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.
  • TickerFDR
  • ISINFR0000064578
  • ExchangeEuronext Paris
  • SectorReal Estate Investment Trusts
  • CountryFrance

Analysts

Florent Laroche-Joubert

Covivio : Value creation via a diversified asset portfolio

>Favourable momentum in the short term and value creating transformations in the medium term - During our latest exchanges (results presentation and analysts’ breakfast), Covivio confirmed its intention to maintain the diversified balance of its portfolio of assets. In the short term, this diversification should enable the group to benefit from the favourable momentum on its different categories of assets. As such, management targets a 2.5% increase in rental in...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/03/2019

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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.

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

INVESTS ECURITIES - COVIVIO : Des vents toujours favorables - NEUTRE, OC 88€ (vs 89€)

Florent Laroche-Joubert

Covivio : Value creation via a diversified asset portfolio

>Favourable momentum in the short term and value creating transformations in the medium term - During our latest exchanges (results presentation and analysts’ breakfast), Covivio confirmed its intention to maintain the diversified balance of its portfolio of assets. In the short term, this diversification should enable the group to benefit from the favourable momentum on its different categories of assets. As such, management targets a 2.5% increase in rental in...

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

INVESTS ECURITIES - COVIVIO : Des vents toujours favorables - NEUTRE, OC 88€ (vs 89€)

ING
Research Department

Benelux Morning Notes

Boskalis: Local foothold in marine survey in Middle East; Covivio: Lower financial risk for higher operational risk; Deceuninck: Solid results but clouds over Turkey; EVS: Better 4Q18 on lower tax, orders and outlook uninspiring; Gimv: 9M18/19 NAV of €49 per share, in-line with current share price levels; Heijmans: Delivers; Kinepolis: FY18 results a bit below, net debt higher; Leasinvest: More EPS growth with stronger portfolio; Van Lanschot Kempen: Additional cost measures and guidance welcomed

Florent Laroche-Joubert

Covivio : Momentum driven by the German residential segment and hotels

>2018 performance exceeds the guidance - Covivio reported EPRA earnings per share up 4.5% to € 5.08, beating the target by +3%. This performance stems from operating profit, which increased by 4.5%, and a further reduction in interest expense. In detail, rental income grew 3.4% at constant scope vs 2.1% in 2017. Growth was driven mainly by the German residential segment (+4.4% at constant scope) and hotel revenues (+4.2% at constant scope), and by offices in Fran...

Florent Laroche-Joubert

Covivio : Une dynamique portée par le résidentiel allemand et les hôtels

>Une performance 2018 au-dessus de la guidance - Covivio publie un EPRA Earnings par action en hausse de 4,5% à 5,08 €, supérieur à l’objectif de +3%. Cette performance provient du résultat opérationnel en hausse de 4,5% et d’une nouvelle réduction des frais financiers. Dans le détail, les revenus locatifs progressent de 3,4% à périmètre constant (pc) vs 2,1% en 2017. Cette croissance a principalement été portée par le résidentiel allemand (+4,4% à pc) et les rev...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/03/2019

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Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2019

...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2019

...

Florent Laroche-Joubert ...
  • Johanna Jourdain
  • Matthias Desmarais

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/10/2019

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COVIVIO SA reduced its risk exposure resulting in an upgrade to Slightly Positive

COVIVIO SA (FR), a company active in the Real Estate Investment Trusts industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date January 11, 2019, the closing price was EUR 85.85 and its potential was estimated at EUR 92.24.

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 week...

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...

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...

Charles Pinel

Covivio - Proxy report -06/09/2018

This general meeting is mainly called in the context of the project of merger by incorporation of Beni Stabili by Foncière des Régions (resolutions 1 to 4). It will also be proposed to adopt “Covivio” as new corporate name of the company (resolution 5).

Charles Pinel

Covivio - Proxy report- 06/09/2018

Cette assemblée générale a pour principal objet l'approbation du projet de fusion par voie d’absorption de la société cotée Beni Stabili dont FDR détient actuellement 59,87% du capital. Cette opération apparait stratégiquement pertinente car elle permettra au groupe de renforcer son exposition géographique sur un marché italien prometteur et de simplifier sa structure. Les conditions financières sont raisonnables et l’impact en terme de gouvernance neutre. Par conséquent, nous recommandons l’approbation de l’opération (résolutions 1 à 4). Il est également proposé deux modifications statutaire...

Proxy Report - 19/04/2018

ITEM 5 TO 11 This year, the Company proposes that shareholders vote on the 2017 (“ex-post”) remuneration and 2018 (“ex-ante) remuneration policy of Jean Laurent (Chairman of the Board of Directors), Christophe Kullmann (CEO), Olivier Estève and Dominique Ozanne (Deputy-CEOs) in line with the new "Sapin II" law. Regarding the 2017 remuneration, the Company's communication lacks transparency about the objectives for the performance criteria of the Short and Long-Term Incentives STI and LTI), even if we appreciate that past achievement rates are disclosed. The remuneration policies for 2018 inc...

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.

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