ENXTPA:FLY

Stock Analysis Report

Société Foncière Lyonnaise

Executive Summary

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 €6.8 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.

Snowflake

Fundamentals

Average dividend payer and fair value.


Similar Companies

Share Price & News

How has Société Foncière Lyonnaise's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FLY has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.9%

FLY

0.7%

FR REITs

-0.4%

FR Market


1 Year Return

11.9%

FLY

16.7%

FR REITs

17.8%

FR Market

Return vs Industry: FLY underperformed the French REITs industry which returned 16.7% over the past year.

Return vs Market: FLY underperformed the French Market which returned 17.8% over the past year.


Shareholder returns

FLYIndustryMarket
7 Day-1.9%0.7%-0.4%
30 Day4.7%1.6%3.8%
90 Day8.2%10.4%8.7%
1 Year16.6%11.9%24.5%16.7%21.8%17.8%
3 Year62.1%46.1%41.4%18.8%48.8%34.6%
5 Year136.8%93.0%70.0%28.1%65.5%42.0%

Price Volatility Vs. Market

How volatile is Société Foncière Lyonnaise's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Société Foncière Lyonnaise undervalued compared to its fair value and its price relative to the market?

8.18x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FLY (€71.6) is trading above our estimate of fair value (€53.08)

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


Price To Earnings Ratio

PE vs Industry: FLY is good value based on its PE Ratio (8.2x) compared to the REITs industry average (10.9x).

PE vs Market: FLY is good value based on its PE Ratio (8.2x) compared to the French market (18x).


Price to Earnings Growth Ratio

PEG Ratio: FLY's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: FLY is good value based on its PB Ratio (0.8x) compared to the FR REITs industry average (1.1x).


Next Steps

Future Growth

How is Société Foncière Lyonnaise forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-38.1%

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 (-38.1% per year).

Earnings vs Market: FLY's earnings are forecast to decline over the next 3 years (-38.1% per year).

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

Revenue vs Market: FLY's revenue (3.3% per year) is forecast to grow slower than the French market (4.7% per year).

High Growth Revenue: FLY's revenue (3.3% 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 (2.2%).


Next Steps

Past Performance

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

11.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FLY has large one-off items impacting its financial results.

Growing Profit Margin: FLY's current net profit margins (200.8%) are lower than last year (238.8%).


Past Earnings Growth Analysis

Earnings Trend: FLY's earnings have grown by 11.5% per year over the past 5 years.

Accelerating Growth: FLY's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FLY had negative earnings growth (-20.1%) over the past year, making it difficult to compare to the REITs industry average (14.6%).


Return on Equity

High ROE: FLY's Return on Equity (9.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Société Foncière Lyonnaise'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: FLY has a high level of physical assets or inventory.

Debt Coverage by Assets: FLY's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

3.70%

Current Dividend Yield


Dividend Yield vs Market

company3.7%marketbottom25%1.5%markettop25%4.5%industryaverage5.0%forecastin3Years3.2%

Current dividend yield vs market & industry

Notable Dividend: FLY's dividend (3.7%) is higher than the bottom 25% of dividend payers in the French market (1.5%).

High Dividend: FLY's dividend (3.7%) is low compared to the top 25% of dividend payers in the French market (4.52%).


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.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (99.4%), FLY's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FLY's dividends in 3 years are forecast to be thoroughly covered by earnings (1.9% payout ratio).


Next Steps

Management

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

5.3yrs

Average management tenure


CEO

Nicolas Reynaud (57yo)

4.8yrs

Tenure

€1,235,182

Compensation

Mr. Nicolas Reynaud has been the Chief Executive Officer at Societe Fonciere Lyonnaise since January 27, 2015. Mr. Reynaud served as Chief Financial Officer and Managing Director of Societe Fonciere Lyonna ...


CEO Compensation Analysis

Compensation vs Market: Nicolas's total compensation ($USD1.37M) is about average for companies of similar size in the French market ($USD1.32M).

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


Management Age and Tenure

5.3yrs

Average Tenure

49.5yo

Average Age

Experienced Management: FLY's management team is seasoned and experienced (5.3 years average tenure).


Board Age and Tenure

10.3yrs

Average Tenure

65yo

Average Age

Experienced Board: FLY's board of directors are seasoned and experienced ( 10.3 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

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


Management Team

  • François Sebillotte (63yo)

    Chief Resources Officer & Secretary to the Board

    • Tenure: 8.8yrs
    • Compensation: €126.50k
  • Nicolas Reynaud (57yo)

    Chief Executive Officer

    • Tenure: 4.8yrs
    • Compensation: €1.24m
  • Jean-claude Bellec

    Executive

    • Tenure: 0yrs
  • Christelle Abily

    Executive

    • Tenure: 0yrs
  • François Derrian (49yo)

    Human Resources Director

    • Tenure: 16.8yrs
  • Dimitri Boulte (42yo)

    MD & COO

    • Tenure: 8.8yrs
    • Compensation: €938.91k
  • Fabienne Boileau (51yo)

    Chief Financial Officer

    • Tenure: 4.8yrs
  • Aude Grant (38yo)

    Deputy Managing Director of Asset Management & Investments

    • Tenure: 3.8yrs
  • Fabrice Ruchaud (49yo)

    Chief Information Officer

    • Tenure: 1.8yrs
  • Eric Oudard (50yo)

    Technical & Development Director

    • Tenure: 5.8yrs

Board Members

  • Juan José Brugera Clavero (73yo)

    Chairman of the Board

    • Tenure: 9.8yrs
    • Compensation: €355.91k
  • Tony Wyand (76yo)

    Honorary Chairman

    • Tenure: 0yrs
    • Compensation: €63.00k
  • Carmina Ganyet I. Cirera (50yo)

    Director

    • Tenure: 10.3yrs
    • Compensation: €56.00k
  • Henri Katz

    Honorary Chairman

    • Tenure: 0yrs
  • Yves Defline (84yo)

    Honorary Chairman

    • Tenure: 17.8yrs
    • Compensation: €24.00k
  • Pedro Viñolas Serra (56yo)

    Vice-Chairman

    • Tenure: 0yrs
    • Compensation: €55.00k
  • Jean-Jacques Duchamp (65yo)

    Director

    • Tenure: 15.8yrs
    • Compensation: €64.00k
  • Carlos Fernández-Lerga Garralda (69yo)

    Director

    • Tenure: 11.3yrs
    • Compensation: €72.00k
  • Luis Maluquer Trepat (62yo)

    Director

    • Tenure: 9.4yrs
    • Compensation: €35.00k
  • Àngels Arderiu Ibars (52yo)

    Director

    • Tenure: 5.6yrs
    • Compensation: €35.00k

Company Information

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


Key Information

  • Name: Société Foncière Lyonnaise SA
  • Ticker: FLY
  • Exchange: ENXTPA
  • Founded: 1879
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €3.315b
  • Shares outstanding: 46.30m
  • Website: https://www.fonciere-lyonnaise.com

Number of Employees


Location

  • Société Foncière Lyonnaise SA
  • 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
FLY NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1992

Biography

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 €6.8 billion and is focused on ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/21 20:39
End of Day Share Price2019/11/21 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.