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.
The last earnings update was 70 days ago.
Discounted Cash Flow Calculation for OTCPK:GSEF.F using 2 Stage Free Cash Flow to Equity using Funds From Operations Model
The calculations below outline how an intrinsic value for
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.
Covivio 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.
OTCPK:GSEF.F DCF 1st Stage: Next 10 year cash flow forecast
The current share price of
is above its future cash flow value.
Often investors are willing to pay a
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
is considered below, and whether this is a fair price.
Price based on past earnings
Covivio's earnings available for a low price, and how does
this compare to other companies in the same industry?
Covivio's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
Covivio's revenue is expected to grow by 0.1% 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.
Covivio's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
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.
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.
TENURE AS CEO
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 and President since June 2007 at Beni Stabili SIIQ S.p.A. Mr. Kullmann serves as Managing Director of Beni Stabili SIIQ S.p.A. He has been the Chief Executive Officer at Covivio (formerly, Fonciere des Regions) since January 31, 2011 and has been its Director since April 25, 2012. He serves as General Manager of Foncière Développement Logements. He joined Groupe Batigère in 1998 as a Project Manager. He serves as Managing Director of Immobilière Batibail Benelux SA. He has been the Chairman of Management Board of Foncière des Murs SCA since 2001 and serves as its Member of Management Board. He serves as a Company Manager of SCI Esplanade Belvédère II, SCI Esplanade Belvédère III, Parking de la Gare Charles de Gaulle SNC and Parking de la Comédie SNC. He served as the Chairman of the Executive Board at Covivio from 2001 to January 31, 2011. He served as Chairman Of Management Board at Covivio Hotels since 2001 and its Member of Management Board since May 4, 2007. Since 1992, he served as Finance Director of Immobilière Batibail, until its merger with Gécina in 1999 and its Chief Financial Officer. He served as Deputy Financial Director of Gécina since 1999. He then led Gécina and was appointed Finance Director. In 2000, He served as a Secretary-General of Batipart and its Corporate Secretary. In 2001, he became Chairman of the Management Board of Covivio. He serves as Chairman of FDR 2 SAS and FDR 3 SAS. He has been the Chairman of the Supervisory Board of Fonciere Des Murs since November 30, 2004. He serves as Chairman of the Board of Directors of Immobilière Batibail Bénélux SA, Chairman of the Board of Directors of Batisica SA. He serves as Company Chairman of GFR Services SAS, GFR Externalisation SAS, Parcs GFR SAS, GFR Blériot SAS Company, GFR Diversification Permanent Representative of Batipart, company. He served as Chairman of Covivio until November 15, 2010. He served as Chairman of Beni Stabili SIIQ S.p.A. until July 24, 2008. He served as Chairman of Foncière Développement Logements SCA until April 16, 2008. He serves as Member of Supervisory Board at Fonciere Europe Logistique. He serves as a Member of Supervisory Board of Foncière Europe Logistique SCA. He serves as a Director of Batipart SA and GFR Property. He serves as a Manager of GFR Kléber SARL. He has been a Director of Beni Stabili SIIQ S.p.A. since July 24, 2008. He has been Director of Foncière Développement Logements since December 2005. He has been Member of Supervisory Board of Foncière Développement Logements SCA since December 22, 2005. He serves as a Director of European Board of Fonciere Des Murs. He serves as Company Director of Sovaklé SA, Batipart, as Company Manager of SCI Maréville. He serves as Director of Suren. He served as a Member of Supervisory Board at Altarea SCA. Mr. Kullmann majored in Management and Finance. He holds a DEA degree in Management.
Joseph's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
Joseph's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the
management team in years:
The average tenure for the Covivio management team is over 5 years, this suggests they are a seasoned and experienced team.
CEO & Director
Olivier Joseph Estève
Deputy GM & Deputy CEO
Deputy GM & Deputy CEO
Chief Financial Officer
COO & Secretary of the Board
Head of Corporate Finance and Investors Relations
Human Resources Director
Marjolaine Cecile Alquier De L’Epine
Director of Internal Audit & Control
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Covivio board of directors is about average.
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 23 billion Euros in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.
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