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CARE PROPERTY INVEST (CPINV.BR) Stock Fundamental Analysis

EBR:CPINV - Euronext Brussels - BE0974273055 - REIT - Currency: EUR

11.3  +0.26 (+2.36%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to CPINV. CPINV was compared to 7 industry peers in the Residential REITs industry. While CPINV is still in line with the averages on profitability rating, there are concerns on its financial health. CPINV has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year CPINV was profitable.
In the past year CPINV had a positive cash flow from operations.
Of the past 5 years CPINV 4 years were profitable.
In the past 5 years CPINV always reported a positive cash flow from operatings.
CPINV.BR Yearly Net Income VS EBIT VS OCF VS FCFCPINV.BR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20M 40M 60M 80M

1.2 Ratios

CPINV has a better Return On Assets (1.34%) than 71.43% of its industry peers.
CPINV has a Return On Equity of 2.63%. This is in the better half of the industry: CPINV outperforms 71.43% of its industry peers.
Looking at the Return On Invested Capital, with a value of 5.38%, CPINV belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
CPINV had an Average Return On Invested Capital over the past 3 years of 4.14%. This is in line with the industry average of 3.94%.
The 3 year average ROIC (4.14%) for CPINV is below the current ROIC(5.38%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.34%
ROE 2.63%
ROIC 5.38%
ROA(3y)4.46%
ROA(5y)4.15%
ROE(3y)9.09%
ROE(5y)8.56%
ROIC(3y)4.14%
ROIC(5y)4.09%
CPINV.BR Yearly ROA, ROE, ROICCPINV.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10 15

1.3 Margins

CPINV has a better Profit Margin (24.30%) than 71.43% of its industry peers.
CPINV's Operating Margin of 82.74% is amongst the best of the industry. CPINV outperforms 100.00% of its industry peers.
CPINV's Operating Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 82.74%
PM (TTM) 24.3%
GM N/A
OM growth 3Y-1.6%
OM growth 5Y-1.2%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
CPINV.BR Yearly Profit, Operating, Gross MarginsCPINV.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 100 150

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), CPINV is destroying value.
Compared to 1 year ago, CPINV has more shares outstanding
CPINV has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, CPINV has an improved debt to assets ratio.
CPINV.BR Yearly Shares OutstandingCPINV.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M
CPINV.BR Yearly Total Debt VS Total AssetsCPINV.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

2.2 Solvency

CPINV has an Altman-Z score of 0.33. This is a bad value and indicates that CPINV is not financially healthy and even has some risk of bankruptcy.
CPINV has a Altman-Z score of 0.33. This is in the lower half of the industry: CPINV underperforms 71.43% of its industry peers.
The Debt to FCF ratio of CPINV is 9.67, which is on the high side as it means it would take CPINV, 9.67 years of fcf income to pay off all of its debts.
CPINV has a Debt to FCF ratio of 9.67. This is amongst the best in the industry. CPINV outperforms 85.71% of its industry peers.
A Debt/Equity ratio of 0.23 indicates that CPINV is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.23, CPINV belongs to the top of the industry, outperforming 85.71% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.23
Debt/FCF 9.67
Altman-Z 0.33
ROIC/WACC0.88
WACC6.12%
CPINV.BR Yearly LT Debt VS Equity VS FCFCPINV.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.3 Liquidity

CPINV has a Current Ratio of 0.04. This is a bad value and indicates that CPINV is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of CPINV (0.04) is worse than 71.43% of its industry peers.
A Quick Ratio of 0.04 indicates that CPINV may have some problems paying its short term obligations.
CPINV's Quick ratio of 0.04 is on the low side compared to the rest of the industry. CPINV is outperformed by 71.43% of its industry peers.
Industry RankSector Rank
Current Ratio 0.04
Quick Ratio 0.04
CPINV.BR Yearly Current Assets VS Current LiabilitesCPINV.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M

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4

3. Growth

3.1 Past

CPINV shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -86.74%.
CPINV shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.37%.
Measured over the past years, CPINV shows a very strong growth in Revenue. The Revenue has been growing by 21.17% on average per year.
EPS 1Y (TTM)-86.74%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-128.03%
Revenue 1Y (TTM)8.37%
Revenue growth 3Y22.1%
Revenue growth 5Y21.17%
Sales Q2Q%5.68%

3.2 Future

CPINV is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 1.87% yearly.
Based on estimates for the next years, CPINV will show a small growth in Revenue. The Revenue will grow by 5.04% on average per year.
EPS Next Y3.34%
EPS Next 2Y1.75%
EPS Next 3Y1.87%
EPS Next 5YN/A
Revenue Next Year5.73%
Revenue Next 2Y5.82%
Revenue Next 3Y5.04%
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
CPINV.BR Yearly Revenue VS EstimatesCPINV.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20M 40M 60M
CPINV.BR Yearly EPS VS EstimatesCPINV.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

