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FONCIERE INEA (INEA.PA) Stock Fundamental Analysis

EPA:INEA - Euronext Paris - Matif - FR0010341032 - REIT - Currency: EUR

33.5  -0.5 (-1.47%)

Fundamental Rating

3

Overall INEA gets a fundamental rating of 3 out of 10. We evaluated INEA against 41 industry peers in the Diversified REITs industry. While INEA is still in line with the averages on profitability rating, there are concerns on its financial health. INEA is valied quite expensively at the moment, while it does show a decent growth rate. INEA also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year INEA has reported negative net income.
INEA had a positive operating cash flow in the past year.
In the past 5 years INEA has always been profitable.
Each year in the past 5 years INEA had a positive operating cash flow.
INEA.PA Yearly Net Income VS EBIT VS OCF VS FCFINEA.PA 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 10M 20M 30M 40M 50M

1.2 Ratios

INEA has a Return On Assets of -0.29%. This is in the lower half of the industry: INEA underperforms 62.79% of its industry peers.
INEA has a worse Return On Equity (-0.62%) than 62.79% of its industry peers.
INEA has a Return On Invested Capital (3.10%) which is comparable to the rest of the industry.
Measured over the past 3 years, the Average Return On Invested Capital for INEA is in line with the industry average of 4.05%.
The 3 year average ROIC (2.72%) for INEA is below the current ROIC(3.10%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA -0.29%
ROE -0.62%
ROIC 3.1%
ROA(3y)4.36%
ROA(5y)4.78%
ROE(3y)8.37%
ROE(5y)8.92%
ROIC(3y)2.72%
ROIC(5y)2.75%
INEA.PA Yearly ROA, ROE, ROICINEA.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

1.3 Margins

INEA's Profit Margin has declined in the last couple of years.
INEA's Operating Margin of 62.72% is on the low side compared to the rest of the industry. INEA is outperformed by 65.12% of its industry peers.
In the last couple of years the Operating Margin of INEA has grown nicely.
The Gross Margin of INEA (73.61%) is comparable to the rest of the industry.
INEA's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 62.72%
PM (TTM) N/A
GM 73.61%
OM growth 3Y0.43%
OM growth 5Y2%
PM growth 3Y-27.36%
PM growth 5Y-14.61%
GM growth 3Y0.12%
GM growth 5Y0.89%
INEA.PA Yearly Profit, Operating, Gross MarginsINEA.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60 80 100

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1

2. Health

2.1 Basic Checks

INEA has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for INEA remains at a similar level compared to 1 year ago.
Compared to 5 years ago, INEA has more shares outstanding
The debt/assets ratio for INEA is higher compared to a year ago.
INEA.PA Yearly Shares OutstandingINEA.PA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2M 4M 6M 8M 10M
INEA.PA Yearly Total Debt VS Total AssetsINEA.PA 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

Based on the Altman-Z score of 0.83, we must say that INEA is in the distress zone and has some risk of bankruptcy.
INEA has a Altman-Z score (0.83) which is comparable to the rest of the industry.
The Debt to FCF ratio of INEA is 11.98, which is on the high side as it means it would take INEA, 11.98 years of fcf income to pay off all of its debts.
INEA has a Debt to FCF ratio (11.98) which is in line with its industry peers.
A Debt/Equity ratio of 0.94 indicates that INEA is somewhat dependend on debt financing.
INEA has a worse Debt to Equity ratio (0.94) than 67.44% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.94
Debt/FCF 11.98
Altman-Z 0.83
ROIC/WACC0.6
WACC5.14%
INEA.PA Yearly LT Debt VS Equity VS FCFINEA.PA 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

A Current Ratio of 0.34 indicates that INEA may have some problems paying its short term obligations.
INEA's Current ratio of 0.34 is on the low side compared to the rest of the industry. INEA is outperformed by 62.79% of its industry peers.
A Quick Ratio of 0.34 indicates that INEA may have some problems paying its short term obligations.
INEA's Quick ratio of 0.34 is on the low side compared to the rest of the industry. INEA is outperformed by 60.47% of its industry peers.
Industry RankSector Rank
Current Ratio 0.34
Quick Ratio 0.34
INEA.PA Yearly Current Assets VS Current LiabilitesINEA.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M

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5

3. Growth

3.1 Past

INEA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -107.88%.
INEA shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.92% yearly.
Looking at the last year, INEA shows a quite strong growth in Revenue. The Revenue has grown by 15.62% in the last year.
Measured over the past years, INEA shows a quite strong growth in Revenue. The Revenue has been growing by 11.92% on average per year.
EPS 1Y (TTM)-107.88%
EPS 3Y-24.24%
EPS 5Y-14.92%
EPS Q2Q%-130.39%
Revenue 1Y (TTM)15.62%
Revenue growth 3Y13.05%
Revenue growth 5Y11.92%
Sales Q2Q%17.01%

3.2 Future

Based on estimates for the next years, INEA will show a small growth in Earnings Per Share. The EPS will grow by 7.04% on average per year.
Based on estimates for the next years, INEA will show a quite strong growth in Revenue. The Revenue will grow by 12.31% on average per year.
EPS Next Y3.87%
EPS Next 2Y6.05%
EPS Next 3Y7.04%
EPS Next 5YN/A
Revenue Next Year15.05%
Revenue Next 2Y11.95%
Revenue Next 3Y9.42%
Revenue Next 5Y12.31%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
INEA.PA Yearly Revenue VS EstimatesINEA.PA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20M 40M 60M 80M 100M
INEA.PA Yearly EPS VS EstimatesINEA.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2 2.5

