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EUROCOMMERCIAL PROPERTIES NV (ECMPA.AS) Stock Fundamental Analysis

AMS:ECMPA - Euronext Amsterdam - NL0015000K93 - REIT - Currency: EUR

23.7  +0.35 (+1.5%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to ECMPA. ECMPA was compared to 41 industry peers in the Diversified REITs industry. While ECMPA is still in line with the averages on profitability rating, there are concerns on its financial health. ECMPA has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year ECMPA was profitable.
In the past year ECMPA had a positive cash flow from operations.
In multiple years ECMPA reported negative net income over the last 5 years.
Each year in the past 5 years ECMPA had a positive operating cash flow.
ECMPA.AS Yearly Net Income VS EBIT VS OCF VS FCFECMPA.AS 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 50M 100M 150M 200M 250M

1.2 Ratios

ECMPA has a Return On Assets of 1.65%. This is comparable to the rest of the industry: ECMPA outperforms 53.49% of its industry peers.
With a Return On Equity value of 3.18%, ECMPA perfoms like the industry average, outperforming 55.81% of the companies in the same industry.
ECMPA has a better Return On Invested Capital (6.42%) than 88.37% of its industry peers.
ECMPA had an Average Return On Invested Capital over the past 3 years of 3.64%. This is in line with the industry average of 4.05%.
The 3 year average ROIC (3.64%) for ECMPA is below the current ROIC(6.42%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.65%
ROE 3.18%
ROIC 6.42%
ROA(3y)2.33%
ROA(5y)1.75%
ROE(3y)4.61%
ROE(5y)3.54%
ROIC(3y)3.64%
ROIC(5y)3.5%
ECMPA.AS Yearly ROA, ROE, ROICECMPA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10

1.3 Margins

Looking at the Profit Margin, with a value of 16.42%, ECMPA is in line with its industry, outperforming 51.16% of the companies in the same industry.
ECMPA has a Operating Margin of 65.76%. This is in the lower half of the industry: ECMPA underperforms 60.47% of its industry peers.
In the last couple of years the Operating Margin of ECMPA has remained more or less at the same level.
The Gross Margin of ECMPA (70.95%) is worse than 60.47% of its industry peers.
In the last couple of years the Gross Margin of ECMPA has remained more or less at the same level.
Industry RankSector Rank
OM 65.76%
PM (TTM) 16.42%
GM 70.95%
OM growth 3Y-1.59%
OM growth 5Y-0.28%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.04%
GM growth 5Y-0.63%
ECMPA.AS Yearly Profit, Operating, Gross MarginsECMPA.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 40 60 80 100

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2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), ECMPA is creating some value.
Compared to 1 year ago, ECMPA has more shares outstanding
ECMPA has more shares outstanding than it did 5 years ago.
ECMPA has a worse debt/assets ratio than last year.
ECMPA.AS Yearly Shares OutstandingECMPA.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M
ECMPA.AS Yearly Total Debt VS Total AssetsECMPA.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

Based on the Altman-Z score of 1.06, we must say that ECMPA is in the distress zone and has some risk of bankruptcy.
ECMPA has a better Altman-Z score (1.06) than 74.42% of its industry peers.
The Debt to FCF ratio of ECMPA is 26.32, which is on the high side as it means it would take ECMPA, 26.32 years of fcf income to pay off all of its debts.
ECMPA's Debt to FCF ratio of 26.32 is on the low side compared to the rest of the industry. ECMPA is outperformed by 65.12% of its industry peers.
ECMPA has a Debt/Equity ratio of 0.54. This is a neutral value indicating ECMPA is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.54, ECMPA belongs to the top of the industry, outperforming 81.40% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF 26.32
Altman-Z 1.06
ROIC/WACC1.4
WACC4.59%
ECMPA.AS Yearly LT Debt VS Equity VS FCFECMPA.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B

2.3 Liquidity

A Current Ratio of 0.16 indicates that ECMPA may have some problems paying its short term obligations.
With a Current ratio value of 0.16, ECMPA is not doing good in the industry: 76.74% of the companies in the same industry are doing better.
A Quick Ratio of 0.16 indicates that ECMPA may have some problems paying its short term obligations.
ECMPA has a worse Quick ratio (0.16) than 76.74% of its industry peers.
Industry RankSector Rank
Current Ratio 0.16
Quick Ratio 0.16
ECMPA.AS Yearly Current Assets VS Current LiabilitesECMPA.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

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2

3. Growth

3.1 Past

The earnings per share for ECMPA have decreased strongly by -43.23% in the last year.
The Revenue has been growing slightly by 4.61% in the past year.
The Revenue has been growing slightly by 2.67% on average over the past years.
EPS 1Y (TTM)-43.23%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-88.93%
Revenue 1Y (TTM)4.61%
Revenue growth 3Y3.37%
Revenue growth 5Y2.67%
Sales Q2Q%1.54%

3.2 Future

Based on estimates for the next years, ECMPA will show a small growth in Earnings Per Share. The EPS will grow by 2.86% on average per year.
ECMPA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.53% yearly.
EPS Next Y2.24%
EPS Next 2Y2.47%
EPS Next 3Y2.86%
EPS Next 5YN/A
Revenue Next Year0.73%
Revenue Next 2Y0.8%
Revenue Next 3Y0.11%
Revenue Next 5Y0.53%

3.3 Evolution

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
ECMPA.AS Yearly Revenue VS EstimatesECMPA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 50M 100M 150M 200M 250M
ECMPA.AS Yearly EPS VS EstimatesECMPA.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 0.5 1 1.5 2 2.5

