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Société Foncière Lyonnaise

ENXTPA:FLY
Snowflake Description

Fair value with mediocre balance sheet.

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

Leader in the prime segment of the Parisian commercial real estate market, Societe Fonciere Lyonnaise stands out for the quality of its property portfolio, which is valued at €6.6 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. The last earnings update was 128 days ago. More info.


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FLY Share Price and Events
7 Day Returns
0.9%
ENXTPA:FLY
-0.2%
FR REITs
2.4%
FR Market
1 Year Returns
16.9%
ENXTPA:FLY
-1.9%
FR REITs
2.1%
FR Market
FLY Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Société Foncière Lyonnaise (FLY) 0.9% 1.5% 7.5% 16.9% 38.4% 78.4%
FR REITs -0.2% 1.8% 0.5% -1.9% 6.1% 12.4%
FR Market 2.4% 4.1% 4.5% 2.1% 39.7% 33.6%
1 Year Return vs Industry and Market
  • FLY outperformed the REITs industry which returned -1.9% over the past year.
  • FLY outperformed the Market in France which returned 2.1% over the past year.
Price Volatility
FLY
Industry
5yr Volatility vs Market
Related Companies

FLY Value

 Is Société Foncière Lyonnaise 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 Société Foncière Lyonnaise 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 Société Foncière Lyonnaise.

ENXTPA:FLY 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 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.1%
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:FLY
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%) (55.08%))
0.783
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (0.8 * 6.65%)
6.05%

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

The calculations below outline how an intrinsic value for Société Foncière Lyonnaise 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.

Société Foncière Lyonnaise 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:FLY DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 6.05%)
2019 110.00 Analyst x1 103.72
2020 113.00 Analyst x1 100.47
2021 116.00 Analyst x1 97.25
2022 118.28 Est @ 1.97% 93.50
2023 120.17 Est @ 1.6% 89.58
2024 121.78 Est @ 1.34% 85.59
2025 123.19 Est @ 1.16% 81.64
2026 124.46 Est @ 1.03% 77.77
2027 125.63 Est @ 0.94% 74.03
2028 126.73 Est @ 0.88% 70.41
Present value of next 10 years cash flows €873.97
ENXTPA:FLY DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €126.73 × (1 + 0.73%) ÷ (6.05% – 0.73%)
€2,399.63
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,399.63 ÷ (1 + 6.05%)10
€1,333.26
ENXTPA:FLY Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €873.97 + €1,333.26
€2,207.23
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €2,207.23 / 46.25
€47.72
ENXTPA:FLY Discount to Share Price
Calculation Result
Value per share (EUR) From above. €47.72
Current discount Discount to share price of €69.20
= -1 x (€69.20 - €47.72) / €47.72
-45%

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

  • The current share price of Société Foncière Lyonnaise 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 Société Foncière Lyonnaise's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Société Foncière Lyonnaise's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:FLY PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €7.60
ENXTPA:FLY Share Price ** ENXTPA (2019-06-21) in EUR €69.2
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 Société Foncière Lyonnaise.

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

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

= 69.2 ÷ 7.60

9.1x

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

  • Société Foncière Lyonnaise is good value based on earnings compared to the FR REITs industry average.
  • Société Foncière Lyonnaise is good value based on earnings compared to the France market.
Price based on expected Growth
Does Société Foncière Lyonnaise's expected growth come at a high price?
Raw Data
ENXTPA:FLY PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-31%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 1.54x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.1x ÷ -31%

-0.29x

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

  • Société Foncière Lyonnaise 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 Société Foncière Lyonnaise's assets?
Raw Data
ENXTPA:FLY PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €86.69
ENXTPA:FLY Share Price * ENXTPA (2019-06-21) in EUR €69.2
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:FLY PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 69.2 ÷ 86.69

0.8x

* Primary Listing of Société Foncière Lyonnaise.

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

  • Société Foncière Lyonnaise is good value based on assets compared to the FR REITs industry average.
X
Value checks
We assess Société Foncière Lyonnaise'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. Société Foncière Lyonnaise has a total score of 3/6, 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.

