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EUROCOMMERCIAL PROPERTIES NV (ECMPA.AS) Stock Fundamental Analysis

AMS:ECMPA - Euronext Amsterdam - NL0015000K93 - REIT - Currency: EUR

25.05  +0.15 (+0.6%)

Fundamental Rating

3

Overall ECMPA gets a fundamental rating of 3 out of 10. We evaluated ECMPA against 41 industry peers in the Diversified REITs industry. There are concerns on the financial health of ECMPA while its profitability can be described as average. ECMPA does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

ECMPA had positive earnings in the past year.
ECMPA had a positive operating cash flow in the past year.
In multiple years ECMPA reported negative net income over the last 5 years.
ECMPA had a positive operating cash flow in each of the past 5 years.
ECMPA.AS Yearly Net Income VS EBIT VS OCF VS FCFECMPA.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M 200M 250M

1.2 Ratios

With a Return On Assets value of 1.65%, ECMPA perfoms like the industry average, outperforming 51.22% of the companies in the same industry.
ECMPA has a Return On Equity of 3.18%. This is comparable to the rest of the industry: ECMPA outperforms 53.66% of its industry peers.
With an excellent Return On Invested Capital value of 6.42%, ECMPA belongs to the best of the industry, outperforming 87.80% of the companies in the same industry.
ECMPA had an Average Return On Invested Capital over the past 3 years of 3.64%. This is in line with the industry average of 3.99%.
The last Return On Invested Capital (6.42%) for ECMPA is above the 3 year average (3.64%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 1.65%
ROE 3.18%
ROIC 6.42%
ROA(3y)2.33%
ROA(5y)1.75%
ROE(3y)4.61%
ROE(5y)3.54%
ROIC(3y)3.64%
ROIC(5y)3.5%
ECMPA.AS Yearly ROA, ROE, ROICECMPA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10

1.3 Margins

ECMPA's Profit Margin of 16.42% is in line compared to the rest of the industry. ECMPA outperforms 48.78% of its industry peers.
ECMPA has a worse Operating Margin (65.76%) than 63.41% of its industry peers.
In the last couple of years the Operating Margin of ECMPA has remained more or less at the same level.
The Gross Margin of ECMPA (70.95%) is worse than 63.41% of its industry peers.
In the last couple of years the Gross Margin of ECMPA has remained more or less at the same level.
Industry RankSector Rank
OM 65.76%
PM (TTM) 16.42%
GM 70.95%
OM growth 3Y-1.59%
OM growth 5Y-0.28%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.04%
GM growth 5Y-0.63%
ECMPA.AS Yearly Profit, Operating, Gross MarginsECMPA.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 40 60 80 100

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2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), ECMPA is creating some value.
ECMPA has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, ECMPA has more shares outstanding
ECMPA has a worse debt/assets ratio than last year.
ECMPA.AS Yearly Shares OutstandingECMPA.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M
ECMPA.AS Yearly Total Debt VS Total AssetsECMPA.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

Based on the Altman-Z score of 1.08, we must say that ECMPA is in the distress zone and has some risk of bankruptcy.
ECMPA has a better Altman-Z score (1.08) than 68.29% of its industry peers.
ECMPA has a debt to FCF ratio of 26.32. This is a negative value and a sign of low solvency as ECMPA would need 26.32 years to pay back of all of its debts.
The Debt to FCF ratio of ECMPA (26.32) is worse than 68.29% of its industry peers.
ECMPA has a Debt/Equity ratio of 0.54. This is a neutral value indicating ECMPA is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.54, ECMPA belongs to the top of the industry, outperforming 80.49% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF 26.32
Altman-Z 1.08
ROIC/WACC1.4
WACC4.6%
ECMPA.AS Yearly LT Debt VS Equity VS FCFECMPA.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B

2.3 Liquidity

ECMPA has a Current Ratio of 0.16. This is a bad value and indicates that ECMPA is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 0.16, ECMPA is doing worse than 80.49% of the companies in the same industry.
ECMPA has a Quick Ratio of 0.16. This is a bad value and indicates that ECMPA is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of ECMPA (0.16) is worse than 80.49% of its industry peers.
Industry RankSector Rank
Current Ratio 0.16
Quick Ratio 0.16
ECMPA.AS Yearly Current Assets VS Current LiabilitesECMPA.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

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2

3. Growth

3.1 Past

The earnings per share for ECMPA have decreased strongly by -43.23% in the last year.
Looking at the last year, ECMPA shows a small growth in Revenue. The Revenue has grown by 4.61% in the last year.
ECMPA shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 2.67% yearly.
EPS 1Y (TTM)-43.23%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-88.93%
Revenue 1Y (TTM)4.61%
Revenue growth 3Y3.37%
Revenue growth 5Y2.67%
Sales Q2Q%1.54%

3.2 Future

Based on estimates for the next years, ECMPA will show a small growth in Earnings Per Share. The EPS will grow by 2.86% on average per year.
The Revenue is expected to grow by 0.53% on average over the next years.
EPS Next Y2.24%
EPS Next 2Y2.47%
EPS Next 3Y2.86%
EPS Next 5YN/A
Revenue Next Year0.73%
Revenue Next 2Y0.8%
Revenue Next 3Y0.11%
Revenue Next 5Y0.53%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
ECMPA.AS Yearly Revenue VS EstimatesECMPA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 50M 100M 150M 200M 250M
ECMPA.AS Yearly EPS VS EstimatesECMPA.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 0.5 1 1.5 2 2.5