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3

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 20.08, the valuation of ECMPA can be described as rather expensive.
Compared to the rest of the industry, the Price/Earnings ratio of ECMPA is on the same level as its industry peers.
ECMPA is valuated rather cheaply when we compare the Price/Earnings ratio to 29.35, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 9.41, which indicates a very decent valuation of ECMPA.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ECMPA indicates a somewhat cheap valuation: ECMPA is cheaper than 67.44% of the companies listed in the same industry.
ECMPA 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 20.08
Fwd PE 9.41
ECMPA.AS Price Earnings VS Forward Price EarningsECMPA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

79.07% of the companies in the same industry are more expensive than ECMPA, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of ECMPA indicates a slightly more expensive valuation: ECMPA is more expensive than 65.12% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 21.81
EV/EBITDA 11.03
ECMPA.AS Per share dataECMPA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)8.98
PEG (5Y)N/A
EPS Next 2Y2.47%
EPS Next 3Y2.86%

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4

5. Dividend

5.1 Amount

ECMPA has a Yearly Dividend Yield of 7.45%, which is a nice return.
Compared to an average industry Dividend Yield of 8.71, ECMPA pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.33, ECMPA pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.45%

5.2 History

The dividend of ECMPA decreases each year by -0.55%.
Dividend Growth(5Y)-0.55%
Div Incr Years1
Div Non Decr Years1
ECMPA.AS Yearly Dividends per shareECMPA.AS Yearly Dividends per shareYearly Dividends per share 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

ECMPA pays out 111.21% of its income as dividend. This is not a sustainable payout ratio.
DP111.21%
EPS Next 2Y2.47%
EPS Next 3Y2.86%
ECMPA.AS Yearly Income VS Free CF VS DividendECMPA.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M 200M 250M
ECMPA.AS Dividend Payout.ECMPA.AS Dividend Payout, showing the Payout Ratio.ECMPA.AS Dividend Payout.PayoutRetained Earnings

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EUROCOMMERCIAL PROPERTIES NV

AMS:ECMPA (3/7/2025, 7:00:00 PM)

23.7

+0.35 (+1.5%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)03-06 2025-03-06/amc
Earnings (Next)05-08 2025-05-08
Inst Owners36.12%
Inst Owner ChangeN/A
Ins Owners18.58%
Ins Owner ChangeN/A
Market Cap1.30B
Analysts84.21
Price Target27.89 (17.68%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.45%
Yearly Dividend1.4
Dividend Growth(5Y)-0.55%
DP111.21%
Div Incr Years1
Div Non Decr Years1
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)-2.53%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0.25%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.04%
Revenue NY rev (3m)-0.53%
Valuation
Industry RankSector Rank
PE 20.08
Fwd PE 9.41
P/S 3.35
P/FCF 21.81
P/OCF 13.14
P/B 0.65
P/tB 0.65
EV/EBITDA 11.03
EPS(TTM)1.18
EY4.98%
EPS(NY)2.52
Fwd EY10.62%
FCF(TTM)1.09
FCFY4.59%
OCF(TTM)1.8
OCFY7.61%
SpS7.08
BVpS36.58
TBVpS36.58
PEG (NY)8.98
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.65%
ROE 3.18%
ROCE 7.85%
ROIC 6.42%
ROICexc 6.48%
ROICexgc 6.48%
OM 65.76%
PM (TTM) 16.42%
GM 70.95%
FCFM 15.34%
ROA(3y)2.33%
ROA(5y)1.75%
ROE(3y)4.61%
ROE(5y)3.54%
ROIC(3y)3.64%
ROIC(5y)3.5%
ROICexc(3y)3.7%
ROICexc(5y)3.57%
ROICexgc(3y)3.7%
ROICexgc(5y)3.57%
ROCE(3y)4.45%
ROCE(5y)4.28%
ROICexcg growth 3Y3.54%
ROICexcg growth 5Y4.29%
ROICexc growth 3Y3.54%
ROICexc growth 5Y4.29%
OM growth 3Y-1.59%
OM growth 5Y-0.28%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.04%
GM growth 5Y-0.63%
F-Score6
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF 26.32
Debt/EBITDA 4.18
Cap/Depr 2036.73%
Cap/Sales 10.12%
Interest Coverage 5.09
Cash Conversion 38.44%
Profit Quality 93.43%
Current Ratio 0.16
Quick Ratio 0.16
Altman-Z 1.06
F-Score6
WACC4.59%
ROIC/WACC1.4
Cap/Depr(3y)1471.42%
Cap/Depr(5y)2743.21%
Cap/Sales(3y)10.79%
Cap/Sales(5y)18.92%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-43.23%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-88.93%
EPS Next Y2.24%
EPS Next 2Y2.47%
EPS Next 3Y2.86%
EPS Next 5YN/A
Revenue 1Y (TTM)4.61%
Revenue growth 3Y3.37%
Revenue growth 5Y2.67%
Sales Q2Q%1.54%
Revenue Next Year0.73%
Revenue Next 2Y0.8%
Revenue Next 3Y0.11%
Revenue Next 5Y0.53%
EBIT growth 1Y5.7%
EBIT growth 3Y1.72%
EBIT growth 5Y2.38%
EBIT Next Year6.16%
EBIT Next 3Y3.75%
EBIT Next 5YN/A
FCF growth 1Y-41.02%
FCF growth 3YN/A
FCF growth 5Y80.59%
OCF growth 1Y-15.9%
OCF growth 3Y15.26%
OCF growth 5Y1.64%