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Fonciere Inea

ENXTPA:INEA
Snowflake Description

Good value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INEA
ENXTPA
€381M
Market Cap
  1. Home
  2. FR
  3. Real Estate
Company description

Fonciere Inea S.A., a real estate investment company, engages in owning and managing business real estate properties in France. The last earnings update was 35 days ago. More info.


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INEA Share Price and Events
7 Day Returns
6.1%
ENXTPA:INEA
-0.1%
FR REITs
1.9%
FR Market
1 Year Returns
10.2%
ENXTPA:INEA
-2.9%
FR REITs
-2.3%
FR Market
INEA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fonciere Inea (INEA) 6.1% 10.8% 11.1% 10.2% 25.6% 46.3%
FR REITs -0.1% 0% 3.8% -2.9% 2.8% 21.1%
FR Market 1.9% -2.3% 5.4% -2.3% 30.8% 29.8%
1 Year Return vs Industry and Market
  • INEA outperformed the REITs industry which returned -2.9% over the past year.
  • INEA outperformed the Market in France which returned -2.3% over the past year.
Price Volatility
INEA
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Fonciere Inea 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 Fonciere Inea 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 Fonciere Inea.

ENXTPA:INEA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 6.5%
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:INEA
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 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 33%) (82.06%))
0.873
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (0.873 * 6.65%)
6.54%

Discounted Cash Flow Calculation for ENXTPA:INEA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fonciere Inea 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.

ENXTPA:INEA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.54%)
2019 30.78 Est @ 28.27% 28.89
2020 36.94 Est @ 20.01% 32.55
2021 42.20 Est @ 14.23% 34.90
2022 46.50 Est @ 10.18% 36.09
2023 49.91 Est @ 7.35% 36.37
2024 52.59 Est @ 5.36% 35.96
2025 54.68 Est @ 3.97% 35.10
2026 56.32 Est @ 3% 33.93
2027 57.62 Est @ 2.32% 32.59
2028 58.69 Est @ 1.84% 31.16
Present value of next 10 years cash flows €337.54
ENXTPA:INEA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €58.69 × (1 + 0.73%) ÷ (6.54% – 0.73%)
€1,018.53
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,018.53 ÷ (1 + 6.54%)10
€540.70
ENXTPA:INEA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €337.54 + €540.70
€878.24
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €878.24 / 8.42
€104.27
ENXTPA:INEA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €104.27
Current discount Discount to share price of €45.20
= -1 x (€45.20 - €104.27) / €104.27
56.7%

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

Current Discount
Amount off the current price Fonciere Inea is available for.
Intrinsic value
>50%
Share price is €45.2 vs Future cash flow value of €104.27
Current Discount Checks
For Fonciere Inea to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fonciere Inea's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Fonciere Inea's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Fonciere Inea's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fonciere Inea's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:INEA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €4.53
ENXTPA:INEA Share Price ** ENXTPA (2019-05-20) in EUR €45.2
France REITs Industry PE Ratio Median Figure of 23 Publicly-Listed REITs Companies 10.31x
France Market PE Ratio Median Figure of 419 Publicly-Listed Companies 18.04x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fonciere Inea.

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

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

= 45.2 ÷ 4.53

9.97x

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

  • Fonciere Inea is good value based on earnings compared to the FR REITs industry average.
  • Fonciere Inea is good value based on earnings compared to the France market.
Price based on expected Growth
Does Fonciere Inea's expected growth come at a high price?
Raw Data
ENXTPA:INEA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
0.7%per year
France REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies 0.29x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Fonciere Inea, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Fonciere Inea's assets?
Raw Data
ENXTPA:INEA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €48.07
ENXTPA:INEA Share Price * ENXTPA (2019-05-20) in EUR €45.2
France REITs Industry PB Ratio Median Figure of 26 Publicly-Listed REITs Companies 0.93x
France Market PB Ratio Median Figure of 619 Publicly-Listed Companies 1.44x
ENXTPA:INEA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 45.2 ÷ 48.07

0.94x

* Primary Listing of Fonciere Inea.

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

  • Fonciere Inea is overvalued based on assets compared to the FR REITs industry average.
X
Value checks
We assess Fonciere Inea'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. Fonciere Inea has a total score of 4/6, 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.

