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Eurocommercial Properties

ENXTAM:ECMPA
Snowflake Description

6 star dividend payer and slightly overvalued.

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

Eurocommercial Properties N.V. is a Euronext-quoted property investment company and one of Europe’s most experienced retail property investors. The last earnings update was 12 days ago. More info.


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ECMPA Share Price and Events
7 Day Returns
-3.2%
ENXTAM:ECMPA
-1.9%
NL REITs
0.6%
NL Market
1 Year Returns
-31.6%
ENXTAM:ECMPA
-3%
NL REITs
-3%
NL Market
ECMPA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Eurocommercial Properties (ECMPA) -3.2% -2.7% -4% -31.6% -41.2% -29.2%
NL REITs -1.9% -8.2% -2.4% -3% 0.4% 13.7%
NL Market 0.6% -2% 3.3% -3% 26% 26.1%
1 Year Return vs Industry and Market
  • ECMPA underperformed the REITs industry which returned -3% over the past year.
  • ECMPA underperformed the Market in Netherlands which returned -3% over the past year.
Price Volatility
ECMPA
Industry
5yr Volatility vs Market

Value

 Is Eurocommercial Properties 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 Eurocommercial Properties 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 Eurocommercial Properties.

ENXTAM:ECMPA 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 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year NL Government Bond Rate 0.4%

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 ENXTAM:ECMPA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NL Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
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- 25%) (162.32%))
1.107
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (1.107 * 5.96%)
6.97%

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

The calculations below outline how an intrinsic value for Eurocommercial Properties 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.

Eurocommercial Properties 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.

ENXTAM:ECMPA DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 6.97%)
2019 119.89 Analyst x2 112.09
2020 121.94 Analyst x3 106.57
2021 127.15 Analyst x2 103.89
2022 126.90 Analyst x1 96.94
2023 129.20 Analyst x1 92.27
2024 130.89 Est @ 1.31% 87.38
2025 132.23 Est @ 1.03% 82.53
2026 133.32 Est @ 0.83% 77.80
2027 134.25 Est @ 0.69% 73.23
2028 135.04 Est @ 0.59% 68.87
Present value of next 10 years cash flows €901.56
ENXTAM:ECMPA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €135.04 × (1 + 0.37%) ÷ (6.97% – 0.37%)
€2,055.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,055.04 ÷ (1 + 6.97%)10
€1,048.04
ENXTAM:ECMPA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €901.56 + €1,048.04
€1,949.60
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,949.60 / 49.75
€39.19
ENXTAM:ECMPA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €39.19
Current discount Discount to share price of €24.68
= -1 x (€24.68 - €39.19) / €39.19
37%

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

Current Discount
Amount off the current price Eurocommercial Properties is available for.
Intrinsic value
37%
Share price is €24.68 vs Future cash flow value of €39.19
Current Discount Checks
For Eurocommercial Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Eurocommercial Properties's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Eurocommercial Properties's share price is below the future cash flow value, but not 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 Eurocommercial Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Eurocommercial Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTAM:ECMPA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.87
ENXTAM:ECMPA Share Price ** ENXTAM (2019-05-22) in EUR €24.68
Netherlands REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 16.77x
Netherlands Market PE Ratio Median Figure of 80 Publicly-Listed Companies 16.96x

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

** Primary Listing of Eurocommercial Properties.

ENXTAM:ECMPA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:ECMPA Share Price ÷ EPS (both in EUR)

= 24.68 ÷ 0.87

28.41x

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

  • Eurocommercial Properties is overvalued based on earnings compared to the NL REITs industry average.
  • Eurocommercial Properties is overvalued based on earnings compared to the Netherlands market.
Price based on expected Growth
Does Eurocommercial Properties's expected growth come at a high price?
Raw Data
ENXTAM:ECMPA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.41x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
17.4%per year
Netherlands REITs Industry PEG Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.63x
Netherlands Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

