Financials Care Property Invest NV/SA

Equities

Market Closed - Euronext Bruxelles Other stock markets 11:35:22 2024-04-26 am EDT			5-day change	1st Jan Change
13.22 ^EUR	+0.76%		-0.15%	-7.29%

Apr. 17	Care Property Invest Finalizes Two Redevelopment Projects in the Netherlands	MT
Mar. 06	Care Property Invest NV Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	390.3	601.5	648.5	693.4	437.2	489	489	-
Enterprise Value (EV) ¹	599.7	872.1	1,005	1,136	1,023	527.5	1,072	1,078
P/E ratio	23.4 x	32.2 x	31.3 x	11.2 x	4.93 x	-91.6 x	15.8 x	8.64 x
Yield	3.56%	2.61%	2.97%	3.38%	6.35%	7.62%	7.68%	7.83%
Capitalization / Revenue	15.5 x	20.4 x	17.9 x	16 x	8.04 x	8 x	6.9 x	6.49 x
EV / Revenue	23.8 x	29.6 x	27.8 x	26.3 x	18.8 x	8 x	15.1 x	14.3 x
EV / EBITDA	28 x	33.3 x	33.1 x	32.2 x	24.1 x	10 x	18.8 x	18 x
EV / FCF	-69,086 x	-28.6 x	-86.9 x	-19.5 x	-7.88 x	-14.5 x	32.5 x	25.6 x
FCF Yield	-0%	-3.5%	-1.15%	-5.14%	-12.7%	-6.92%	3.07%	3.91%
Price to Book	1.69 x	2.26 x	1.75 x	1.45 x	0.78 x	0.74 x	0.79 x	0.77 x
Nbr of stocks (in thousands)	19,323	20,391	24,109	26,929	27,742	36,989	36,989	-
Reference price ²	20.20	29.50	26.90	25.75	15.76	13.22	13.22	13.22
Announcement Date	3/20/19	3/18/20	3/9/21	3/9/22	3/8/23	4/25/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	25.24	29.48	36.2	43.23	54.38	65.91	70.85	75.32
EBITDA ¹	21.42	26.17	30.35	35.3	42.47	52.64	57	60
EBIT ¹	27.79	36.03	30.35	35.3	42.47	52.64	58.9	62.9
Operating Margin	110.11%	122.2%	83.82%	81.66%	78.09%	79.87%	83.13%	83.5%
Earnings before Tax (EBT) ¹	21.82	26.54	19.95	60.18	89.47	-8.227	33.9	49.75
Net income ¹	16.65	18.7	19.86	59.65	88.66	-5.758	23	56.35
Net margin	65.99%	63.44%	54.87%	137.98%	163.05%	-8.74%	32.46%	74.81%
EPS ²	0.8619	0.9173	0.8598	2.298	3.196	-0.1557	0.8350	1.530
Free Cash Flow ¹	-0.00868	-30.51	-11.57	-58.37	-129.8	-73.35	32.95	42.15
FCF margin	-0.03%	-103.5%	-31.95%	-135.02%	-238.75%	-111.69%	46.51%	55.96%
FCF Conversion (EBITDA)	-	-	-	-	-	-	57.81%	70.25%
FCF Conversion (Net income)	-	-	-	-	-	-	143.26%	74.8%
Dividend per Share ²	0.7200	0.7700	0.8000	0.8700	1.000	1.008	1.015	1.035
Announcement Date	3/20/19	3/18/20	3/9/21	3/9/22	3/8/23	4/25/24	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	209	271	357	443	586	571	583	590
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.775 x	10.34 x	11.75 x	12.54 x	13.8 x	10.88 x	10.23 x	9.825 x
Free Cash Flow ¹	-0.01	-30.5	-11.6	-58.4	-130	-73.4	33	42.2
ROE (net income / shareholders' equity)	7.43%	10.9%	6.25%	14.1%	17%	5.9%	6%	6.2%
ROA (Net income/ Total Assets)	-	5.15%	3.01%	7.04%	8.37%	2.7%	3%	2.9%
Assets ¹	-	363	661	847.3	1,060	37.04	766.7	1,943
Book Value Per Share ²	11.90	13.10	15.30	17.80	20.30	17.80	16.70	17.10
Cash Flow per Share	0.6800	-	-	-	-	-	-	-
Capex	13.4	63.9	132	96.7	169	-	-	-
Capex / Sales	53.27%	216.77%	364.29%	223.72%	310.79%	-	-	-
Announcement Date	3/20/19	3/18/20	3/9/21	3/9/22	3/8/23	4/25/24	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.22 EUR

Average target price

15.12 EUR

Spread / Average Target

+14.41%

	1st Jan change	Capi.
CARE PROPERTY INVEST NV/SA	-7.29%	522M
AVALONBAY COMMUNITIES, INC.	+2.26%	27.19B
EQUITY RESIDENTIAL	+6.51%	24.68B
INVITATION HOMES INC.	+1.79%	21.27B
MID-AMERICA APARTMENT COMMUNITY, INC.	-3.89%	15.08B
SUN COMMUNITIES, INC.	-10.90%	14.84B
AMERICAN HOMES 4 RENT	+1.25%	13.34B
UDR INC.	-0.99%	12.48B
EQUITY LIFESTYLE PROPERTIES, INC.	-14.19%	11.29B
CAMDEN PROPERTY TRUST	+0.33%	10.84B