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5

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 141.25, CPINV can be considered very expensive at the moment.
The rest of the industry has a similar Price/Earnings ratio as CPINV.
Compared to an average S&P500 Price/Earnings ratio of 29.35, CPINV is valued quite expensively.
Based on the Price/Forward Earnings ratio of 10.51, the valuation of CPINV can be described as reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of CPINV indicates a rather cheap valuation: CPINV is cheaper than 100.00% of the companies listed in the same industry.
CPINV is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.10, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 141.25
Fwd PE 10.51
CPINV.BR Price Earnings VS Forward Price EarningsCPINV.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, CPINV is valued a bit cheaper than 71.43% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of CPINV indicates a rather cheap valuation: CPINV is cheaper than 85.71% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 6.95
EV/EBITDA 17.56
CPINV.BR Per share dataCPINV.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates CPINV does not grow enough to justify the current Price/Earnings ratio.
CPINV has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)42.3
PEG (5Y)N/A
EPS Next 2Y1.75%
EPS Next 3Y1.87%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.70%, CPINV is a good candidate for dividend investing.
CPINV's Dividend Yield is rather good when compared to the industry average which is at 7.35. CPINV pays more dividend than 85.71% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.33, CPINV pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.7%

5.2 History

On average, the dividend of CPINV grows each year by 21.36%, which is quite nice.
Dividend Growth(5Y)21.36%
Div Incr Years1
Div Non Decr Years2
CPINV.BR Yearly Dividends per shareCPINV.BR Yearly Dividends per shareYearly Dividends per share 2017 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

CPINV pays out 224.07% of its income as dividend. This is not a sustainable payout ratio.
CPINV's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP224.07%
EPS Next 2Y1.75%
EPS Next 3Y1.87%
CPINV.BR Yearly Income VS Free CF VS DividendCPINV.BR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20M 40M 60M 80M
CPINV.BR Dividend Payout.CPINV.BR Dividend Payout, showing the Payout Ratio.CPINV.BR Dividend Payout.PayoutRetained Earnings

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CARE PROPERTY INVEST

EBR:CPINV (3/7/2025, 7:00:00 PM)

11.3

+0.26 (+2.36%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryResidential REITs
Earnings (Last)03-05 2025-03-05/amc
Earnings (Next)05-14 2025-05-14
Inst Owners10.83%
Inst Owner ChangeN/A
Ins Owners0.18%
Ins Owner ChangeN/A
Market Cap417.99M
Analysts77.14
Price Target14.21 (25.75%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.7%
Yearly Dividend0.83
Dividend Growth(5Y)21.36%
DP224.07%
Div Incr Years1
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-7.11%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-4.75%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 141.25
Fwd PE 10.51
P/S 6.15
P/FCF 6.95
P/OCF 6.94
P/B 0.67
P/tB 0.67
EV/EBITDA 17.56
EPS(TTM)0.08
EY0.71%
EPS(NY)1.08
Fwd EY9.52%
FCF(TTM)1.62
FCFY14.38%
OCF(TTM)1.63
OCFY14.41%
SpS1.84
BVpS16.95
TBVpS16.94
PEG (NY)42.3
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.34%
ROE 2.63%
ROCE 7.17%
ROIC 5.38%
ROICexc 5.39%
ROICexgc 5.39%
OM 82.74%
PM (TTM) 24.3%
GM N/A
FCFM 88.48%
ROA(3y)4.46%
ROA(5y)4.15%
ROE(3y)9.09%
ROE(5y)8.56%
ROIC(3y)4.14%
ROIC(5y)4.09%
ROICexc(3y)4.15%
ROICexc(5y)4.11%
ROICexgc(3y)4.15%
ROICexgc(5y)4.11%
ROCE(3y)5.51%
ROCE(5y)5.46%
ROICexcg growth 3Y9.24%
ROICexcg growth 5Y4.04%
ROICexc growth 3Y9.24%
ROICexc growth 5Y4.05%
OM growth 3Y-1.6%
OM growth 5Y-1.2%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.23
Debt/FCF 9.67
Debt/EBITDA 2.55
Cap/Depr 20.83%
Cap/Sales 0.18%
Interest Coverage 3.01
Cash Conversion 106.04%
Profit Quality 364.07%
Current Ratio 0.04
Quick Ratio 0.04
Altman-Z 0.33
F-Score6
WACC6.12%
ROIC/WACC0.88
Cap/Depr(3y)360.96%
Cap/Depr(5y)280.05%
Cap/Sales(3y)2.2%
Cap/Sales(5y)1.7%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-86.74%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-128.03%
EPS Next Y3.34%
EPS Next 2Y1.75%
EPS Next 3Y1.87%
EPS Next 5YN/A
Revenue 1Y (TTM)8.37%
Revenue growth 3Y22.1%
Revenue growth 5Y21.17%
Sales Q2Q%5.68%
Revenue Next Year5.73%
Revenue Next 2Y5.82%
Revenue Next 3Y5.04%
Revenue Next 5YN/A
EBIT growth 1Y15.63%
EBIT growth 3Y20.15%
EBIT growth 5Y19.71%
EBIT Next Year63.49%
EBIT Next 3Y23.55%
EBIT Next 5YN/A
FCF growth 1Y62.77%
FCF growth 3Y22.4%
FCF growth 5Y34.81%
OCF growth 1Y56.13%
OCF growth 3Y21.92%
OCF growth 5Y34.4%