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Grivalia Properties REIC

ATSE:GRIV
Snowflake Description

Imperfect balance sheet unattractive dividend payer.

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

Grivalia Properties Real Estate Investment Company, operates in the fast-growing real estate investment industry, governed by a favourable tax regime, manages one of the most important commercial property portfolios in Greece and Eastern Europe, maintains long-term leases with corporate clients, is being managed by experienced and skilled executives with in-depth knowledge of the Greek and International property markets. The last earnings update was 100 days ago. More info.


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  • Grivalia Properties REIC has significant price volatility in the past 3 months.
GRIV Share Price and Events
7 Day Returns
0.7%
ATSE:GRIV
-0.2%
GR REITs
-1.2%
GR Market
1 Year Returns
24.8%
ATSE:GRIV
12.2%
GR REITs
-8.7%
GR Market
GRIV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Grivalia Properties REIC (GRIV) 0.7% -3.9% 32.1% 24.8% 53.1% 42.5%
GR REITs -0.2% -1.8% 13.4% 12.2% 1.6% 14.4%
GR Market -1.2% -6.9% 7.3% -8.7% 1.8% -60.4%
1 Year Return vs Industry and Market
  • GRIV outperformed the REITs industry which returned 12.2% over the past year.
  • GRIV outperformed the Market in Greece which returned -8.7% over the past year.

GRIV Value

 Is Grivalia Properties REIC 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 Grivalia Properties REIC 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 Grivalia Properties REIC.

ATSE:GRIV 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 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16.9%
Perpetual Growth Rate 10-Year GR Government Bond Rate 4.9%

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 ATSE:GRIV
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GR Govt Bond Rate 4.9%
Equity Risk Premium S&P Global 15%
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- 29%) (20.88%))
0.732
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)
= 4.93% + (0.8 * 14.99%)
16.92%

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

The calculations below outline how an intrinsic value for Grivalia Properties REIC 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.

Grivalia Properties REIC 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.

ATSE:GRIV DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 16.92%)
2019 42.50 Analyst x1 36.35
2020 46.80 Analyst x1 34.23
2021 48.30 Analyst x1 30.22
2022 50.20 Analyst x1 26.86
2023 52.00 Analyst x1 23.79
2024 54.06 Est @ 3.96% 21.16
2025 56.36 Est @ 4.25% 18.87
2026 58.87 Est @ 4.46% 16.85
2027 61.58 Est @ 4.6% 15.08
2028 64.48 Est @ 4.7% 13.50
Present value of next 10 years cash flows €236.91
ATSE:GRIV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €64.48 × (1 + 4.93%) ÷ (16.92% – 4.93%)
€564.19
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €564.19 ÷ (1 + 16.92%)10
€118.14
ATSE:GRIV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €236.91 + €118.14
€355.04
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €355.04 / 96.40
€3.68
ATSE:GRIV Discount to Share Price
Calculation Result
Value per share (EUR) From above. €3.68
Current discount Discount to share price of €11.24
= -1 x (€11.24 - €3.68) / €3.68
-205.2%

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

  • The current share price of Grivalia Properties REIC 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 Grivalia Properties REIC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Grivalia Properties REIC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ATSE:GRIV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.53
ATSE:GRIV Share Price ** ATSE (2019-05-17) in EUR €11.24
Greece REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 10.88x
Greece Market PE Ratio Median Figure of 97 Publicly-Listed Companies 15.09x

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

** Primary Listing of Grivalia Properties REIC.

ATSE:GRIV PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ATSE:GRIV Share Price ÷ EPS (both in EUR)

= 11.24 ÷ 0.53

21.21x

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

  • Grivalia Properties REIC is overvalued based on earnings compared to the GR REITs industry average.
  • Grivalia Properties REIC is overvalued based on earnings compared to the Greece market.
Price based on expected Growth
Does Grivalia Properties REIC's expected growth come at a high price?
Raw Data
ATSE:GRIV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
7.2%per year
Europe REITs Industry PEG Ratio Median Figure of 63 Publicly-Listed REITs Companies -0.07x
Greece Market PEG Ratio Median Figure of 19 Publicly-Listed Companies 1.26x

*Line of best fit is calculated by linear regression .