Future Performance

 How is Fonciere Inea expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Fonciere Inea, future earnings growth has been estimated based on fundamentals.
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
0.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fonciere Inea expected to grow at an attractive rate?
  • Fonciere Inea's earnings growth is positive but not above the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Fonciere Inea's earnings growth is positive but not above the France market average.
  • Unable to compare Fonciere Inea's revenue growth to the France market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ENXTPA:INEA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:INEA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 0.7%
France REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.6%
France REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.1%
France Market Earnings Growth Rate Market Cap Weighted Average 13.2%
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:INEA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:INEA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 41 24 27
2018-09-30 39 20 29
2018-06-30 38 17 31
2018-03-31 37 14 29
2017-12-31 36 11 26
2017-09-30 36 12 21
2017-06-30 35 12 15
2017-03-31 34 12 13
2016-12-31 33 12 10
2016-09-30 32 14 10
2016-06-30 32 16 9
2016-03-31 32 13 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fonciere Inea's earnings are expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Fonciere Inea is high growth as no revenue estimate data is available.
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:INEA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Fonciere Inea Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:INEA Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 4.53
2018-09-30 4.82
2018-06-30 5.11
2018-03-31 4.81
2017-12-31 4.51
2017-09-30 3.57
2017-06-30 2.62
2017-03-31 2.25
2016-12-31 1.86
2016-09-30 1.85
2016-06-30 1.83
2016-03-31 1.74

*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.
  • Unable to establish if Fonciere Inea will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Fonciere Inea'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.
Fonciere Inea 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.

Past Performance

  How has Fonciere Inea 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 Fonciere Inea'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.
  • Fonciere Inea has delivered over 20% year on year earnings growth in the past 5 years.
  • Fonciere Inea's 1-year earnings growth is less than its 5-year average (2% vs 39.6%)
  • Fonciere Inea's earnings growth has exceeded the FR REITs industry average in the past year (2% vs -6%).
Earnings and Revenue History
Fonciere Inea'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 Fonciere Inea Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:INEA 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 41.12 27.01 5.75
2018-09-30 39.47 28.77 5.51
2018-06-30 37.83 30.52 5.27
2018-03-31 37.12 28.51 5.17
2017-12-31 36.41 26.50 5.08
2017-09-30 35.89 20.81 5.33
2017-06-30 35.37 15.12 5.59
2017-03-31 33.98 12.57 5.48
2016-12-31 32.59 10.02 5.38
2016-09-30 32.41 9.52 5.14
2016-06-30 32.23 9.03 4.89
2016-03-31 31.63 8.55 4.93
2015-12-31 31.03 8.07 4.97
2015-09-30 29.69 7.99 4.81
2015-06-30 28.34 7.91 4.64
2015-03-31 28.49 6.67 4.65
2014-12-31 28.65 5.43 4.65
2014-09-30 29.51 4.34 4.74
2014-06-30 30.37 3.24 4.84
2014-03-31 30.36 5.56 4.85
2013-12-31 30.35 7.88 4.86
2013-09-30 29.45 11.46 4.76
2013-06-30 28.56 15.05 4.65
2013-03-31 27.64 15.36 4.65
2012-12-31 26.72 15.67 4.66
2012-09-30 26.86 15.69 4.86
2012-06-30 27.00 15.71 5.06

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

Health

 How is Fonciere Inea'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 Fonciere Inea's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fonciere Inea's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Fonciere Inea's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Fonciere Inea'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 0x 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 Fonciere Inea Company Filings, last reported 4 months ago.

