ENXTPA:FREY

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Excellent balance sheet second-rate dividend payer.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-2.0%

FREY

-5.8%

FR REITs

-4.3%

FR Market


1 Year Return

-15.3%

FREY

-39.4%

FR REITs

-10.9%

FR Market

Return vs Industry: FREY exceeded the French REITs industry which returned -39.4% over the past year.

Return vs Market: FREY underperformed the French Market which returned -10.7% over the past year.


Shareholder returns

FREYIndustryMarket
7 Day-2.0%-5.8%-4.3%
30 Day-4.0%-13.0%-4.3%
90 Day-4.0%-18.6%-2.2%
1 Year-8.0%-15.3%-35.2%-39.4%-8.9%-10.9%
3 Year40.1%19.7%-27.3%-39.2%3.0%-6.0%
5 Year33.9%8.3%-6.7%-30.2%36.0%17.2%

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?

20.81x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FREY (€28.8) is trading above our estimate of fair value (€27.1)

Significantly Below Fair Value: 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 (20.8x) compared to the FR REITs industry average (7.4x).

PE vs Market: FREY is poor value based on its PE Ratio (20.8x) compared to the French market (16.8x).


Price to Earnings Growth Ratio

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 (1x) compared to the FR REITs industry average (0.6x).


Next Steps

Future Growth

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

25.9%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Frey has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Frey performed over the past 5 years?

14.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FREY has a large one-off gain of €26.5M impacting its June 30 2020 financial results.

Growing Profit Margin: FREY's current net profit margins (36.9%) are lower than last year (55.1%).


Past Earnings Growth Analysis

Earnings Trend: FREY's earnings have grown by 14.4% 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 (-11.5%) over the past year, making it difficult to compare to the REITs industry average (13.2%).


Return on Equity

High ROE: FREY's Return on Equity (5.4%) is considered low.


Next Steps

Financial Health

How is Frey's financial position?


Financial Position Analysis

Short Term Liabilities: FREY's short term assets (€248.7M) exceed its short term liabilities (€118.9M).

Long Term Liabilities: FREY's short term assets (€248.7M) do not cover its long term liabilities (€557.7M).


Debt to Equity History and Analysis

Debt Level: FREY is debt free.

Reducing Debt: FREY has no debt compared to 5 years ago when its debt to equity ratio was 140.7%.

Debt Coverage: FREY has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: FREY has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

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

5.21%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FREY's dividend (5.21%) is higher than the bottom 25% of dividend payers in the French market (1.56%).

High Dividend: FREY's dividend (5.21%) is low compared to the top 25% of dividend payers in the French market (5.27%).


Stability and Growth of Payments

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: With its high payout ratio (104%), FREY's dividend payments are not well 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

How experienced are the management team and are they aligned to shareholders interests?

7.3yrs

Average board tenure


CEO

Antoine Frey (46 yo)

7.25yrs

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 ($USD0.00) is below average for companies of similar size in the French market ($USD700.67K).

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


Board Members

NamePositionTenureCompensationOwnership
Antoine Frey
Chairman & CEO7.25yrs€604.55kno data
Jean-Christophe Littaye
Non-Voting Directorno data€4.50kno data
Nathalie Robin
Independent Director3.33yrs€11.00kno data
Thomas Riegert
Director7.25yrs€5.00kno data
Jean-Noël Dron
Director7.25yrs€2.25kno data
Jean-Pierre Cédelle
Director7.25yrs€127.97kno data
Aude Frey
Director7.25yrs€7.00kno data
Magali Chessé
Director7.25yrs€12.75kno data
Yann Briand
Independent Director3.33yrs€8.25kno data
Franck Mathe
Non-Voting Directorno data€3.50kno data
Muriel Faure
Independent Director0.75yrno datano data
Francois Lemarchand
Independent Director0.75yrno datano data

7.3yrs

Average Tenure

47yo

Average Age

Experienced Board: FREY's board of directors are considered experienced (7.3 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

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 31.3%.


Top Shareholders

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: €696.162m
  • Shares outstanding: 24.17m
  • 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
0M2XLSE (London Stock Exchange)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 Analysis2020/09/27 02:57
End of Day Share Price2020/09/25 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.