ATSE:GRIV PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.21x ÷ 7.2%

2.94x

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

  • Grivalia Properties REIC is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Grivalia Properties REIC's assets?
Raw Data
ATSE:GRIV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €9.05
ATSE:GRIV Share Price * ATSE (2019-05-17) in EUR €11.24
Greece REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 0.97x
Greece Market PB Ratio Median Figure of 139 Publicly-Listed Companies 0.81x
ATSE:GRIV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ATSE:GRIV Share Price ÷ Book Value per Share (both in EUR)

= 11.24 ÷ 9.05

1.24x

* Primary Listing of Grivalia Properties REIC.

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

  • Grivalia Properties REIC is overvalued based on assets compared to the GR REITs industry average.
X
Value checks
We assess Grivalia Properties REIC'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. Grivalia Properties REIC has a total score of 0/6, 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.

GRIV Future Performance

 How is Grivalia Properties REIC expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
7.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Grivalia Properties REIC expected to grow at an attractive rate?
  • Grivalia Properties REIC's earnings growth is expected to exceed the low risk savings rate of 4.9%.
Growth vs Market Checks
  • Grivalia Properties REIC's earnings growth is positive but not above the Greece market average.
  • Grivalia Properties REIC's revenue growth is positive but not above the Greece market average.
Annual Growth Rates Comparison
Raw Data
ATSE:GRIV Future Growth Rates Data Sources
Data Point Source Value (per year)
ATSE:GRIV Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 7.2%
ATSE:GRIV Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 4.1%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.2%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Greece Market Earnings Growth Rate Market Cap Weighted Average 16.5%
Greece Market Revenue Growth Rate Market Cap Weighted Average 6.8%

*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
ATSE:GRIV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ATSE:GRIV Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 82 54 72 1
2021-12-31 81 52 68 1
2020-12-31 79 50 69 1
2019-12-31 74 45 63 1
ATSE:GRIV Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 69 28 51
2018-09-30 77 40 69
2018-06-30 76 38 65
2018-03-31 75 38 62
2017-12-31 73 41 63
2017-09-30 65 37 43
2017-06-30 65 40 49
2017-03-31 62 39 28
2016-12-31 61 42 26
2016-09-30 61 42 33
2016-06-30 60 44 47
2016-03-31 59 43 62

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Grivalia Properties REIC's earnings are expected to grow by 7.2% yearly, however this is not considered high growth (20% yearly).
  • Grivalia Properties REIC's revenue is expected to grow by 4.1% 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
ATSE:GRIV 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 1 Analyst Estimates (S&P Global) See Below

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

ATSE:GRIV Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.74 0.74 0.74 1.00
2021-12-31 0.70 0.70 0.70 1.00
2020-12-31 0.71 0.71 0.71 1.00
2019-12-31 0.65 0.65 0.65 1.00
ATSE:GRIV Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.53
2018-09-30 0.70
2018-06-30 0.67
2018-03-31 0.64
2017-12-31 0.65
2017-09-30 0.45
2017-06-30 0.52
2017-03-31 0.28
2016-12-31 0.27
2016-09-30 0.33
2016-06-30 0.47
2016-03-31 0.62

*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 Grivalia Properties REIC will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Grivalia Properties REIC'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Grivalia Properties REIC has a total score of 1/6, 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.

GRIV Past Performance

  How has Grivalia Properties REIC 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 Grivalia Properties REIC'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.
  • Grivalia Properties REIC's year on year earnings growth rate has been positive over the past 5 years.
  • Grivalia Properties REIC's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Grivalia Properties REIC's 1-year earnings growth is negative, it can't be compared to the GR REITs industry average.
Earnings and Revenue History
Grivalia Properties REIC'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 Grivalia Properties REIC Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ATSE:GRIV 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 69.29 51.27 14.11
2018-09-30 77.09 68.79 6.99
2018-06-30 75.91 64.87 8.61
2018-03-31 74.58 61.70 8.34
2017-12-31 73.46 63.15 7.76
2017-09-30 65.39 42.94 6.96
2017-06-30 64.67 49.36 2.58
2017-03-31 61.87 27.58 6.59
2016-12-31 61.34 26.44 6.70
2016-09-30 60.98 33.11 6.87
2016-06-30 60.34 46.53 9.23
2016-03-31 59.17 61.94 5.09
2015-12-31 57.64 61.97 5.35
2015-09-30 56.29 61.86 5.00
2015-06-30 55.51 46.04 5.13
2015-03-31 54.02 45.18 4.45
2014-12-31 50.64 50.00 3.84
2014-09-30 45.63 40.75 3.32
2014-06-30 40.49 36.02 3.42
2014-03-31 37.78 8.94 2.90
2013-12-31 36.78 2.74 2.52
2013-09-30 37.04 -12.54 2.56
2013-06-30 37.95 -9.78 1.85
2013-03-31 37.70 -28.83 1.87
2012-12-31 38.87 -28.06 2.06
2012-09-30 40.38 -28.40 2.33
2012-06-30 41.68 -29.68 1.88

*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.
  • Grivalia Properties REIC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Grivalia Properties REIC used its assets less efficiently than the GR REITs industry average last year based on Return on Assets.
  • Grivalia Properties REIC's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Grivalia Properties REIC'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.
Grivalia Properties REIC has a total score of 1/6, 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.