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3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 21.23, which indicates a rather expensive current valuation of ECMPA.
Compared to the rest of the industry, the Price/Earnings ratio of ECMPA is on the same level as its industry peers.
When comparing the Price/Earnings ratio of ECMPA to the average of the S&P500 Index (28.80), we can say ECMPA is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 9.95, the valuation of ECMPA can be described as reasonable.
Based on the Price/Forward Earnings ratio, ECMPA is valued a bit cheaper than the industry average as 65.85% of the companies are valued more expensively.
ECMPA is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.91, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 21.23
Fwd PE 9.95
ECMPA.AS Price Earnings VS Forward Price EarningsECMPA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, ECMPA is valued a bit cheaper than 78.05% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of ECMPA indicates a slightly more expensive valuation: ECMPA is more expensive than 68.29% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 23.05
EV/EBITDA 11.29
ECMPA.AS Per share dataECMPA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)9.49
PEG (5Y)N/A
EPS Next 2Y2.47%
EPS Next 3Y2.86%

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5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.50%, ECMPA is a good candidate for dividend investing.
ECMPA's Dividend Yield is rather good when compared to the industry average which is at 8.11. ECMPA pays more dividend than 82.93% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.39, ECMPA pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.5%

5.2 History

The dividend of ECMPA decreases each year by -0.55%.
Dividend Growth(5Y)-0.55%
Div Incr Years1
Div Non Decr Years1
ECMPA.AS Yearly Dividends per shareECMPA.AS Yearly Dividends per shareYearly Dividends per share 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

111.21% of the earnings are spent on dividend by ECMPA. This is not a sustainable payout ratio.
DP111.21%
EPS Next 2Y2.47%
EPS Next 3Y2.86%
ECMPA.AS Yearly Income VS Free CF VS DividendECMPA.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M 200M 250M
ECMPA.AS Dividend Payout.ECMPA.AS Dividend Payout, showing the Payout Ratio.ECMPA.AS Dividend Payout.PayoutRetained Earnings

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EUROCOMMERCIAL PROPERTIES NV

AMS:ECMPA (3/28/2025, 1:22:06 PM)

25.05

+0.15 (+0.6%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)03-06 2025-03-06/amc
Earnings (Next)05-08 2025-05-08
Inst Owners36.12%
Inst Owner ChangeN/A
Ins Owners18.58%
Ins Owner ChangeN/A
Market Cap1.38B
Analysts84.21
Price Target27.89 (11.34%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.5%
Yearly Dividend1.4
Dividend Growth(5Y)-0.55%
DP111.21%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-2.53%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0.25%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.04%
Revenue NY rev (3m)-0.53%
Valuation
Industry RankSector Rank
PE 21.23
Fwd PE 9.95
P/S 3.54
P/FCF 23.05
P/OCF 13.89
P/B 0.68
P/tB 0.68
EV/EBITDA 11.29
EPS(TTM)1.18
EY4.71%
EPS(NY)2.52
Fwd EY10.05%
FCF(TTM)1.09
FCFY4.34%
OCF(TTM)1.8
OCFY7.2%
SpS7.08
BVpS36.58
TBVpS36.58
PEG (NY)9.49
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.65%
ROE 3.18%
ROCE 7.85%
ROIC 6.42%
ROICexc 6.48%
ROICexgc 6.48%
OM 65.76%
PM (TTM) 16.42%
GM 70.95%
FCFM 15.34%
ROA(3y)2.33%
ROA(5y)1.75%
ROE(3y)4.61%
ROE(5y)3.54%
ROIC(3y)3.64%
ROIC(5y)3.5%
ROICexc(3y)3.7%
ROICexc(5y)3.57%
ROICexgc(3y)3.7%
ROICexgc(5y)3.57%
ROCE(3y)4.45%
ROCE(5y)4.28%
ROICexcg growth 3Y3.54%
ROICexcg growth 5Y4.29%
ROICexc growth 3Y3.54%
ROICexc growth 5Y4.29%
OM growth 3Y-1.59%
OM growth 5Y-0.28%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.04%
GM growth 5Y-0.63%
F-Score6
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 0.54
Debt/FCF 26.32
Debt/EBITDA 4.18
Cap/Depr 2036.73%
Cap/Sales 10.12%
Interest Coverage 5.09
Cash Conversion 38.44%
Profit Quality 93.43%
Current Ratio 0.16
Quick Ratio 0.16
Altman-Z 1.08
F-Score6
WACC4.6%
ROIC/WACC1.4
Cap/Depr(3y)1471.42%
Cap/Depr(5y)2743.21%
Cap/Sales(3y)10.79%
Cap/Sales(5y)18.92%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-43.23%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-88.93%
EPS Next Y2.24%
EPS Next 2Y2.47%
EPS Next 3Y2.86%
EPS Next 5YN/A
Revenue 1Y (TTM)4.61%
Revenue growth 3Y3.37%
Revenue growth 5Y2.67%
Sales Q2Q%1.54%
Revenue Next Year0.73%
Revenue Next 2Y0.8%
Revenue Next 3Y0.11%
Revenue Next 5Y0.53%
EBIT growth 1Y5.7%
EBIT growth 3Y1.72%
EBIT growth 5Y2.38%
EBIT Next Year6.16%
EBIT Next 3Y3.75%
EBIT Next 5YN/A
FCF growth 1Y-41.02%
FCF growth 3YN/A
FCF growth 5Y80.59%
OCF growth 1Y-15.9%
OCF growth 3Y15.26%
OCF growth 5Y1.64%