Immobel SA (IMMO.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

Immobel SA engages in the real estate development business in Belgium, Luxemburg, France, Germany, Poland, and Spain.The company undertakes office, residential, and retail projects, as well as develops real estate projects for living, working, and recreational activities.It also provides project management and leasing services.

The company was formerly known as Allfin NV and changed its name to Immobel SA in June 2016.Immobel SA was incorporated in 1863 and is headquartered in Brussels, Belgium.

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1.b. Last Insights on IMMO

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1.c. Company Highlights

Last Price	22.7
Change Percentage	0.22%
Open	22.6
Previous Close	22.65
Market Cap ( Millions)	232
Volume	2173
Year High	27
Year Low	15.72
M A 50	23.87
M A 200	21.53

FCF Yield	39.10%
Dividend Yield	0.00%
ROE	6.78%
Debt / Equity	221.50%
Net Debt / EBIDTA	-544.60%
Price To Book	0.56
Price Earnings Ratio	8.62
Price To FCF	2.56
Price To sales	0.56
EV / EBITDA	-7.11

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.91%)

6. Segments

Residential

Expected Growth: 4.83%

Residential segment growth of 4.83% driven by increasing demand for housing, fueled by low interest rates, government incentives, and urbanization. Additionally, Immobel SA's strategic focus on sustainable and energy-efficient projects, as well as its strong brand reputation, contribute to its market share expansion.

Offices

Expected Growth: 4.83%

Immobel SA's 4.83% office segment growth is driven by increasing demand for premium office spaces, strategic locations, and high-quality amenities. Additionally, the company's focus on sustainability, energy efficiency, and innovative building technologies has attracted environmentally conscious tenants, contributing to the growth.

Landbanking

Expected Growth: 7.05%

Immobel SA's 7.05% landbanking growth is driven by increasing demand for residential and commercial properties, strategic land acquisitions, and effective project management. Additionally, the company's focus on sustainable development, urban renewal, and mixed-use projects contributes to its growth. Furthermore, Immobel SA's strong financial position and ability to navigate regulatory environments also support its expansion.

7. Detailed Products

Residential Real Estate

Immobel SA offers a wide range of residential properties, including apartments, houses, and villas, catering to diverse needs and budgets.

Commercial Real Estate

Immobel SA provides office spaces, retail units, and industrial facilities for businesses, entrepreneurs, and organizations.

Land Development

Immobel SA offers land development services, including project management, urban planning, and construction supervision.

Property Management

Immobel SA provides property management services, including rental management, maintenance, and administrative support.

Real Estate Consulting

Immobel SA offers real estate consulting services, including market research, feasibility studies, and investment advice.

8. Immobel SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Immobel SA is moderate due to the presence of alternative real estate companies in the market.

Bargaining Power Of Customers

The bargaining power of customers is low for Immobel SA as the company has a strong brand reputation and a diverse customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Immobel SA as the company relies on a few key suppliers for its construction materials.

Threat Of New Entrants

The threat of new entrants is high for Immobel SA as the real estate industry is attractive and has low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high for Immobel SA as the real estate industry is highly competitive with many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	66.54%
Debt Cost	3.95%
Equity Weight	33.46%
Equity Cost	7.16%
WACC	5.02%
Leverage	198.87%

11. Quality Control: Immobel SA passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

BASSAC

A-Score: 5.6/10

Value: 8.1

Growth: 4.6

Quality: 5.0

Yield: 5.0

Momentum: 5.0

Volatility: 6.0

1-Year Total Return ->

Immobel

A-Score: 5.6/10

Value: 9.2

Growth: 4.2

Quality: 4.4

Yield: 4.4

Momentum: 8.0

Volatility: 3.3

1-Year Total Return ->

Instone Real Estate

A-Score: 5.4/10

Value: 8.0

Growth: 5.0

Quality: 4.5

Yield: 8.1

Momentum: 2.5

Volatility: 4.3

1-Year Total Return ->

Harworth

A-Score: 5.4/10

Value: 8.2

Growth: 6.8

Quality: 6.1

Yield: 1.2

Momentum: 3.0

Volatility: 7.0

1-Year Total Return ->

Altareit

A-Score: 5.1/10

Value: 6.8

Growth: 3.8

Quality: 1.7

Yield: 0.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

WCM Beteiligungs

A-Score: 3.2/10

Value: 1.8

Growth: 1.7

Quality: 7.2

Yield: 1.2

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-7.63%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.02%

Immobel SA - BE0003599108

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IMMO

Have nothing to say about that one ...

1.c. Company Highlights

Cheaper

Weak Momentum

Lower Growth

Lower Quality

Medium Volatility

More Volatile

Strong Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.91%)

6. Segments

Residential

Expected Growth: 4.83%

Offices

Expected Growth: 4.83%

Landbanking

Expected Growth: 7.05%

7. Detailed Products

Residential Real Estate

Commercial Real Estate

Land Development

Property Management

Real Estate Consulting

8. Immobel SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Immobel SA passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

22.7$

Current Price

22.7$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA