Fonciere des Regions is a long-term real etaste investor with a focus on office assets. Co.'s portfolio includes investment properties and properties under development. Co. holds a range of real estate assets, to collect lease payments and benefit from appreciation in the assets held. Co.'s activities can be divided into five segments: Office Markets in France; Office Markets in Italy; Logistics; Business Premises; and Car Parks.
  • TickerCOV
  • ISINFR0000064578
  • ExchangeEuronext Paris
  • SectorReal Estate Investment Trusts
  • CountryFrance

COVIVIO with less fundamental stars is reduced to Neutral

COVIVIO (FR), a company active in the Real Estate Investment Trusts industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date July 24, 2020, the closing price was EUR 61.45 and its expected value was estimated at EUR 6...

Benoît Faure-Jarrosson ...
  • Bruno Duclos
  • Stéphane Afonso
  • Vladimir Minot

INVEST SECURITIES - COVIVIO : La crise hôtelière occulte la résilience du reste du portefeuille - ACHAT, OC 75€ (vs 72€)

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/22/2020

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Florent Laroche-Joubert

Covivio : Good agility in the storm!

>85% of the portfolio is well positioned and very resilient - Yesterday evening Covivio reported H1 2020 results that reflect a resilient operating performance in its office and residential portfolio (85% of total assets), in line with our estimates. At constant scope, rental income from offices (60% of assets) was up +1% in France, +2% in Italy and +2.8% in Germany. Though the first effects of the rent freeze are starting to be felt in Berlin (+2.3% at constant scope...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/07/2020

...

Jérôme VINERIER

Analyse court terme - FONCIERE DES REGIONS : La progression des cours se poursuit.

La tendance est haussière. La progression des cours se poursuit. Les objectifs sont à 88,80 € puis 92,50 €. La rupture de 80,78 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - FONCIERE DES REGIONS : Prices are making further progress.

The trend is bullish. Prices are making further progress. The targets are at €88.80 and then €92.50. The break of €80.78 would endanger the trend.

Jérôme VINERIER

Analyse court terme - FONCIERE DES REGIONS : Stochastiques en zone de surachat.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 84,80 €.

Jérôme VINERIER

Short term view - FONCIERE DES REGIONS : Overbought stochastics

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. Stochastics are at the overbought level. prices could fall again to €84.80.

Valérie GASTALDY

Short term view - FONCIERE DES REGIONS : The movement can go on.

The background trend is clearly bullish. The MACD is positive, it confirms that trend. The movement can go on. The following targets are at €92.75 and €94.88. The trend would be invalidated below the support at €87.10.

Benoît Faure-Jarrosson ...
  • Bruno Duclos
  • Stéphane Afonso
  • Vladimir Minot

INVEST SECURITIES - COVIVIO : La crise hôtelière occulte la résilience du reste du portefeuille - ACHAT, OC 75€ (vs 72€)

Florent Laroche-Joubert

Covivio : Good agility in the storm!

>85% of the portfolio is well positioned and very resilient - Yesterday evening Covivio reported H1 2020 results that reflect a resilient operating performance in its office and residential portfolio (85% of total assets), in line with our estimates. At constant scope, rental income from offices (60% of assets) was up +1% in France, +2% in Italy and +2.8% in Germany. Though the first effects of the rent freeze are starting to be felt in Berlin (+2.3% at constant scope...

Florent Laroche-Joubert

Covivio : Une bonne agilité dans la tempête !

>85% du patrimoine bien positionné et très résilient - Covivio a publié hier soir un résultat S1 2020 qui reflète une performance opérationnelle résiliente sur son portefeuille de bureaux et de logement (85% de son patrimoine total), en ligne avec nos attentes. A périmètre constant, les revenus locatifs des bureaux (60 % du patrimoine) progressent de +1% en France, +2% en Italie et de +2.8% en Allemagne. Bien que les premiers effets de l’application du gel des loyers ...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/08/2020

We are initiating coverage of Phoenix with a Buy recommendation and a target price of 775 pence. Phoenix Group is the UK’s leading life and pension consolidator and is poised to finalise the acquisition of its main competitor, ReAssure, in the coming weeks. It boasts rigorous management of its capital, with significant cash generation and an attractive shareholder return. Cf. company report published today. - ...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Sebastien Malafosse
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/07/2020

Nous initions la couverture de Phoenix avec une recommandation à l’Achat et un objectif de cours de 775 pence. Phoenix Group est le leader de la consolidation de portefeuilles d’assurance vie au Royaume-Uni et doit finaliser l’acquisition de son principal concurrent ReAssure dans les prochaines semaines. Il a une gestion rigoureuse de son capital avec une génération importante de cash-flow et un rendement attractif pour les actionnaires. Cf. étude publiée hier soir. - ...