ENXTPA:INEA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 286.39 312.40 3.55
2018-09-30 286.39 312.40 3.55
2018-06-30 273.49 272.35 2.34
2018-03-31 273.49 272.35 2.34
2017-12-31 271.27 235.89 3.41
2017-09-30 271.27 235.89 3.41
2017-06-30 254.54 209.65 11.19
2017-03-31 254.54 209.65 11.19
2016-12-31 247.18 212.61 6.87
2016-09-30 247.18 212.61 6.87
2016-06-30 241.00 207.14 10.63
2016-03-31 241.00 207.14 10.63
2015-12-31 217.28 219.46 3.36
2015-09-30 217.28 219.46 3.36
2015-06-30 214.45 212.37 4.79
2015-03-31 214.45 212.37 4.79
2014-12-31 214.73 203.58 4.98
2014-09-30 214.73 203.58 4.98
2014-06-30 208.59 208.17 0.08
2014-03-31 208.59 208.17 0.08
2013-12-31 208.82 238.87 30.07
2013-09-30 208.82 238.87 30.07
2013-06-30 204.89 229.44 29.96
2013-03-31 204.89 229.44 29.96
2012-12-31 201.55 203.53 2.89
2012-09-30 201.55 203.53 2.89
2012-06-30 173.82 207.86 2.69
  • Fonciere Inea's level of debt (109.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (114.2% vs 109.1% today).
  • Debt is not well covered by operating cash flow (7.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).
X
Financial health checks
We assess Fonciere Inea'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. Fonciere Inea has a total score of 2/6, 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.

Dividends

 What is Fonciere Inea'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
4.87%
Current annual income from Fonciere Inea dividends.
If you bought €2,000 of Fonciere Inea shares you are expected to receive €97 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?
  • Fonciere Inea's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.57%).
  • Fonciere Inea's dividend is above the markets top 25% of dividend payers in France (4.49%).
Upcoming dividend payment

Purchase Fonciere Inea before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:INEA 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 0 Analyst Estimates (S&P Global) See Below
France REITs Industry Average Dividend Yield Market Cap Weighted Average of 23 Stocks 5.3%
France Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 1%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:INEA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-15 2.200 5.204
2019-03-21 2.200 5.513
2018-03-29 2.000 5.053
2017-03-31 1.800 4.612
2017-02-22 1.800 4.740
2016-04-06 1.650 4.392
2016-01-15 1.650 4.519
2015-04-01 1.500 3.774
2014-04-01 1.520 4.585
2014-02-11 1.520 4.670
2013-04-02 1.250 3.609
2013-02-15 1.250 3.777
2012-04-03 1.250 3.416
2012-02-17 1.250 3.227
2011-04-04 1.200 3.186
2011-02-15 1.200 3.243
2010-04-14 1.150 3.087
2010-02-16 1.150 2.989

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

  • Whilst dividend payments have been stable, Fonciere Inea has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Fonciere Inea only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Fonciere Inea's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Fonciere Inea's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - 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 Fonciere Inea afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fonciere Inea 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.

Management

 What is the CEO of Fonciere Inea'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
Philippe Rosio
TENURE AS CEO 4.5 years
CEO Bio

Mr. Philippe Rosio has been Chairman of the Board and Chief Executive Officer of Fonciere Inea S.A. since November 18, 2014. Mr. Rosio served as the Chairman of Executive Board at Fonciere Inea S.A. Mr. Rosio holds Master's Degree in Finance from HEC Paris from 1979 to 1982.

CEO Compensation
  • Insufficient data for Philippe to compare compensation growth.
  • Insufficient data for Philippe to establish whether their remuneration is reasonable compared to companies of similar size in France.
Management Team

Philippe Rosio

TITLE
Chairman & CEO
TENURE
4.5 yrs

Karine Dachary

TITLE
Chief Financial Officer

Arline Gaujal-Kempler

TITLE
Deputy CEO & Director
Board of Directors Tenure

Average tenure and age of the Fonciere Inea board of directors in years:

4.5
Average Tenure
60.5
Average Age
  • The tenure for the Fonciere Inea board of directors is about average.
Board of Directors

Arline Gaujal-Kempler

TITLE
Deputy CEO & Director
TENURE
4.5 yrs

Daniel Fruchart

TITLE
Independent Director
COMPENSATION
€15K
AGE
72
TENURE
4.5 yrs

Philippe Rosio

TITLE
Chairman & CEO
TENURE
4.5 yrs

Guy Charlot

TITLE
Independent Director
COMPENSATION
€13K
AGE
65
TENURE
4.5 yrs

Eric Grabli

TITLE
Director
COMPENSATION
€13K
TENURE
4.5 yrs

Pierre Adier

TITLE
Director
COMPENSATION
€13K
AGE
53
TENURE
4.5 yrs

Jean Belmudes

TITLE
Independent Director
COMPENSATION
€7K
TENURE
4.5 yrs

Hélène Martel-Massignac

TITLE
Director
COMPENSATION
€13K
AGE
56
TENURE
4.5 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 Fonciere Inea'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. Fonciere Inea 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.

