Covivio SA
PAR:COV
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Covivio SA
Intrinsic Value
The intrinsic value of one
COV
stock under the Base Case scenario is
78.13
EUR.
Compared to the current market price of 51.5 EUR,
Covivio SA
is
Undervalued by 34%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Covivio SA
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Fundamental Analysis
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Covivio SA is a prominent real estate investment company based in Europe, distinguished by its commitment to sustainable and innovative property development. With a diverse portfolio that spans residential, office, and hotel assets, Covivio has strategically positioned itself in key urban markets across France, Italy, and Germany. The company's focus on high-quality, environmentally responsible buildings not only enhances their long-term value but also aligns with the growing demand for sustainable living and working spaces. Investors are drawn to Covivio's proactive approach in leveraging trends such as remote work and urbanization, which continue to reshape the real estate landscape. As a...
Covivio SA is a prominent real estate investment company based in Europe, distinguished by its commitment to sustainable and innovative property development. With a diverse portfolio that spans residential, office, and hotel assets, Covivio has strategically positioned itself in key urban markets across France, Italy, and Germany. The company's focus on high-quality, environmentally responsible buildings not only enhances their long-term value but also aligns with the growing demand for sustainable living and working spaces. Investors are drawn to Covivio's proactive approach in leveraging trends such as remote work and urbanization, which continue to reshape the real estate landscape.
As a trusted entity in the European real estate sector, Covivio has cultivated strong relationships with tenants and local communities, fostering a reputation for reliability and corporate responsibility. The company's robust financial strategy involves a disciplined acquisition approach and a commitment to value creation, ensuring consistent returns for investors. With a clear vision for future growth fueled by strategic investments in modern and adaptable properties, Covivio embodies the qualities of a forward-thinking investment. For investors, Covivio presents an opportunity to engage with a dynamic company that not only aims for profitability but also prioritizes societal impact, making it an intriguing option in the European real estate market.
Covivio SA is a notable real estate investment company based in Europe, primarily involved in property investment and management. The company focuses on creating value through various core business segments. These segments are typically categorized as follows:
-
Office Properties:
- Covivio invests in and manages office spaces, particularly in major metropolitan areas across Europe. The company aims to create innovative and sustainable work environments that meet the evolving needs of businesses and employees.
-
Residential Properties:
- The company also focuses on residential real estate, particularly in urban centers. This segment includes the development and management of rental housing, student accommodations, and senior living facilities, catering to different demographic groups.
-
Hotel Properties:
- Covivio invests in hotel properties, focusing on both established and emerging hospitality markets. This segment includes different types of accommodations, from luxury hotels to budget offerings, with an emphasis on partnerships with leading hotel operators.
-
Mixed-Use Developments:
- The company engages in mixed-use developments that integrate residential, office, and retail spaces. This approach enhances community livability and creates synergies among various uses, appealing to users and investors alike.
-
Sustainability and Innovation:
- Covivio places a strong emphasis on sustainable development, investing in green buildings and innovative solutions that meet environmental standards. The company aims to reduce its carbon footprint and enhance the energy efficiency of its properties.
Covivio's strategy revolves around active asset management, development of high-quality properties, and a focus on sustainability, positioning the company to capitalize on market demands in the real estate sector.
Covivio SA, a prominent player in the European real estate investment sector, has several unique competitive advantages that set it apart from its rivals. Understanding these advantages can offer insights into its business model and market positioning:
-
Diverse Portfolio: Covivio has a well-diversified portfolio, including office spaces, residential properties, and hotels across Europe. This diversification helps mitigate risks associated with economic downturns and provides various revenue streams.
-
Sustainability Commitment: Covivio places a strong emphasis on sustainability and green building practices. This commitment to ESG (Environmental, Social, and Governance) criteria not only attracts environmentally conscious investors but also often leads to reduced operating costs and a stronger brand reputation.
