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.
Inclusio SA is a Belgian real estate company specializing in the holding and management of social housing residential assets. Founded in 2014, it invests exclusively in properties with a social character, including new or renovated residential buildings leased to social partners for subletting under social policies, housing for people with disabilities, schools, daycare centers, shelters for applicants for international protection, the homeless, and children. At the end of 2024, its portfolio comprised 224 buildings—1,364 housing units, 10 social infrastructure units, 18 commercial units, 2 office buildings, a school, and a nursery—spanning 147,100 square meters with a market value of EUR 360 million. Housing over 4,500 people, Inclusio SA's buildings feature energy performance well above regional averages. Operating from Brussels with 14 employees, it generates rental income primarily from Belgium, rising from EUR 4.81 million in 2020 to EUR 15.67 million in 2024. As a publicly listed SME and UN Global Compact participant since 2024, Inclusio SA plays a vital role in addressing Belgium's social housing needs through sustainable, affordable real estate solutions.
€16.60
€0.20 (-1.19%)
EOD Jun 23, 2026 · Twelve Data
74.24% operating margin is above average. ROIC at 3.18%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 8.5%, steady but not accelerating. Free cash flow declined 31% despite revenue growth, conversion is weakening.
Free cash flow declined 31% versus the prior year, cash generation momentum has weakened. Net debt of €162M represents 52.0x FCF, leverage limits flexibility.
8.2x earnings, 40.5x 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)
€17M
▲ +8.5% YoY
Net Income (TTM)
€15M
▼ -20.8% YoY
Op. Margin
74.24%
▲ +0.8pp YoY
ROIC
3.18%
Cash Flow & Balance Sheet
FCF (TTM)
€3M
▼ -31.5% YoY
Op. Cash Flow (TTM)
€19M
▼ -16.8% YoY
Net Debt
€162M
Cash & Equiv.
€270K
3Y CAGR: +15.4%
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At a P/E of 8.2 and a price-to-free-cash-flow of 40.5, Inclusio SA (INCLU.XBRU) trades above a two-stage DCF intrinsic value of about €-12.80 per share, so at €16.60 the stock looks overvalued (177.1% above 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, Inclusio SA scores 60/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 2.6%; see dividend safety for coverage and history. 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 €-12.80 per share for INCLU.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 €-9.60. At today's €16.60, that puts the stock about 177.1% above 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.
Inclusio SA scores 60 out of 100 on Intrinsiqq's quality score, passing 3 of 8 checks, which makes it a solid business on these measures. Recent fundamentals include a 74.2% operating margin and a 3.2% 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.
Yes, Inclusio SA pays a regular dividend of about €0.43 per share per year (typically in quarterly installments), a yield of roughly 2.6% at the current price. That is a payout ratio of about 21.2% of earnings, so the dividend is amply covered by earnings. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For INCLU.XBRU's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. INCLU.XBRU currently trades above its estimated intrinsic value and scores 60/100 on quality (solid). It also yields about 2.6%. 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.