ENXTAM:ECMPA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.41x ÷ 17.4%

1.64x

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

  • Eurocommercial Properties is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Eurocommercial Properties's assets?
Raw Data
ENXTAM:ECMPA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €37.92
ENXTAM:ECMPA Share Price * ENXTAM (2019-05-22) in EUR €24.68
Netherlands REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 0.66x
Netherlands Market PB Ratio Median Figure of 103 Publicly-Listed Companies 1.94x
ENXTAM:ECMPA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:ECMPA Share Price ÷ Book Value per Share (both in EUR)

= 24.68 ÷ 37.92

0.65x

* Primary Listing of Eurocommercial Properties.

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

  • Eurocommercial Properties is good value based on assets compared to the NL REITs industry average.
X
Value checks
We assess Eurocommercial Properties'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. Eurocommercial Properties has a total score of 2/6, 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 Eurocommercial Properties expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

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
17.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Eurocommercial Properties expected to grow at an attractive rate?
  • Eurocommercial Properties's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Eurocommercial Properties's earnings growth is expected to exceed the Netherlands market average.
  • Eurocommercial Properties's revenue growth is positive but not above the Netherlands market average.
Annual Growth Rates Comparison
Raw Data
ENXTAM:ECMPA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTAM:ECMPA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 17.4%
ENXTAM:ECMPA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 0.5%
Netherlands REITs Industry Earnings Growth Rate Market Cap Weighted Average 12%
Netherlands REITs Industry Revenue Growth Rate Market Cap Weighted Average 1.2%
Netherlands Market Earnings Growth Rate Market Cap Weighted Average 9.4%
Netherlands Market Revenue Growth Rate Market Cap Weighted Average 2.8%

*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
ENXTAM:ECMPA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTAM:ECMPA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30 216 129 152 1
2022-06-30 212 127 91 1
2021-06-30 214 121 79 7
2020-06-30 212 121 96 8
2019-06-30 207 118 68 5
ENXTAM:ECMPA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 230 115 43
2018-12-31 229 122 57
2018-09-30 234 110 79
2018-06-30 231 108 72
2018-03-31 238 91 186
2017-12-31 235 90 185
2017-09-30 232 86 270
2017-06-30 228 86 261
2017-03-31 223 93 230
2016-12-31 222 92 207
2016-09-30 217 97 220
2016-06-30 213 87 207

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Eurocommercial Properties's earnings are expected to grow by 17.4% yearly, however this is not considered high growth (20% yearly).
  • Eurocommercial Properties's revenue is expected to grow by 0.5% 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
ENXTAM:ECMPA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Eurocommercial Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:ECMPA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30
2022-06-30
2021-06-30 2.07 2.23 1.91 2.00
2020-06-30 1.86 3.17 0.67 4.00
2019-06-30 1.36 1.52 1.20 2.00
ENXTAM:ECMPA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.87
2018-12-31 1.16
2018-09-30 1.60
2018-06-30 1.47
2018-03-31 3.80
2017-12-31 3.81
2017-09-30 5.56
2017-06-30 5.39
2017-03-31 4.77
2016-12-31 4.28
2016-09-30 4.59
2016-06-30 4.35

