A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.
+ 1 more risk
6 star dividend payer and undervalued.
Share Price & News
How has Covivio's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: GSEF.F's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: Insufficient data to determine how GSEF.F performed against the US REITs industry.
Return vs Market: Insufficient data to determine how GSEF.F performed against the US Market.
Price Volatility Vs. Market
How volatile is Covivio's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Is Covivio undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: GSEF.F ($60.6) is trading below our estimate of fair value ($102.05)
Significantly Below Fair Value: GSEF.F is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: GSEF.F is good value based on its PE Ratio (6.5x) compared to the REITs industry average (27.7x).
PE vs Market: GSEF.F is good value based on its PE Ratio (6.5x) compared to the US market (15.7x).
Price to Earnings Growth Ratio
PEG Ratio: GSEF.F's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: GSEF.F is good value based on its PB Ratio (0.6x) compared to the US REITs industry average (1.3x).
How is Covivio forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: GSEF.F's earnings are forecast to decline over the next 3 years (-24.7% per year).
Earnings vs Market: GSEF.F's earnings are forecast to decline over the next 3 years (-24.7% per year).
High Growth Earnings: GSEF.F's earnings are forecast to decline over the next 3 years.
Revenue vs Market: GSEF.F's revenue is expected to decline over the next 3 years (-1.7% per year).
High Growth Revenue: GSEF.F's revenue is forecast to decline over the next 3 years (-1.7% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: GSEF.F's Return on Equity is forecast to be low in 3 years time (4.2%).
How has Covivio performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GSEF.F has a large one-off gain of €925.2M impacting its December 31 2019 financial results.
Growing Profit Margin: GSEF.F's current net profit margins (58.6%) are lower than last year (59.4%).
Past Earnings Growth Analysis
Earnings Trend: GSEF.F's earnings have grown by 15.7% per year over the past 5 years.
Accelerating Growth: GSEF.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: GSEF.F had negative earnings growth (-0.3%) over the past year, making it difficult to compare to the REITs industry average (5.3%).
Return on Equity
High ROE: GSEF.F's Return on Equity (10.2%) is considered low.
How is Covivio's financial position?
Financial Position Analysis
Short Term Liabilities: GSEF.F's short term assets (€2.5B) do not cover its short term liabilities (€2.7B).
Long Term Liabilities: GSEF.F's short term assets (€2.5B) do not cover its long term liabilities (€10.7B).
Debt to Equity History and Analysis
Debt Level: GSEF.F's debt to equity ratio (90.9%) is considered high.
Reducing Debt: GSEF.F's debt to equity ratio has reduced from 130.7% to 90.9% over the past 5 years.
Debt Coverage: GSEF.F's debt is not well covered by operating cash flow (6.9%).
Interest Coverage: GSEF.F's interest payments on its debt are well covered by EBIT (4.7x coverage).
What is Covivio's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: GSEF.F's dividend (8.42%) is higher than the bottom 25% of dividend payers in the US market (1.69%).
High Dividend: GSEF.F's dividend (8.42%) is in the top 25% of dividend payers in the US market (4.55%)
Stability and Growth of Payments
Stable Dividend: GSEF.F's dividends per share have been stable in the past 10 years.
Growing Dividend: GSEF.F's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (8.6%), GSEF.F's dividend payments are thoroughly covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: GSEF.F's dividends in 3 years are forecast to be thoroughly covered by earnings (1% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Joseph Kullmann (54yo)
Mr. Christophe Kullmann, also known as Joseph, has been Chief Executive Officer of Foncière Développement Logements since February 2018. Mr. Kullmann has been the Chief Executive Officer since October 2015 ...
CEO Compensation Analysis
Compensation vs Market: Joseph's total compensation ($USD2.82M) is below average for companies of similar size in the US market ($USD7.32M).
Compensation vs Earnings: Joseph's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
|CEO & Director||9.42yrs||€2.54m||0.11% €6.4m|
|Deputy Chief Executive Officer||9.42yrs||€1.34m||no data|
|Deputy Chief Executive Officer||2.33yrs||€1.17m||no data|
|Chief Financial Officer||10.42yrs||no data||no data|
|COO, Chief Corporate Officer & Secretary of the Board||no data||no data||no data|
|Technical Director||no data||no data||no data|
|Executive Officer of Investors Relations||no data||no data||no data|
|Head of Risks||0.33yr||no data||no data|
|Communication Director||no data||no data||no data|
|Human Resources Director||no data||no data||no data|
Experienced Management: GSEF.F's management team is seasoned and experienced (9.4 years average tenure).
|CEO & Director||9.42yrs||€2.54m||0.11% €6.4m|
|Vice Chairman||9.42yrs||€34.00k||no data|
|Independent Chairman of the Board||9.42yrs||€400.00k||0.00061% €36.5k|
|Director||9.42yrs||no data||no data|
|Independent Director||1.17yrs||€24.00k||no data|
|Independent Director||1.17yrs||€28.00k||0.000030% €1.8k|
|Independent Director||4.17yrs||€37.67k||0.00073% €43.7k|
|Independent Director||9.42yrs||€58.67k||0.00049% €29.3k|
|Non-Executive Director||9.42yrs||€40.10k||no data|
Experienced Board: GSEF.F's board of directors are considered experienced (8.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.5%.
Covivio's company bio, employee growth, exchange listings and data sources
- Name: Covivio
- Ticker: GSEF.F
- Exchange: OTCPK
- Founded: 1963
- Industry: Office REITs
- Sector: Real Estate
- Market Cap: €5.376b
- Listing Market Cap: €5.982b
- Shares outstanding: 94.31m
- Website: https://www.covivio.eu
Number of Employees
- 30, Avenue Kléber
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|COV||ENXTPA (Euronext Paris)||Yes||Common Shares||FR||EUR||Jan 1992|
|0J6V||LSE (London Stock Exchange)||Yes||Common Shares||GB||EUR||Jan 1992|
|GSEF.F||OTCPK (Pink Sheets LLC)||Yes||Common Shares||US||USD||Jan 1992|
|F5D||DB (Deutsche Boerse AG)||Yes||Common Shares||DE||EUR||Jan 1992|
|CVO||BIT (Borsa Italiana)||Yes||Common Shares||IT||EUR||Jan 1992|
A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces. A benchmark in the European real estate market with €25 Bn in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/06/02 03:30|
|End of Day Share Price||2020/05/28 00:00|
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.