.19% 351.76
2025 548.07 Est @ 2.45% 336.07
2026 558.69 Est @ 1.94% 319.47
2027 567.50 Est @ 1.58% 302.60
2028 575.01 Est @ 1.32% 285.92
Present value of next 10 years cash flows €3,535.20
ENXTPA:COV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €575.01 × (1 + 0.73%) ÷ (7.24% – 0.73%)
€8,905.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €8,905.99 ÷ (1 + 7.24%)10
€4,428.38
ENXTPA:COV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €3,535.20 + €4,428.38
€7,963.59
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €7,963.59 / 86.95
€91.59
ENXTPA:COV Discount to Share Price
Calculation Result
Value per share (EUR) From above. €91.59
Current discount Discount to share price of €92.20
= -1 x (€92.20 - €91.59) / €91.59
-0.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Covivio is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Covivio's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Covivio's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:COV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €9.99
ENXTPA:COV Share Price ** ENXTPA (2019-06-24) in EUR €92.2
France REITs Industry PE Ratio Median Figure of 23 Publicly-Listed REITs Companies 10.37x
France Market PE Ratio Median Figure of 421 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Covivio.

ENXTPA:COV PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:COV Share Price ÷ EPS (both in EUR)

= 92.2 ÷ 9.99

9.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Covivio is good value based on earnings compared to the FR REITs industry average.
  • Covivio is good value based on earnings compared to the France market.
Price based on expected Growth
Does Covivio's expected growth come at a high price?
Raw Data
ENXTPA:COV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.23x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-2.6%per year
France REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies 0.22x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

ENXTPA:COV PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.23x ÷ -2.6%

-3.52x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Covivio earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Covivio's assets?
Raw Data
ENXTPA:COV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €91.45
ENXTPA:COV Share Price * ENXTPA (2019-06-24) in EUR €92.2
France REITs Industry PB Ratio Median Figure of 26 Publicly-Listed REITs Companies 0.92x
France Market PB Ratio Median Figure of 622 Publicly-Listed Companies 1.45x
ENXTPA:COV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:COV Share Price ÷ Book Value per Share (both in EUR)

= 92.2 ÷ 91.45

1.01x

* Primary Listing of Covivio.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Covivio is overvalued based on assets compared to the FR REITs industry average.
X
Value checks
We assess Covivio's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Covivio has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

COV Future Performance

 How is Covivio expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Covivio expected to grow at an attractive rate?
  • Covivio's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Covivio's earnings are expected to decrease over the next 1-3 years, this is below the France market average.
  • Covivio's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:COV Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:COV Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -2.6%
ENXTPA:COV Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 1.1%
France REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.2%
France REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.2%
France Market Earnings Growth Rate Market Cap Weighted Average 12.8%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:COV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:COV Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 531 711
2022-12-31 509 743
2021-12-31 1,105 495 646 3
2020-12-31 1,096 488 699 4
2019-12-31 1,044 468 752 3
ENXTPA:COV Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 1,079 884 750
2018-09-30 1,058 820
2018-06-30 1,064 806 890
2018-03-31 1,045 772 902
2017-12-31 998 738 914
2017-09-30 980 889
2017-06-30 961 464 864
2017-03-31 965 480 825
2016-12-31 968 497 787
2016-09-30 991 712
2016-06-30 1,013 746 637
2016-03-31 1,012 726 566

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Covivio's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Covivio's revenue is expected to grow by 1.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:COV Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Covivio Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:COV Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 10.10 10.21 9.99 2.00
2020-12-31 9.73 10.46 8.36 3.00
2019-12-31 10.01 10.76 9.55 3.00
ENXTPA:COV Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 9.99
2018-09-30 10.97
2018-06-30 11.96
2018-03-31 12.19
2017-12-31 12.41
2017-09-30 12.30
2017-06-30 12.18
2017-03-31 11.91
2016-12-31 11.63
2016-09-30 10.60
2016-06-30 9.55
2016-03-31 8.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Covivio is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Covivio's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Covivio has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