*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.
  • Eurocommercial Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Eurocommercial Properties'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 Netherlands market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Netherlands 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.
Eurocommercial Properties has a total score of 2/6, 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 Eurocommercial Properties 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 Eurocommercial Properties'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.
  • Eurocommercial Properties's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Eurocommercial Properties's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Eurocommercial Properties's 1-year earnings growth is negative, it can't be compared to the NL REITs industry average.
Earnings and Revenue History
Eurocommercial Properties'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 Eurocommercial Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:ECMPA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 230.40 43.00 16.65
2018-12-31 229.34 57.49 16.33
2018-09-30 233.53 78.89 16.14
2018-06-30 231.36 72.06 15.94
2018-03-31 238.48 185.67 14.67
2017-12-31 234.80 184.72 14.78
2017-09-30 231.96 269.61 14.54
2017-06-30 228.45 260.75 14.41
2017-03-31 222.93 229.85 15.63
2016-12-31 221.77 206.72 16.38
2016-09-30 216.54 219.78 16.37
2016-06-30 212.64 207.40 16.03
2016-03-31 203.30 244.70 15.00
2015-12-31 198.29 229.46 14.62
2015-09-30 198.79 168.25 14.13
2015-06-30 197.54 167.77 13.89
2015-03-31 199.57 81.04 13.61
2014-12-31 198.45 96.60 12.83
2014-09-30 198.82 82.15 12.91
2014-06-30 201.27 99.79 13.07
2014-03-31 202.13 123.66 12.77
2013-12-31 202.89 148.67 12.28
2013-09-30 202.47 138.96 12.83
2013-06-30 201.01 123.31 12.34
2013-03-31 198.79 60.67 14.12
2012-12-31 197.90 48.15 14.15
2012-09-30 195.71 41.67 13.88
2012-06-30 190.46 -12.12 13.53

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

Health

 How is Eurocommercial Properties'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 Eurocommercial Properties's finances.

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

ENXTAM:ECMPA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,886.74 1,993.15 28.31
2018-12-31 1,876.03 2,006.64 56.35
2018-09-30 1,980.45 1,841.02 35.88
2018-06-30 1,939.78 1,847.96 34.01
2018-03-31 1,944.95 2,040.01 30.95
2017-12-31 1,933.97 1,507.60 47.14
2017-09-30 2,007.30 1,569.14 50.22
2017-06-30 1,973.69 1,617.51 77.99
2017-03-31 1,862.68 1,573.25 17.39
2016-12-31 1,831.67 1,586.96 25.16
2016-09-30 1,808.47 1,483.95 56.79
2016-06-30 1,791.67 1,580.15 124.43
2016-03-31 1,716.40 1,409.31 21.91
2015-12-31 1,709.67 1,563.28 45.72
2015-09-30 1,662.60 1,275.94 150.92
2015-06-30 1,658.25 1,292.30 131.00
2015-03-31 1,365.29 1,362.86 23.59
2014-12-31 1,354.66 1,366.16 56.77
2014-09-30 1,381.05 1,323.13 83.15
2014-06-30 1,386.63 1,305.62 27.22
2014-03-31 1,376.84 1,309.48 94.93
2013-12-31 1,372.26 1,283.79 59.25
2013-09-30 1,399.17 1,373.73 36.17
2013-06-30 1,366.06 1,407.27 15.00
2013-03-31 1,323.61 1,345.41 55.66
2012-12-31 1,281.85 1,341.62 37.63
2012-09-30 1,322.05 1,448.93 66.42
2012-06-30 1,300.15 1,401.37 57.91
  • Eurocommercial Properties's level of debt (105.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (95.1% vs 105.6% today).
  • Debt is not well covered by operating cash flow (5.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Eurocommercial Properties'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. Eurocommercial Properties has a total score of 0/6, 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 Eurocommercial Properties'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
8.71%
Current annual income from Eurocommercial Properties dividends. Estimated to be 8.68% next year.
If you bought €2,000 of Eurocommercial Properties shares you are expected to receive €174 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?
  • Eurocommercial Properties's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.35%).
  • Eurocommercial Properties's dividend is above the markets top 25% of dividend payers in Netherlands (5.84%).
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
ENXTAM:ECMPA 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 8 Analyst Estimates (S&P Global) See Below
Netherlands REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 7.8%
Netherlands Market Average Dividend Yield Market Cap Weighted Average of 68 Stocks 4%
Netherlands Minimum Threshold Dividend Yield 10th Percentile 1.7%
Netherlands Bottom 25% Dividend Yield 25th Percentile 2.4%
Netherlands Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

