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Covivio Hotels (COVH) Fair Value & Analysis

Real Estate · FR · Market cap €3.4B · ISIN FR0000060303

What is Covivio Hotels really worth?

CH Covivio Hotels COVH · PA
Price€22.60
Fair Value€21.42
Upside−5.2%
Quality61/100

A solid business, currently priced close to our fair value of €21.42.

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Strengths

Healthy Growth (revenue 5y +24.1 %/yr)
Highly profitable · 82.0% net margin
Moderate debt · generates free cash flow

Risks

!Mixed vs. peers (8/15)
!Moderate moat 64/100
!Weak on valuation: 26 out of 100

For context

·6.64% dividend yield
Evidence: High Range €19.58 – €30.77

Fair value as of: Aug 21, 2026

From 16 valuation models · updated 15 days ago

Share price −0.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

€25.52 €10.19 Fair Value €21.42 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range €10.19 – €25.52 · fair‑value band €19.58 – €30.77 · the €22.60 price screens above the €21.42 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 21, 2026.

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Analysis

Covivio Hotels (COVH) currently trades at €22.60, while our model-based Fair Value estimate is €21.42, implying the stock looks roughly 5.5% fairly valued today. The Quality Score stands at 61/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of €29.25 per share, and 10 of the 16 models we run sit above the €22.60 price. Bear case: the Dividend Discount group reads lowest at €3.77, and 6 of the 16 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Covivio Hotels generated revenue of €375M at a net margin of 82.0%. Revenue declined 0.7% year over year. It earns a return on equity of 8.6%. Net debt stands at €2.5B. Fundamentals as of Aug 21, 2026

Our scenario range runs from €19.58 (bear case) to €30.77 (bull case); at €22.60, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −31% fair-value upside, at −5%, COVH screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.3316 per share, which is 1.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear 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 €19.26 €20.63 €23.44 74
Growth DCF €9.69 €28.98 €60.07 70
FCF DCF €11.07 €23.34 €61.61 68
All 16 models by family
DCF Models
FCF DCF €11.07 €23.34 €61.61 68
5Y Revenue Exit €6.22 €19.01 €45.76 62
5Y EBITDA Exit €15.53 €37.82 €81.59 67
10Y Revenue Exit €7.33 €29.25 €42.95 62
10Y EBITDA Exit €14.59 €48.82 €109.15 59
Dividend Discount
Gordon GGM €2.19 €4.36 €6.61 64
DDM Multi-Stage €2.19 €3.77 €4.61 65
Multiples
P/S Multiple €22.09 €29.46 €36.82 58
P/B Multiple €24.86 €33.14 €41.43 55
EV/EBIT €14.44 €23.14 €31.85 64
EV/EBITDA €16.36 €25.70 €35.04 66
EV/Revenue €2.73 €8.90 €15.07 49
Asset-Based
NCAV (Graham) €11.68 €15.65 €23.36 54
Growth DCF
Growth DCF €9.69 €28.98 €60.07 70
Rev-Margin DCF €8.07 €23.43 €55.59 63
Economic Profit
Residual Income best evidence €19.26 €20.63 €23.44 74

Widest divergence: DCF Models (€29.25) versus Dividend Discount (€3.77). Highest evidence: Residual Income (74).

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Key figures & financial health

P/E ratio 11.4
P/S ratio 4.89 P/E × margin
EPS (TTM) €1.99 price ÷ EPS = P/E 11.4
Dividend yield 6.6% payout 75.4%
Net margin 43.0% FY2025
Return on equity 8.6% TTM
More key figures
Profitability
Return on assets (EBIT) 4.3% avg 5y
Operating margin 73.8% TTM
Growth
Revenue (TTM) €375M TTM
Revenue growth (YoY) −0.7% 3y avg +15.0%
EPS growth (YoY) +97.8%
Balance sheet & cash flow
Free cash flow €226M FY2025
Net debt €2.5B FY2025 · ≈ 11.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 59 · Market factors (momentum, volatility) 56

Profitability 37
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 82
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 Hotels specializes in owning operating properties in the hotel sector. As a listed real estate investment Société d'Investissements Immobiliers Cotée (SIIC), real estate partner of major players in holds assets worth 6.6 billion euros (as of the end of 2025). Covivio Hotels is rated BBB+ / Stable outlook by Standard and Poor's.

