Covivio

ENXTPA:COV Stock Report

Market Cap: €5.7b

Covivio Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

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 (€50.6) is trading above our estimate of fair value (€36.36)

Significantly Below Fair Value: COV is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As COV is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for COV. This is calculated by dividing COV's market cap by their current revenue.
What is COV's PS Ratio?
PS Ratio5.3x
Sales€1.06b
Market Cap€5.66b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for COV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.7x
ICAD Icade
1.1x4.8%€1.7b
IMDA Immobiliere Dassault
11.9xn/a€354.8m
PAT Patrimoine et Commerce
5xn/a€310.2m
ATLD Atland SAS
0.9xn/a€190.1m
COV Covivio
5.3x4.2%€5.7b

Price-To-Sales vs Peers: COV is expensive based on its Price-To-Sales Ratio (5.3x) compared to the peer average (4.7x).

Price to Sales Ratio vs Industry

How does COV's PS Ratio compare vs other companies in the European REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
COV 5.3xIndustry Avg. 8.2xNo. of Companies11PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: COV is good value based on its Price-To-Sales Ratio (5.3x) compared to the European REITs industry average (8.2x).

Price to Sales Ratio vs Fair Ratio

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

COV PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.3x
Fair PS Ratio6.7x

Price-To-Sales vs Fair Ratio: COV is good value based on its Price-To-Sales Ratio (5.3x) compared to the estimated Fair Price-To-Sales Ratio (6.7x).

Analyst Price Targets

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

The above table shows the analyst COV forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€50.60
€62.17
+22.9%
4.3%€66.00€56.00n/a11
Nov ’25€52.85
€62.17
+17.6%
4.3%€66.00€56.00n/a11
Oct ’25€55.10
€56.17
+1.9%
9.6%€62.00€40.50n/a11
Sep ’25€50.40
€54.95
+9.0%
7.8%€62.50€46.00n/a10
Aug ’25€48.48
€54.95
+13.3%
7.8%€62.50€46.00n/a10
Jul ’25€44.72
€54.39
+21.6%
6.9%€59.90€46.00n/a10
Jun ’25€47.80
€53.39
+11.7%
6.5%€57.00€46.00n/a10
May ’25€46.86
€53.09
+13.3%
6.6%€58.00€46.00n/a10
Apr ’25€47.70
€51.33
+7.6%
9.1%€58.00€40.50n/a11
Mar ’25€40.00
€50.35
+25.9%
9.5%€58.00€40.50n/a11
Feb ’25€43.46
€50.90
+17.1%
10.3%€58.00€40.50n/a11
Jan ’25€48.68
€46.96
-3.5%
9.1%€55.00€40.50n/a11
Dec ’24€45.86
€46.80
+2.0%
9.0%€55.00€40.50n/a11
Nov ’24€40.92
€47.18
+15.3%
9.0%€55.00€40.50€52.8510
Oct ’24€42.10
€48.54
+15.3%
11.8%€60.00€40.50€55.1010
Sep ’24€44.26
€52.53
+18.7%
10.8%€62.00€44.00€50.4010
Aug ’24€42.80
€54.50
+27.3%
10.1%€62.00€45.00€48.4810
Jul ’24€43.18
€55.30
+28.1%
10.8%€65.00€45.00€44.7210
Jun ’24€45.50
€58.40
+28.4%
12.6%€70.20€45.00€47.809
May ’24€51.50
€58.53
+13.7%
13.0%€71.40€45.00€46.869
Apr ’24€53.60
€59.20
+10.4%
13.7%€71.40€45.00€47.709
Mar ’24€59.90
€60.02
+0.2%
12.9%€70.80€45.00€40.009
Feb ’24€63.05
€59.50
-5.6%
12.7%€71.10€45.00€43.469
Jan ’24€55.45
€56.94
+2.7%
11.7%€68.00€45.00€48.689
Dec ’23€55.45
€58.03
+4.7%
13.5%€70.00€45.00€45.869
Nov ’23€55.15
€58.99
+7.0%
14.4%€70.00€45.00€40.929

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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