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FLY

Société Foncière Lyonnaise ENXTPA:FLY Stock Report

Last Price

€84.20

Market Cap

€3.6b

7D

2.4%

1Y

15.3%

Updated

30 Sep, 2022

Data

Company Financials +
FLY fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance2/6
Financial Health2/6
Dividends2/6

FLY Stock Overview

Leader in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €7.2 billion and is focused on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors.

Société Foncière Lyonnaise Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Société Foncière Lyonnaise
Historical stock prices
Current Share Price€84.20
52 Week High€91.60
52 Week Low€71.60
Beta0.41
1 Month Change1.94%
3 Month Change1.94%
1 Year Change15.34%
3 Year Change23.82%
5 Year Change51.85%
Change since IPO274.42%

Recent News & Updates

Shareholder Returns

FLYFR REITsFR Market
7D2.4%0.3%-0.1%
1Y15.3%-22.0%-12.3%

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

Return vs Market: FLY exceeded the French Market which returned -13.4% over the past year.

Price Volatility

Is FLY's price volatile compared to industry and market?
FLY volatility
FLY Average Weekly Movement1.8%
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: FLY is less volatile than 75% of French stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: FLY's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
187971Dimitri Boultehttps://www.fonciere-lyonnaise.com

Leader in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €7.2 billion and is focused on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors. As France’s oldest property company, SFL demonstrates year after year an unwavering commitment to its strategy focused on creating a high value in use for users and, ultimately, substantial appraisal values for its properties. Société Foncière Lyonnaise SA operates as a subsidiary of Inmobiliaria Colonial, SOCIMI, S.A.

Société Foncière Lyonnaise Fundamentals Summary

How do Société Foncière Lyonnaise's earnings and revenue compare to its market cap?
FLY fundamental statistics
Market Cap€3.61b
Earnings (TTM)€414.80m
Revenue (TTM)€223.45m

8.7x

P/E Ratio

16.1x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FLY income statement (TTM)
Revenue€223.45m
Cost of Revenue€41.16m
Gross Profit€182.28m
Other Expenses-€232.52m
Earnings€414.80m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)9.69
Gross Margin81.58%
Net Profit Margin185.64%
Debt/Equity Ratio47.1%

How did FLY perform over the long term?

See historical performance and comparison

Dividends

5.0%

Current Dividend Yield

137%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • 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 FLY?

Other financial metrics that can be useful for relative valuation.

FLY 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/Revenue32x
Enterprise Value/EBITDA48.7x
PEG Ratio-0.5x

Price to Earnings Ratio vs Peers

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

FLY PE Ratio vs Peers
The above table shows the PE ratio for FLY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average5.7x
COV Covivio
3.7x-31.7%€4.6b
GFC Gecina
5.8x6.3%€5.9b
VTR Vitura
6.6xn/a€334.6m
INEA Fonciere Inea
6.9xn/a€432.6m
FLY Société Foncière Lyonnaise
8.7x-18.2%€3.6b

Price-To-Earnings vs Peers: FLY is expensive based on its Price-To-Earnings Ratio (8.7x) compared to the peer average (5.7x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: FLY is expensive based on its Price-To-Earnings Ratio (8.7x) compared to the French REITs industry average (6.7x)


Price to Earnings Ratio vs Fair Ratio

What is FLY'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.

FLY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.7x
Fair PE Ratio9.5x

Price-To-Earnings vs Fair Ratio: FLY is good value based on its Price-To-Earnings Ratio (8.7x) compared to the estimated Fair Price-To-Earnings Ratio (9.5x).


Share Price vs Fair Value

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

Below Fair Value: FLY (€84.2) is trading above our estimate of fair value (€72.27)

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


Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is Société Foncière Lyonnaise forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

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


-18.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FLY's earnings are forecast to decline over the next 3 years (-18.2% per year).

Earnings vs Market: FLY's earnings are forecast to decline over the next 3 years (-18.2% per year).

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

Revenue vs Market: FLY's revenue (5.1% per year) is forecast to grow slower than the French market (5.3% per year).

High Growth Revenue: FLY's revenue (5.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FLY's Return on Equity is forecast to be low in 3 years time (2.5%).


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Past Performance

How has Société Foncière Lyonnaise performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-14.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FLY has a large one-off gain of €403.3M impacting its June 30 2022 financial results.

Growing Profit Margin: FLY's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: FLY's earnings have declined by 14% per year over the past 5 years.

Accelerating Growth: FLY's earnings growth over the past year (52.5%) exceeds its 5-year average (-14% per year).

Earnings vs Industry: FLY earnings growth over the past year (52.5%) underperformed the REITs industry 78.8%.


Return on Equity

High ROE: FLY's Return on Equity (9.4%) is considered low.


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Financial Health

How is Société Foncière Lyonnaise'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: FLY's short term assets (€208.4M) do not cover its short term liabilities (€900.9M).

Long Term Liabilities: FLY's short term assets (€208.4M) do not cover its long term liabilities (€2.1B).


Debt to Equity History and Analysis

Debt Level: FLY's net debt to equity ratio (44.2%) is considered high.

Reducing Debt: FLY's debt to equity ratio has reduced from 53% to 47.1% over the past 5 years.

Debt Coverage: FLY's debt is not well covered by operating cash flow (5%).

