CROMWELL EUROPEAN REAL ESTATE INVESTMENT TRUST

Financials Cromwell European Real Estate Investment Trust

Equities

CWCU

SGXC37098255

Commercial REITs

Market Closed - Singapore S.E. Other stock markets 05:04:12 2024-05-13 am EDT			5-day change	1st Jan Change
1.52 ^EUR	+0.66%		+2.70%	+7.04%

May. 02	Transcript : Cromwell European Real Estate Investment Trust, Q1 2024 Earnings Call, May 02, 2024
Apr. 30	Cromwell European Real Estate Investment Trust Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,376	1,227	1,419	843.6	798.6	854.8	-	-
Enterprise Value (EV) ¹	2,120	2,030	2,283	1,823	798.6	1,752	1,770	1,839
P/E ratio	11.7 x	15.5 x	14.5 x	21.3 x	-10.5 x	9.08 x	8.69 x	8.77 x
Yield	7.56%	7.26%	6.7%	11.5%	-	9.5%	9.69%	9.41%
Capitalization / Revenue	7.77 x	10.5 x	10.9 x	3.8 x	3.69 x	4.04 x	3.95 x	3.87 x
EV / Revenue	12 x	17.3 x	17.5 x	8.21 x	3.69 x	8.27 x	8.18 x	8.33 x
EV / EBITDA	20.4 x	19 x	19.2 x	14.8 x	-	14.2 x	14.1 x	14.5 x
EV / FCF	-	-	-	-	-	18.1 x	19.7 x	20.1 x
FCF Yield	-	-	-	-	-	5.54%	5.07%	4.98%
Price to Book	1.05 x	0.94 x	1 x	0.59 x	-	0.71 x	0.71 x	0.7 x
Nbr of stocks (in thousands)	509,557	511,216	561,045	562,392	562,392	562,392	-	-
Reference price ²	2.700	2.400	2.530	1.500	1.420	1.520	1.520	1.520
Announcement Date	2/25/20	2/23/21	2/23/22	2/24/23	2/26/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	177	117.3	130.1	222.1	216.5	211.8	216.3	220.9
EBITDA ¹	104.1	106.9	118.8	123.2	-	122.9	125.5	127.1
EBIT ¹	104.1	106.9	119.1	122.5	122.4	122	124.4	126.2
Operating Margin	58.78%	91.09%	91.54%	55.14%	56.52%	57.6%	57.5%	57.11%
Earnings before Tax (EBT) ¹	130	96.54	124.9	55.7	-58.38	85.41	93.79	95.95
Net income ¹	109	79.36	96.36	41.95	-76.22	79.08	84.08	85.75
Net margin	61.59%	67.64%	74.07%	18.89%	-35.21%	37.33%	38.88%	38.82%
EPS ²	0.2300	0.1552	0.1748	0.0705	-0.1355	0.1675	0.1750	0.1732
Free Cash Flow ¹	-	-	-	-	-	97	89.7	91.6
FCF margin	-	-	-	-	-	45.79%	41.47%	41.47%
FCF Conversion (EBITDA)	-	-	-	-	-	78.91%	71.48%	72.06%
FCF Conversion (Net income)	-	-	-	-	-	122.67%	106.68%	106.82%
Dividend per Share ²	0.2040	0.1742	0.1696	0.1719	-	0.1444	0.1473	0.1430
Announcement Date	2/25/20	2/23/21	2/23/22	2/24/23	2/26/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	745	803	863	979	-	897	915	984
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.155 x	7.518 x	7.271 x	7.948 x	-	7.295 x	7.294 x	7.742 x
Free Cash Flow ¹	-	-	-	-	-	97	89.7	91.6
ROE (net income / shareholders' equity)	8.96%	6.07%	6.93%	2.89%	-	6.64%	6.76%	6.66%
ROA (Net income/ Total Assets)	5.36%	-	4.03%	1.64%	-	3.49%	3.5%	3.5%
Assets ¹	2,035	-	2,392	2,563	-	2,268	2,402	2,450
Book Value Per Share ²	2.580	2.550	2.520	2.530	-	2.130	2.150	2.170
Cash Flow per Share ²	0.1800	-	0.1800	0.1600	-	0.1500	0.1500	-
Capex ¹	13.1	22	22.6	38.9	-	36.9	33.6	28.6
Capex / Sales	7.41%	18.72%	17.4%	17.51%	-	17.42%	15.52%	12.94%
Announcement Date	2/25/20	2/23/21	2/23/22	2/24/23	2/26/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cromwell European Real Estate Investment Trust

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.51 EUR

Average target price

1.95 EUR

Spread / Average Target

+29.14%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Office REITs

	1st Jan change	Capi.
CROMWELL EUROPEAN REAL ESTATE INVESTMENT TRUST	+7.04%	915M
BOSTON PROPERTIES, INC.	-9.88%	9.66B
NIPPON BUILDING FUND INC.	-1.80%	6.49B
DEXUS	-7.55%	5.05B
JAPAN REAL ESTATE INVESTMENT CORPORATION	-8.39%	4.84B
KDX REALTY INVESTMENT CORPORATION	-1.18%	4.16B
EMBASSY OFFICE PARKS REIT	+8.68%	4B
KILROY REALTY CORPORATION	-13.15%	3.99B
SL GREEN REALTY CORP.	+21.52%	3.39B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-10.84%	3.32B

Office REITs