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Intervest Offices & Warehouses

BATS-CHIXE:INTOB
Snowflake Description

Good value with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INTOB
BATS-CHIXE
€535M
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Intervest Offices & Warehouses nv (referred to hereafter as “Intervest”) is a public regulated real estate company (RREC) founded in 1996, of which the shares have been listed on Euronext Brussels (INTO) since 1999. The last earnings update was 10 days ago. More info.


Add to Portfolio Compare Print
  • Intervest Offices & Warehouses has significant price volatility in the past 3 months.
INTOB Share Price and Events
7 Day Returns
2.3%
BATS-CHIXE:INTOB
-4.1%
GB REITs
-2.4%
GB Market
1 Year Returns
-13.3%
BATS-CHIXE:INTOB
-24.4%
GB REITs
-25.9%
GB Market
INTOB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Intervest Offices & Warehouses (INTOB) 2.3% -14.1% -17.5% -13.3% -8.9% -17.7%
GB REITs -4.1% -23.8% -31.5% -24.4% -23.4% -29.9%
GB Market -2.4% -18% -29.1% -25.9% -26.6% -26.1%
1 Year Return vs Industry and Market
  • INTOB outperformed the REITs industry which returned -24.4% over the past year.
  • INTOB outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
INTOB
Industry
5yr Volatility vs Market

Value

 Is Intervest Offices & Warehouses undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Intervest Offices & Warehouses to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Intervest Offices & Warehouses.

BATS-CHIXE:INTOB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:INTOB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.2%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.454 (1 + (1- 29%) (66.24%))
0.777
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.8 * 6.21%)
5.5%

Discounted Cash Flow Calculation for BATS-CHIXE:INTOB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Intervest Offices & Warehouses is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BATS-CHIXE:INTOB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.5%)
2020 54.38 Est @ 16.48% 51.55
2021 60.74 Est @ 11.7% 54.58
2022 65.81 Est @ 8.35% 56.05
2023 69.76 Est @ 6% 56.32
2024 72.80 Est @ 4.36% 55.71
2025 75.14 Est @ 3.21% 54.50
2026 76.95 Est @ 2.41% 52.91
2027 78.37 Est @ 1.84% 51.07
2028 79.50 Est @ 1.45% 49.11
2029 80.44 Est @ 1.17% 47.10
Present value of next 10 years cash flows €528.00
BATS-CHIXE:INTOB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €80.44 × (1 + 0.53%) ÷ (5.5% – 0.53%)
€1,627.70
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,627.70 ÷ (1 + 5.5%)10
€953.08
BATS-CHIXE:INTOB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €528.00 + €953.08
€1,481.08
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,481.08 / 24.65
€60.49
BATS-CHIXE:INTOB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:INTOB represents 1.00691x of ENXTBR:INTO
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00691x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 60.49 x 1.00691
€60.91
Value per share (EUR) From above. €60.91
Current discount Discount to share price of €21.85
= -1 x (€21.85 - €60.91) / €60.91
64.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Intervest Offices & Warehouses is available for.
Intrinsic value
>50%
Share price is €21.85 vs Future cash flow value of €60.91
Current Discount Checks
For Intervest Offices & Warehouses to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Intervest Offices & Warehouses's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Intervest Offices & Warehouses's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Intervest Offices & Warehouses's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Intervest Offices & Warehouses's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:INTOB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €2.68
ENXTBR:INTO Share Price ** ENXTBR (2020-04-06) in EUR €21.7
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.58x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Intervest Offices & Warehouses.