-
Strong Customer Orientation: Covivio focuses heavily on tenant satisfaction and experience, leading to high occupancy rates. Their customer-centric approach helps in building long-term relationships with tenants, which can be a significant competitive advantage in the real estate market.
-
Strategic Locations: The company targets prime locations in major European cities, which are often more resilient to market fluctuations. This strategic focus on high-demand areas enhances property value and occupancy rates.
-
Active Management: Covivio employs a proactive approach to managing its assets, which includes regular assessments of property performance and adapting to market trends. This capability to quickly respond to changes provides a competitive edge over more passive management strategies.
-
Strong Financial Position: With a solid balance sheet and access to various funding sources, Covivio can pursue growth opportunities more aggressively than rivals with weaker financials. This allows them to invest in high-potential projects and withstand economic volatility.
-
Innovative Projects: The company is known for undertaking innovative and adaptive reuse projects that bring new life to underutilized properties. This ability to innovate can create unique value propositions for tenants.
-
Experienced Management Team: The leadership at Covivio has significant industry experience and expertise, which aids in strategic decision-making and operational efficiency. A seasoned management team can navigate market challenges more effectively.
-
Strong Brand Recognition: Over time, Covivio has built a reputable brand in the real estate sector. Strong brand equity can lead to better pricing power and customer loyalty.
-
Technology Integration: Investment in technology to enhance property management and improve tenant engagement is a growing trend. Covivio's efforts in this area provide efficiencies and can improve the overall tenant experience.
By leveraging these competitive advantages, Covivio SA positions itself effectively within the European real estate market, allowing it to maintain a stable growth trajectory in a competitive landscape.
Covivio SA, like many companies in the real estate and property management sector, faces a variety of risks and challenges that could impact its business in the near future. Here are some key risks and challenges to consider:
1. Economic Environment
- Recession Risk: A downturn in the economy can lead to decreased demand for real estate, impacting occupancy rates and rental income.
- Interest Rate Increases: Rising interest rates can increase borrowing costs and negatively impact property valuations.
2. Market Conditions
- Supply and Demand Fluctuations: Changes in supply and demand dynamics in the real estate market can affect rental income and property values.
- Competitive Pressure: Increased competition from other real estate firms can lead to price wars and lower margins.
3. Regulatory Risks
- Changes in Legislation: New regulations regarding property ownership, rental agreements, or environmental standards can increase operational costs or limit business strategies.
- Tax Policies: Alterations in tax treatments for real estate investments or property ownership can impact profitability.
4. Geopolitical Risks
- Political Instability: Instability in regions where Covivio operates could disrupt operations and reduce investor confidence.
- Trade Policies: Changes in trade policies may affect construction costs and labor availability.
5. Technology Disruption
- Innovation in Real Estate: Advances in technology, such as proptech solutions, could disrupt traditional business models.
- Cybersecurity Risks: Increased reliance on digital systems heightens the risk of cyberattacks, which could compromise data or operational integrity.
6. Environmental and Social Issues
- Sustainability Concerns: Growing expectations for environmentally sustainable practices may require significant investment in retrofitting properties.
- Climate Change: Properties in vulnerable areas might face increasing risks from extreme weather events, impacting valuations and insurance costs.
7. Operational Risks
- Management and Execution: Inefficiencies in property management or development execution can lead to cost overruns and delayed projects.
- Tenant Default: Increased tenant defaults can reduce cash flow and affect overall portfolio performance.
8. Funding and Capital Access
- Access to Capital: Changes in the lending landscape might restrict access to funding for development projects, affecting growth plans.
- Investor Sentiment: Market sentiment towards real estate can influence stock performance and access to equity financing.
Conclusion
Covivio SA must remain vigilant in managing these risks through strategic planning, diversification, strong governance, and continuous monitoring of market conditions. Building a resilient business model that can adapt to emerging challenges will be essential for sustained success in the real estate sector.
