BIT:CRES

Stock Analysis Report

Executive Summary

COIMA RES is a real estate company listed on Borsa Italiana.

Snowflake

Fundamentals

Proven track record and fair value.

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

2.1%

CRES

0.8%

IT REITs

0.6%

IT Market


1 Year Return

15.6%

CRES

10.6%

IT REITs

15.3%

IT Market

Return vs Industry: CRES exceeded the Italian REITs industry which returned 10.6% over the past year.

Return vs Market: CRES exceeded the Italian Market which returned 15.3% over the past year.


Shareholder returns

CRESIndustryMarket
7 Day2.1%0.8%0.6%
30 Day4.8%5.1%1.0%
90 Day6.8%8.0%1.0%
1 Year20.3%15.6%16.5%10.6%20.6%15.3%
3 Year42.0%30.3%31.2%12.7%27.0%8.2%
5 Yearn/a57.9%23.4%21.3%-26.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

7.31x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: CRES (€8.74) is trading above our estimate of fair value (€7.67)

Significantly Below Fair Value: CRES is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: CRES is good value based on its PE Ratio (7.3x) compared to the REITs industry average (13.5x).

PE vs Market: CRES is good value based on its PE Ratio (7.3x) compared to the Italian market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: CRES's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: CRES is good value based on its PB Ratio (0.7x) compared to the XE REITs industry average (1x).


Next Steps

Future Growth

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

-20.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CRES's earnings are forecast to decline over the next 3 years (-20.9% per year).

Earnings vs Market: CRES's earnings are forecast to decline over the next 3 years (-20.9% per year).

High Growth Earnings: CRES's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CRES's revenue (3.2% per year) is forecast to grow faster than the Italian market (3% per year).

High Growth Revenue: CRES's revenue (3.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CRES's Return on Equity is forecast to be low in 3 years time (4.1%).


Next Steps

Past Performance

How has Coima Res performed over the past 5 years?

52.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: CRES's earnings have grown significantly by 52.7% per year over the past 5 years.

Accelerating Growth: CRES's earnings growth over the past year (36.4%) is below its 5-year average (52.7% per year).

Earnings vs Industry: CRES earnings growth over the past year (36.4%) exceeded the REITs industry 17.1%.


Return on Equity

High ROE: CRES's Return on Equity (8.9%) is considered low.


Return on Assets

ROA vs Industry: CRES has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: CRES has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Coima Res'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: CRES has a high level of physical assets or inventory.

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


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

3.43%

Current Dividend Yield


Dividend Yield vs Market

company3.4%marketbottom25%2.1%markettop25%4.4%industryaverage4.6%forecastin3Years3.9%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: CRES's dividend (3.43%) is higher than the bottom 25% of dividend payers in the Italian market (2.08%).

High Dividend: CRES's dividend (3.43%) is low compared to the top 25% of dividend payers in the Italian market (4.4%).

Stable Dividend: Whilst dividend payments have been stable, CRES has been paying a dividend for less than 10 years.

Growing Dividend: CRES's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (56.4%), CRES's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CRES's dividends in 3 years are forecast to be thoroughly covered by earnings (1.5% payout ratio).


Next Steps

Management

What is the CEO of Coima Res's salary, the management and board of directors tenure and is there insider trading?

4.0yrs

Average board tenure


CEO

Manfredi Catella (51yo)

0yrs

Tenure

€1,634,020

Compensation

Mr. Manfredi Catella has been Director of Internal Control and Risk Management System at COIMA RES S.p.A. SIIQ., since April 2018. Mr.Catella has gained 25 years of experience in the Investment Management  ...


CEO Compensation Analysis

Compensation vs. Market: Manfredi's total compensation ($USD1.82M) is about average for companies of similar size in the Italian market ($USD0.00).

Compensation vs Earnings: Manfredi's compensation has increased by more than 20% in the past year.


Board Age and Tenure

4.0yrs

Average Tenure

59.5yo

Average Age

Experienced Board: CRES's board of directors are considered experienced (4 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.


Recent Insider Transactions

Buy€524,87004 Jul 19
Manfredi Catella
EntityIndividual
Role
Chief Executive Officer
Founder
Shares66,372
Max Price€7.91
Buy€50,00120 Dec 18
Manfredi Catella
EntityIndividual
Role
Chief Executive Officer
Founder
Shares7,143
Max Price€7.00

Ownership Breakdown


Management Team

  • Manfredi Catella (51yo)

    Founder

    • Tenure: 0yrs
    • Compensation: €1.63m
  • Gabriele Bonfiglioli (41yo)

    Head of Investment Management

    • Tenure: 2.3yrs
    • Compensation: €102.72k
  • Fulvio Di Gilio (44yo)

    Chief Financial Officer

    • Tenure: 0yrs
  • Alberto Goretti Goretti (40yo)

    Investor Relations Director

    • Tenure: 0yrs

Board Members

  • Luciano Gabriel (66yo)

    Non-Executive Independent Director

    • Tenure: 2.4yrs
    • Compensation: €40.00k
  • Olivier Elamine (47yo)

    Non-Executive Independent Director

    • Tenure: 2.4yrs
    • Compensation: €40.00k
  • Michel Vauclair (72yo)

    Independent Director

    • Tenure: 4yrs
    • Compensation: €40.00k
  • Agostino Ardissone (73yo)

    Non-Executive Independent Director

    • Tenure: 4yrs
    • Compensation: €40.00k
  • Manfredi Catella (51yo)

    Founder

    • Tenure: 0yrs
    • Compensation: €1.63m
  • Alessandra Stabilini (49yo)

    Non-Executive Independent Director

    • Tenure: 4yrs
    • Compensation: €41.60k
  • Massimo Laconca (56yo)

    Chairman of the Board of Statutory Auditors

    • Tenure: 0yrs
  • Marco Lori (63yo)

    Member of the Board of Statutory Auditors

    • Tenure: 0yrs
  • Feras Al-Naama (28yo)

    Independent Vice Chairman

    • Tenure: 4yrs
    • Compensation: €40.00k
  • Caio Capuano (65yo)

    Chairman of the Board

    • Tenure: 4yrs
    • Compensation: €150.00k

Company Information

Coima Res S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Coima Res S.p.A.
  • Ticker: CRES
  • Exchange: BIT
  • Founded: 2015
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €317.738m
  • Shares outstanding: 36.11m
  • Website: https://www.coimares.com

Number of Employees


Location

  • Coima Res S.p.A.
  • Via della Moscova no. 18
  • Milan
  • Milan
  • 20121
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CRESBIT (Borsa Italiana)YesCommon SharesITEURMay 2016
0RGGLSE (London Stock Exchange)YesCommon SharesGBEURMay 2016
CRESMBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURMay 2016
7CODB (Deutsche Boerse AG)YesCommon SharesDEEURMay 2016

Biography

COIMA RES is a real estate company listed on Borsa Italiana. COIMA RES manages real estate assets in Italy, primarily focusing on commercial properties. The company operates with the beneficial tax status  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 21:42
End of Day Share Price2019/10/22 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.