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3

4. Valuation

4.1 Price/Earnings Ratio

INEA reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
The Price/Forward Earnings ratio is 12.55, which indicates a correct valuation of INEA.
The rest of the industry has a similar Price/Forward Earnings ratio as INEA.
INEA is valuated rather 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 N/A
Fwd PE 12.55
INEA.PA Price Earnings VS Forward Price EarningsINEA.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 -40 -60 -80 -100

4.2 Price Multiples

INEA's Enterprise Value to EBITDA ratio is in line with the industry average.
93.02% of the companies in the same industry are more expensive than INEA, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 7.29
EV/EBITDA 20.76
INEA.PA Per share dataINEA.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40 50

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)N/A
PEG (5Y)N/A
EPS Next 2Y6.05%
EPS Next 3Y7.04%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.94%, INEA is a good candidate for dividend investing.
INEA's Dividend Yield is rather good when compared to the industry average which is at 8.71. INEA pays more dividend than 81.40% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.33, INEA pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.94%

5.2 History

The dividend of INEA is nicely growing with an annual growth rate of 6.47%!
Dividend Growth(5Y)6.47%
Div Incr Years1
Div Non Decr Years1
INEA.PA Yearly Dividends per shareINEA.PA Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 0.5 1 1.5 2 2.5

5.3 Sustainability

INEA has negative earnings and hence a negative payout ratio. The dividend may be in danger.
INEA's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept the dividend growth is sustainable.
DP-845.77%
EPS Next 2Y6.05%
EPS Next 3Y7.04%
INEA.PA Yearly Income VS Free CF VS DividendINEA.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M 50M

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FONCIERE INEA

EPA:INEA (3/7/2025, 7:00:00 PM)

33.5

-0.5 (-1.47%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-15 2024-02-15/amc
Earnings (Next)N/A N/A
Inst Owners12.99%
Inst Owner ChangeN/A
Ins Owners13.43%
Ins Owner ChangeN/A
Market Cap363.14M
Analysts77.78
Price Target36.79 (9.82%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.94%
Yearly Dividend2.7
Dividend Growth(5Y)6.47%
DP-845.77%
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)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
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 N/A
Fwd PE 12.55
P/S 4.97
P/FCF 7.29
P/OCF 7.29
P/B 0.65
P/tB 0.65
EV/EBITDA 20.76
EPS(TTM)-0.32
EYN/A
EPS(NY)2.67
Fwd EY7.97%
FCF(TTM)4.59
FCFY13.71%
OCF(TTM)4.59
OCFY13.71%
SpS6.74
BVpS51.52
TBVpS51.52
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -0.29%
ROE -0.62%
ROCE 4.22%
ROIC 3.1%
ROICexc 3.11%
ROICexgc 3.11%
OM 62.72%
PM (TTM) N/A
GM 73.61%
FCFM 68.14%
ROA(3y)4.36%
ROA(5y)4.78%
ROE(3y)8.37%
ROE(5y)8.92%
ROIC(3y)2.72%
ROIC(5y)2.75%
ROICexc(3y)2.73%
ROICexc(5y)2.76%
ROICexgc(3y)2.74%
ROICexgc(5y)2.76%
ROCE(3y)3.72%
ROCE(5y)3.75%
ROICexcg growth 3Y-0.32%
ROICexcg growth 5Y-0.54%
ROICexc growth 3Y-0.28%
ROICexc growth 5Y-0.54%
OM growth 3Y0.43%
OM growth 5Y2%
PM growth 3Y-27.36%
PM growth 5Y-14.61%
GM growth 3Y0.12%
GM growth 5Y0.89%
F-Score4
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.94
Debt/FCF 11.98
Debt/EBITDA 11.46
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.65
Cash Conversion 108.11%
Profit Quality N/A
Current Ratio 0.34
Quick Ratio 0.34
Altman-Z 0.83
F-Score4
WACC5.14%
ROIC/WACC0.6
Cap/Depr(3y)80.76%
Cap/Depr(5y)N/A
Cap/Sales(3y)0.4%
Cap/Sales(5y)N/A
Profit Quality(3y)77.97%
Profit Quality(5y)63.98%
High Growth Momentum
Growth
EPS 1Y (TTM)-107.88%
EPS 3Y-24.24%
EPS 5Y-14.92%
EPS Q2Q%-130.39%
EPS Next Y3.87%
EPS Next 2Y6.05%
EPS Next 3Y7.04%
EPS Next 5YN/A
Revenue 1Y (TTM)15.62%
Revenue growth 3Y13.05%
Revenue growth 5Y11.92%
Sales Q2Q%17.01%
Revenue Next Year15.05%
Revenue Next 2Y11.95%
Revenue Next 3Y9.42%
Revenue Next 5Y12.31%
EBIT growth 1Y18.21%
EBIT growth 3Y13.54%
EBIT growth 5Y14.16%
EBIT Next Year346.8%
EBIT Next 3Y73.08%
EBIT Next 5YN/A
FCF growth 1Y109.48%
FCF growth 3Y16.06%
FCF growth 5Y4.46%
OCF growth 1Y104.64%
OCF growth 3Y15.61%
OCF growth 5Y4.46%