Covivio Hotels (COVH.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

+277.5%

€77.01

vs €20.40 price

Levered DCF

€53.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.94

Distress zone

Rating

Overall 4 / 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	10.96×	13.68×	-205×	4.58×	48.75×	-6.77×	9.73×	13.82×
P/B	0.92×	0.9×	0.7×	0.61×	0.77×	0.78×	1.05×	0.88×
P/S	4.72×	5.26×	4.31×	4.65×	8.53×	9.39×	7.07×	8.49×
EV / EBITDA	12.53×	5.84×	56.3×	15.1×	22.85×	44.72×	19.1×	12.47×
Gross margin	25.8%	59.1%	60.3%	55.3%	53.6%	46.7%	56.3%	91.4%
Operating margin	34.9%	51.0%	52.3%	96.2%	65.1%	8.5%	39.8%	79.3%
Net margin	43.0%	38.4%	-2.1%	101.6%	17.3%	-138.9%	72.7%	61.5%
Current ratio	3.14×	1.06×	1.01×	0.7×	1.89×	0.63×	1.84×	1.82×
Debt / equity	0.77×	0.9×	0.81×	0.78×	0.92×	1.07×	0.87×	0.99×
Interest coverage	1.62×	2.62×	2.87×	7.87×	3.85×	0.39×	2.84×	3.96×
Dividend yield	1.2%	62.5%	7.8%	4.4%	1.4%	0.1%	5.3%	6.2%
Payout ratio	12.8%	857.5%	-1599.9%	20.1%	68.5%	-0.8%	51.9%	84.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	6.5%	-0.3%	13.4%	1.6%	-11.5%	10.7%	6.4%
Return on invested capital	3.7%	3.8%	1.9%	6.8%	2.0%	0.3%	2.8%	3.6%
Return on assets	4.5%	3.1%	-0.2%	6.8%	0.7%	-5.0%	5.2%	2.9%
Free cash flow yield	6.7%	69.1%	12.1%	5.7%	0.5%	-1.2%	3.3%	2.9%
Earnings yield	9.1%	7.3%	-0.5%	21.8%	2.0%	-14.8%	10.3%	7.2%
Enterprise value	€5.9B	€5.6B	€5B	€4.8B	€5.3B	€5.3B	€6.1B	€5.3B
Net debt / EBITDA	5.35×	2.62×	29.62×	8.27×	12.14×	25.59×	8.37×	6.18×
Cash conversion cycle (days)	-2	-56	-21	19	43	56	17	-63