(COV) Covivio - PA
Sector: Real Estate | Industry: REIT - Diversified | Exchange: PA (France) | Market Cap: 6.015m EUR | Total Return: 5.7% in 12m
Avg Turnover: 5.73M
Warnings
Altman Z'' 0.53 < 1.0 - financial distress zone
Choppy
Tailwinds
No distinct edge detected
Covivio SA is a French-based real estate investment trust (REIT) that manages a multi-sector portfolio across major European markets. Founded in 1963, the company operates with a diversified business model that integrates office spaces, hotels, and residential properties into a unified urban development strategy.
The company functions as both an owner and operator, focusing on long-term asset appreciation and rental income through the work, live, travel concept. Diversified REITs like Covivio benefit from risk mitigation by balancing performance across different real estate cycles and asset classes. The firm emphasizes environmental and social governance (ESG) to enhance the long-term attractiveness and transformation of its physical holdings.
Investors can evaluate the underlying fundamentals and valuation metrics of this portfolio on ValueRay. Given its significant footprint in France, Germany, and Italy, Covivio remains a central player in the consolidation of the European commercial and hospitality real estate sectors.
- European interest rate shifts impact net asset value and debt financing costs
- Office occupancy rates in major European cities drive core rental income growth
- Strategic divestment of non-core assets supports balance sheet deleveraging and liquidity
- Hotel revenue recovery and RevPAR growth influence hospitality segment earnings volatility
- Regulatory changes in German residential rent controls impact long-term portfolio yields
| Net Income: 738.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.84 > 1.0 |
| NWC/Revenue: -147.4% < 20% (prev -7.07%; Δ -140.4% < -1%) |
| CFO/TA 0.03 > 3% & CFO 708.3m > Net Income 738.7m |
| Net Debt (9.73b) to EBITDA (626.8m): 15.52 < 3 |
| Current Ratio: 0.44 > 1.5 & < 3 |
| Outstanding Shares: last quarter (110.8m) vs 12m ago 10.65% < -2% |
| Gross Margin: 64.92% > 18% (prev 62.87%; Δ 2.05% > 0.5%) |
| Asset Turnover: 4.23% > 50% (prev 4.50%; Δ -0.26% > 0%) |
| Interest Coverage Ratio: 2.90 > 6 (EBIT TTM 482.8m / Interest Expense TTM 166.5m) |
| A: -0.06 (Total Current Assets 1.21b - Total Current Liabilities 2.77b) / Total Assets 25.3b |
| B: 0.03 (Retained Earnings 738.7m / Total Assets 25.3b) |
| C: 0.02 (EBIT TTM 482.8m / Avg Total Assets 25.1b) |
| D: 0.68 (Book Value of Equity 8.61b / Total Liabilities 12.7b) |
| Altman-Z'' = 0.53 = B |
| DSRI: 0.62 (Receivables 226.5m/382.0m, Revenue 1.06b/1.12b) |
| GMI: 0.97 (GM 62.87% / 64.92%) |
| AQI: 1.06 (AQ_t 0.87 / AQ_t-1 0.83) |
| SGI: 0.95 (Revenue 1.06b / 1.12b) |
| TATA: 0.00 (NI 738.7m - CFO 708.3m) / TA 25.3b) |
| Beneish M = -3.37 (Cap -4..+1) = AA |
As of June 10, 2026, the stock is trading at EUR 53.10 with a total of 127,693 shares traded.
Over the past week, the price has changed by -2.21%,
over one month by -4.58%,
over three months by -2.90% and
over the past year by +5.67%.
Covivio has no consensus analysts rating.
P/E Trailing = 8.19
P/E Forward = 11.0865
P/S = 5.2484
P/B = 0.7099
P/EG = 24.6239
Revenue TTM = 1.06b EUR
EBIT TTM = 482.8m EUR
EBITDA TTM = 626.8m EUR
Long Term Debt = 8.66b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.98b EUR (from shortLongTermDebt, last quarter)
Debt = 10.9b EUR (from shortLongTermDebtTotal, last quarter) + Leases 304.4m
Net Debt = 9.73b EUR (calculated: Debt 10.9b - CCE 1.21b)
Enterprise Value = 15.7b EUR (6.02b + Debt 10.9b - CCE 1.21b)
Interest Coverage Ratio = 2.90 (Ebit TTM 482.8m / Interest Expense TTM 166.5m)
EV/FCF = 122.3x (Enterprise Value 15.7b / FCF TTM 128.7m)
FCF Yield = 0.82% (FCF TTM 128.7m / Enterprise Value 15.7b)
FCF Margin = 12.10% (FCF TTM 128.7m / Revenue TTM 1.06b)
Net Margin = 69.47% (Net Income TTM 738.7m / Revenue TTM 1.06b)
Gross Margin = 64.92% ((Revenue TTM 1.06b - Cost of Revenue TTM 373.0m) / Revenue TTM)
Gross Margin QoQ = 70.12% (prev 62.50%)
Tobins Q-Ratio = 0.62 (Enterprise Value 15.7b / Total Assets 25.3b)
Interest Expense / Debt = 1.52% (Interest Expense 166.5m / Debt 10.9b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 362.1m (EBIT 482.8m * (1 - 25.00%))
Current Ratio = 0.44 (Total Current Assets 1.21b / Total Current Liabilities 2.77b)
Debt / Equity = 1.27 (Debt 10.9b / totalStockholderEquity, last quarter 8.61b)
Debt / EBITDA = 15.52 (Net Debt 9.73b / EBITDA 626.8m)
Debt / FCF = 75.60 (Net Debt 9.73b / FCF TTM 128.7m)
Total Stockholder Equity = 8.30b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.94% (Net Income 738.7m / Total Assets 25.3b)
RoE = 8.90% (Net Income TTM 738.7m / Total Stockholder Equity 8.30b)
RoCE = 2.85% (EBIT 482.8m / Capital Employed (Equity 8.30b + L.T.Debt 8.66b))
RoIC = 1.61% (NOPAT 362.1m / Invested Capital 22.5b)
WACC = 3.09% (E(6.02b)/V(17.0b) * Re(6.63%) + D(10.9b)/V(17.0b) * Rd(1.52%) * (1-Tc(0.25)))
Discount Rate = 6.63% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.22 | Cagr: 7.44%
[DCF] Terminal Value 73.10% ; FCFF base≈211.6m ; Y1≈185.6m ; Y5≈150.0m
[DCF] Fair Price = N/A (negative equity: EV 2.41b - Net Debt 9.73b = -7.32b; debt exceeds intrinsic value)
EPS Correlation: 39.99 | EPS CAGR: 38.06% | SUE: N/A | # QB: 0
Revenue Correlation: 37.04 | Revenue CAGR: 6.57% | SUE: 0.21 | # QB: 0
EPS current Year (2026-12-31): EPS=4.94 | Chg30d=+0.17% | Revisions=+20% | GrowthEPS=+8.1% | GrowthRev=+56.6%
EPS next Year (2027-12-31): EPS=5.05 | Chg30d=-0.84% | Revisions=+0% | GrowthEPS=+2.2% | GrowthRev=+6.3%
[Analyst] Revisions Ratio: +20%