Interest Coverage: FLY's interest payments on its debt are well covered by EBIT (6.5x coverage).


Balance Sheet


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Dividend

What is Société Foncière Lyonnaise current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.99%

Current Dividend Yield

Dividend Yield vs Market

Société Foncière Lyonnaise Dividend Yield vs Market
How does Société Foncière Lyonnaise dividend yield compare to the market?
SegmentDividend Yield
Company (Société Foncière Lyonnaise)5.0%
Market Bottom 25% (FR)2.0%
Market Top 25% (FR)6.1%
Industry Average (REITs)7.3%
Analyst forecast in 3 Years (Société Foncière Lyonnaise)3.7%

Notable Dividend: FLY's dividend (4.99%) is higher than the bottom 25% of dividend payers in the French market (2.04%).

High Dividend: FLY's dividend (4.99%) is low compared to the top 25% of dividend payers in the French market (6.13%).


Stability and Growth of Payments

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

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


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (137.3%), FLY's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (138.2%), FLY'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?

6.7yrs

Average management tenure


CEO

Dimitri Boulte (45 yo)

0.17yr

Tenure

€1,154,565

Compensation

Mr. Dimitri Boulte serves as Chief Executive Officer of Soci?t? Fonci re Lyonnaise since July 1, 2022.He had been Chief Operating Officer of Soci?t? Fonci re Lyonnaise (formerly known as Societe Fonciere...


CEO Compensation Analysis

Dimitri Boulte's Compensation vs Société Foncière Lyonnaise Earnings
How has Dimitri Boulte's remuneration changed compared to Société Foncière Lyonnaise's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

€415m

Mar 31 2022n/an/a

€353m

Dec 31 2021€1m€333k

€292m

Sep 30 2021n/an/a

€282m

Jun 30 2021n/an/a

€272m

Mar 31 2021n/an/a

€279m

Dec 31 2020€1m€332k

€287m

Sep 30 2020n/an/a

€368m

Jun 30 2020n/an/a

€450m

Mar 31 2020n/an/a

€520m

Dec 31 2019€1m€291k

€590m

Sep 30 2019n/an/a

€497m

Jun 30 2019n/an/a

€405m

Mar 31 2019n/an/a

€378m

Dec 31 2018€939k€271k

€352m

Sep 30 2018n/an/a

€429m

Jun 30 2018n/an/a

€507m

Mar 31 2018n/an/a

€596m

Dec 31 2017€728k€250k

€685m

Sep 30 2017n/an/a

€629m

Jun 30 2017n/an/a

€573m

Mar 31 2017n/an/a

€539m

Dec 31 2016€717k€230k

€504m

Sep 30 2016n/an/a

€551m

Jun 30 2016n/an/a

€597m

Mar 31 2016n/an/a

€545m

Dec 31 2015€479k€208k

€493m

Compensation vs Market: Dimitri's total compensation ($USD1.13M) is below average for companies of similar size in the French market ($USD2.05M).

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


Leadership Team

Experienced Management: FLY's management team is seasoned and experienced (6.7 years average tenure).


Board Members

Experienced Board: FLY's board of directors are seasoned and experienced ( 13.2 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 FLY?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders14,8350.03%
Private Companies129,4640.3%
General Public365,4740.9%
Institutions42,305,44698.8%

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


Top Shareholders

Top 16 shareholders own 99.15% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
98.44%
Inmobiliaria Colonial, SOCIMI, S.A.
42,148,182€3.5b0%100%
0.3%
Crédit Agricole Group
129,464€10.9m0%no data
0.24%
Finaccess México, SA de CV
103,963€8.8m0%0.96%
0.077%
AXA Investment Managers S.A.
33,104€2.8m0%0.01%
0.034%
Juan Jose Brugera Clavero
14,575€1.2m0%no data
0.028%
SANTA LUCÍA ASSET MANAGEMENT, SGIIC, S.A.
12,161€1.0m0%0.38%
0.016%
Claresco Finance
6,933€583.8k0%0.36%
0.0023%
Bankhaus Ellwanger & Geiger, Asset Management Arm
1,000€84.2k0%0.2%
0.00024%
LSV Asset Management
103€8.7k0%no data
0.00023%
Anthony Wyand
100€8.4k0%no data
0.00007%
Carmina Ganyet I. Cirera
30€2.5k0%no data
0.00007%
Carlos Krohmer
30€2.5k0%no data
0.00006%
Ali Bin Jassim M. Al-Thani
25€2.1k0%no data
0.00006%
Jean-Jacques Duchamp
25€2.1k0%no data
0.00006%
Arielle de Rothschild
25€2.1k0%no data
0.00006%
Nuria Oferil Coll
25€2.1k0%no data

Company Information

Société Foncière Lyonnaise's employee growth, exchange listings and data sources


Key Information

  • Name: Société Foncière Lyonnaise
  • Ticker: FLY
  • Exchange: ENXTPA
  • Founded: 1879
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: €3.605b
  • Shares outstanding: 42.82m
  • Website: https://www.fonciere-lyonnaise.com

Number of Employees


Location

  • Société Foncière Lyonnaise
  • 42, rue Washington
  • Paris
  • Languedoc-Roussillon
  • 75008
  • France


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FLYENXTPA (Euronext Paris)YesOrdinary SharesFREURJan 1992
0IXYLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
FLYPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992

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.