Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Immobel SA is Belgium's largest listed real estate developer, specializing in high-quality, future-proof urban projects across Europe, including Belgium, France, Luxembourg, Germany, Poland, Spain, and the United Kingdom. Founded in 1863 and headquartered in Brussels, the company rebranded from Allfin NV to Immobel SA in June 2016 and operates as a subsidiary of A³ Capital NV. Its portfolio encompasses office spaces, residential properties, mixed-use developments, leisure facilities, retail, housing estates, and hospitality sectors, transforming city landscapes through innovative, sustainable solutions. Immobel SA segments its activities into Residential Development, Offices, and Landbanking, with significant revenue contributions from Belgium and Poland. Led by Executive President and Chairman Marnix Galle, alongside key executives like CFO Karel Breda and Chief Development Officer Olivier Thiel, it maintains strategic oversight via an experienced board of independent directors. With over 160 years of legacy and approximately 145 employees, Immobel SA plays a pivotal role in the European real estate market by addressing contemporary demands for versatile urban environments.
€22.80
+€0.20 (+0.88%)
Live · 04:46 PM · Twelve Data
15.94% operating margin is respectable but not wide. ROIC at 4.07%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 11.6% YoY. The question is whether this is cyclical or a structural shift.
Net debt of €651M represents 4.1x FCF, leverage limits flexibility.
4.7x earnings, 1.5x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€334M
▼ -11.6% YoY
Net Income (TTM)
€49M
▲ +152.3% YoY
Op. Margin
15.94%
▲ +13.1pp YoY
ROIC
4.07%
▲ +3.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€157M
▲ +189.3% YoY
Op. Cash Flow (TTM)
€202M
▲ +271.5% YoY
Net Debt
€651M
Cash & Equiv.
€125M
3Y CAGR: +12.2%
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At a P/E of 4.7 and a price-to-free-cash-flow of 1.5, Immobel SA (IMMO.XBRU) trades below a two-stage DCF intrinsic value of about €725.06 per share, so at €22.80 the stock looks undervalued (3,080.1% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Immobel SA scores 80/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €725.06 per share for IMMO.XBRU, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €543.79. At today's €22.80, that puts the stock about 3,080.1% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Immobel SA scores 80 out of 100 on Intrinsiqq's quality score, passing 6 of 8 checks, which makes it a high-quality business on these measures. Recent fundamentals include a 15.9% operating margin and a 4.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full check-by-check breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. IMMO.XBRU currently trades below its estimated intrinsic value and scores 80/100 on quality (high-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.