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

ENXTAM:ECMPA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 0.00 1.00
2022-06-30 2.32 1.00
2021-06-30 2.27 7.00
2020-06-30 2.23 8.00
2019-06-30 2.20 7.00
ENXTAM:ECMPA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-09-21 2.150 7.786
2018-08-31 2.150 6.925
2017-08-25 2.100 5.907
2016-09-16 2.050 5.770
2016-08-26 2.050 5.073
2015-08-28 1.980 4.968
2014-09-19 1.940 5.083
2014-08-29 1.940 5.217
2013-08-30 1.920 5.965
2012-07-16 1.920 6.548
2011-08-26 1.880 6.986
2010-09-16 1.820 5.401
2010-08-27 1.820 5.784
2009-08-28 1.780 6.334

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Eurocommercial Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (55x coverage).
X
Income/ dividend checks
We assess Eurocommercial Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - 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 Eurocommercial Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Eurocommercial Properties has a total score of 6/6, 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 Eurocommercial Properties'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
Jeremy Lewis
COMPENSATION €1,491,000
AGE 73
CEO Bio

Mr. Jeremy P. Lewis serves as the Chief Executive Officer and Chairman of the Management Board of Eurocommercial Properties N.V. and has been its Member of Management Board since 1991. Mr. Lewis has almost 50 years international experience in commercial property and the running of quoted property investment vehicles. Mr. Lewis serves as the Chairman of Board of Stichting Prioriteitsaandelen of Eurocommercial Properties. Mr. Lewis is a Chartered Surveyor.

CEO Compensation
  • Jeremy's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jeremy's remuneration is about average for companies of similar size in Netherlands.
Management Team Tenure

Average tenure and age of the Eurocommercial Properties management team in years:

0.5
Average Tenure
59
Average Age
  • The average tenure for the Eurocommercial Properties management team is less than 2 years, this suggests a new team.
Management Team

Jeremy Lewis

TITLE
Chairman of the Management Board & CEO
COMPENSATION
€1M
AGE
73

Evert van Garderen

TITLE
Finance Director & Member of Management Board
COMPENSATION
€977K
AGE
56

Peter Mills

TITLE
Member of the Board of Management
AGE
59
TENURE
0.5 yrs

Roberto Fraticelli

TITLE
Member of Board of Management
AGE
47
TENURE
0.5 yrs

Sergio Olgiati

TITLE
Administrative Director

Anna Davies

TITLE
Investor Relations Director
TENURE
2.3 yrs

Tom Newton

TITLE
Consultant
AGE
60
TENURE
0.3 yrs

Nicolas Bourimoff

TITLE
Leasing Director of France

Tom Agren

TITLE
Controller

Pascal Le Goueff

TITLE
Property Director of France
Board of Directors Tenure

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

4.5
Average Tenure
69
Average Age
  • The tenure for the Eurocommercial Properties board of directors is about average.
Board of Directors

Bas T. M. Bisschop

TITLE
Supervisory Board Chairman
COMPENSATION
€60K
AGE
69
TENURE
4.5 yrs

Jan-Åke Persson

TITLE
Supervisory Board Member
COMPENSATION
€46K
AGE
69
TENURE
5.5 yrs

Carlo Croff

TITLE
Member of the Board of Supervisory Director
COMPENSATION
€46K
AGE
61
TENURE
6.3 yrs

Brigitte Carrière

TITLE
Supervisory Board Member
COMPENSATION
€46K
AGE
72
TENURE
4.5 yrs

E. Attout

TITLE
Member of the Supervisory Board
TENURE
0.5 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 Eurocommercial Properties'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. Eurocommercial Properties 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

How Do Analysts See Eurocommercial Properties N.V. (AMS:ECMPA) Performing In The Year Ahead?

