New Risk • Jul 03
New major risk - Revenue and earnings growth Earnings have declined by 21% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 21% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). Board Change • May 20
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Mrics Gielens was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Mar 10
Cofinimmo SA(ENXTBR:COFB) dropped from Brussels BEL 20 Index Cofinimmo SA removed Duyuru • May 15
Cofinimmo SA announces Annual dividend, payable on May 22, 2025 Cofinimmo SA announced Annual dividend of EUR 4.3400 per share payable on May 22, 2025, ex-date on May 20, 2025 and record date on May 21, 2025. Reported Earnings • Oct 27
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €85.3m (down 5.3% from 3Q 2023). Net loss: €274.0k (down 102% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 28
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €87.9m (down 2.5% from 2Q 2023). Net income: €24.6m (up 155% from 2Q 2023). Profit margin: 28% (up from 11% in 2Q 2023). Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Health Care REITs industry in Europe are expected to grow by 1.9%. Declared Dividend • May 12
Dividend of €4.34 announced Shareholders will receive a dividend of €4.34. Ex-date: 13th May 2024 Payment date: 3rd June 2024 Dividend yield will be 6.5%, which is higher than the industry average of 3.8%. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: €0.48 (vs €0.53 in 1Q 2023) First quarter 2024 results: EPS: €0.48 (down from €0.53 in 1Q 2023). Revenue: €87.0m (up 2.4% from 1Q 2023). Net income: €17.5m (flat on 1Q 2023). Profit margin: 20% (in line with 1Q 2023). Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Health Care REITs industry in Europe are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 08
Full year 2023 earnings released: €1.63 loss per share (vs €15.09 profit in FY 2022) Full year 2023 results: €1.63 loss per share (down from €15.09 profit in FY 2022). Revenue: €389.0m (up 5.8% from FY 2022). Net loss: €55.5m (down 112% from profit in FY 2022). Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Health Care REITs industry in Europe are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 26
Full year 2023 earnings released: €1.63 loss per share (vs €15.09 profit in FY 2022) Full year 2023 results: €1.63 loss per share (down from €15.09 profit in FY 2022). Revenue: €349.0m (down 5.1% from FY 2022). Net loss: €55.5m (down 112% from profit in FY 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Jan 17
Now 20% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be €89.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings is also forecast to grow by 48% per annum over the same time period. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: €0.34 (vs €4.60 in 3Q 2022) Third quarter 2023 results: EPS: €0.34 (down from €4.60 in 3Q 2022). Revenue: €83.1m (up 5.9% from 3Q 2022). Net income: €11.4m (down 92% from 3Q 2022). Profit margin: 14% (down from 189% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Duyuru • Oct 07
Cofinimmo SA has completed a Follow-on Equity Offering in the amount of €167.1483 million. Cofinimmo SA has completed a Follow-on Equity Offering in the amount of €167.1483 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 2,785,805
Price\Range: €60
Transaction Features: Rule 144A Duyuru • Sep 27
An unknown buyer signed a private agreement to acquire Two Nursing And Care Homes In Belgium from Cofinimmo SA (ENXTBR:COFB) for €31 million. An unknown buyer signed a private agreement to acquire Two Nursing And Care Homes In Belgium from Cofinimmo SA (ENXTBR:COFB) for €31 million on September 25, 2023. New Risk • Jul 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 49% Last year net profit margin: 137% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Minor Risks Profit margins are more than 30% lower than last year (49% net profit margin). Shareholders have been diluted in the past year (5.4% increase in shares outstanding). Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €85.3m (up 1.2% from 2Q 2022). Net income: €9.64m (down 94% from 2Q 2022). Profit margin: 11% (down from 187% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 30
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €85.3m (up 1.2% from 2Q 2022). Net income: €9.64m (down 94% from 2Q 2022). Profit margin: 11% (down from 187% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Jul 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 101% Dividend yield: 8.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Duyuru • Jul 14
Cofinimmo SA (ENXTBR:COFB) acquired The Park Nursing Home for € 7.35 million. Cofinimmo SA (ENXTBR:COFB) acquired The Park Nursing Home on for €7.35 million July 13, 2023.Cofinimmo SA (ENXTBR:COFB) completed the acquisition of The Park Nursing Home on July 13, 2023. Buying Opportunity • May 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €100, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings is also forecast to grow by 6.6% per annum over the same time period. Upcoming Dividend • May 08
Upcoming dividend of €4.34 per share at 7.2% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Trailing yield: 7.2%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (6.2%). Buying Opportunity • Apr 25
