(COV) Covivio - Overview
Stock: Offices, Hotels, Residential, Services
Dividends
| Dividend Yield | 5.04% |
| Yield on Cost 5y | 4.85% |
| Yield CAGR 5y | -8.84% |
| Payout Consistency | 91.0% |
| Payout Ratio | 92.8% |
| Risk 5d forecast | |
|---|---|
| Volatility | 18.8% |
| Relative Tail Risk | -2.58% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.44 |
| Alpha | 8.55 |
| Character TTM | |
|---|---|
| Beta | -0.053 |
| Beta Downside | 0.217 |
| Drawdowns 3y | |
|---|---|
| Max DD | 37.60% |
| CAGR/Max DD | 0.07 |
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) 5.0
| Net Income: -319.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 2.49 > 1.0 |
| NWC/Revenue: -34.34% < 20% (prev -18.33%; Δ -16.00% < -1%) |
| CFO/TA 0.07 > 3% & CFO 1.81b > Net Income -319.5m |
| Net Debt (10.84b) to EBITDA (1.50b): 7.22 < 3 |
| Current Ratio: 0.76 > 1.5 & < 3 |
| Outstanding Shares: last quarter (110.8m) vs 12m ago 16.81% < -2% |
| Gross Margin: 64.69% > 18% (prev 0.75%; Δ 6394 % > 0.5%) |
| Asset Turnover: 9.59% > 50% (prev 5.57%; Δ 4.02% > 0%) |
| Interest Coverage Ratio: 7.71 > 6 (EBITDA TTM 1.50b / Interest Expense TTM 166.3m) |
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 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) |
| Altman-Z'' Score: 0.49 = B |
Beneish M -2.66
| DSRI: 0.82 (Receivables 642.1m/461.9m, Revenue 2.50b/1.48b) |
| GMI: 1.16 (GM 64.69% / 74.76%) |
| AQI: 0.94 (AQ_t 0.82 / AQ_t-1 0.87) |
| SGI: 1.69 (Revenue 2.50b / 1.48b) |
| TATA: -0.08 (NI -319.5m - CFO 1.81b) / TA 25.63b) |
| Beneish M-Score: -2.66 (Cap -4..+1) = A |
What is the price of COV shares?
Over the past week, the price has changed by +1.77%, over one month by -0.73%, over three months by -1.27% and over the past year by +11.06%.
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 | 62.7 | 15% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 57.3 | 5% |
COV Fundamental Data Overview February 03, 2026
P/E Trailing = 14.2573
P/E Forward = 11.1732
P/S = 5.2284
P/B = 0.7264
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 = 15.83b EUR (5.95b + Debt 11.24b - CCE 1.36b)
Interest Coverage Ratio = 7.71 (Ebit TTM 1.28b / Interest Expense TTM 166.3m)
EV/FCF = 20.78x (Enterprise Value 15.83b / FCF TTM 761.7m)
FCF Yield = 4.81% (FCF TTM 761.7m / Enterprise Value 15.83b)
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 = 0.62 (Enterprise Value 15.83b / 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 = 2.83% (E(5.95b)/V(17.19b) * Re(5.72%) + D(11.24b)/V(17.19b) * Rd(1.48%) * (1-Tc(0.12)))
Discount Rate = 5.72% (= 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=4.72 | Chg30d=-0.006 | Revisions Net=+1 | Growth EPS=+1.4% | Growth Revenue=+2.8%