News

Simply Wall St News

If You Had Bought Fonciere Inea (EPA:INEA) Shares Five Years Ago You'd Have Made 35%

(EPA:INEA) share price is 35% higher than it was five years ago, which is more than the market average. … During five years of share price growth, Fonciere Inea achieved compound earnings per share (EPS) growth of 22% per year. … The EPS growth is more impressive than the yearly share price gain of 6.2% over the same period.

Simply Wall St -

Why Fonciere Inea S.A. (EPA:INEA) Could Have A Place In Your Portfolio

(EPA:INEA) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of INEA, it

Simply Wall St -

Can We See Significant Insider Ownership On The Fonciere Inea S.A. (EPA:INEA) Share Register?

With a market capitalization of €239m, Fonciere Inea is a small cap stock, so it might not be well known by many institutional investors. … Let's take a closer look to see what the different types of shareholder can tell us about INEA … Check out our latest analysis for Fonciere Inea

Simply Wall St -

What You Need To Know Before Investing In Fonciere Inea S.A. (EPA:INEA)

Fonciere Inea S.A. … real estate investment trust (REIT) based in Gennevilliers, France. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities

Simply Wall St -

What Kind Of Investor Owns Most Of Fonciere Inea S.A. (EPA:INEA)?

Generally speaking, as a company grows, institutions will increase their ownership. … Fonciere Inea is a smaller company with a market capitalization of €237m, so it may still be flying under the radar of many institutional investors. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Is Fonciere Inea SA's (EPA:INEA) ROE Of 11% Impressive?

Our data shows Fonciere Inea has a return on equity of 11% for the last year. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Did Fonciere Inea SA's (EPA:INEA) 11.16% ROE Fare Against The Industry?

Fonciere Inea SA (EPA:INEA) performed in-line with its office reits industry on the basis of its ROE – producing a return of11.16% relative to the peer average of 8.30% over the past 12 months. … But what is more interesting is whether INEA can sustain this level of return. … If INEA borrows debt to invest in its business, its profits will be higher.

Simply Wall St -

Why Fonciere Inea SA (EPA:INEA) Should Have A Place In Your Portfolio

Attractive stocks have exceptional fundamentals. … In the case of Fonciere Inea SA (EPA:INEA), there's … dividend-paying company

Simply Wall St -

Fonciere Inea SA. (EPA:INEA): What Does It Mean For Your Portfolio?

View our latest analysis for Fonciere Inea An interpretation of INEA's beta Fonciere Inea’s beta of 0.07 indicates that the company is less volatile relative to the diversified market portfolio. … Based on this beta value, INEA appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market. … With a market cap of €244.08M, INEA falls within the small-cap spectrum of stocks, which are found to experience higher relative risk compared to larger companies.

Simply Wall St -

What You Need To Know Before Investing In Fonciere Inea SA. (EPA:INEA)

I also look at INEA's interest coverage ratio, which demonstrates how many times its earnings can cover its yearly interest expense. … With an interest coverage ratio of 2.09x, INEA is not generating an appropriate amount of cash from its borrowings. … Next Steps: As a REIT, Fonciere Inea offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

Company Info

Description

Fonciere Inea S.A., a real estate investment company, engages in owning and managing business real estate properties in France. As of December 31, 2010, its property portfolio consisted of 111 buildings. The company was founded in 2005 and is based in Paris, France.

Details
Name: Fonciere Inea S.A.
INEA
Exchange: ENXTPA
Founded: 2005
€380,697,406
8,422,509
Website: http://www.inea-sa.eu
Address: Fonciere Inea S.A.
7 rue du Fossé Blanc,
Gennevilliers,
Ile-de-France, 92230,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA INEA Common Stock Euronext Paris FR EUR 08. Dec 2006
LSE 0IDG Common Stock London Stock Exchange GB EUR 08. Dec 2006
Number of employees
Current staff
Staff numbers
0
Fonciere Inea employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 21:07
End of day share price update: 2019/05/20 00:00
Last earnings filing: 2019/04/15
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.