ENXTPA:COVH

Stock Analysis Report

Covivio Hotels Société anonyme

Executive Summary

Covivio Hotels, a subsidiary of Covivio, is today the leader of the investment in hotel real estate in Europe.

Snowflake

Fundamentals

Established dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Covivio Hotels Société anonyme's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.4%

COVH

3.0%

FR REITs

2.9%

FR Market


1 Year Return

9.4%

COVH

12.2%

FR REITs

10.2%

FR Market

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

Return vs Market: COVH matched the French Market which returned 10.2% over the past year.


Share holder returns

COVHIndustryMarket
7 Day0.4%3.0%2.9%
30 Day1.8%3.9%-0.3%
90 Day4.5%7.0%0.1%
1 Year15.8%9.4%19.6%12.2%14.0%10.2%
3 Year38.2%7.8%28.1%7.6%44.3%30.4%
5 Year85.9%24.8%76.1%32.4%75.2%49.3%

Price Volatility Vs. Market

How volatile is Covivio Hotels Société anonyme's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

5%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Undervalued: COVH (€27.8) is trading below our estimate of fair value (€29.14)

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


Price Based on Earnings

PE vs Industry: COVH is poor value based on its PE Ratio (14.8x) compared to the REITs industry average (9.9x).

PE vs Market: COVH is good value based on its PE Ratio (14.8x) compared to the French market (17.1x).


Price Based on Expected Growth

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


Price Based on Value of Assets

PB vs Industry: COVH is overvalued based on its PB Ratio (1.1x) compared to the FR REITs industry average (1x).


Next Steps

Future Growth

How is Covivio Hotels Société anonyme expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

6.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: COVH's forecast earnings growth (6.7% per year) is above the savings rate (0.7%).

Earnings vs Market: COVH's earnings (6.7% per year) are forecast to grow slower than the French market (11.1% per year).

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

Revenue vs Market: Insufficient data to determine if COVH's revenue is forecast to grow faster than the French market.

High Growth Revenue: Insufficient data to determine if COVH's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

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


Next Steps

Past Performance

How has Covivio Hotels Société anonyme performed over the past 5 years?

10.5%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: COVH's earnings have grown by 10.5% per year over the past 5 years.

Accelerating Growth: COVH's earnings growth over the past year (6%) is below its 5-year average (10.5% per year).

Earnings vs Industry: COVH earnings growth over the past year (6%) underperformed the REITs industry 14.1%.


Return on Equity

High ROE: COVH's Return on Equity (7.5%) is considered low.


Return on Assets

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


Return on Capital Employed

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


Next Steps

Financial Health

How is Covivio Hotels Société anonyme'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: COVH has a high level of physical assets or inventory.

Debt Coverage by Assets: COVH's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

5.58%

Current Dividend Yield


Dividend Yield vs Market

company5.6%marketbottom25%1.6%markettop25%4.6%industryaverage5.2%forecastin3Yearsn/a

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: COVH's dividend (5.58%) is higher than the bottom 25% of dividend payers in the French market (1.57%).

High Dividend: COVH's dividend (5.58%) is in the top 25% of dividend payers in the French market (4.65%)

Stable Dividend: COVH's dividends per share have been stable in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (68%), COVH's dividend payments are 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

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

10.5yrs

Average board tenure


CEO

Dominique Ozanne (41yo)

1.8yrs

Tenure

€1,111,193

Compensation

Mr. Dominique Ozanne has been Deputy General Manager and Deputy CEO of Covivio since February 14, 2018. Mr. Ozanne is serving as Chief Executive Officer at Covivio Hotels (“Foncière des Régions”) since 201 ...


CEO Compensation Analysis

Compensation vs. Market: Dominique has recently become CEO, making it difficult to compare their total compensation against companies of similar size in the French market.

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


Board Age and Tenure

10.5yrs

Average Tenure

56yo

Average Age

Experienced Board: COVH's board of directors are seasoned and experienced ( 10.5 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

  • Marc Henrion (69yo)

    Member of the European Board and Managing Director of Foncière Europe Logistique

    • Tenure: 0yrs
    • Compensation: €3.10k
  • Daniel Frey

    Member of the European Board and Vice Chief Executive Officer of Immeo Wohnen

    • Tenure: 0yrs
  • Yves Marque

    Chief Operating Officer

    • Tenure: 0yrs
  • Tugdual Millet (41yo)

    Chief Financial Officer

    • Tenure: 0yrs
  • Dominique Ozanne (41yo)

    Chief Executive Officer

    • Tenure: 1.8yrs
    • Compensation: €1.11m
  • Paul Arkwright

    Investor Relations Officer

    • Tenure: 0yrs
  • Gaël Lay

    Deputy Chief Executive Officer

    • Tenure: 6.8yrs
  • Elsa Tobelem

    Deputy Director & Member of Management Board

    • Tenure: 0yrs
  • Emmanuel Chabas (43yo)

    Supervisory Board Member

    • Tenure: 0yrs
    • Compensation: €3.90k

Board Members

  • Marc Henrion (69yo)

    Member of the European Board and Managing Director of Foncière Europe Logistique

    • Tenure: 0yrs
    • Compensation: €3.10k
  • Joseph Kullmann (54yo)

    Chairman of the Supervisory Board

    • Tenure: 14.9yrs
    • Compensation: €3.50m
  • Olivier Joseph Estève (55yo)

    Member of Supervisory Board

    • Tenure: 8.5yrs
    • Compensation: €1.95m
  • Jean Luchet (75yo)

    Supervisory Board Member

    • Tenure: 10.5yrs
    • Compensation: €3.10k
  • Denis Moscovici (57yo)

    Director of European Board

    • Tenure: 0yrs
    • Compensation: €248.01k
  • Daniel Frey

    Member of the European Board and Vice Chief Executive Officer of Immeo Wohnen

    • Tenure: 0yrs
  • Françoise Jacqueline Debrus (59yo)

    Supervisory Board Member

    • Tenure: 10.2yrs
    • Compensation: €4.70k
  • Nathalie Robin (57yo)

    Supervisory Board Member

    • Tenure: 11.7yrs
    • Compensation: €3.70k
  • François Morrisson (54yo)

    Supervisory Board Member

    • Tenure: 8.5yrs
    • Compensation: €40.90k
  • Sébastien Pezet (44yo)

    Member of Supervisory Board

    • Tenure: 10.9yrs
    • Compensation: €3.50k
  • Emmanuel Chabas (43yo)

    Supervisory Board Member

    • Tenure: 0yrs
    • Compensation: €3.90k

Company Information

Covivio Hotels Société anonyme's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Covivio Hotels Société anonyme
  • Ticker: COVH
  • Exchange: ENXTPA
  • Founded: 2004
  • Industry: Hotel and Resort REITs
  • Sector: Real Estate
  • Market Cap: €3.365b
  • Shares outstanding: 121.03m
  • Website: https://www.covivio-hotels.fr

Number of Employees


Location

  • Covivio Hotels Société anonyme
  • 10 Avenue Kléber
  • Cedex 16
  • Paris
  • Languedoc-Roussillon
  • 75208
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COVHENXTPA (Euronext Paris)YesCommon SharesFREURJan 1992
0IS8LSE (London Stock Exchange)YesCommon SharesGBEURJan 1992
COVHPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURJan 1992

Biography

Covivio Hotels, a subsidiary of Covivio, is today the leader of the investment in hotel real estate in Europe. With more than 400 hotels in its portfolio, valuated €6 billion (at 100% end of 2018), Covivio ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/13 21:40
End of Day Share Price2019/10/11 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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