Covivio Hotels

COVH.PA

REIT - Hotel & Motel · Real Estate

Price

€22.50

+0.00 (+0.00%)

Market Cap

€3.55B

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+5.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 141.1M (2021) → 148.1M (2025)

Winston Score History

The full picture

Covivio Hotels is a European real estate company that owns hotel buildings across Europe. Instead of running hotels itself, it buys and leases hotel properties to major hotel operators like AccorHotels and NH Hotels. It is one of the largest hotel property owners in Europe, with assets concentrated in France, Italy, Germany, and Spain.

The company makes money by collecting long-term lease payments from hotel operators who rent its properties. These leases are typically fixed or indexed to inflation, which provides steady, predictable income. Covivio Hotels is listed on the Paris stock exchange and has a market value of around €3.6 billion. Its main competitive advantage is its large, diversified portfolio of well-located urban hotels tied to established operators through long contracts. The key risk the business faces is a slowdown in European tourism or travel demand, which could pressure hotel operators and make it harder for them to meet their lease obligations.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+95.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+19.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

58.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

€5.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Covivio Hotels grew revenue 96% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

29.8%

Modest — 29.8% gross margin

Profit after running costs

Operating Margin

36.0%

Excellent — 36.0% operating margin

Return on the money invested

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+39.1%

Fast-growing sales (+39.1% YoY)

Profit growth

EPS YoY

+61.6%

Earnings growing fast (+61.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

85%

Modest — 85% of profit becomes cash

Spare cash per sale

FCF Margin

32.9%

Converts sales into free cash efficiently (32.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.69

Moderate — manageable debt (0.69)

Covers its interest

Interest Cover

1.86x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.1x

Attractive valuation — P/E 10.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

6.52%

Healthy income — 6.52% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+38.4%

Dividend growing fast (38.4% YoY)

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