Covivio SA
PAR:COV

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Covivio SA Logo
Covivio SA
PAR:COV
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Price: 51.65 EUR 2.08% Market Closed
Market Cap: 5.7B EUR
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Intrinsic Value

The intrinsic value of one COV stock under the Base Case scenario is 78.01 EUR. Compared to the current market price of 51.65 EUR, Covivio SA is Undervalued by 34%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

COV Intrinsic Value
78.01 EUR
Undervaluation 34%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

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Covivio SA

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Investment Journal
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Business Breakdown

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...

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

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
Efficiency

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

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

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?
Fundamental Scores

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.

Positive Gross Profit
Positive Free Cash Flow
Positive Operating Income
Positive 3-Years Revenue Growth
50/100
Profitability
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.

Long-Term Solvency
Short-Term Solvency
Average D/E
Positive Net Debt
38/100
Solvency
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

Wall Street analysts forecast COV stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for COV is 62.53 EUR with a low forecast of 56.56 EUR and a high forecast of 69.3 EUR.

Lowest
Price Target
56.56 EUR
10% Upside
Average
Price Target
62.53 EUR
21% Upside
Highest
Price Target
69.3 EUR
34% Upside
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Dividends

Dividend Yield
Lowest
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Highest
Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
Very
Unsafe
Unsafe
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Safe
0
25
50
75
100
Shareholder Yield

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?

Shareholder Yield
Dividend Yield
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Highest
Buyback Yield
Lowest
Average
Highest
Debt Paydown Yield
Lowest
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Ownership

COV Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
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12 Months
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Profile

Covivio SA Logo
Covivio SA

Country

France

Industry

Real Estate

Market Cap

5.7B EUR

Dividend Yield

6.39%

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

GRAND EST
Metz
18 Avenue Francois Mitterrand
+33387395500.0
www.covivio.eu

IPO

2008-01-01

Employees

984

Officers

CEO & Director
Mr. Christopher Kullmann
Deputy Chief Executive Officer
Mr. Olivier Francois Joseph Estève
CFO, Director of Financial planning, Control & Communication and Executive Officer of IR
Mr. Paul Arkwright
COO, Chief Corporate Officer & Secretary of the Board
Mr. Yves Marque
Technical Director
Mr. Didier Guion
Director of Risk, Compliance, Internal Audit & Control Department
Ms. Marjolaine Cecile R. Alquier de l'Épine
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Legal Officer
Ms. Joséphine Lelong-Chaussier
VP & Chief Communication Officer
Ms. GĂ©raldine Lemoine
Human Resources Director
Ms. Elsa Canetti
Chief Executive Officer of Hotels - Europe
Mr. Tugdual Millet-Taunay
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See Also

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What is the Intrinsic Value of one COV stock?

The intrinsic value of one COV stock under the Base Case scenario is 78.01 EUR.

Is COV stock undervalued or overvalued?

Compared to the current market price of 51.65 EUR, Covivio SA is Undervalued by 34%.

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