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INVESTOR
REPORT
Foncière des Régions is a holding company of
real estate investment companies that own
residential and commercial properti...
OVERVIEW
 In 2013 rental income (€526 million) came mostly from
the offices business segment (62%), German residential
(1...
HIGHLIGHTS
 In partnership with Crédit Agricole Assurances, Foncière
des Régions acquired the future Campus Eiffage.
 La...
REAL ESTATE INVESTMENT STRATEGY
 With an aggregate portfolio value of €16, Foncière des
Régions is now the recognised par...
PORTFOLIO
 Foncière des Régions defines a dynamic and tailored
property policy has a dual objective:
6
 At the same time...
7
Complexe Garibaldi DS Campus Carrè Suffren
BREAKDOWN PORTFOLIO
8
WHAT ABOUT COMPETITORS?
INMOBILIARIA COLONIA
It has assets only in Spain
and France (only in Paris).
DEUTSCHE WOHNEN
It ha...
STOCK TECHNICAL ANALYSIS
 22.34% return 1/1/2014 - 27/11/2014 from 62.75 to 76.77
against the -0.8% of the previous year....
11
PRICE TREND 2013-2014
RETURNS OF THE OTHER COMPANIES
INMOBILIARIA COLONIA
-0.53%, very weak reliability
of the investors in this stock
DEUTSCHE ...
RATIO ANALYSIS
 Analysis of the principal competitors based on their
financial ratios
13
ASSET SIDE EQUITY SIDE
P/EEV/EBI...
14
THAT’S ALL FOLKS!
THANK YOU!
Davide Vioto 655191
Luca Laureti 656511
Francesco Desideri 659991
Rocco Ruggiero 661571
Al...
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Case Study (Slides)

  1. 1. INVESTOR REPORT
  2. 2. Foncière des Régions is a holding company of real estate investment companies that own residential and commercial properties in 8 countries (mostly Europe). Its business comes from the rental and leasing of properties (including hotels, residential building and car lots) over 70% of which is office space in France and Italy. FdR was created in 1963 as an operator of underground garages/parking lots. Most growth happened in the 21st. CONTACT Finance 30, Avenue Kléber 75208 Paris France investisseurs@fdr.fr actionnaires@fdr.fr www.foncieredesregions.fr 2
  3. 3. OVERVIEW  In 2013 rental income (€526 million) came mostly from the offices business segment (62%), German residential (15%), hotel and service sector (8%) and other activities (15% remaining). The occupancy rate is of 96.7%. 3  The percentage of “Green Building” is of 41.3%, and it will grow up in next 4 years of 18.7%, as we can see on the chart.  Divisions in order of size are: Foncière Développement Logements Foncière des Murs Foncière Europe Logistique
  4. 4. HIGHLIGHTS  In partnership with Crédit Agricole Assurances, Foncière des Régions acquired the future Campus Eiffage.  Launch of Cœur d'Orly, one of the major Grand Paris urban projects.  Launch of the Green Corner project in St-Denis.  Foncière des Régions and B&B Hôtels signed a partnership agreement for the development of nine new hotels in Germany.  Foncière des Régions increased its stake in its subsidiary Foncière Développement Logements and bolstered its position in the German residential market.  Foncière des Régions was awarded for the quality of its financial and extra-financial reporting through the EPRA Award Gold for its 2012 Reference Document.  Foncière des Régions was included in four of the NYSE Euronext – Vigeo indices. 4
  5. 5. REAL ESTATE INVESTMENT STRATEGY  With an aggregate portfolio value of €16, Foncière des Régions is now the recognised partner of companies and municipalities, which it supports in developing property strategies.  With a strong presence in the Offices market and Key Accounts, Foncière des Régions is active in the French profitable markets, and in the major metropolitan areas in Italy, through its subsidiary Beni Stabili.  Foncière des Régions is also extending its business to two other sectors in Germany: 5  It has established reliable and long-term relationships with its various stakeholders, tenants, municipalities, property operators, investors, suppliers and others. ResidentialHotels & Service
  6. 6. PORTFOLIO  Foncière des Régions defines a dynamic and tailored property policy has a dual objective: 6  At the same time, the company constantly offers buildings in sync with tenants’ needs.  It has a thorough understanding of all the business areas of the property chain.  Using its partnership culture as a mainstay, Foncière des Régions quickly established a sustainable development roadmap based on high performance results, an ambitious works program. Designing the property world of the future Enhancing value to existing portfolio
  7. 7. 7 Complexe Garibaldi DS Campus Carrè Suffren
  8. 8. BREAKDOWN PORTFOLIO 8
  9. 9. WHAT ABOUT COMPETITORS? INMOBILIARIA COLONIA It has assets only in Spain and France (only in Paris). DEUTSCHE WOHNEN It has mostly residential assets in Germany IGD It has mostly retail assets in Italy SACYR It has investment only in Spain PATRIZIA IMMOBILIEN It has investment mostly in Germany UNIBAIL RODAMCO In the last year it was registered an high volatility of the stock price 9
  10. 10. STOCK TECHNICAL ANALYSIS  22.34% return 1/1/2014 - 27/11/2014 from 62.75 to 76.77 against the -0.8% of the previous year.  Lower dividend this year, 2.926, for a div yield of 4.09%. P/E 25.68, Eps 2.99. While in 2013 were distributed 4.2€ for div yield of 7.05%. No need of attracting investor with dividends.  Market β of 0.94 (average of sector 0.78). The company is managed in an active way. The French market is in a rising trend.  P/B of 1.17 against 1.74 of competitors. The market recognizes the true value of the company, reflecting it in the market price. There is an high performing management especially respect to the competitors. 10
  11. 11. 11 PRICE TREND 2013-2014
  12. 12. RETURNS OF THE OTHER COMPANIES INMOBILIARIA COLONIA -0.53%, very weak reliability of the investors in this stock DEUTSCHE WOHNEN +31.54% but they are fully invested in Deutsche RE market that had great profits last year IGD +0.95% SACYR -19.21% PATRIZIA IMMOBILIEN +54.66%, high market β UNIBAIL RODAMCO In the last year it was registered an high volatility of the stock price 12
  13. 13. RATIO ANALYSIS  Analysis of the principal competitors based on their financial ratios 13 ASSET SIDE EQUITY SIDE P/EEV/EBITDA P/B BENI STABILI IGD COLONIAL SACYR UNIBAIL DTS WOHNEN PATRIZIA IMMOBILIEN P/E 0,00 57,67 0,00 0,00 13,92 18,91 12,96 P/B 0,49 0,40 2,14 1,91 1,31 1,06 1,30 EV/EBITDA 17,27 16,32 35,75 30,17 22,68 32,70 0,00 AVERAGE P/E 14,78 P/B 1,23 EV/EBITDA 22,13 FONCIER DES REGION P/E 11,53 P/B 0,91 EV/EBITDA 17,33
  14. 14. 14 THAT’S ALL FOLKS! THANK YOU! Davide Vioto 655191 Luca Laureti 656511 Francesco Desideri 659991 Rocco Ruggiero 661571 Alessandro Cudazzo 660901 Luca Straccini 661211

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