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 05:04:34 2024-04-26 am EDT			5-day change	1st Jan Change
1.46 ^EUR	-0.68%		+1.39%	+2.82%

Feb. 26	Cromwell European Real Estate Investment Trust Announces Distribution for the Period from 1 July 2023 to 31 December 2023, Payable on 28 March 2024	CI
Feb. 26	Cromwell European Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023	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	821.1	-	-
Enterprise Value (EV) ¹	2,120	2,030	2,283	1,823	798.6	1,704	1,722	1,756
P/E ratio	11.7 x	15.5 x	14.5 x	21.3 x	-10.5 x	9.64 x	7.8 x	8.59 x
Yield	7.56%	7.26%	6.7%	11.5%	-	10.2%	10.6%	10.6%
Capitalization / Revenue	7.77 x	10.5 x	10.9 x	3.8 x	3.69 x	3.83 x	3.97 x	3.59 x
EV / Revenue	12 x	17.3 x	17.5 x	8.21 x	3.69 x	7.95 x	8.33 x	7.67 x
EV / EBITDA	20.4 x	19 x	19.2 x	14.8 x	-	13.5 x	13 x	13.3 x
EV / FCF	-	-	-	-	-	22.8 x	18 x	18 x
FCF Yield	-	-	-	-	-	4.4%	5.55%	5.55%
Price to Book	1.05 x	0.94 x	1 x	0.59 x	-	0.69 x	0.66 x	0.69 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	1.460	1.460	1.460
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	214.2	206.6	228.9
EBITDA ¹	104.1	106.9	118.8	123.2	-	125.8	132	132.2
EBIT ¹	104.1	106.9	119.1	122.5	122.4	124.1	127.7	132.2
Operating Margin	58.78%	91.09%	91.54%	55.14%	56.52%	57.93%	61.84%	57.73%
Earnings before Tax (EBT) ¹	130	96.54	124.9	55.7	-58.38	89.96	96.24	100.9
Net income ¹	109	79.36	96.36	41.95	-76.22	79.73	94.96	90.3
Net margin	61.59%	67.64%	74.07%	18.89%	-35.21%	37.22%	45.97%	39.45%
EPS ²	0.2300	0.1552	0.1748	0.0705	-0.1355	0.1515	0.1872	0.1700
Free Cash Flow ¹	-	-	-	-	-	74.9	95.6	97.4
FCF margin	-	-	-	-	-	34.96%	46.28%	42.55%
FCF Conversion (EBITDA)	-	-	-	-	-	59.55%	72.43%	73.7%
FCF Conversion (Net income)	-	-	-	-	-	93.95%	100.68%	107.86%
Dividend per Share ²	0.2040	0.1742	0.1696	0.1719	-	0.1494	0.1549	0.1550
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	-	883	901	935
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.155 x	7.518 x	7.271 x	7.948 x	-	7.021 x	6.823 x	7.075 x
Free Cash Flow ¹	-	-	-	-	-	74.9	95.6	97.4
ROE (net income / shareholders' equity)	8.96%	6.07%	6.93%	2.89%	-	7.01%	7.03%	7.61%
ROA (Net income/ Total Assets)	5.36%	-	4.03%	1.64%	-	3.55%	3.55%	3.5%
Assets ¹	2,035	-	2,392	2,563	-	2,246	2,675	2,580
Book Value Per Share ²	2.580	2.550	2.520	2.530	-	2.110	2.200	2.110
Cash Flow per Share ²	0.1800	-	0.1800	0.1600	-	0.1500	0.1500	-
Capex ¹	13.1	22	22.6	38.9	-	28.9	32	22.8
Capex / Sales	7.41%	18.72%	17.4%	17.51%	-	13.49%	15.49%	9.96%
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

1.46 EUR

Average target price

2.062 EUR

Spread / Average Target

+41.23%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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KILROY REALTY CORPORATION	-16.82%	3.89B
SL GREEN REALTY CORP.	+12.04%	3.28B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-15.11%	3.16B

Office REITs