BATS-CHIXE:INTOB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:INTO Share Price ÷ EPS (both in EUR)

= 21.7 ÷ 2.68

8.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intervest Offices & Warehouses is good value based on earnings compared to the GB REITs industry average.
  • Intervest Offices & Warehouses is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Intervest Offices & Warehouses's expected growth come at a high price?
Raw Data
BATS-CHIXE:INTOB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
Not available
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.67x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 517 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Intervest Offices & Warehouses, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Intervest Offices & Warehouses's assets?
Raw Data
BATS-CHIXE:INTOB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €21.25
ENXTBR:INTO Share Price * ENXTBR (2020-04-06) in EUR €21.7
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.73x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,322 Publicly-Listed Companies 1.06x
BATS-CHIXE:INTOB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:INTO Share Price ÷ Book Value per Share (both in EUR)

= 21.7 ÷ 21.25

1.02x

* Primary Listing of Intervest Offices & Warehouses.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intervest Offices & Warehouses is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Intervest Offices & Warehouses's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Intervest Offices & Warehouses has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Intervest Offices & Warehouses expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.7%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Intervest Offices & Warehouses expected to grow at an attractive rate?
  • Intervest Offices & Warehouses's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Intervest Offices & Warehouses's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Intervest Offices & Warehouses's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:INTOB Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:INTOB Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.7%
BATS-CHIXE:INTOB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 8%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 25.9%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:INTOB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:INTOB Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 83 1
2021-12-31 83 1
2020-12-31 71 1
2020-04-06
BATS-CHIXE:INTOB Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 67 47 66
2019-09-30 64 46
2019-06-30 61 42 37
2019-03-31 52 34
2018-12-31 49 33 34
2018-09-30 47 35
2018-06-30 46 27 34
2018-03-31 45 24
2017-12-31 44 30 21
2017-09-30 44 28
2017-06-30 44 30 29
2017-03-31 45 33

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Intervest Offices & Warehouses's earnings are expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).
  • Intervest Offices & Warehouses's revenue is expected to grow by 8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:INTOB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Intervest Offices & Warehouses Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:INTOB Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.99 2.99 2.99 1.00
2021-12-31 2.41 2.41 2.41 1.00
2020-12-31 2.21 2.21 2.21 1.00
2020-04-06
BATS-CHIXE:INTOB Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 2.68
2019-09-30 1.95
2019-06-30 1.66
2019-03-31 1.62
2018-12-31 1.78
2018-09-30 1.91
2018-06-30 1.86
2018-03-31 1.37
2017-12-31 1.22
2017-09-30 1.60
2017-06-30 1.67
2017-03-31 1.98

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Intervest Offices & Warehouses is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Intervest Offices & Warehouses's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Intervest Offices & Warehouses has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Intervest Offices & Warehouses performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Intervest Offices & Warehouses's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Intervest Offices & Warehouses has delivered over 20% year on year earnings growth in the past 5 years.
  • Intervest Offices & Warehouses's 1-year earnings growth exceeds its 5-year average (92.8% vs 21.9%)
  • Intervest Offices & Warehouses's earnings growth has exceeded the GB REITs industry average in the past year (92.8% vs -21.6%).
Earnings and Revenue History
Intervest Offices & Warehouses's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Intervest Offices & Warehouses Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:INTOB Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 67.27 65.77 3.53
2019-09-30 64.47 45.83 3.20
2019-06-30 61.04 36.78 3.01
2019-03-31 52.23 33.50 2.86
2018-12-31 48.73 34.11 2.52
2018-09-30 46.95 35.19 2.52
2018-06-30 45.92 33.81 2.64
2018-03-31 45.12 24.45 2.65
2017-12-31 43.97 21.19 2.59
2017-09-30 43.93 27.88 2.62
2017-06-30 43.95 28.65 2.64
2017-03-31 44.55 33.45 2.52
2016-12-31 45.77 20.58 2.07
2016-09-30 45.99 13.41 1.88
2016-06-30 46.67 12.40 1.79
2016-03-31 46.75 10.23 1.70
2015-12-31 49.00 25.95 1.62
2015-09-30 48.02 26.16 1.67
2015-06-30 46.39 22.60 1.61
2015-03-31 44.85 19.91 1.63
2014-12-31 40.93 16.29 1.55
2014-09-30 40.76 17.71 1.37
2014-06-30 40.68 19.66 1.24
2014-03-31 40.67 32.87 1.12
2013-12-31 40.99 34.58 1.08
2013-09-30 41.35 20.84 1.41
2013-06-30 41.57 19.56 1.50

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Intervest Offices & Warehouses has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Intervest Offices & Warehouses used its assets more efficiently than the GB REITs industry average last year based on Return on Assets.
  • Intervest Offices & Warehouses's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Intervest Offices & Warehouses's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Intervest Offices & Warehouses has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Intervest Offices & Warehouses's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Intervest Offices & Warehouses's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Intervest Offices & Warehouses's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Intervest Offices & Warehouses's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Intervest Offices & Warehouses's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Intervest Offices & Warehouses Company Filings, last reported 3 months ago.

