Cofinimmo SA/NV (CFMOF) fair value: what the stock is really worth
As of Jul 1, 2026: fair value of Cofinimmo SA/NV $78.98, price $93.83, upside -15.8%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
44‑month range $37.94 – $93.83 · fair‑value band $57.68 – $120.81 · the $93.83 price screens above the $78.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Cofinimmo SA properties for more than 40 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom, with a value of approximately 6.1 billion EUR.
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Cofinimmo SA properties for more than 40 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom, with a value of approximately 6.1 billion EUR. Responding to societal changes, Cofinimmo's mission is to provide high-quality care, living, and working spaces to partner-tenants that directly benefit their occupants. (Caring, Living and Working Together in Real Estate is the expression of this mission). Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio of approximately 4.7 billion EUR in Europe. As an independent company that applies the highest standards of corporate governance and sustainability, Cofinimmo offers its tenants services and manages its portfolio through a team of approximately 150 employees in Brussels, Paris, Breda, Frankfurt and Madrid. Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT system in Belgium (RREC), in France (SIIC), in Spain (SOCIMI) and in the United Kingdom (UK-REIT). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator. Cofinimmo SA was established on December 29, 1983 and incorporated in Belgium. As of March 2, 2026, Cofinimmo SA operates as a subsidiary of Aedifica NV/SA.
Stock analysis
Cofinimmo SA/NV (CFMOF) currently trades at $93.83, while our model-based Fair Value estimate is $78.98, 15.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $88.24 per share, and 3 of the 15 models we run sit above the $93.83 price.
Bear case: the Asset-Based group reads lowest at $69.51, and 12 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: $57.68 (bear) to $120.81 (bull), the price of $93.83 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Cofinimmo SA/NV reported revenue of €394M in FY2025 versus €341M in FY2021, a compound +3.7%/yr. Reported net income was €213M in FY2025, compounding −4.9%/yr from FY2021.
Key figures
Market cap $3.6B · P/S ratio 9.33 · EPS (TTM) $−0.6800 · Dividend yield 5.5% · Net margin 54.2% · Return on equity 5.6% · Return on assets (EBIT) 3.6% · Operating margin 81.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 61% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 6% fair-value upside, at −16%, CFMOF screens richer than that median.
Fair Value models
Bear $57.68Fair Value $78.98Bull $120.81
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.9%
Start year 2020 (pandemic). Over 10 years: +4.4% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−0.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.2%
Dividend (yield on the price)5.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6.2% vs 1.6%, slowing
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.73% → 66%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.9%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−2.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +8.2% a year for the price and −4.4% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Healthcare Facilities · 25 stocks
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Cite: Fair Value Calculator (2026). "Cofinimmo SA/NV Fair Value". https://www.fairvalue-calculator.com/stock/CFMOF
Frequently asked questions
Is Cofinimmo SA/NV (CFMOF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $78.98 versus the last price from Jul 1, 2026 of $93.83, about −16% upside (overvalued).
What is the fair value of CFMOF?
Our model-based fair value for Cofinimmo SA/NV is $78.98 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 1, 2026): $93.83.
What is the quality score of CFMOF?
Cofinimmo SA/NV has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cofinimmo SA/NV (CFMOF)?
Our model-based price target is the fair value of $78.98 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario $57.68, optimistic scenario $120.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Cofinimmo SA/NV stock forecast for 2026?
Our models put fair value at $78.98, about −16% upside versus the last price from Jul 1, 2026 of $93.83 (overvalued). Cautious scenario $57.68, optimistic scenario $120.81. The calculation is refreshed regularly with new filings.
What is the revenue of Cofinimmo SA/NV (CFMOF)?
Cofinimmo SA/NV reported trailing-twelve-month revenue of about €383M (latest available figure, as of Sep 24, 2026).
Does Cofinimmo SA/NV pay a dividend?
Cofinimmo SA/NV currently shows a dividend yield of about 5.54% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Cofinimmo SA/NV (CFMOF)?
For today's price to be fair in a discounted-cash-flow model, Cofinimmo SA/NV would have to grow free cash flow by +10.5 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CFMOF use?
Our models discount Cofinimmo SA/NV at 9.7 %: a base by market capitalisation (mid), damped by beta 0.99, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cofinimmo SA/NV that is +10.5 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Cofinimmo SA/NV (CFMOF) delivered so far?
