FNCDY Fair Value & Analysis

Real Estate · US · Market cap $7.5B

Below-average quality, screening 27% undervalued on our models.

What matters now

• The price is below even our cautious bear case ($17.47). The market is more pessimistic than our downside scenario.
• Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
• As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.

How to read this chart

57‑month range $8.41 – $17.03 · fair‑value band $17.47 – $23.47 · the $15.55 price screens below the $19.70 fair value. Dashed = 300-day average. As of Jul 26, 2026.

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Analysis

FNCDY (FNCDY) currently trades at $15.55, while our model-based Fair Value estimate is $19.70, implying the stock looks roughly 26.7% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, FNCDY generated revenue of $1.1B at a net margin of 64.5%. Revenue declined 4.9% year over year. It earns a return on equity of 9.4%. Net debt stands at $9.4B. Fundamentals as of Jul 26, 2026

Our scenario range runs from $17.47 (bear case) to $23.47 (bull case); at $15.55, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at 27%, FNCDY screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples ($20.93) versus Growth DCF ($5.86). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Covivio invents the user experience of today and shapes the city of tomorrow. A real estate player preferably on a European scale, Covivio gets closer to end users, captures their aspirations, combines working, traveling, living, and co-sells living spaces.

Full company description

Covivio invents the user experience of today and shapes the city of tomorrow. A real estate player preferably on a European scale, Covivio gets closer to end users, captures their aspirations, combines working, traveling, living, and co-sells living spaces. Covivio, a leading European operator with 23.7 billion euros in assets, supports businesses and brands, hotels and territories in their challenges of attractiveness, transformation and responsible performance. Building well-being and lasting connections is Covivio's Raison d'être which expresses its role as as a responsible real estate operator towards all of its stakeholders: clients, shareholders and partners financiers, internal teams, communities, future generations. Furthermore, its lively approach to real estate opens its teams with exciting project prospects and career paths. Covivio was incorporated in 1963 in France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

FNCDY reported revenue of $1.4B in FY2025 versus $866M in FY2021, a compound +12.7%/yr. Reported net income was $739M in FY2025, compounding −5.4%/yr from FY2021.

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Peer Group

REIT - Diversified · 165 stocks

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.

Valuation Multiples vs REIT - Diversified median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.