BATS-CHIXE:INTOB Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 524.43 354.39 2.16
2019-09-30 500.47 420.53 2.92
2019-06-30 482.64 423.83 2.98
2019-03-31 485.76 400.96 2.30
2018-12-31 477.21 380.60 1.97
2018-09-30 375.06 359.78 2.71
2018-06-30 365.83 325.09 1.53
2018-03-31 368.54 300.30 4.29
2017-12-31 359.37 301.20 0.73
2017-09-30 340.49 305.80 1.24
2017-06-30 333.08 298.64 1.79
2017-03-31 331.99 283.33 2.87
2016-12-31 326.09 285.06 0.41
2016-09-30 314.32 287.64 0.82
2016-06-30 306.15 291.12 0.43
2016-03-31 314.77 304.08 3.34
2015-12-31 321.74 309.72 0.60
2015-09-30 317.11 318.86 2.12
2015-06-30 309.94 326.32 1.20
2015-03-31 322.93 311.05 3.30
2014-12-31 314.17 289.00 1.26
2014-09-30 283.16 288.01 1.14
2014-06-30 279.50 293.98 0.35
2014-03-31 291.73 281.30 1.67
2013-12-31 286.52 287.86 0.69
2013-09-30 279.97 293.37 1.03
2013-06-30 274.30 301.67 1.13
  • Intervest Offices & Warehouses's level of debt (67.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (92% vs 67.6% today).
  • Debt is not well covered by operating cash flow (13.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess Intervest Offices & Warehouses's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Intervest Offices & Warehouses has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Intervest Offices & Warehouses's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.05%
Current annual income from Intervest Offices & Warehouses dividends. Estimated to be 7.37% next year.
If you bought €2,000 of Intervest Offices & Warehouses shares you are expected to receive €141 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Intervest Offices & Warehouses's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.66%).
  • Intervest Offices & Warehouses's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.4%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:INTOB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 587 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:INTOB Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.65 1.00
2021-12-31 1.63 2.00
2020-12-31 1.50 1.00
2020-04-06
BATS-CHIXE:INTOB Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-27 1.530 7.000
2020-02-12 1.530 6.549
2019-03-22 1.400 5.394
2019-02-14 1.400 6.301
2018-03-23 1.400 6.352
2018-02-07 1.400 6.142
2017-05-04 1.400 6.225
2016-04-28 1.710 7.087
2015-03-30 1.400 6.068
2015-02-10 1.400 5.270
2014-05-06 1.530 6.828
2013-02-08 1.760 8.984
2012-02-15 1.730 8.984
2011-02-22 1.830 8.755
2010-02-23 2.150 9.518

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Intervest Offices & Warehouses's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Intervest Offices & Warehouses's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Intervest Offices & Warehouses afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Intervest Offices & Warehouses has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Intervest Offices & Warehouses's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gunther Gielen
COMPENSATION €20,000
AGE 46
CEO Bio

Mr. Gunther Gielen serves as Chief Executive Officer and Director at Intervest Offices & Warehouses. He attained a business engineering degree at the KU Leuven, followed by a Master of Finance at the University of Antwerp. From 1997 to 1999 he was an analyst of advanced financial products and derivatives at Bacob. From 1999 to 2002 he was an equity analyst at Artesia Banking Corporation. From 2002 to 2006 he was senior risk manager of equities and real estate at Dexia and from 2006 to 2010 he was principal risk manager of ALM equities and real estate. From 2010 to 2013 he was head of the expertise centre risk management equities and real estate at Dexia conso (later Belfius conso). From 2013 to 2014 he was head of portfolio management at Belfius Insurance Invest. Since May 2014 he has held the position of managing director of Belfius Insurance Invest.