COV Past Performance

  How has Covivio performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Covivio's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Covivio has delivered over 20% year on year earnings growth in the past 5 years.
  • Covivio's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Covivio's 1-year earnings growth is negative, it can't be compared to the FR REITs industry average.
Earnings and Revenue History
Covivio's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Covivio Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:COV Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,079.38 749.57 12.00
2018-09-30 1,057.89 819.98 13.32
2018-06-30 1,064.23 890.38 14.65
2018-03-31 1,044.96 902.25 12.49
2017-12-31 997.84 914.11 10.33
2017-09-30 979.65 888.84 7.06
2017-06-30 961.45 863.56 3.79
2017-03-31 964.88 825.26 3.95
2016-12-31 968.31 786.97 4.11
2016-09-30 990.50 712.05 4.03
2016-06-30 1,012.69 637.13 3.95
2016-03-31 1,012.20 565.79 4.81
2015-12-31 1,011.71 494.46 5.66
2015-09-30 1,009.27 414.15 7.61
2015-06-30 1,006.82 333.85 9.56
2015-03-31 998.85 214.18 9.13
2014-12-31 990.88 94.52 8.70
2014-09-30 995.65 129.97 8.16
2014-06-30 1,000.42 165.42 7.62
2014-03-31 978.84 252.78 8.22
2013-12-31 957.26 340.13 8.82
2013-09-30 920.30 243.65 8.31
2013-06-30 883.34 147.18 7.81
2013-03-31 882.88 60.33 6.36
2012-12-31 882.42 -26.52 4.91
2012-09-30 904.82 19.64 5.71
2012-06-30 927.21 65.79 6.51

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Covivio has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Covivio used its assets less efficiently than the FR REITs industry average last year based on Return on Assets.
  • Covivio's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Covivio's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Covivio has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

COV Health

 How is Covivio's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Covivio's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Covivio's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Covivio's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Covivio's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Covivio Company Filings, last reported 5 months ago.

ENXTPA:COV Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 11,358.42 11,294.73 1,172.45
2018-09-30 11,358.42 11,294.73 1,172.45
2018-06-30 10,985.32 11,024.82 1,324.01
2018-03-31 10,985.32 11,024.82 1,324.01
2017-12-31 10,167.66 10,443.42 1,296.64
2017-09-30 10,167.66 10,443.42 1,296.64
2017-06-30 9,589.15 10,513.49 1,020.07
2017-03-31 9,589.15 10,513.49 1,020.07
2016-12-31 8,467.98 10,166.15 1,082.79
2016-09-30 8,467.98 10,166.15 1,082.79
2016-06-30 7,840.75 10,665.59 1,140.24
2016-03-31 7,840.75 10,665.59 1,140.24
2015-12-31 7,728.21 10,089.01 949.68
2015-09-30 7,728.21 10,089.01 949.68
2015-06-30 7,478.86 10,343.48 1,145.81
2015-03-31 7,478.86 10,343.48 1,145.81
2014-12-31 7,299.69 9,530.84 1,026.51
2014-09-30 7,299.69 9,530.84 1,026.51
2014-06-30 6,918.28 9,425.26 831.42
2014-03-31 6,918.28 9,425.26 831.42
2013-12-31 7,215.17 9,069.16 381.54
2013-09-30 7,215.17 9,069.16 381.54
2013-06-30 6,117.23 7,402.01 151.63
2013-03-31 6,117.23 7,402.01 151.63
2012-12-31 6,061.65 7,541.91 100.82
2012-09-30 6,061.65 7,541.91 100.82
2012-06-30 5,976.13 7,722.57 187.27
  • Covivio's level of debt (100.9%) 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 (125.8% vs 100.9% today).
  • Debt is not well covered by operating cash flow (7.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.8x coverage).
X
Financial health checks
We assess Covivio's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Covivio has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

COV Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.99%
Current annual income from Covivio dividends. Estimated to be 4.9% next year.
If you bought €2,000 of Covivio shares you are expected to receive €100 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Covivio's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.55%).
  • Covivio's dividend is above the markets top 25% of dividend payers in France (4.41%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:COV Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
France REITs Industry Average Dividend Yield Market Cap Weighted Average of 23 Stocks 5.4%
France Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:COV Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.00 1.00
2022-12-31 0.00 1.00
2021-12-31 4.99 7.00
2020-12-31 4.88 10.00
2019-12-31 4.74 10.00
ENXTPA:COV Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-13 4.600 4.858
2018-03-14 4.500 5.088
2018-02-14 4.500 5.150
2017-02-28 4.400 5.217
2017-02-16 4.400 5.668
2016-03-24 4.300 5.343
2016-02-18 4.300 5.521
2015-03-18 4.300 5.331
2015-02-20 4.300 4.761
2014-03-24 4.200 5.562
2014-02-27 4.200 6.277
2013-03-18 4.200 6.803
2013-02-21 4.200 6.645
2012-07-27 4.200 6.931
2012-03-21 4.200 7.577
2012-02-23 4.200 7.433
2011-03-31 4.200 7.334
2011-02-22 4.200 5.532
2010-02-22 3.300 4.429

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Covivio has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Covivio only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Covivio's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (95.4x coverage).
X
Income/ dividend checks
We assess Covivio's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Covivio afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Covivio has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

COV Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joseph Kullmann
COMPENSATION €6,215,984
AGE 53
TENURE AS CEO 8.4 years
CEO Bio

