(COV) Covivio - Ratings and Ratios
Offices, Hotels, Residential, Services
Dividends
| Dividend Yield | 4.60% |
| Yield on Cost 5y | 4.40% |
| Yield CAGR 5y | -8.84% |
| Payout Consistency | 91.0% |
| Payout Ratio | 92.8% |
| Risk via 5d forecast | |
|---|---|
| Volatility | 28.2% |
| Value at Risk 5%th | 45.5% |
| Relative Tail Risk | -1.84% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.67 |
| Alpha | 18.14 |
| CAGR/Max DD | 0.01 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.475 |
| Beta | -0.030 |
| Beta Downside | 0.219 |
| Drawdowns 3y | |
|---|---|
| Max DD | 41.51% |
| Mean DD | 17.62% |
| Median DD | 16.50% |
Description: COV Covivio January 08, 2026
Covivio SA (Euronext Paris PA:COV) positions itself as a pan-European, diversified REIT focused on creating integrated “live-work-play” environments, leveraging its long-standing partnerships and real-estate expertise to shape user experiences across offices, hotels, and residential assets.
As of the latest reporting, Covivio manages roughly €23.6 billion of gross assets, with a portfolio split of about 55 % office, 30 % residential, and 15 % hospitality. The 2023 net operating income (NOI) reached €1.1 billion, and the company maintained a leverage ratio of ~45 % (net debt/EBITDA), which is modest relative to the sector average of ~55 %.
Key economic drivers for Covivio include the Eurozone’s interest-rate environment-higher rates pressure cap-rates and valuation multiples for office and hotel assets-and the ongoing office-space reconfiguration trend driven by hybrid-work models, which is reshaping demand for flexible, high-quality locations in major French and German cities.
Covivio’s ESG credentials are strong: it holds a CDP “A-” rating, a GRESB score of 91/100 (5-star), and an MSCI “AAA” rating, reflecting its commitment to sustainability and responsible performance, which aligns with growing investor demand for green real-estate exposure.
For a deeper, data-driven dive into Covivio’s valuation metrics, the ValueRay platform offers a transparent, up-to-date analysis.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income (-319.5m TTM) > 0 and > 6% of Revenue (6% = 150.2m TTM) |
| FCFTA 0.03 (>2.0%) and ΔFCFTA 2.49pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -34.34% (prev -18.33%; Δ -16.00pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.07 (>3.0%) and CFO 1.81b > Net Income -319.5m (YES >=105%, WARN >=100%) |
| Net Debt (10.84b) to EBITDA (1.50b) ratio: 7.22 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.76 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (110.8m) change vs 12m ago 16.81% (target <= -2.0% for YES) |
| Gross Margin 64.69% (prev 74.76%; Δ -10.07pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 9.59% (prev 5.57%; Δ 4.02pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 7.71 (EBITDA TTM 1.50b / Interest Expense TTM 166.3m) >= 6 (WARN >= 3) |
Altman Z'' 0.49
| (A) -0.03 = (Total Current Assets 2.68b - Total Current Liabilities 3.54b) / Total Assets 25.63b |
| (B) 0.01 = Retained Earnings (Balance) 341.4m / Total Assets 25.63b |
| (C) 0.05 = EBIT TTM 1.28b / Avg Total Assets 26.10b |
| (D) 0.32 = Book Value of Equity 4.40b / Total Liabilities 13.61b |
| Total Rating: 0.49 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 64.21
| 1. Piotroski 4.0pt |
| 2. FCF Yield 4.74% |
| 3. FCF Margin 30.43% |
| 4. Debt/Equity 1.37 |
| 5. Debt/Ebitda 7.22 |
| 6. ROIC - WACC (= 3.07)% |
| 7. RoE -3.93% |
| 8. Rev. Trend 45.90% |
| 9. EPS Trend -8.18% |
What is the price of COV shares?
Over the past week, the price has changed by -3.40%, over one month by +0.28%, over three months by -3.05% and over the past year by +20.30%.
Is COV a buy, sell or hold?
What are the forecasts/targets for the COV price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 63.3 | 17.1% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 58 | 7.3% |
COV Fundamental Data Overview January 06, 2026
P/E Trailing = 14.8408
P/E Forward = 11.5875
P/S = 5.4465
P/B = 0.7535
Beta = 1.127
Revenue TTM = 2.50b EUR
EBIT TTM = 1.28b EUR
EBITDA TTM = 1.50b EUR
Long Term Debt = 8.60b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.42b EUR (from shortTermDebt, last quarter)
Debt = 11.24b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 10.84b EUR (from netDebt column, last quarter)
Enterprise Value = 16.08b EUR (6.20b + Debt 11.24b - CCE 1.36b)
Interest Coverage Ratio = 7.71 (Ebit TTM 1.28b / Interest Expense TTM 166.3m)
EV/FCF = 21.11x (Enterprise Value 16.08b / FCF TTM 761.7m)
FCF Yield = 4.74% (FCF TTM 761.7m / Enterprise Value 16.08b)
FCF Margin = 30.43% (FCF TTM 761.7m / Revenue TTM 2.50b)
Net Margin = -12.76% (Net Income TTM -319.5m / Revenue TTM 2.50b)
Gross Margin = 64.69% ((Revenue TTM 2.50b - Cost of Revenue TTM 883.8m) / Revenue TTM)
Gross Margin QoQ = 62.50% (prev 61.07%)
Tobins Q-Ratio = 0.63 (Enterprise Value 16.08b / Total Assets 25.63b)
Interest Expense / Debt = 1.48% (Interest Expense 166.3m / Debt 11.24b)
Taxrate = 11.78% (67.2m / 570.6m)
NOPAT = 1.13b (EBIT 1.28b * (1 - 11.78%))
Current Ratio = 0.76 (Total Current Assets 2.68b / Total Current Liabilities 3.54b)
Debt / Equity = 1.37 (Debt 11.24b / totalStockholderEquity, last quarter 8.22b)
Debt / EBITDA = 7.22 (Net Debt 10.84b / EBITDA 1.50b)
Debt / FCF = 14.23 (Net Debt 10.84b / FCF TTM 761.7m)
Total Stockholder Equity = 8.14b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.22% (Net Income -319.5m / Total Assets 25.63b)
RoE = -3.93% (Net Income TTM -319.5m / Total Stockholder Equity 8.14b)
RoCE = 7.66% (EBIT 1.28b / Capital Employed (Equity 8.14b + L.T.Debt 8.60b))
RoIC = 5.97% (NOPAT 1.13b / Invested Capital 18.93b)
WACC = 2.91% (E(6.20b)/V(17.44b) * Re(5.81%) + D(11.24b)/V(17.44b) * Rd(1.48%) * (1-Tc(0.12)))
Discount Rate = 5.81% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 33.33 | Cagr: 5.18%
[DCF Debug] Terminal Value 84.53% ; FCFF base≈508.4m ; Y1≈431.8m ; Y5≈329.9m
Fair Price DCF = N/A (negative equity: EV 10.05b - Net Debt 10.84b = -791.4m; debt exceeds intrinsic value)
EPS Correlation: -8.18 | EPS CAGR: -27.95% | SUE: 0.0 | # QB: 0
Revenue Correlation: 45.90 | Revenue CAGR: 12.15% | SUE: 1.08 | # QB: 3
EPS next Year (2026-12-31): EPS=4.73 | Chg30d=+0.013 | Revisions Net=-1 | Growth EPS=+1.5% | Growth Revenue=+2.5%