Covivio (GSEFF) fair value: what the stock is really worth
We calculate from audited financials what Covivio is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Real Estate · US · Market cap $7.0B
At a glance
CCovivioGSEFF · US
Price$63.01
Fair Value$78.81
Upside+25.1%
Quality46/100
Below-average quality, trading 20% below our fair value of $78.81.
As of Aug 20, 2026, the fair value of Covivio is $78.81 per share against a price of $63.01, so the fair value sits 25% above the price. A model estimate from reported figures, not an analyst target.
!Mixed Growth (revenue 5y +0.0 %/yr)
✓Highly profitable · 64.5% net margin
✓Moderate debt · generates free cash flow
·5.95% dividend yield
!Mixed vs. peers (6/14)
!Moderate moat 61/100
Evidence: HighRange $54.61 to $88.94
Fair value as of: Aug 20, 2026
From 13 valuation models · updated 20 days ago
Fair value updated Aug 20, 2026, revised from $76.85 to $78.81 (+2.6%) since Aug 13, 2026.
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69 individual criteria per stock, every one traceable See the method →
What matters now
Solid quality (46/100) 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 Aug 20, 2026.
How to read this chart
60‑month range $27.93 – $72.25 · fair‑value band $54.61 – $88.94 · the $63.01 price screens below the $78.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 20, 2026.
Covivio (GSEFF) currently trades at $63.01, while our model-based Fair Value estimate is $78.81, implying the stock looks roughly 20.1% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of $75.50 per share, and 4 of the 10 models we run sit above the $63.01 price. Bear case: the Dividend Discount group reads lowest at $40.97, and 6 of the 10 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Covivio 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 $9.7B. Fundamentals as of Aug 20, 2026
Scenario range: $54.61 (bear) to $88.94 (bull), the price of $63.01 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 4% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −35% fair-value upside, at 25%, GSEFF screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($2.72 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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.Evidence
Highest evidence
Residual Income best evidence$65.07$70.18$81.2876
5Y EBITDA Exitn/a$35.53$86.3172
5Y Revenue Exitn/an/a$10.2469
All 13 models by family
DCF Models
5Y Revenue Exitn/an/a$10.2469
5Y EBITDA Exitn/a$35.53$86.3172
10Y EBITDA Exitn/a$4.24$40.2965
Dividend Discount
Gordon GGM$30.72$40.97$51.0869
DDM Multi-Stage$30.72$41.77$54.3967
Multiples
P/S Multiple$46.78$62.37$77.9658
P/B Multiple$84.99$113.32$141.6555
EV/EBIT$49.64$88.60$127.5663
EV/EBITDA$39.82$75.50$111.1964
EV/Revenuen/an/a$20.0750
Asset-Based
NCAV (Graham)$38.87$52.08$77.7354
Growth DCF
Rev-Margin DCFn/an/a$5.7869
Economic Profit
Residual Income best evidence$65.07$70.18$81.2876
Widest divergence: Multiples ($75.50) versus DCF Models ($4.24). Highest evidence: Residual Income (76).
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Key figures & financial health
P/E ratio8.2
P/S ratio5.68P/E × margin
EPS (TTM)$7.70price ÷ EPS = P/E 8.2
Dividend yield6.0%payout 48.7%
Net margin69.5%FY2025
Return on equity9.4%TTM
More key figures
Profitability
Return on assets (EBIT)1.3%avg 5y
Operating margin72.4%TTM
Growth
Revenue (TTM)$1.1BTTM
Revenue growth (YoY)−4.9%3y avg −0.2%
EPS growth (YoY)+428%
Balance sheet & cash flow
Free cash flow$129MFY2025
Net debt$9.7BFY2025 · ≈ 75.6 yrs of FCF
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality46/100
Of which business quality 43
· Market factors (momentum, volatility) 58
Profitability36
Margins and returns on capital today
Quality Growth61
Are margins and returns improving?
Cashflow47
Earnings quality: real cash, not paper profit
Fin. Strength28
Balance sheet, leverage, solvency risk
Investment67
Disciplined investing over empire-building
Low Volatility73
Calm price path (market factor)
Momentum44
Price trend over the last 3–12 months (market factor)
52W Momentum66
Distance to the 52-week high (market factor)
Net Issuance35
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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
Covivio reported revenue of €1.1B in FY2025 versus €967M in FY2021, a compound +2.4%/yr. Reported net income was €738M in FY2025, compounding −5.4%/yr from FY2021.
Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$1.1B
Avg. revenue growth/yr (3Y) ⓘ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.
+9.7%
Avg. revenue growth/yr (5Y) ⓘ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.
+0.0%
Avg. revenue growth/yr (20Y) ⓘ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.
+10.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
≈ +0.6%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−5.4%
Dividend yield6.0%
Trend ⓘ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.5Y −4.8% vs 10Y −0.9%, flattening
Operating margin (EBIT) ⓘ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.61.6% (2020) → 73.8% (2025) · rising
Worst earnings drop250% (2023) (loss year, drop beyond 100%) · in USD
⚠ Revenue per share shrinking 3.7%/yr over ~10Y (margins eroding too) ⓘ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.