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €106, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 0.7% per annum. Earnings is forecast to decline by 10% per annum over the same time period. Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: €15.09 (vs €8.78 in FY 2021) Full year 2022 results: EPS: €15.09 (up from €8.78 in FY 2021). Revenue: €325.1m (down 5.2% from FY 2021). Net income: €482.9m (up 86% from FY 2021). Net asset value (NAV) per share: €118 (up 15% from FY 2021). The current share price is 29% lower than NAV per share. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Health Care REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be €98.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings is forecast to decline by 10% per annum over the same time period. Buying Opportunity • Mar 03
Now 22% undervalued Over the last 90 days, the stock is up 1.1%. The fair value is estimated to be €107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings is forecast to decline by 11% per annum over the same time period. Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: €15.09 (vs €8.78 in FY 2021) Full year 2022 results: EPS: €15.09 (up from €8.78 in FY 2021). Revenue: €325.1m (down 5.2% from FY 2021). Net income: €482.9m (up 86% from FY 2021). Net asset value (NAV) per share: €118 (flat on FY 2021). The current share price is 27% lower than NAV per share. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 07
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings is also forecast to grow by 0.09% per annum over the same time period. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €76.6m (up 6.2% from 3Q 2021). Net income: €148.3m (up 103% from 3Q 2021). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the REITs industry in Europe. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €79.4m (up 7.6% from 2Q 2021). Net income: €157.6m (up 213% from 2Q 2021). Over the next year, revenue is forecast to decline by 3.0% while the industry in Germany is not expected to grow. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. Independent Director Michael Zahn was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 09
Upcoming dividend of €4.20 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 18 May 2022. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (4.4%). Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: €79.2m (up 12% from 1Q 2021). Net income: €167.0m (up 271% from 1Q 2021). Over the next year, revenue is forecast to decline by 4.3% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. Independent Director Benoit Graulich was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: €8.77 (vs €4.50 in FY 2020) Full year 2021 results: EPS: €8.77 (up from €4.50 in FY 2020). Revenue: €302.0m (up 3.2% from FY 2020). Net income: €260.0m (up 118% from FY 2020). Profit margin: 86% (up from 41% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 8.6% while the reits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €8.22 (up from €4.50 in FY 2020). Revenue: €299.6m (up 2.3% from FY 2020). Net income: €260.3m (up 118% from FY 2020). Profit margin: 87% (up from 41% in FY 2020). Revenue missed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 12% while thereits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Duyuru • Dec 18
Cofinimmo SA (ENXTBR:COFB) acquired Hof van Blom from Nijhuis Bouw B.V. for €13 million. Cofinimmo SA (ENXTBR:COFB) acquired Hof van Blom from Nijhuis Bouw B.V. for €13 million on December 16, 2021.
Cofinimmo SA (ENXTBR:COFB) completed the acquisition of Hof van Blom from Nijhuis Bouw B.V. on December 16, 2021. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €2.44 (vs €1.45 in 3Q 2020) Third quarter 2021 results: Revenue: €72.6m (up 123% from 3Q 2020). Net income: €73.1m (up 87% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • May 10
Upcoming dividend of €4.06 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 19 May 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.5%). Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS €1.67 (vs €1.64 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €71.0m (down 20% from 1Q 2020). Net income: €45.1m (up 6.9% from 1Q 2020). Profit margin: 64% (up from 48% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Apr 12
Full year 2020 earnings released: EPS €4.50 (vs €8.37 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €292.7m (up 2.6% from FY 2019). Net income: €119.2m (down 42% from FY 2019). Profit margin: 41% (down from 72% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS €4.50 (vs €8.37 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €259.2m (down 9.2% from FY 2019). Net income: €119.2m (down 42% from FY 2019). Profit margin: 46% (down from 72% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 3.3%. Over the next year, revenue is expected to shrink by 1.1% compared to a 47% growth forecast for the REITs industry in Germany. Is New 90 Day High Low • Feb 11
New 90-day high: €130 The company is up 1.0% from its price of €129 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €152 per share. Reported Earnings • Jan 17
Third quarter 2020 earnings released: EPS €1.45 Third quarter 2020 results: Revenue: €32.5m (up 9.0% from 3Q 2019). Net income: €39.2m (down 37% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS €1.45 Third quarter 2020 results: Revenue: €32.5m (down 52% from 3Q 2019). Net income: €39.2m (down 37% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Is New 90 Day High Low • Oct 29
New 90-day low: €117 The company is down 4.0% from its price of €122 on 30 July 2020. The German market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €136 per share. Is New 90 Day High Low • Oct 05
New 90-day high: €129 The company is up 5.0% from its price of €123 on 07 July 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €135 per share. Is New 90 Day High Low • Sep 20
New 90-day high: €128 The company is up 2.0% from its price of €126 on 22 June 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €133 per share.