OTCPK:IMQC.F

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Inmobiliaria Colonial SOCIMI

Executive Summary

Colonial is a Spanish listed REIT company (SOCIMI), leader in the European Prime office market with presence in the main business areas of Barcelona, Madrid and Paris with a prime office portfolio of more than one million of sq m of GLA and assets under management with a value of more than €12bn.


Snowflake Analysis

Proven track record and fair value.


Similar Companies

Share Price & News

How has Inmobiliaria Colonial SOCIMI's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: IMQC.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

IMQC.F

4.6%

US REITs

2.9%

US Market


1 Year Return

-24.8%

IMQC.F

-7.2%

US REITs

8.9%

US Market

Return vs Industry: IMQC.F underperformed the US REITs industry which returned -7.2% over the past year.

Return vs Market: IMQC.F underperformed the US Market which returned 8.9% over the past year.


Shareholder returns

IMQC.FIndustryMarket
7 Day0%4.6%2.9%
30 Day0%11.3%10.6%
90 Dayn/a-9.8%5.1%
1 Year-24.8%-24.8%-3.3%-7.2%11.4%8.9%
3 Yearn/a16.7%2.3%34.3%25.4%
5 Yearn/a47.8%17.6%60.7%42.7%

Price Volatility Vs. Market

How volatile is Inmobiliaria Colonial SOCIMI's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Inmobiliaria Colonial SOCIMI undervalued compared to its fair value and its price relative to the market?

5.24x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: IMQC.F ($8.46) is trading above our estimate of fair value ($4.84)

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


Price To Earnings Ratio

PE vs Industry: IMQC.F is good value based on its PE Ratio (5.2x) compared to the REITs industry average (29.6x).

PE vs Market: IMQC.F is good value based on its PE Ratio (5.2x) compared to the US market (16.4x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: IMQC.F is good value based on its PB Ratio (0.8x) compared to the US REITs industry average (1.5x).


Next Steps

Future Growth

How is Inmobiliaria Colonial SOCIMI forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

-1.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IMQC.F's earnings are forecast to decline over the next 3 years (-1.3% per year).

Earnings vs Market: IMQC.F's earnings are forecast to decline over the next 3 years (-1.3% per year).

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

Revenue vs Market: IMQC.F's revenue (7.1% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: IMQC.F's revenue (7.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IMQC.F's Return on Equity is forecast to be low in 3 years time (2.8%).


Next Steps

Past Performance

How has Inmobiliaria Colonial SOCIMI performed over the past 5 years?

26.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IMQC.F has a large one-off gain of €835.0M impacting its March 31 2020 financial results.

Growing Profit Margin: IMQC.F's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: IMQC.F has become profitable over the past 5 years, growing earnings by 26.7% per year.

Accelerating Growth: IMQC.F's earnings growth over the past year (58.7%) exceeds its 5-year average (26.7% per year).

Earnings vs Industry: IMQC.F earnings growth over the past year (58.7%) exceeded the REITs industry 5.2%.


Return on Equity

High ROE: IMQC.F's Return on Equity (14.4%) is considered low.


Next Steps

Financial Health

How is Inmobiliaria Colonial SOCIMI's financial position?


Financial Position Analysis

Short Term Liabilities: IMQC.F's short term assets (€568.1M) do not cover its short term liabilities (€839.0M).

Long Term Liabilities: IMQC.F's short term assets (€568.1M) do not cover its long term liabilities (€4.7B).


Debt to Equity History and Analysis

Debt Level: IMQC.F's debt to equity ratio (69.3%) is considered high.

Reducing Debt: IMQC.F's debt to equity ratio has reduced from 94.8% to 69.3% over the past 5 years.

Debt Coverage: IMQC.F's debt is not well covered by operating cash flow (6.7%).

Interest Coverage: IMQC.F's interest payments on its debt are well covered by EBIT (3.4x coverage).


Balance Sheet


Next Steps

Dividend

What is Inmobiliaria Colonial SOCIMI's current dividend yield, its reliability and sustainability?

