Loading…
French REIT owning office, residential and hotel real estate across France, Germany and Italy.
French REIT owning office, residential and hotel real estate across France, Germany and Italy.
Rent from leases carries the company, with offices, German apartments and hotels each contributing. Hotels are leased to operators on long contracts, while German apartment rents are partly regulated and move slowly. As a French listed property company of the SIIC type, it must pay out much of its rental profit.
Moat: narrow (installed base, scale). Diversified pan-European portfolio of prime office/residential/hotel assets.
Headquarters: Paris, France · Employees: 968
Size Covivio (COV.PA) is a France Real Estate company (Real Estate Investment Trusts) with a market value of $5.64B, the 62nd largest of 206 France companies the cockpit tracks. Shares closed at €45.42 on 6 Nov 2026.
Performance Over six months the shares fell 16.2%, against -2.2% for the median peer and -0.4% for the France market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +4.6%); the operating margin is 54.1% (peer median 33.8%).
Valuation It trades at 0.59× book value against a peer median of 1.39× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 8.2%; Covivio delivers 7.9%, so the price asks more than the business earns today.
Credit Covivio has 7 bonds outstanding ($4.00B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 124 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.49B | €1.48B | €1.34B | €1.29B | €1.20B |
| Revenue growth | — | +11% | +4% | +7% | — |
| Gross profit | €972M | €942M | €921M | €905M | €897M |
| EBITDA | €945M | €934M | €801M | €660M | €1.43B |
| Net income | €655M | €739M | €68.2M | -€1.42B | €601M |
| Free cash flow | €165M | €129M | €255M | €388M | -€7.08M |
| Capital expenditure | €669M | €580M | €596M | €484M | €568M |
| Total debt | n/a | €10.8B | €10.7B | €11.2B | €11.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Covivio COV.PA | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% |
| Gecina GFC.PA | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% |
| Vonovia VNA.DE | $16.1B | -24% | -17% | 7% | 0.52× | 6.3% |
| Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod URW.PA | n/a | -7% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COV.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | +7.5% | 9th lowest of 21 |
| 6-month return | -16.2% | -2.2% | lowest of 21 |
| Return on equity | 7.8% | 6.1% | 4th highest of 21 |
| Price / book | 0.59× | 1.39× | 2nd cheapest of 21 |
| Trailing P/E | 7.7× | 23.4× | cheapest of 19 |
| ROE the price implies | 8.2% | 11.5% | 6th least demanding of 21 |
| ROE delivered | 7.9% | 5.9% | 3rd highest of 20 |
| Bond spread | 124 bp | 108 bp | 3rd widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Covivio COV.PA | France | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% | 7.9% |
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% | 7.8% |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% | 2.5% |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% | 7.8% |
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% | 7.4% |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 1% | 3.92× | 22.6% | 0.5% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
| Rithm Capital RITM | United States | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% | 5.6% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
Covivio has 7 bonds outstanding with $4.00B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 4.34%, a spread of 124 bp over government bonds.