Covivio (COV.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-205.5%

-€46.78

vs €44.36 price

Levered DCF

-€27.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.42

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.49×	76.19×	-3.35×	8.39×	7.37×	19.12×	11.61×	9.13×
P/B	0.73×	0.63×	0.6×	0.55×	0.74×	0.8×	1.05×	0.91×
P/S	5.9×	4.09×	4.66×	4.32×	6.42×	6.66×	6.8×	5.43×
EV / EBITDA	11.05×	8.81×	22.55×	10.75×	10.62×	27.17×	11.31×	11.18×
Gross margin	87.3%	76.6%	81.1%	74.4%	75.3%	75.5%	75.4%	69.3%
Operating margin	73.8%	37.3%	78.0%	63.9%	62.8%	61.6%	64.0%	64.8%
Net margin	69.5%	5.3%	-139.2%	51.5%	87.1%	34.8%	58.6%	59.4%
Current ratio	0.64×	0.96×	1×	0.89×	1.04×	0.91×	0.92×	0.91×
Debt / equity	1.27×	1.31×	1.39×	1.19×	1.32×	1.47×	1.34×	1.46×
Interest coverage	2.32×	1.44×	2.78×	4.87×	4.17×	3.87×	4.18×	4.02×
Dividend yield	6.2%	14.7%	1.5%	6.8%	5.0%	1.1%	0.8%	4.9%
Payout ratio	52.5%	1121.9%	-5.1%	56.9%	36.8%	20.6%	8.9%	45.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	0.8%	-17.8%	6.6%	10.0%	4.2%	9.0%	9.9%
Return on invested capital	3.1%	1.8%	3.0%	2.6%	2.2%	2.1%	3.0%	3.2%
Return on assets	2.9%	0.3%	-5.7%	2.2%	3.3%	1.3%	2.9%	3.1%
Free cash flow yield	2.1%	73.8%	11.4%	-0.1%	-2.3%	-4.1%	-1.2%	-1.6%
Earnings yield	11.8%	1.3%	-29.9%	11.9%	13.6%	5.2%	8.6%	11.0%
Enterprise value	€16B	€15B	€14.9B	€16B	€17.9B	€18.2B	€18.5B	€16.7B
Net debt / EBITDA	6.72×	5.74×	15.36×	7.25×	6.58×	16.91×	6.01×	6.6×
Cash conversion cycle (days)	666	136	341	621	1,472	782	654	107