Carole Braudeau

Covivio : New horizons

Publication date 27/07/2018 09:34 - Writing date 26/07/2018 21:30 - - - - - - - - - - Equity data - Reco : Neutral - Target : 88.00 EUR - Equity Analyst : Florent Laroche-Joubert - [email protected] - +33 (0)1 55 35 42 66 - - Corporate Governance: Strong opportunity (1) - / - / - 25 July 2018: sales on 30 September 2018 (after market close) - - - - - - - - - - - - - - - - - - - After Covivio (ex Foncière des Régions) reported solid first half-year results, this seems like a g...

Carole Braudeau

Covivio : De nouveaux horizons.

Les résultats semestriels de Covivio (ex Foncière des Régions) étaient de bonne facture et il nous semblait opportun de faire un point sur l’évolution du périmètre du groupe, dans le cadre du projet de fusion avec sa filiale italienne Beni Stabili. et plus globalement d’une politique de rotation d’actifs dynamique, couplée à une accélération des engagements sur le pipeline de projets. - C’est également l’occasion d’updater nos recommandations sur les deux noms. - Nous préférons nous...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/22/2020

...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/07/2020

...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Benoit Valleaux
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2020

After our attempt to establish a sector hierarchy last week, we now adopt an approach using a comparable methodology (speed of revision, performance price / revisions relative to the market, earnings yield/risk-free rate spread) to that of Stoxx 600 stocks. We present a list of 64 stocks combining high scores and a Buy rating from ODDO BHF analysts and a list of stocks to sell, comprising 33 names with a low score and a Reduce rating. The appendix outlines the ranking of all the Stoxx...

Ahmed Ben Salem ...
  • Anis Zgaya
  • Benoit Valleaux
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Steven Gould
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2020

Après notre tentative de hiérarchisation sectorielle la semaine passée, nous nous attaquons maintenant, en utilisant une méthodologie comparable (vitesse de révision, performance prix / révisions relative au marché, spread Earnings Yield taux sans risque) à celle des valeurs du Stoxx 600. Nous présentons une liste de 64 valeurs combinant scores élevés et recommandation à l’Achat des analystes d’ODDO BHF ainsi qu’une liste de ventes, comprenant 33 titres à score faible et recommandatio...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

COVIVIO with less fundamental stars is reduced to Neutral

COVIVIO (FR), a company active in the Real Estate Investment Trusts industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date July 24, 2020, the closing price was EUR 61.45 and its expected value was estimated at EUR 6...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Jehanne Leroy

Covivio - Assemblée Générale 22/04/2020

Pour les rémunération attribuées aux dirigeants au titre de 2019, malgré une structure de rémunération en ligne avec nos préconisations, et des montants en jeu plutôt acceptables, la communication de la société continue à être défaillante sur ses critères « quantitatifs » non financiers puisque celle-ci ne permet pas à l’actionnaire de clairement établir que le montant du bonus est effectivement bien aligné avec les performances réalisées. En l’état, l’actionnaire ne peut vérifier les performances que de 50% des bonus, soit la part liée aux critères financiers. Ainsi, nous recommandons l'oppos...

Expert Corporate Governance Service (ECGS)

Covivio – AGM 23 April 2020

For the compensation granted to executives for 2019, despite a compensation structure in line with our recommendations and rather acceptable amounts at stake, the company's communication remains deficient on its non-financial "quantitative" criteria since it does not allow the shareholder to clearly establish that the amount of the bonus is indeed well aligned with the performance achieved. As it stands, the shareholder can only verify the performance of 50% of the bonuses, i.e. the part linked to the financial criteria. Therefore, we recommend the opposition to resolutions 11, 12, 13 and 14. ...

Jehanne Leroy

Covivio, 17 Avril 2019

Rémunérations : La société communique très précisément la nature des critères quantitatifs non financiers, mais elle ne communique ni leurs poids individuels, ni les objectifs qui devaient être atteints, ce qui ne permet pas aux actionnaires d’estimer si les montants attribués au titre de cette part sont bien alignés sur les performances réalisées, et ce alors même que cette part pèse pour 42% du bonus du Directeur Général. Par ailleurs, l’un des critères de performance des actions de performance permet l’acquisition en cas de sous-performance du critère, ce qui n’est pas une pratique acceptab...

Covivio - Assemblée générale des actionnaires du 17 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Covivio – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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