Download PDF

1. Company Snapshot

1.a. Company Description

A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.A benchmark in the European real estate market with €25 Billion in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.

Show Full description

1.b. Last Insights on COV

Covivio's recent performance has been positively driven by its robust portfolio of properties and steady rental income. The company's strategic focus on office and healthcare real estate has provided a stable foundation for growth. Additionally, Covivio's solid balance sheet and prudent financial management have helped mitigate potential risks. With a growing presence in key European markets, the company is well-positioned to capitalize on emerging trends. Recent market movements suggest a revaluation of the company's prospects.

1.c. Company Highlights

2. Transcript Summary

Unfortunately this company is not part of our coverage yet. But as part of your subscription plan you can request it by clicking just below and we'll process.

Request Coverage

3. NewsRoom

Card image cap

Does Heineken’s Slump Signal Opportunity After Record Low US Alcohol Consumption?

Sep -09

Source:

Card image cap

Enel (BIT:ENEL): Is the Current Valuation Overlooking Subtle Shifts in Performance?

Sep -09

Source:

Card image cap

Telecom Italia (BIT:TIT): Fresh Valuation Perspectives After Strong Share Price Momentum

Sep -09

Source:

Card image cap

Alfa Laval (OM:ALFA): Evaluating the Company’s Valuation as Investors Weigh Recent Modest Share Price Movements

Sep -09

Source:

Card image cap

Porsche SE (XTRA:PAH3): Assessing Value Potential Following Recent Share Price Stability

Sep -09

Source:

Card image cap

GL Events Valuation in Focus After Strong 61.7% Year-to-Date Rally

Sep -09

Source:

Card image cap

How Does Nexans Stack Up After Its Recent 22% Year to Date Surge?

Sep -09

Source:

Card image cap

Should Investors Rethink Wendel After Its 13% Slide in 2025?

Sep -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Residential Germany

Expected Growth: 3.17%

Covivio's 3.17% growth in Residential Germany is driven by a strong demand for housing, fueled by urbanization and a growing population. Additionally, the German government's rental cap and stricter regulations have increased demand for institutional-grade rental apartments, benefiting Covivio's portfolio. Furthermore, the company's focus on energy-efficient and sustainable buildings has attracted environmentally conscious tenants, contributing to its growth.

Hotels in Europe

Expected Growth: 4.77%

Covivio's 4.77% growth in European hotels is driven by increasing tourism, particularly in urban destinations, and a strong business travel segment. Additionally, the company's strategic focus on upscale and luxury hotels, as well as its efficient operational management, contribute to the growth. Furthermore, the ongoing recovery of the European economy and favorable exchange rates also support the segment's expansion.

Offices France

Expected Growth: 4.0%

Covivio's Offices France segment growth of 4.0% is driven by a strong demand for premium office spaces in key cities like Paris, Lyon, and Bordeaux. Additionally, the segment benefits from a low vacancy rate, steady rent growth, and a solid pipeline of development projects. Furthermore, the French government's efforts to promote business growth and attract foreign investment also contribute to the segment's growth.

Offices Italy

Expected Growth: 4.0%

Covivio's 4.0% growth in Offices Italy is driven by a strong demand for high-quality office spaces in prime locations, particularly in Milan and Rome. Additionally, the country's economic recovery, growth in the service sector, and increasing investments in infrastructure and technology are contributing to the segment's expansion.

Offices Germany

Expected Growth: 4.83%

Covivio's Offices Germany segment growth of 4.83% is driven by strong demand for premium office spaces in key cities like Berlin, Munich, and Frankfurt. Additionally, the segment benefits from a low vacancy rate, steady rent growth, and a solid pipeline of development projects. Furthermore, Covivio's focus on sustainability and energy-efficient buildings attracts tenants willing to pay a premium, contributing to the segment's growth.

Intercos Inter-sector

Expected Growth: 4.83%

Intercos' 4.83% growth is driven by Covivio's strategic expansion into high-growth markets, increasing demand for luxury cosmetics, and successful product diversification. Additionally, the company's focus on e-commerce and digital marketing has enhanced its online presence, contributing to revenue growth.

7. Detailed Products

Office Properties

Covivio's office properties segment offers high-quality, modern, and sustainable office spaces for businesses and organizations.

Hotels

Covivio's hotel portfolio comprises a diverse range of hotels, from budget-friendly options to luxury establishments, catering to various traveler needs.

Healthcare Properties

Covivio's healthcare properties segment provides specialized real estate solutions for healthcare providers, medical offices, and healthcare facilities.

Student Residences

Covivio's student residences offer comfortable, convenient, and affordable living spaces for students, promoting academic success and community building.

Retirement Homes

Covivio's retirement homes provide seniors with comfortable, supportive, and community-focused living environments, promoting independence and well-being.

8. Covivio's Porter Forces

Forces Ranking

Threat Of Substitutes

Covivio's business model is focused on providing a unique experience to its customers, which reduces the threat of substitutes.

Bargaining Power Of Customers

Covivio's customers have limited bargaining power due to the company's strong brand reputation and unique offerings.

Bargaining Power Of Suppliers

Covivio's suppliers have some bargaining power due to the company's dependence on them for raw materials and services.

Threat Of New Entrants

The threat of new entrants is high in the real estate industry, as new companies can easily enter the market and compete with Covivio.

Intensity Of Rivalry

The intensity of rivalry is high in the real estate industry, as companies compete for market share and customers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.93%
Debt Cost 3.95%
Equity Weight 46.07%
Equity Cost 11.61%
WACC 7.47%
Leverage 117.08%

11. Quality Control: Covivio passed 1 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

Stock-Card
MERLIN Properties

A-Score: 6.4/10

Value: 5.8

Growth: 4.0

Quality: 6.9

Yield: 6.9

Momentum: 6.5

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
LondonMetric Property

A-Score: 6.4/10

Value: 4.5

Growth: 5.7

Quality: 7.3

Yield: 8.8

Momentum: 3.0

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
Cofinimmo

A-Score: 6.4/10

Value: 4.8

Growth: 2.3

Quality: 5.9

Yield: 10.0

Momentum: 7.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Covivio

A-Score: 5.7/10

Value: 4.0

Growth: 4.2

Quality: 3.9

Yield: 9.4

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
LandSec

A-Score: 5.7/10

Value: 4.5

Growth: 3.2

Quality: 6.2

Yield: 8.1

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Unite

A-Score: 5.6/10

Value: 4.5

Growth: 6.3

Quality: 6.2

Yield: 6.9

Momentum: 2.0

Volatility: 7.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

54.35$

Current Price

54.35$

Potential

-0.00%

Expected Cash-Flows