GRIV Health

 How is Grivalia Properties REIC'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 Grivalia Properties REIC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Grivalia Properties REIC's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Grivalia Properties REIC's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Grivalia Properties REIC'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 0.3x 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 Grivalia Properties REIC Company Filings, last reported 4 months ago.

ATSE:GRIV Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 871.98 226.24 64.00
2018-09-30 907.46 186.25 37.23
2018-06-30 900.24 179.21 57.84
2018-03-31 880.57 154.18 31.70
2017-12-31 908.20 138.06 44.73
2017-09-30 881.06 124.76 79.39
2017-06-30 873.12 126.30 87.63
2017-03-31 857.19 126.78 93.71
2016-12-31 863.13 52.47 57.94
2016-09-30 858.86 54.47 82.88
2016-06-30 846.11 55.74 75.55
2016-03-31 854.42 56.80 69.56
2015-12-31 879.80 59.23 111.76
2015-09-30 869.05 60.28 106.13
2015-06-30 842.22 61.49 156.64
2015-03-31 834.24 62.97 154.96
2014-12-31 854.05 63.92 185.45
2014-09-30 840.26 65.45 169.55
2014-06-30 827.96 66.74 164.58
2014-03-31 837.16 68.11 320.43
2013-12-31 629.65 125.24 190.70
2013-09-30 624.95 70.45 175.63
2013-06-30 618.07 71.70 169.82
2013-03-31 636.16 73.04 159.79
2012-12-31 626.97 82.93 161.09
2012-09-30 637.71 84.24 154.59
2012-06-30 628.27 85.62 146.28
  • Grivalia Properties REIC's level of debt (25.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (19.7% vs 25.9% today).
  • Debt is not well covered by operating cash flow (12.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.2x coverage).
X
Financial health checks
We assess Grivalia Properties REIC'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. Grivalia Properties REIC 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.

GRIV Dividends

 What is Grivalia Properties REIC'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
3.11%
Current annual income from Grivalia Properties REIC dividends. Estimated to be 3.56% next year.
If you bought €2,000 of Grivalia Properties REIC shares you are expected to receive €62 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?
  • Grivalia Properties REIC's pays a higher dividend yield than the bottom 25% of dividend payers in Greece (2.06%).
  • Grivalia Properties REIC's dividend is below the markets top 25% of dividend payers in Greece (4.47%).
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
ATSE:GRIV 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 1 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 119 Stocks 4.9%
Greece Market Average Dividend Yield Market Cap Weighted Average of 50 Stocks 4.4%
Greece Minimum Threshold Dividend Yield 10th Percentile 1.4%
Greece Bottom 25% Dividend Yield 25th Percentile 2.1%
Greece 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.

ATSE:GRIV Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.42 1.00
2019-12-31 0.38 1.00
ATSE:GRIV Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-05-25 0.350 4.023
2018-01-31 0.350 3.856
2017-08-11 0.183 2.058
2017-05-22 0.182 1.995
2017-02-03 0.183 2.219
2016-05-19 0.305 4.197
2016-01-29 0.305 4.156
2015-11-12 0.000 0.000
2015-11-11 0.000 0.000
2015-08-03 0.000 0.000
2015-05-15 0.400 5.338
2014-11-04 0.200 2.554
2014-08-07 0.200 2.229
2014-05-21 0.180 2.021
2014-02-17 0.180 2.130
2013-02-11 0.000 0.000
2012-08-03 0.400 8.300
2012-02-03 0.400 10.800
2012-02-01 0.400 9.878
2011-08-02 0.530 13.066
2011-02-01 0.530 8.752
2010-03-23 0.550 9.238
2009-11-27 0.520 6.789

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

  • Grivalia Properties REIC has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Grivalia Properties REIC has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Grivalia Properties REIC's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (115.1x coverage).
X
Income/ dividend checks
We assess Grivalia Properties REIC's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - 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 Grivalia Properties REIC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Grivalia Properties REIC has a total score of 2/6, see the detailed checks below.


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

GRIV Management

 What is the CEO of Grivalia Properties REIC'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
George Chryssikos
AGE 46
TENURE AS CEO 6.3 years
CEO Bio

Mr. Georgios K. Chryssikos, also known as George, is Independent Board Member of MYTILINEOS Holdings S.A. since June 7, 2018. He serves as Chief Executive Officer and Executive Director at Grivalia Properties Real Estate Investment Company S.A. since 2008 and served as the Secretary and General Manager. Mr. Chryssikos served as Investment Manager of Grivalia Properties Real Estate Investment Company S.A. from 2006 to 2008. Mr. Chryssikos played a leading role in the company’s IPO in April 2006, raising €100 million, as well as in the December’s 2007 Share Capital increase of €330 million. He and his team have executed more than €350 million real estate acquisition and disposals in Greece and South-East Europe building up the portfolio of Eurobank Properties. He served as the Managing Director of Corporate Value Partners (CVP Ltd.). He was the Chief Executive Officer at DTZ Greece from September 2003 to April 2005. He was a Senior Associate at McKinsey & Company, Inc., from 2001 to 2003. Mr. Chryssikos has been a Non Executive Member of the Board at LAMDA Hellix S.A. since 2007. He has been Non-Executive Director of Eurobank Ergasias S.A since June 28, 2014 and has been its Vice Chairman since April 2019. He served as a Board of Director Advisor at IASO Healthcare Group, from January 2003 to December 2005. He holds an MBA in corporate finance and strategy from Columbia Business School, a M.Sc. in engineering and construction management from University of California at Berkeley and a M,Eng, in civil engineering from National Technical University of Athens. He is also a member of the Royal Institute of Chartered Surveyors.

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

Average tenure of the Grivalia Properties REIC management team in years:

5.3
Average Tenure
  • The average tenure for the Grivalia Properties REIC management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

George Chryssikos

TITLE
CEO & Executive Member
AGE
46
TENURE
6.3 yrs

Paris Varfis

TITLE
Chief Financial Officer
TENURE
5.7 yrs

Natalia Strafti

TITLE
Chief Operating Officer
TENURE
5.3 yrs

Evangelos Tentis

TITLE
Chief Accountant

Liana Kyriopoulou

TITLE
Technical Director

Harry Anastaselos

TITLE
Legal Director
TENURE
3.2 yrs

Katerina Kalfamanoli

TITLE
Commercial Director

Konstantinos Georgiakos

TITLE
Structured Finance Director
TENURE
3.2 yrs
Board of Directors Tenure

Average tenure and age of the Grivalia Properties REIC board of directors in years:

5.6
Average Tenure
55
Average Age
  • The tenure for the Grivalia Properties REIC board of directors is about average.
Board of Directors

Nikolaos Bertsos

TITLE
Non-Executive Chairman
AGE
67
TENURE
11.2 yrs

George Chryssikos

TITLE
CEO & Executive Member
AGE
46
TENURE
11.3 yrs

Wade Sebastian R. Burton

TITLE
Non-Executive Vice-Chairman
AGE
47
TENURE
5.5 yrs

George Katsimbris

TITLE
Independent Non Executive Member
TENURE
9.2 yrs

George Papazoglou

TITLE
Independent Non-Executive Director
TENURE
8.1 yrs

Georgios Bersis

TITLE
Non Executive Member
TENURE
5.6 yrs

Ignace Rotman

TITLE
Independent Non-Executive Member
TENURE
5.5 yrs

Dimitris Papadopoulos

TITLE
Independent Non-Executive Member
AGE
55
TENURE
5.6 yrs

Takis Kanellopoulos

TITLE
Independent Non Executive Member
TENURE
5.5 yrs

Stavros Ioannou

TITLE
Non Executive Member
AGE
57
TENURE
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 Grivalia Properties REIC'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. Grivalia Properties REIC 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.

GRIV News

Simply Wall St News

How Did Grivalia Properties REIC's (ATH:GRIV) 7.6% ROE Fare Against The Industry?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Grivalia Properties REIC (ATH:GRIV). … Over the last twelve months Grivalia Properties REIC has recorded a ROE of 7.6%.

Simply Wall St -

Investing In Property Through Grivalia Properties REIC (ATH:GRIV)

Grivalia Properties REIC is a €830.00m. … real estate investment trust (REIT) based in Athens, Greece. … Check out our latest analysis for Grivalia Properties REIC

Simply Wall St -

Will Grivalia Properties REIC (ATH:GRIV) Continue To Underperform Its Industry?

and want to better understand how you can grow your money by investing in Grivalia Properties REIC (ATH:GRIV). … With an ROE of 7.01%, Grivalia Properties REIC (ATH:GRIV) returned in-line to its own industry which delivered 8.60% over the past year. … Today I will look at how components such as financial leverage can influence ROE which may impact the sustainability of GRIV's returns.