FLY Future Performance

 How is Société Foncière Lyonnaise expected to perform in the next 1 to 3 years based on estimates from 2 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
-31%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Société Foncière Lyonnaise expected to grow at an attractive rate?
  • Société Foncière Lyonnaise'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
  • Société Foncière Lyonnaise's earnings are expected to decrease over the next 1-3 years, this is below the France market average.
  • Société Foncière Lyonnaise's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:FLY Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:FLY Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -31%
ENXTPA:FLY Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.4%
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:FLY Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:FLY Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 214 132 161 2
2020-12-31 202 128 110 2
2019-12-31 199 125 302 2
ENXTPA:FLY Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 198 123 352
2018-09-30 197 124 429
2018-06-30 196 126 507
2018-03-31 197 125 596
2017-12-31 198 123 685
2017-09-30 197 110 629
2017-06-30 197 97 573
2017-03-31 199 90 539
2016-12-31 201 84 504
2016-09-30 197 88 551
2016-06-30 192 91 597
2016-03-31 182 79 545

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Société Foncière Lyonnaise's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Société Foncière Lyonnaise's revenue is expected to grow by 2.4% 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:FLY 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 2 Analyst Estimates (S&P Global) See Below

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

ENXTPA:FLY Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.47 4.43 2.50 2.00
2020-12-31 2.37 2.37 2.37 1.00
2019-12-31 6.50 7.99 5.01 2.00
ENXTPA:FLY Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 7.60
2018-09-30 9.28
2018-06-30 10.96
2018-03-31 12.89
2017-12-31 14.83
2017-09-30 13.62
2017-06-30 12.41
2017-03-31 11.66
2016-12-31 10.92
2016-09-30 11.92
2016-06-30 12.93
2016-03-31 11.81

*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.
  • Société Foncière Lyonnaise is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Société Foncière Lyonnaise'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.
Société Foncière Lyonnaise 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.

FLY Past Performance

  How has Société Foncière Lyonnaise 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 Société Foncière Lyonnaise'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.
  • Société Foncière Lyonnaise has delivered over 20% year on year earnings growth in the past 5 years.
  • Société Foncière Lyonnaise's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Société Foncière Lyonnaise's 1-year earnings growth is negative, it can't be compared to the FR REITs industry average.
Earnings and Revenue History
Société Foncière Lyonnaise'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 Société Foncière Lyonnaise Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:FLY Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 197.52 351.64 19.25
2018-09-30 196.56 429.18 20.35
2018-06-30 195.61 506.72 21.45
2018-03-31 196.77 596.00 21.46
2017-12-31 197.94 685.28 21.47
2017-09-30 197.27 629.15 19.91
2017-06-30 196.60 573.03 18.35
2017-03-31 198.79 538.55 18.04
2016-12-31 200.99 504.08 17.73
2016-09-30 196.67 550.58 15.49
2016-06-30 192.36 597.07 13.25
2016-03-31 181.76 544.97 16.06
2015-12-31 171.16 492.86 18.86
2015-09-30 166.29 378.34 18.55
2015-06-30 161.42 263.82 18.24
2015-03-31 156.34 230.78 17.96
2014-12-31 151.26 197.74 17.69
2014-09-30 154.58 201.16 17.88
2014-06-30 157.90 204.59 18.08
2014-03-31 165.34 175.92 17.96
2013-12-31 172.79 147.26 17.84
2013-09-30 174.44 178.92 17.66
2013-06-30 176.08 210.58 17.49
2013-03-31 175.63 246.88 17.16
2012-12-31 175.19 283.19 16.84
2012-09-30 175.87 264.39 16.99
2012-06-30 176.55 245.60 17.14

*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.
  • Société Foncière Lyonnaise has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Société Foncière Lyonnaise used its assets more efficiently than the FR REITs industry average last year based on Return on Assets.
  • Société Foncière Lyonnaise's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Société Foncière Lyonnaise'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.
Société Foncière Lyonnaise has a total score of 2/6, 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.