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 and President since June 2007 at Beni Stabili SIIQ S.p.A. Mr. Kullmann serves as Managing Director of Beni Stabili SIIQ S.p.A. He has been the Chief Executive Officer at Covivio (formerly, Fonciere des Regions) since January 31, 2011 and has been its Director since April 25, 2012. He serves as General Manager of Foncière Développement Logements. He joined Groupe Batigère in 1998 as a Project Manager. He serves as Managing Director of Immobilière Batibail Benelux SA. He has been the Chairman of Management Board of Foncière des Murs SCA since 2001 and serves as its Member of Management Board. He serves as a Company Manager of SCI Esplanade Belvédère II, SCI Esplanade Belvédère III, Parking de la Gare Charles de Gaulle SNC and Parking de la Comédie SNC. He served as the Chairman of the Executive Board at Covivio from 2001 to January 31, 2011. He served as Chairman Of Management Board at Covivio Hotels since 2001 and its Member of Management Board since May 4, 2007. Since 1992, he served as Finance Director of Immobilière Batibail, until its merger with Gécina in 1999 and its Chief Financial Officer. He served as Deputy Financial Director of Gécina since 1999. He then led Gécina and was appointed Finance Director. In 2000, He served as a Secretary-General of Batipart and its Corporate Secretary. In 2001, he became Chairman of the Management Board of Covivio. He serves as Chairman of FDR 2 SAS and FDR 3 SAS. He has been the Chairman of the Supervisory Board of Fonciere Des Murs since November 30, 2004. He serves as Chairman of the Board of Directors of Immobilière Batibail Bénélux SA, Chairman of the Board of Directors of Batisica SA. He serves as Company Chairman of GFR Services SAS, GFR Externalisation SAS, Parcs GFR SAS, GFR Blériot SAS Company, GFR Diversification Permanent Representative of Batipart, company. He served as Chairman of Covivio until November 15, 2010. He served as Chairman of Beni Stabili SIIQ S.p.A. until July 24, 2008. He served as Chairman of Foncière Développement Logements SCA until April 16, 2008. He serves as Member of Supervisory Board at Fonciere Europe Logistique. He serves as a Member of Supervisory Board of Foncière Europe Logistique SCA. He serves as a Director of Batipart SA and GFR Property. He serves as a Manager of GFR Kléber SARL. He has been a Director of Beni Stabili SIIQ S.p.A. since July 24, 2008. He has been Director of Foncière Développement Logements since December 2005. He has been Member of Supervisory Board of Foncière Développement Logements SCA since December 22, 2005. He serves as a Director of European Board of Fonciere Des Murs. He serves as Company Director of Sovaklé SA, Batipart, as Company Manager of SCI Maréville. He serves as Director of Suren. He served as a Member of Supervisory Board at Altarea SCA. Mr. Kullmann majored in Management and Finance. He holds a DEA degree in Management.

CEO Compensation
  • Joseph's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Joseph's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Covivio management team in years:

8.4
Average Tenure
45
Average Age
  • The average tenure for the Covivio management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Joseph Kullmann

TITLE
CEO & Director
COMPENSATION
€6M
AGE
53
TENURE
8.4 yrs

Olivier Joseph Estève

TITLE
Deputy GM & Deputy CEO
COMPENSATION
€1M
AGE
54
TENURE
8.4 yrs

Dominique Ozanne

TITLE
Deputy GM & Deputy CEO
COMPENSATION
€1M
AGE
40
TENURE
1.3 yrs

Tugdual Millet

TITLE
Chief Financial Officer
AGE
40
TENURE
9.4 yrs

Yves Marque

TITLE
COO & Secretary of the Board

Paul Arkwright

TITLE
Head of Corporate Finance and Investors Relations

Didier Guion

TITLE
Technical Director

Géraldine Lemoine

TITLE
Communication Director

Elsa Canetti

TITLE
Human Resources Director

Marjolaine Cecile Alquier De L’Epine

TITLE
Director of Internal Audit & Control
AGE
45
Board of Directors Tenure

Average tenure and age of the Covivio board of directors in years:

5.7
Average Tenure
63.5
Average Age
  • The tenure for the Covivio board of directors is about average.
Board of Directors

Jean Gaston Pierre Marie Laurent

TITLE
Chairman of the Board
COMPENSATION
€1M
AGE
74
TENURE
8.4 yrs

Joseph Kullmann

TITLE
CEO & Director
COMPENSATION
€6M
AGE
53
TENURE
7.2 yrs

Leonardo Del Vecchio

TITLE
Vice Chairman
COMPENSATION
€18K
AGE
83
TENURE
8.4 yrs

Jean-Luc Biamonti

TITLE
Independent Director
COMPENSATION
€57K
AGE
65
TENURE
8.4 yrs

Catherine Soubie

TITLE
Independent Director
COMPENSATION
€41K
AGE
53
TENURE
3.2 yrs

Christian Delaire

TITLE
Independent Director
AGE
51
TENURE
0.2 yrs

Sergio Erede

TITLE
Non-Voting Member of the Board of Directors
COMPENSATION
€50K
AGE
78
TENURE
4.2 yrs