CEO Compensation
  • Insufficient data for Gunther to compare compensation growth.
  • Gunther's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Intervest Offices & Warehouses management team in years:

3.4
Average Tenure
  • The tenure for the Intervest Offices & Warehouses management team is about average.
Management Team

Gunther Gielen

TITLE
CEO & Director
COMPENSATION
€20K
AGE
46

Inge Tas

TITLE
CFO & Compliance Officer
COMPENSATION
€428K
TENURE
14 yrs

Marco Hengst

TITLE
Chief Investment Officer & Head of Warehouses
COMPENSATION
€375K
TENURE
3.9 yrs

Stijn Van den Abbeele

TITLE
Technical Director
TENURE
2.8 yrs

Jacqueline Mouzon

TITLE
Investors Relations Assistant

Roland Meekers

TITLE
Head of Warehouses
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure and age of the Intervest Offices & Warehouses board of directors in years:

4
Average Tenure
54
Average Age
  • The tenure for the Intervest Offices & Warehouses board of directors is about average.
Board of Directors

Jean-Pierre Blumberg

TITLE
Independent Chairman of the Board
COMPENSATION
€25K
AGE
62
TENURE
4 yrs

Gunther Gielen

TITLE
CEO & Director
COMPENSATION
€20K
AGE
46
TENURE
4 yrs

Marleen Willekens

TITLE
Independent Director
COMPENSATION
€20K
AGE
54
TENURE
4 yrs

Johan Buijs

TITLE
Director
COMPENSATION
€20K
AGE
54
TENURE
8.5 yrs

Jacqueline de Rijk-Heeren

TITLE
Independent Director
COMPENSATION
€20K
AGE
67
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Intervest Offices & Warehouses's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Intervest Offices & Warehouses has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Intervest Offices & Warehouses nv (referred to hereafter as “Intervest”) is a public regulated real estate company (RREC) founded in 1996, of which the shares have been listed on Euronext Brussels (INTO) since 1999. Intervest invests in high-quality office buildings and logistics properties that are leased to first-rate tenants. The properties in which Intervest invests consist primarily of up-to-date buildings that are strategically located, often in clusters. The office segment of the real estate portfolio focuses on the central cities of Antwerp, Mechelen, Brussels and Leuven and their surroundings; the logistics segment of the portfolio in Belgium is located on the Antwerp - Brussels - Nivelles, Antwerp - Limburg - Liège, and Antwerp - Ghent - Lille axes and, in the Netherlands, on the Moerdijk -’s Hertogenbosch - Nijmegen, Rotterdam - Gorinchem - Nijmegen and Bergen-op-Zoom- Eindhoven - Venlo axes. Intervest distinguishes itself when leasing space by offering more than square metres only. The company goes beyond real estate by offering “turnkey solutions” (a total solution tailored to and with the customer), extensive service provision, co-working and serviced offices.

Details
Name: Intervest Offices & Warehouses nv
INTOB
Exchange: BATS-CHIXE
Founded: 1996
€535,002,346
24,654,486
Website: http://www.intervest.be
Address: Intervest Offices & Warehouses nv
Uitbreidingstraat 66,
Berchem,
Antwerp,
Antwerp, 2600,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR INTO Ordinary Shares Euronext Brussels BE EUR 11. Mar 1999
DB IJY Ordinary Shares Deutsche Boerse AG DE EUR 11. Mar 1999
LSE 0MTK Ordinary Shares London Stock Exchange GB EUR 11. Mar 1999
BATS-CHIXE INTOB Ordinary Shares BATS 'Chi-X Europe' GB EUR 11. Mar 1999
Number of employees
Current staff
Staff numbers
51
Intervest Offices & Warehouses employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 21:40
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2020/03/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.