Simply Wall St -

What Should You Know About Grivalia Properties REIC's (ATH:GRIV) Earnings Trajectory?

In December 2017, Grivalia Properties REIC (ATSE:GRIV) released its most recent earnings announcement, which showed that the business experienced a major tailwind, more than doubling its earnings from the prior year. … Below, I've laid out key numbers on how market analysts view Grivalia Properties REIC's earnings growth trajectory over the next few years and whether the future looks even brighter than the past. … This means, we can anticipate Grivalia Properties REIC will grow its earnings by 1.84% every year for the next couple of years.

Simply Wall St -

Should You Buy Grivalia Properties REIC (ATH:GRIV) At €9.05?

According to my valuation model, Grivalia Properties REIC seems to be fairly priced at around 2.56% below my intrinsic value, which means if you buy Grivalia Properties REIC today, you’d be paying a fair price for it. … Furthermore, Grivalia Properties REIC’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta. … GRIV’s future growth appears to have been factored into the current share price, with shares trading around its fair value.

Simply Wall St -

Brokers' Outlook On Grivalia Properties REIC (ATH:GRIV)

Grivalia Properties REIC (ATSE:GRIV) has been on my radar for a while, and my main concern is around the sustainability of the business going forward. … Although GRIV seems to be managing its financials well, and appears to be trading around its intrinsic value, meaning we can buy its shares at a fair price, I would rather buy an outstanding business at an OK price. … Moreover, comparing GRIV's current share price to its peers based on its industry and earnings level, it's trading at a fair value, with a PE ratio of 13.62x vs.

Simply Wall St -

With An ROE Of 6.95%, Has Grivalia Properties REIC's (ATH:GRIV) Management Done Well?

See our latest analysis for Grivalia Properties REIC Breaking down ROE — the mother of all ratios Return on Equity (ROE) is a measure of Grivalia Properties REIC’s profit relative to its shareholders’ equity. … For now, let’s just look at the cost of equity number for Grivalia Properties REIC, which is 8.85%. … Grivalia Properties REIC’s below-industry ROE is disappointing, furthermore, its returns were not even high enough to cover its own cost of equity.

Simply Wall St -

Is Grivalia Properties REIC (ATH:GRIV) A Healthy REIT?

Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks. … Next Steps: Grivalia Properties REIC can bring diversification into your portfolio due to its unique REIT characteristics. … I'd strongly recommend continuing your research on the following areas I believe are key fundamentals for GRIV: Future Outlook: What are well-informed industry analysts predicting for GRIV’s future growth?

Simply Wall St -

GRIV Company Info

Description

Grivalia Properties Real Estate Investment Company, operates in the fast-growing real estate investment industry, governed by a favourable tax regime, manages one of the most important commercial property portfolios in Greece and Eastern Europe, maintains long-term leases with corporate clients, is being managed by experienced and skilled executives with in-depth knowledge of the Greek and International property markets. The Company’s objective is its growth in the real estate market, with emphasis in office / retail / logistics and industrial sectors of the business, in highly commercial areas, provided that both the capital and the property market conditions permit it. In October 2014, the Company was rebranded to Grivalia Properties from Eurobank Properties, signaling a new era with regard to its company identity. The new brand name reflects the three key Company components, with precision: Its Greek roots – GRivalia, its investment character – GrIvalia, its unique values – GriVALia.

Details
Name: Grivalia Properties REIC
GRIV
Exchange: ATSE
Founded: 1952
€1,083,566,651
96,402,727
Website: http://www.grivalia.com
Address: Grivalia Properties REIC
117, Kifissias Avenue & Agiou Konstantinou,
Maroussi,
Athens,
151 24,
Greece
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ATSE GRIV Ordinary Shares The Athens Stock Exchange GR EUR 07. Apr 2006
OTCPK GRVV.F Ordinary Shares Pink Sheets LLC US USD 07. Apr 2006
LSE 0EDZ Ordinary Shares London Stock Exchange GB EUR 07. Apr 2006
Number of employees
Current staff
Staff numbers
34
Grivalia Properties REIC employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/19 21:12
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/02/08
Last earnings filing: 2019/02/08
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.