FLY Health

 How is Société Foncière Lyonnaise'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 Société Foncière Lyonnaise's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Société Foncière Lyonnaise's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Société Foncière Lyonnaise's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Société Foncière Lyonnaise'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 0.1x 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 Société Foncière Lyonnaise Company Filings, last reported 5 months ago.

ENXTPA:FLY Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 4,511.96 1,763.04 25.30
2018-09-30 4,511.96 1,763.04 25.30
2018-06-30 4,341.26 1,810.16 53.58
2018-03-31 4,341.26 1,810.16 53.58
2017-12-31 4,238.97 1,697.72 15.71
2017-09-30 4,238.97 1,697.72 15.71
2017-06-30 3,860.16 2,049.98 27.25
2017-03-31 3,860.16 2,049.98 27.25
2016-12-31 3,493.78 2,008.81 19.77
2016-09-30 3,493.78 2,008.81 19.77
2016-06-30 3,316.17 1,958.64 14.10
2016-03-31 3,316.17 1,958.64 14.10
2015-12-31 3,031.09 1,917.60 12.49
2015-09-30 3,031.09 1,917.60 12.49
2015-06-30 2,758.61 1,851.33 16.99
2015-03-31 2,758.61 1,851.33 16.99
2014-12-31 2,593.37 1,662.20 17.09
2014-09-30 2,593.37 1,662.20 17.09
2014-06-30 2,542.07 1,655.94 31.24
2014-03-31 2,542.07 1,655.94 31.24
2013-12-31 2,445.57 1,561.58 29.03
2013-09-30 2,445.57 1,561.58 29.03
2013-06-30 2,381.54 1,498.54 25.11
2013-03-31 2,381.54 1,498.54 25.11
2012-12-31 2,334.66 1,662.72 24.92
2012-09-30 2,334.66 1,662.72 24.92
2012-06-30 2,132.35 1,480.22 14.38
  • Société Foncière Lyonnaise's level of debt (39.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (63.9% vs 39.1% today).
  • Debt is not well covered by operating cash flow (7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.1x coverage).
X
Financial health checks
We assess Société Foncière Lyonnaise'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. Société Foncière Lyonnaise has a total score of 3/6, 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.

FLY Dividends

 What is Société Foncière Lyonnaise'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
3.32%
Current annual income from Société Foncière Lyonnaise dividends. Estimated to be 3.34% next year.
If you bought €2,000 of Société Foncière Lyonnaise shares you are expected to receive €66 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?
  • Société Foncière Lyonnaise's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.55%).
  • Société Foncière Lyonnaise's dividend is below 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:FLY 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 2 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:FLY Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.32 2.00
2020-12-31 2.33 2.00
2019-12-31 2.30 2.00
ENXTPA:FLY Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-03-29 2.300 3.731
2018-02-09 2.300 3.839
2017-04-05 2.100 3.839
2017-02-10 2.100 4.360
2016-04-06 2.100 4.192
2016-02-15 2.100 4.518
2015-09-30 2.100 4.975
2015-04-09 1.400 3.386
2015-02-12 1.400 3.235
2014-02-12 2.100 5.524
2013-10-07 1.400 3.626
2013-04-10 2.100 5.334
2013-02-14 2.100 5.491
2012-10-01 2.100 5.928
2012-07-26 1.400 4.135
2012-07-25 1.400 4.268
2012-04-10 1.400 4.293
2012-02-16 1.400 3.975
2011-09-23 2.100 6.093
2011-04-20 2.800 7.189
2011-02-10 2.800 7.257
2010-12-14 1.400 3.992
2010-04-13 2.100 6.484
2010-02-15 2.100 5.940

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

  • Société Foncière Lyonnaise has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Société Foncière Lyonnaise only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Société Foncière Lyonnaise's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (50.1x coverage).
X
Income/ dividend checks
We assess Société Foncière Lyonnaise'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 Société Foncière Lyonnaise afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Société Foncière Lyonnaise has a total score of 3/6, see the detailed checks below.