Over the past 5 years revenue at Cofinimmo SA/NV grew +5.9 % a year. The price currently implies +10.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cofinimmo SA/NV (CFMOF) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Cofinimmo SA/NV (+10.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cofinimmo SA/NV (CFMOF)?
The free-cash-flow yield on the price is 8.56 %: that much free cash flow Cofinimmo SA/NV produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cofinimmo SA/NV (CFMOF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cofinimmo SA/NV it is $78.98 per share (as of Sep 24, 2026), against a price of $93.83. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Cofinimmo SA/NV stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CFMOF trades above its calculated fair value: price $93.83, fair value $78.98, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CFMOF?
No. The price is what the market pays today ($93.83); the fair value is what the company's own numbers justify ($78.98). For Cofinimmo SA/NV the two are $14.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cofinimmo SA/NV worth?
The market values Cofinimmo SA/NV at about $3.6B (market capitalisation, as of Sep 24, 2026). Per share that is $93.83; our models calculate a fair value of $78.98 per share.
What do the bullish and bearish scenarios say about CFMOF?
Our models span a range for Cofinimmo SA/NV: cautious scenario $57.68, base $78.98, optimistic $120.81 per share (as of Sep 24, 2026, price $93.83). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cofinimmo SA/NV (CFMOF)?
Balance-sheet figures for Cofinimmo SA/NV (as of Sep 24, 2026): return on equity 5.6%, debt of 0.45 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is CFMOF from its 52-week high?
Cofinimmo SA/NV trades at $93.83, at its 52-week high of $93.83 and 61% above the low of $58.12 (as of Jul 1, 2026). Distance from the high says nothing about value: that is what the fair value of $78.98 is for.
Which stocks are comparable to Cofinimmo SA/NV?
From the same area (Real Estate) we also value Welltower Inc, Ventas, Inc, Omega Healthcare Investors, Inc, Healthpeak Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cofinimmo SA/NV stock attractive at the current price?
The data as of Sep 24, 2026: price $93.83, calculated fair value $78.98 (−16%), Quality Score 62/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CFMOF calculated?
We run Cofinimmo SA/NV through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $78.98, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Cofinimmo SA/NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cofinimmo SA/NV (CFMOF)?
The latest price we hold is from Jul 1, 2026 and stands at $93.83. Our model-based fair value is $78.98, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cofinimmo SA/NV right now?
Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($57.68 to $120.81) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Cofinimmo SA/NV (CFMOF) come from?
Earnings per share at Cofinimmo SA/NV grew −3.0 % a year from 2015 to 2025. Broken into its drivers: revenue per share −1.7 %, EBIT margin +0.3 %, tax rate −0.2 %, residual (interest, one-offs) −1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Cofinimmo SA/NV
How large is the market capitalisation of Cofinimmo SA/NV (CFMOF)?
The market capitalisation of Cofinimmo SA/NV is $3.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cofinimmo SA/NV (CFMOF)?
The price-to-sales ratio of Cofinimmo SA/NV is 9.33 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cofinimmo SA/NV (CFMOF)?
Earnings per share at Cofinimmo SA/NV are $−0.6800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cofinimmo SA/NV (CFMOF)?
The dividend yield of Cofinimmo SA/NV is 5.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cofinimmo SA/NV (CFMOF)?
The net margin of Cofinimmo SA/NV is 54.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cofinimmo SA/NV (CFMOF)?
The return on equity (ROE) of Cofinimmo SA/NV is 5.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cofinimmo SA/NV (CFMOF)?
On an EBIT basis the return on assets of Cofinimmo SA/NV is 3.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cofinimmo SA/NV (CFMOF)?
The operating margin of Cofinimmo SA/NV is 81.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cofinimmo SA/NV (CFMOF)?
Revenue at Cofinimmo SA/NV is growing +1.5% versus a year earlier (3y avg +2.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cofinimmo SA/NV (CFMOF)?
Earnings per share at Cofinimmo SA/NV are growing −16.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cofinimmo SA/NV (CFMOF) carry?
The net debt of Cofinimmo SA/NV is €2.6B (fiscal year 2025, ≈ 9.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 24, 2026