Full company description

Covivio Hotels specializes in owning operating properties in the hotel sector. As a listed real estate investment Société d'Investissements Immobiliers Cotée (SIIC), real estate partner of major players in holds assets worth 6.6 billion euros (as of the end of 2025). Covivio Hotels is rated BBB+ / Stable outlook by Standard and Poor's. Covivio Hotels incorporated in 1900 in France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Covivio Hotels reported revenue of €716M in FY2025 versus €290M in FY2021, a compound +25.3%/yr. Reported net income was €308M in FY2025, compounding +57.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€716M
Latest YoY
+22.3%
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.
+15.0%
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.
+24.1%
Avg. revenue growth/yr (25Y) 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.
+27.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+11.6% (5.0 + 6.6)
Revenue +25.3%/yr
FY21 €290M
FY22 €471M
FY23 €551M
FY24 €586M
FY25 €716M
Net income +57.3%/yr
FY21 €50.3M
FY22 €479M
FY23 −€11.6M
FY24 €225M
FY25 €308M
Character of growth · EPS growth decomposed (2014-2025) −1.1 % p.a.
Revenue per share +4.8 %

of which total revenue +13.2 % · buybacks/dilution −7.4 %

EBIT margin −7.9 %
Tax rate +0.5 %
Residual (interest, one-offs) +2.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Covivio Hotels Fair Value". https://www.fairvalue-calculator.com/stock/COVH

Peer Group

REIT - Hotel & Motel · 35 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.

Quality Score 63 · Top 25%
Fair Value upside −5% · Above median
Return on equity (TTM) 9% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) 82% · Top 25%
Operating margin (TTM) 74% · Top 25%
Revenue growth −1% · Below median
Dividend yield (TTM) 6.6% · Top 25%
Debt / equity 0.59× · Higher than median

Valuation Multiples vs REIT - Hotel & Motel median · lower = cheaper

P/E (TTM) 11.4× · Cheaper than median
P/B 1.08× · Pricier than median
P/S (TTM) 10.66× · Pricier than 75% of peers
P/FCF 17.7× · Pricier than 75% of peers
EV/EBITDA 16.2× · Pricier than 75% of peers
PEG 4.35× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE26 · sector 6
FUTURE0 · sector 7
PAST34 · sector 5
HEALTH70 · sector 73
DIVIDEND100 · sector 89

Insider activity: 40/100

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 - Hotel & Motel stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
Host Hotels & Resorts, Inc HST $22.81 $15.81 −31%
Ryman Hospitality Properties, Inc RHP $129.33 $47.68 −63%
Apple Hospitality REIT, Inc APLE $16.36 $12.63 −23%
Park Hotels & Resorts inc. PK $14.85 $19.87 +34%
DiamondRock Hospitality Company DRH $12.36 $8.43 −32%
Sunstone Hotel Investors, Inc SHO $11.01 $2.31 −79%
Pebblebrook Hotel Trust PEB $18.48 $25.37 +37%
Xenia Hotels & Resorts, Inc XHR $19.05 $11.54 −39%
RLJ Lodging Trust (RLJ) RLJ $11.46 $8.20 −28%
Service Properties Trust SVC $7.61 $2.44 −68%

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Frequently asked questions

Is Covivio Hotels (COVH) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of €21.42 versus a price of €22.60, about −5% upside (fairly valued).
What is the fair value of COVH?
Our model-based fair value for Covivio Hotels is €21.42 (as of Aug 21, 2026), built from audited fundamentals. The current price: €22.60.
What is the quality score of COVH?
Covivio Hotels has a Quality Score of 61/100. 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 revenue of Covivio Hotels (COVH)?
Covivio Hotels reported trailing-twelve-month revenue of about €375M (latest available figure, as of Aug 21, 2026).
What is the net profit margin of COVH?
The net profit margin of Covivio Hotels is about 82.0%, meaning it keeps roughly 82.0% of revenue as net income. Based on the latest reported figures.
Does Covivio Hotels pay a dividend?
Covivio Hotels currently shows a dividend yield of about 6.64% relative to its recent price (as of Aug 21, 2026).
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