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

FLY Management

 What is the CEO of Société Foncière Lyonnaise'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
Nicolas Reynaud
COMPENSATION €1,235,182
AGE 56
TENURE AS CEO 4.4 years
CEO Bio

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 Lyonnaise since October 2006 until January 27, 2015 and October 24, 2008 until January 27, 2015 respectively. He joined Societe Fonciere Lyonnaise in 2006 as Deputy Managing Director and Member of The Management Committee. Mr. Reynaud serves as Member of the Executive Board and Deputy General Manager of Finance and Corporate Organization at Sophia GE. Mr. Reynaud served as Secretary to the Board at Societe Fonciere Lyonnaise. Mr. Reynaud dedicated his career to real estate financial management. Mr. Reynaud worked at Sophia from 1988 to 2005, where he served as Financial Director and Assistant Managing Director.

CEO Compensation
  • Nicolas's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Nicolas's remuneration is about average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Société Foncière Lyonnaise management team in years:

4.9
Average Tenure
48.5
Average Age
  • The tenure for the Société Foncière Lyonnaise management team is about average.
Management Team

Nicolas Reynaud

TITLE
Chief Executive Officer
COMPENSATION
€1M
AGE
56
TENURE
4.4 yrs

Dimitri Boulte

TITLE
MD & COO
COMPENSATION
€939K
AGE
41
TENURE
8.4 yrs

Fabienne Boileau

TITLE
Chief Financial Officer
AGE
50
TENURE
4.4 yrs

Aude Grant

TITLE
Deputy Managing Director of Asset Management & Investments
AGE
37
TENURE
3.4 yrs

Eric Oudard

TITLE
Technical & Development Director
AGE
49
TENURE
5.4 yrs

Fabrice Ruchaud

TITLE
Chief Information Officer
AGE
48
TENURE
1.3 yrs

François Derrian

TITLE
Human Resources Director
AGE
48
TENURE
16.4 yrs

François Sebillotte

TITLE
Chief Resources Officer & Secretary to the Board
COMPENSATION
€127K
AGE
62
TENURE
18.4 yrs

Jean-claude Bellec

TITLE
Executive

Christelle Abily

TITLE
Executive
Board of Directors Tenure

Average tenure and age of the Société Foncière Lyonnaise board of directors in years:

9.9
Average Tenure
64
Average Age
  • The tenure for the Société Foncière Lyonnaise board of directors is about average.
Board of Directors

Juan Brugera Clavero

TITLE
Chairman of the Board
COMPENSATION
€476K
AGE
72
TENURE
9.4 yrs

Pere Serra

TITLE
Vice-Chairman
COMPENSATION
€55K
AGE
55

Tony Wyand

TITLE
Honorary Chairman
COMPENSATION
€63K
AGE
75

Henri Katz

TITLE
Honorary Chairman

Yves Defline

TITLE
Honorary Chairman
COMPENSATION
€24K
AGE
83
TENURE
17.4 yrs

Carlos Garralda

TITLE
Director
COMPENSATION
€72K
AGE
68
TENURE
10.9 yrs

Jean-Jacques Duchamp

TITLE
Director
COMPENSATION
€64K
AGE
64
TENURE
15.4 yrs

Carmina Ganyet Cirera

TITLE
Director
COMPENSATION
€56K
AGE
49
TENURE
9.9 yrs

Luis Trepat

TITLE
Director
COMPENSATION
€35K
AGE
61
TENURE
9 yrs

Àngels Arderiu Ibars

TITLE
Director
COMPENSATION
€35K
AGE
51
TENURE
5.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Société Foncière Lyonnaise'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. Société Foncière Lyonnaise 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.

FLY News

Simply Wall St News

Investing In Société Foncière Lyonnaise (EPA:FLY): What You Need To Know

Société Foncière Lyonnaise is a €2.7b. … 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 FLY 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 -

How Société Foncière Lyonnaise (EPA:FLY) Delivered A Better ROE Than Its Industry

Société Foncière Lyonnaise (EPA:FLY) delivered an ROE of 13.7% over the past 12 months, which is an impressive feat relative to its industry average of 9.0% during the same period. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden. … See our latest analysis for Société Foncière Lyonnaise

Simply Wall St -

Should You Invest In Société Foncière Lyonnaise (EPA:FLY)?