⚠ Final year 2025 sits 85% above trend (one-off), rate on operating basis
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Covivio Fair Value". https://www.fairvalue-calculator.com/stock/GSEFF
Peer Group
REIT - Diversified · 152 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
Quality Score47 · Below median
Fair Value upside+35% · Top 25%
Profitability
Return on equity (TTM)9% · Top 25%
Return on assets2% · Below median
Net margin (TTM)64% · Top 25%
Operating margin (TTM)72% · Top 25%
Growth and dividend
Revenue growth−5% · Bottom 25%
Dividend yield (TTM)6.0% · Above median
Balance sheet
Debt / equity1.01× · Highest 25%
Valuation Multiples vs REIT - Diversified median · lower = cheaper
P/E (TTM)8.2× · Cheapest 25%
P/B0.81× · Pricier than median
P/S (TTM)6.09× · Pricier than median
P/FCF54.3× · Priciest 25%
EV/EBITDA14.9× · Pricier than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Covivio deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+34.3 % per year
Achieved revenue growth, 5 years+0.6 % p.a.
Sector median revenue growth+1.5 %
FCF yield on price1.84 %
Discount rate (WACC) in the models10.1 %
The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →
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.
This stockSector peers
VALUE67· sector 20
FUTURE0· sector 16
PAST38· sector 19
HEALTH50· sector 76
DIVIDEND100· sector 100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
As of Aug 20, 2026, our model estimates a fair value of $78.81 versus a price of $63.01, about +25% upside (undervalued).
What is the fair value of GSEFF?
Our model-based fair value for Covivio is $78.81 (as of Aug 20, 2026), built from audited fundamentals. The current price: $63.01.
What is the quality score of GSEFF?
Covivio has a Quality Score of 46/100. 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 Covivio (GSEFF)?
Our model-based price target is the fair value of $78.81 (as of Aug 20, 2026) from 13 valuation models. Cautious scenario $54.61, optimistic scenario $88.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Covivio stock forecast for 2026?
Our models put fair value at $78.81, about +25% upside versus a price of $63.01 (undervalued). Cautious scenario $54.61, optimistic scenario $88.94. The calculation is refreshed regularly with new filings.
What is the revenue of Covivio (GSEFF)?
Covivio reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of GSEFF?
The net profit margin of Covivio is about 64.5%, meaning it keeps roughly 64.5% of revenue as net income. Based on the latest reported figures.
Does Covivio pay a dividend?
Covivio currently shows a dividend yield of about 5.95% relative to its recent price (as of Aug 20, 2026).
What growth is priced into Covivio (GSEFF)?
For today's price to be fair in a discounted-cash-flow model, Covivio would have to grow free cash flow by +34.3 % per year for ten years (discount rate 10.1 %, then 2 % perpetual growth). Over the last 5 years revenue grew +0.6 % per year. As of Aug 20, 2026.
What discount rate (WACC) does the fair value of GSEFF use?
Our models discount Covivio at 10.1 %: a base by market capitalisation (mid), damped by beta 1.14, country premium for USA. The same rate applies in all 26 models.
What is the intrinsic value of Covivio (GSEFF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Covivio it is $78.81 per share (as of Aug 20, 2026), against a price of $63.01. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Covivio stock overvalued or undervalued in 2026?
As of Aug 20, 2026, GSEFF trades below its calculated fair value: price $63.01, fair value $78.81, a gap of about +25% (undervalued). 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 GSEFF?
No. The price is what the market pays today ($63.01); the fair value is what the company's own numbers justify ($78.81). For Covivio the two are $15.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Covivio worth?
The market values Covivio at about $7.0B (market capitalisation, as of Aug 20, 2026). Per share that is $63.01; our models calculate a fair value of $78.81 per share.
What do the bullish and bearish scenarios say about GSEFF?
Our models span a range for Covivio: cautious scenario $54.61, base $78.81, optimistic $88.94 per share (as of Aug 20, 2026, price $63.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GSEFF?
Covivio trades at a price-to-earnings ratio of 8.2 (as of Aug 20, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $78.81 is built from several models across several years. Other multiples: P/B 0.8, P/S 6.1, EV/EBITDA 14.9.
How solid is the balance sheet of Covivio (GSEFF)?
Balance-sheet figures for Covivio (as of Aug 20, 2026): return on equity 9.4%, debt of 1.01 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is GSEFF from its 52-week high?
Covivio trades at $63.01, about 4% below its 52-week high of $65.30 and 16% above the low of $54.13 (as of Aug 20, 2026). Distance from the high says nothing about value: that is what the fair value of $78.81 is for.
Which stocks are comparable to Covivio?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 Covivio stock attractive at the current price?
The data as of Aug 20, 2026: price $63.01, calculated fair value $78.81 (+25%), Quality Score 46/100, from 13 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 GSEFF calculated?
We run Covivio through 13 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 $78.81, with the spread shown as a cautious and an optimistic scenario.
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Covivio
GSEFF · US