OTCPK:GSEF.F

Stock Analysis Report

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Executive Summary

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.


Snowflake Analysis

6 star dividend payer and undervalued.


Similar Companies

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.


Market Performance


7 Day Return

10.6%

GSEF.F

4.6%

US REITs

2.8%

US Market


1 Year Return

n/a

GSEF.F

-9.7%

US REITs

9.3%

US Market

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.


Shareholder returns

GSEF.FIndustryMarket
7 Day10.6%4.6%2.8%
30 Day-6.0%5.6%8.9%
90 Dayn/a-14.3%-0.5%
1 Yearn/a-5.9%-9.7%11.8%9.3%
3 Year-34.2%-34.2%11.3%-2.5%31.4%22.7%
5 Yearn/a42.0%12.7%58.7%40.9%

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

Valuation

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

40.6%

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).


Next Steps

Future Growth

How is Covivio forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

-24.7%

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%).


Next Steps

Past Performance

How has Covivio performed over the past 5 years?

15.7%

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.


Next Steps

Financial Health

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).


Balance Sheet


Next Steps

Dividend

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

8.42%

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).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

9.4yrs

Average management tenure


CEO

Joseph Kullmann (54yo)

9.42yrs

Tenure

€2,536,969

Compensation

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.


Leadership Team

NamePositionTenureCompensationOwnership
Christophe Kullmann
CEO & Director9.42yrs€2.54m0.11% 6.4m
Olivier Joseph Estève
Deputy Chief Executive Officer9.42yrs€1.34mno data
Dominique Ozanne
Deputy Chief Executive Officer2.33yrs€1.17mno data
Tugdual Millet
Chief Financial Officer10.42yrsno datano data
Yves Marque
COO, Chief Corporate Officer & Secretary of the Boardno datano datano data
Didier Guion
Technical Directorno datano datano data
Paul Arkwright
Executive Officer of Investors Relationsno datano datano data
Marjolaine Cecile Alquier de l'Épine
Head of Risks0.33yrno datano data
Géraldine Lemoine
Communication Directorno datano datano data
Elsa Canetti
Human Resources Directorno datano datano data

9.4yrs

Average Tenure

46yo

Average Age

Experienced Management: GSEF.F's management team is seasoned and experienced (9.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Christophe Kullmann
CEO & Director9.42yrs€2.54m0.11% 6.4m
Leonardo Del Vecchio
Vice Chairman9.42yrs€34.00kno data
Jean Gaston Pierre Marie Laurent
Independent Chairman of the Board9.42yrs€400.00k0.00061% 36.5k
Jérôme Grivet
Director9.42yrsno datano data
Olivier Piani
Independent Director1.17yrs€24.00kno data
Christian Delaire
Independent Director1.17yrs€28.00k0.000030% 1.8k
Catherine Soubie
Independent Director4.17yrs€37.67k0.00073% 43.7k
Jean-Luc Biamonti
Independent Director9.42yrs€58.67k0.00049% 29.3k
Romolo Bardin
Director5.17yrs€48.00k0.0044% 265.0k
Catherine Allonas-Barthe
Non-Executive Director9.42yrs€40.10kno data

8.8yrs

Average Tenure

60.5yo

Average Age

Experienced Board: GSEF.F's board of directors are considered experienced (8.8 years average tenure).


Ownership

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.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.5%.


Top Shareholders

Company Information

Covivio's company bio, employee growth, exchange listings and data sources


Key Information

  • 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


Location

  • Covivio
  • 30, Avenue Kléber
  • Paris
  • Ile-de-France
  • 75016
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COVENXTPA (Euronext Paris)YesCommon SharesFREURJan 1992
0J6VLSE (London Stock Exchange)YesCommon SharesGBEURJan 1992
GSEF.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJan 1992
F5DDB (Deutsche Boerse AG)YesCommon SharesDEEURJan 1992
CVOBIT (Borsa Italiana)YesCommon SharesITEURJan 1992

Biography

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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 03:30
End of Day Share Price2020/05/28 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.