Help shape the future of investing tools and you could win a $250 gift card! … After Eurocommercial Properties N.V.'s (AMS:ECMPA) earnings announcement in December 2018, … with earnings expected to grow by 42% in the upcoming year

Simply Wall St -

Here's What You Should Know About Eurocommercial Properties N.V.'s (AMS:ECMPA) 8.4% Dividend Yield

(AMS:ECMPA) be an attractive dividend share to own for the long haul? … Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. … Some simple analysis can offer a lot of insight when buying a company for its dividend, and we'll go through these below.

Simply Wall St -

Did You Manage To Avoid Eurocommercial Properties's (AMS:ECMPA) 37% Share Price Drop?

(AMS:ECMPA) shareholders have had that experience, with the share price dropping 37% in three years, versus a market return of about 47%. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During the three years that the share price fell, Eurocommercial Properties's earnings per share (EPS) dropped by 39% each year.

Simply Wall St -

Is Eurocommercial Properties N.V.'s (AMS:ECMPA) CEO Paid Enough Relative To Peers?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Jeremy Lewis's Compensation Compare With Similar Sized Companies. … has a market cap of €1.2b, and is paying total annual CEO compensation of €1.5m.

Simply Wall St -

Do Directors Own Eurocommercial Properties N.V. (AMS:ECMPA) Shares?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Eurocommercial Properties isn't enormous, but it's not particularly small either. … institutions are noticeable on the share registry.

Simply Wall St -

Investing In Property Through Eurocommercial Properties NV (AMS:ECMPA)

This impacts how ECMPA’s business operates and also how we should analyse its stock. … 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 … These items can distort the bottom line and not necessarily reflective of ECMPA’s daily operations

Simply Wall St -

Is Eurocommercial Properties NV's (AMS:ECMPA) Growth Strong Enough To Justify Its November Share Price?

Eurocommercial Properties NV (AMS:ECMPA) closed yesterday at €30.7, which left some investors asking whether the high earnings potential can still be justified at this price. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … Investors in Eurocommercial Properties have been patiently waiting for the uptick in earnings.

Simply Wall St -

Will Eurocommercial Properties NV's (AMS:ECMPA) Earnings Grow In The Year Ahead?

Based on Eurocommercial Properties NV's (AMS:ECMPA) earnings update in June 2018, … the consensus outlook from analysts appear highly confident, … with profits predicted to ramp up by an impressive 67% next year,

Simply Wall St -

Who Are The Top Investors In Eurocommercial Properties NV (AMS:ECMPA)?

If you want to know who really controls Eurocommercial Properties NV (AMS:ECMPA), then you'll have to look at the makeup of its share registry. … With a market capitalization of €1.5b, Eurocommercial Properties is a decent size, so it is probably on the radar of institutional investors. … institutions are noticeable on the share registry.

Simply Wall St -

How Should You Analyze REIT Stock Eurocommercial Properties NV (AMS:ECMPA)?

The structure of ECMPA is unique and it has to adhere to different requirements compared to other non-REIT stocks. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much ECMPA actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.

Simply Wall St -

Company Info

Description

Eurocommercial Properties N.V. is a Euronext-quoted property investment company and one of Europe’s most experienced retail property investors. Founded in 1991, Eurocommercial currently owns and operates 28 retail properties in Belgium, France, Italy, and Sweden with total assets of €4.2 billion.

Details
Name: Eurocommercial Properties N.V.
ECMPA
Exchange: ENXTAM
Founded: 1991
€1,227,875,238
49,751,833
Website: http://www.eurocommercialproperties.com
Address: Eurocommercial Properties N.V.
Herengracht 469,
Amsterdam,
Noord-Holland, 1017 BS,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM ECMPA CVA EUR0.50 (REP 10 SHS) Euronext Amsterdam NL EUR 02. Jan 1992
DB N4S CVA EUR0.50 (REP 10 SHS) Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0LNI CVA EUR0.50 (REP 10 SHS) London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE ECMPAA CVA EUR0.50 (REP 10 SHS) BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
90
Eurocommercial Properties employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 21:14
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/12
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/06/30


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.