2.55%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: IMQC.F's dividend (2.55%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: IMQC.F's dividend (2.55%) is low compared to the top 25% of dividend payers in the US market (4.32%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (31.6%), IMQC.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: IMQC.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.1% payout ratio).


Next Steps

Management

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

10.8yrs

Average management tenure


CEO

Pedro Viñolas Serra (56yo)

11.75yrs

Tenure

€791,000

Compensation

Mr. Pedro Viñolas Serra has been the Chief Executive Officer of Inmobiliaria Colonial, SOCIMI, S.A. (formerly, Inmobiliaria Colonial, S.A.) since September 2008 and its Executive Director since July 18, 20 ...


CEO Compensation Analysis

Compensation vs Market: Pedro Viñolas's total compensation ($USD0.00) is below average for companies of similar size in the US market ($USD7.17M).

Compensation vs Earnings: Insufficient data to compare Pedro Viñolas's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
Juan José Brugera Clavero
Chairman & President12yrs€669.00k0.052% 2.6m
Pedro Viñolas Serra
Vice-Chairman & CEO11.75yrs€791.00k0.078% 3.9m
Àngels Arderiu Ibars
CFO & Finance Manager11.42yrsno datano data
Alberto Alcober Teixido
COO & Business Director11.42yrsno datano data
Juan Manuel Ortega Moreno
Chief Investment Officer5.5yrsno datano data
Jaume Solà
Head of Corporate Development & IRno datano datano data
Nuria Oferil Coll
Chief Legal Officer10.08yrsno datano data
Richard Harvey
Chief Compliance Officer5.83yrsno datano data
Carlos Krohmer
Chief Corporate Development Officer11.42yrsno datano data
Begoña Muñoz López
Chief Human Resources1.92yrsno datano data

10.8yrs

Average Tenure

52yo

Average Age

Experienced Management: IMQC.F's management team is seasoned and experienced (10.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Juan José Brugera Clavero
Chairman & President12yrs€669.00k0.052% 2.6m
Pedro Viñolas Serra
Vice-Chairman & CEO11.75yrs€791.00k0.078% 3.9m
Carlos Fernández González
Proprietary Director4yrsno datano data
Ignacio Bayón Mariné
Chairman of Société Fonciére Lyonnaise SIIC Parisno datano datano data
Juan Carlos García Cañizares
Proprietary Director6yrs€133.00kno data
Carlos Fernández-Lerga Garralda
Lead Independent Directorno data€265.00k0.00041% 20.3k
Javier Iglesias de Ussel Ordís
Independent Director12yrs€200.00k0.0011% 53.1k
Luis Maluquer Trepat
Independent Director6.92yrs€126.00kno data
Ali Bin Jassim M. Al-Thani
Proprietary Director4.58yrs€7.00kno data
Adnane Mousannif
Proprietary Director4yrsno datano data

5.3yrs

Average Tenure

60.5yo

Average Age

Experienced Board: IMQC.F's board of directors are considered experienced (5.3 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.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Inmobiliaria Colonial, SOCIMI, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Inmobiliaria Colonial, SOCIMI, S.A.
  • Ticker: IMQC.F
  • Exchange: OTCPK
  • Founded: 1946
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €4.377b
  • Listing Market Cap: €4.959b
  • Shares outstanding: 507.54m
  • Website: https://www.inmocolonial.com

Number of Employees


Location

  • Inmobiliaria Colonial, SOCIMI, S.A.
  • Paseo de la Castellana, 52
  • Madrid
  • Madrid
  • 8006
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COLBME (Bolsas y Mercados Espanoles)EUR2.5ESEURNo data
IMQC.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
COLBME (Bolsas y Mercados Espanoles)YesOrdinary SharesESEURJan 1992
HSC2DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0RIDLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
COLEBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
COLWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992
COL NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1992

Biography

Colonial is a Spanish listed REIT company (SOCIMI), leader in the European Prime office market with presence in the main business areas of Barcelona, Madrid and Paris with a prime office portfolio of more than one million of sq m of GLA and assets under management with a value of more than €12bn. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 12:21
End of Day Share Price2020/04/27 00:00
Earnings2020/03/31
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.