ENXTPA:FREY

Stock Analysis Report

Executive Summary

Frey SA engages in developing, owning, and managing commercial real estate assets primarily located in France.

Snowflake

Fundamentals

Second-rate dividend payer with concerning outlook.

Share Price & News

How has Frey's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

FREY

1.2%

FR REITs

-0.4%

FR Market


1 Year Return

20.1%

FREY

11.0%

FR REITs

9.5%

FR Market

Return vs Industry: FREY exceeded the French REITs industry which returned 11% over the past year.

Return vs Market: FREY exceeded the French Market which returned 9.5% over the past year.


Shareholder returns

FREYIndustryMarket
7 Day0%1.2%-0.4%
30 Day0.3%4.9%0.06%
90 Day4.0%8.0%0.04%
1 Year25.1%20.1%18.2%11.0%13.3%9.5%
3 Year44.1%29.9%28.7%8.1%42.5%28.7%
5 Year62.1%35.4%72.2%29.6%71.0%45.0%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Frey undervalued compared to its fair value and its price relative to the market?

18.3x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: FREY (€34.1) is trading above our estimate of fair value (€22.56)

Significantly Undervalued: FREY is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FREY is poor value based on its PE Ratio (18.3x) compared to the REITs industry average (10x).

PE vs Market: FREY is poor value based on its PE Ratio (18.3x) compared to the French market (17.5x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

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


Next Steps

Future Growth

How is Frey forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

8.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FREY's forecast earnings growth (8.8% per year) is above the savings rate (0.7%).

Earnings vs Market: FREY's earnings (8.8% per year) are forecast to grow slower than the French market (11.5% per year).

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

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

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


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Frey performed over the past 5 years?

25.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: FREY's earnings have grown significantly by 25.3% per year over the past 5 years.

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

Earnings vs Industry: FREY had negative earnings growth (-50.8%) over the past year, making it difficult to compare to the REITs industry average (14.1%).


Return on Equity

High ROE: FREY's Return on Equity (6%) is considered low.


Return on Assets

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


Return on Capital Employed

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


Next Steps

Financial Health

How is Frey'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: FREY has a high level of physical assets or inventory.

Debt Coverage by Assets: FREY's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

What is Frey's current dividend yield, its reliability and sustainability?

3.52%

Current Dividend Yield


Dividend Yield vs Market

company3.5%marketbottom25%1.6%markettop25%4.7%industryaverage5.1%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: FREY's dividend (3.52%) is higher than the bottom 25% of dividend payers in the French market (1.56%).

High Dividend: FREY's dividend (3.52%) is low compared to the top 25% of dividend payers in the French market (4.72%).

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

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


Current Payout to Shareholders

Dividend Coverage: FREY is paying a dividend but the company is unprofitable.


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 Frey's salary, the management and board of directors tenure and is there insider trading?

6.3yrs

Average board tenure


CEO

Antoine Frey (45yo)

6.3yrs

Tenure

€604,553

Compensation

Mr. Antoine Frey has been the Chairman and Chief Executive Officer at Frey SA since June 24, 2013. Mr. Frey serves as the President of SASU FREY AMENAGEMENT ET PROMOTION ; SAS FIDELTASUN ; SAS PAI 01 (on  ...


CEO Compensation Analysis

Compensation vs. Market: Antoine's total compensation ($USD673.45K) is about average for companies of similar size in the French market ($USD673.45K).

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


Board Age and Tenure

6.3yrs

Average Tenure

48yo

Average Age

Experienced Board: FREY's board of directors are considered experienced (6.3 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


Management Team

  • Antoine Frey (45yo)

    Chairman & CEO

    • Tenure: 6.3yrs
    • Compensation: €604.55k
  • François-Xavier Anglade

    Director of Asset Management & Acquisitions

    • Tenure: 0yrs
    • Compensation: €3.75k
  • François Vuillet-Petite (51yo)

    Chief Operating Officer

    • Tenure: 3.6yrs
    • Compensation: €431.25k
  • Emmanuel La Fonta

    Finance & Human Resources Director

    • Tenure: 0yrs
  • Guillaume Artaud

    Head of Legal Affairs

    • Tenure: 0yrs
  • Mathieu Mollière

    Director of Communications

    • Tenure: 0yrs
  • Chloé Ravaud

    Head of Communications

    • Tenure: 0yrs
  • Pascal Barboni (42yo)

    Chief Development Officer

    • Tenure: 0yrs
    • Compensation: €482.03k
  • Sébastien Eymard (39yo)

    Chief Operating Officer of Finance & Strategy

    • Tenure: 0yrs
    • Compensation: €481.19k

Board Members

  • Jean Lavieille (68yo)

    Independent Director

    • Tenure: 6.3yrs
    • Compensation: €22.75k
  • Antoine Frey (45yo)

    Chairman & CEO

    • Tenure: 6.3yrs
    • Compensation: €604.55k
  • Brigitte de Beauregard (71yo)

    Director

    • Tenure: 3.6yrs
    • Compensation: €13.75k
  • Thomas Riegert (49yo)

    Director

    • Tenure: 6.3yrs
    • Compensation: €5.00k
  • Jean-Noël Dron (47yo)

    Director

    • Tenure: 6.3yrs
    • Compensation: €2.25k
  • Jean-Pierre Cédelle (66yo)

    Director

    • Tenure: 6.3yrs
    • Compensation: €127.97k
  • Gilles Emond (57yo)

    Non-Voting Director

    • Tenure: 0yrs
    • Compensation: €4.00k
  • Aude Frey (44yo)

    Director

    • Tenure: 6.3yrs
    • Compensation: €7.00k
  • Magali Chessé (45yo)

    Director

    • Tenure: 6.3yrs
    • Compensation: €12.75k
  • Yann Briand (43yo)

    Independent Director

    • Tenure: 0yrs
    • Compensation: €8.25k

Company Information

Frey SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Frey SA
  • Ticker: FREY
  • Exchange: ENXTPA
  • Founded: 1983
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €627.937m
  • Shares outstanding: 18.41m
  • Website: https://www.frey.fr

Number of Employees


Location

  • Frey SA
  • 29 Rue des Pyramides
  • Paris
  • Ile-de-France
  • 75001
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FREYENXTPA (Euronext Paris)YesOrdinary SharesFREURApr 2008
FREYPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURApr 2008

Biography

Frey SA engages in developing, owning, and managing commercial real estate assets primarily located in France. The company primarily operates environmental retail parks. As of December 31, 2010, its assets ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/18 20:57
End of Day Share Price2019/10/18 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.