Financials Covivio

Equities

COV

FR0000064578

Commercial REITs

Market Closed - Euronext Paris Other stock markets 09:05:10 02/05/2024 pm IST			5-day change	1st Jan Change
47.18 ^EUR	+0.68%		+5.22%	-3.08%

24/04	COVIVIO : Invest Securities remains Buy after sales release	CF
24/04	Covivio: stable revenues in Q1	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,809	7,103	6,813	5,199	4,872	4,726	-	-
Enterprise Value (EV) ¹	19,029	18,153	17,785	5,199	11,797	11,167	11,040	11,097
P/E ratio	11.5 x	19.1 x	7.37 x	8.39 x	-3.34 x	47.6 x	9.45 x	10.8 x
Yield	4.74%	4.78%	5.19%	6.76%	6.78%	7.22%	7.31%	7.42%
Capitalization / Revenue	9.16 x	8.19 x	11.5 x	8.57 x	7.91 x	4.43 x	4.33 x	4.22 x
EV / Revenue	19.8 x	20.9 x	29.9 x	8.57 x	19.2 x	10.5 x	10.1 x	9.91 x
EV / EBITDA	21.6 x	25.9 x	32.6 x	9.73 x	21.4 x	19.6 x	18.8 x	17.7 x
EV / FCF	192 x	-139 x	24.8 x	-	-	9.04 x	14.4 x	26.8 x
FCF Yield	0.52%	-0.72%	4.03%	-	-	11.1%	6.94%	3.73%
Price to Book	1.06 x	0.83 x	0.79 x	0.55 x	-	0.64 x	0.65 x	0.66 x
Nbr of stocks (in thousands)	87,041	94,261	94,369	93,764	1,00,084	1,00,162	-	-
Reference price ²	101.2	75.35	72.20	55.45	48.68	47.18	47.18	47.18
Announcement Date	13/02/20	17/02/21	22/02/22	21/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	961.3	866.8	594.6	606.8	615.6	1,067	1,092	1,120
EBITDA ¹	881.7	701.8	545.6	534.3	551	570.2	586.3	625.3
EBIT ¹	816.7	636.7	498	517.5	530	657.3	661.2	765.2
Operating Margin	84.96%	73.45%	83.75%	85.28%	86.09%	61.6%	60.55%	68.32%
Earnings before Tax (EBT) ¹	838.8	413.9	1,014	711.8	-1,554	-464.6	248.8	-
Net income ¹	747	359.8	923.6	620.7	-1,419	118	499.2	464.7
Net margin	77.71%	41.51%	155.33%	102.29%	-230.47%	11.06%	45.71%	41.49%
EPS ²	8.770	3.937	9.791	6.606	-14.55	0.9905	4.990	4.380
Free Cash Flow ¹	99.19	-130.6	716.3	-	-	1,236	766	414
FCF margin	10.32%	-15.07%	120.47%	-	-	115.84%	70.15%	36.96%
FCF Conversion (EBITDA)	11.25%	-	131.29%	-	-	216.76%	130.66%	66.21%
FCF Conversion (Net income)	13.28%	-	77.56%	-	-	1,047.32%	153.46%	89.1%
Dividend per Share ²	4.800	3.600	3.750	3.750	3.300	3.408	3.449	3.502
Announcement Date	13/02/20	17/02/21	22/02/22	21/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	479.2	268	431.6	292.8	301.8	270.1	336.7	307.7	307.9	541.2	589.2	577.6	610
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	248.9	249.1	261.1	-	269.6	260.4	425.9	455.7	461.2	475.2
Operating Margin	-	-	-	85.01%	82.54%	96.67%	-	87.62%	84.57%	78.69%	77.33%	79.84%	77.9%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	13/02/20	21/07/20	17/02/21	21/07/21	22/02/22	21/07/22	21/02/23	20/07/23	15/02/24	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,220	11,050	10,972	-	6,925	6,442	6,315	6,371
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	11.59 x	15.74 x	20.11 x	-	12.57 x	11.3 x	10.77 x	10.19 x
Free Cash Flow ¹	99.2	-131	716	-	-	1,236	766	414
ROE (net income / shareholders' equity)	9.42%	4.26%	4.62%	-	-	5.69%	5.8%	5.93%
ROA (Net income/ Total Assets)	2.98%	1.36%	1.48%	-	-	2.67%	2.74%	2.73%
Assets ¹	25,053	26,552	62,566	-	-	4,413	18,211	17,033
Book Value Per Share ²	95.30	91.00	91.00	101.0	-	73.40	72.60	71.40
Cash Flow per Share ²	9.710	6.760	6.900	-	-	6.100	5.900	5.860
Capex ¹	674	631	698	-	-	843	592	157
Capex / Sales	70.14%	72.83%	117.31%	-	-	78.97%	54.23%	14%
Announcement Date	13/02/20	17/02/21	22/02/22	21/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Covivio

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

47.18 EUR

Average target price

53.09 EUR

Spread / Average Target

+12.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
COVIVIO	-3.08%	5.01B
REALTY INCOME CORPORATION	-4.37%	46.43B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-6.78%	20.42B
SEGRO PLC	-2.10%	13.05B
UNIBAIL-RODAMCO-WESTFIELD SE	+17.42%	11.65B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.85%	9.67B
FEDERAL REALTY INVESTMENT TRUST	+1.80%	8.65B
CAPITALAND ASCENDAS REIT	-14.52%	8.38B
KLÉPIERRE	+3.00%	7.71B
FIBRA UNO	-18.65%	5.49B

Other Commercial REITs