Société Foncière Lyonnaise is a €2.73b. … REITs own and operate income-generating property and adhere to a different set of regulations. … See our latest analysis for Société Foncière Lyonnaise

Simply Wall St -

How Société Foncière Lyonnaise (ENXTPA:FLY) Can Add Value To Your Portfolio

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

Who Owns Société Foncière Lyonnaise (EPA:FLY)?

Check out our latest analysis for Société Foncière Lyonnaise ENXTPA:FLY Ownership_summary Jun 7th 18 Institutional Ownership In FLY's case, institutional ownership stands at 60.65%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade. … This size of ownership, while considerably small for a public company, may not be enough to change company policy if the decision is not in sync with other large shareholders. … Thus, potential investors should look into these business relations and check how it can impact long-term shareholder returns.Next Steps: FLY's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

One Thing To Consider Before Buying Société Foncière Lyonnaise (EPA:FLY)

A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … Société Foncière Lyonnaise's beta of 0.35 indicates that the stock value will be less variable compared to the whole stock market. … FLY’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio.

Simply Wall St -

What Does Société Foncière Lyonnaise's (EPA:FLY) Share Price Indicate?

Société Foncière Lyonnaise (ENXTPA:FLY), a reits company based in France, maintained its current share price over the past couple of month on the ENXTPA, with a relatively tight range of €56.6 to €61.4. … Let’s take a look at Société Foncière Lyonnaise’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Furthermore, Société Foncière Lyonnaise’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta.

Simply Wall St -

Is Société Foncière Lyonnaise's (EPA:FLY) ROE Of 18.79% Sustainable?

Check out our latest analysis for Société Foncière Lyonnaise Breaking down Return on Equity Return on Equity (ROE) is a measure of Société Foncière Lyonnaise’s profit relative to its shareholders’ equity. … Société Foncière Lyonnaise’s cost of equity is 8.18%. … Since Société Foncière Lyonnaise’s return covers its cost in excess of 10.60%, its use of equity capital is efficient and likely to be sustainable.

Simply Wall St -

Why I Sold Société Foncière Lyonnaise (EPA:FLY)

Looking at their predictions, FLY's revenue level is expected to fall by -1.74% by 2020. … ENXTPA:FLY Future Profit Apr 5th 18 FLY's financial status is a key element to determine whether or not it is a risky investment - a key aspect most investors overlook when they focus too much on growth. … The current state of FLY's financial health lowers my conviction around the sustainability of the business going forward.

Simply Wall St -

You May Have Been Looking At Société Foncière Lyonnaise (EPA:FLY) All Wrong

See our latest analysis for Société Foncière Lyonnaise Funds from Operations (FFO) is a higher quality measure of FLY's earnings compared to net income. … This tells us how long it will take FLY to pay off its debt using its income from its main business activities, and gives us an insight into FLY’s ability to service its borrowings. … Société Foncière Lyonnaise can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for FLY’s future growth?

Simply Wall St -

FLY Company Info

Description

Leader in the prime segment of the Parisian commercial real estate market, Societe Fonciere Lyonnaise stands out for the quality of its property portfolio, which is valued at €6.6 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.

Details
Name: Société Foncière Lyonnaise SA
FLY
Exchange: ENXTPA
Founded: 1879
€3,200,825,240
46,254,700
Website: http://www.fonciere-lyonnaise.com
Address: Société Foncière Lyonnaise SA
42, rue Washington,
Paris,
Languedoc-Roussillon, 75008,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA FLY Ordinary Shares Euronext Paris FR EUR 02. Jan 1992
LSE 0IXY Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE FLYP Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
70
Société Foncière Lyonnaise employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 20:44
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/06/12
Last earnings filing: 2019/02/15
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.