Olivier Piani

TITLE
Independent Director
COMPENSATION
€10K
AGE
64
TENURE
0.2 yrs

Romolo Bardin

TITLE
Director
COMPENSATION
€48K
AGE
40
TENURE
4.2 yrs

Catherine Allonas-Barthe

TITLE
Non-Executive Director
COMPENSATION
€37K
AGE
63
TENURE
8.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Covivio's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Covivio has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

COV News

Simply Wall St News

Can Covivio's (EPA:COV) ROE Continue To Surpass The Industry Average?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Covivio: 10% = €750m ÷ €11b (Based on the trailing twelve months to December 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. … How Does Debt Impact Return On Equity?

Simply Wall St -

Introducing Covivio (EPA:COV), A Stock That Climbed 27% In The Last Five Years

For example, the Covivio (EPA:COV) share price is up 27% in the last five years, slightly above the market return. … During five years of share price growth, Covivio achieved compound earnings per share (EPS) growth of 12% per year. … We note that for Covivio the TSR over the last 5 years was 66%, which is better than the share price return mentioned above.

Simply Wall St -

Here's What You Should Know About Covivio's (EPA:COV) 5.0% Dividend Yield

Dividend paying stocks like Covivio (EPA:COV) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Covivio is a new dividend aristocrat in the making. It sure looks interesting on these metrics - but there's always more to the story . Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … However we're conscious that the company hasn't got an overly long track record of dividend payments yet, which makes us wary of relying on its dividend income. … However, it's also important to assess if earnings per share (EPS) are growing. Growing EPS can help maintain or increase the purchasing power of the dividend over the long run. It's good to see Covivio has been growing its earnings per share at 12% a year over the past 5 years. Earnings per share have been growing at a good rate, and the company is paying less than half its earnings as dividends. We generally think this is an attractive combination, as it permits further reinvestment in the business. We'd also point out that Covivio issued a meaningful number of new shares in the past year. Trying to grow the dividend when issuing new shares reminds us of the ancient Greek tale of Sisyphus - perpetually pushing a boulder uphill. Companies that consistently issue new shares are often suboptimal from a dividend perspective. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Can We See Significant Institutional Ownership On The Covivio (EPA:COV) Share Register?

If you want to know who really controls Covivio (EPA:COV), then you'll have to look at the makeup of its share registry. … Normally institutions would own a significant portion of a company this size. … institutions own shares in the company.

Simply Wall St -

What You Need To Know Before Investing In Covivio (EPA:COV)

real estate investment trust (REIT) based in Paris, France. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much COV actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

Here's What We Think About Covivio's (EPA:COV) CEO Pay

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Joseph Kullmann's Compensation Compare With Similar Sized Companies. … According to our data, Covivio has a market capitalization of €7.9b, and pays its CEO total annual compensation worth €2.1m.

Simply Wall St -

What Should Investors Know About The Future Of Covivio's (EPA:COV)?

As Covivio (EPA:COV) released its latest earnings announcement on 31 December 2018, … analyst consensus outlook appear … with earnings expected to decline by -4.8% in the upcoming year

Simply Wall St -

What Do Analysts Think About Covivio's (EPA:COV) Earnings Trend?

Want to participate in a short research study? … Help shape the future of investing tools and receive a $20 prize! … Covivio's (EPA:COV) most recent earnings update in December 2018

Simply Wall St -

Can Covivio's (EPA:COV) ROE Continue To Surpass The Industry Average?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Covivio (EPA:COV). … That means that for every €1 worth of shareholders' equity, it generated €0.12 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why You Shouldn't Look At Covivio's (EPA:COV) Bottom Line

real estate investment trust (REIT) based in Paris, France. … Funds from Operations (FFO) is a higher quality measure of COV's earnings compared to net income … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

COV Company Info

Description

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 23 billion Euros in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.

Details
Name: Covivio
COV
Exchange: ENXTPA
Founded: 1963
€8,016,658,891
86,948,578
Website: http://www.covivio.eu
Address: Covivio
30, Avenue Kléber,
Paris,
Ile-de-France, 75016,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA COV Common Shares Euronext Paris FR EUR 02. Jan 1992
OTCPK GSEF.F Common Shares Pink Sheets LLC US USD 02. Jan 1992
DB F5D Common Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0J6V Common Shares London Stock Exchange GB EUR 02. Jan 1992
BIT CVO Common Shares Borsa Italiana IT EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
896
Covivio employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 20:47
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/06/20
Last earnings filing: 2019/03/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.