Revenue & Expenses Breakdown
Covivio SA
Balance Sheet Decomposition
Covivio SA
| Current Assets | 2.9B |
| Cash & Short-Term Investments | 1.3B |
| Receivables | 627.5m |
| Other Current Assets | 986.6m |
| Non-Current Assets | 22.5B |
| Long-Term Investments | 20.2B |
| PP&E | 1.6B |
| Intangibles | 135.6m |
| Other Non-Current Assets | 625.4m |
| Current Liabilities | 2.2B |
| Accounts Payable | 310.8m |
| Accrued Liabilities | 116.8m |
| Other Current Liabilities | 1.8B |
| Non-Current Liabilities | 15.1B |
| Long-Term Debt | 10.1B |
| Other Non-Current Liabilities | 5B |
Earnings Waterfall
Covivio SA
|
Revenue
|
1.1B
EUR
|
|
Cost of Revenue
|
-218.8m
EUR
|
|
Gross Profit
|
853.2m
EUR
|
|
Operating Expenses
|
-54.4m
EUR
|
|
Operating Income
|
798.8m
EUR
|
|
Other Expenses
|
-1.5B
EUR
|
|
Net Income
|
-737.5m
EUR
|
Free Cash Flow Analysis
Covivio SA
| EUR | |
| Free Cash Flow | EUR |
In the first half of 2023, Covivio navigated a shifting market landscape, maintaining balance through asset disposals and dividend strategies. Despite some asset value adjustments, the company achieved a 7.6% like-for-like rental growth and sustained an occupancy rate of 95.8%. EPRA NTA per share dipped to EUR 91.1, but gearing remained under 40%. Office demand varied, with downturns in some areas but firm demand and rental increase in city centers, such as 9% in Paris. German residential rents saw a significant rise, with Berlin's rents climbing 16%. The hotel sector is buoyant, with revenue per available room (RevPAR) up 13% year-to-date, and up 20% in peak months. Amid these conditions, Covivio's EPRA earnings stayed stable, and the company raised guidance slightly for the remainder of 2023.
What is Earnings Call?
COV Profitability Score
Profitability Due Diligence
Covivio SA's profitability score is 50/100. The higher the profitability score, the more profitable the company is.
Score
Covivio SA's profitability score is 50/100. The higher the profitability score, the more profitable the company is.
COV Solvency Score
Solvency Due Diligence
Covivio SA's solvency score is 38/100. The higher the solvency score, the more solvent the company is.
Score
Covivio SA's solvency score is 38/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
COV Price Targets Summary
Covivio SA
According to Wall Street analysts, the average 1-year price target for
COV
is 60.1 EUR
with a low forecast of 52.52 EUR and a high forecast of 68.25 EUR.
Click here to dive deeper.
Dividends
Current shareholder yield for COV is
.
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Profile
Covivio SA
Country
Industry
Market Cap
Dividend Yield
Description
Covivio SA is a property investment company, which owns, operates and manages real estate properties. The company is headquartered in Metz, Grand Est and currently employs 984 full-time employees. The company went IPO on 2008-01-01. The firm leases property to manufacturers and service companies, including France Telecom, Thales, Edf, Accor, Dassault Systemes, Suez Environnement, IBM and Eiffage. The firm's assets are comprised of office premises in France, and in Italy via its subsidiary, Beni Stabili. Covivio SA is also active in the service sector property market via a shareholding in Fonciere des Murs, which specializes in leisure, restaurants and healthcare properties. In addition, its subsidiary, Fonciere Europe Logistique, invests in logistics real estate in France and Germany. The firm also has an interest in residential real estate via Fonciere Developpement Logements. The company also operates through other subsidiaries, such as CB 21 and Urbis Park.
Contact
IPO
Employees
Officers
The intrinsic value of one
COV
stock under the Base Case scenario is
78.13
EUR.
Compared to the current market price of 51.5 EUR,
Covivio SA
is
Undervalued by 34%.
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