| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 25.70 | 168 |
| Intrinsic value (DCF) | 6.85 | -29 |
| Graham-Dodd Method | 18.63 | 94 |
| Graham Formula | 0.37 | -96 |
Société Centrale des Bois et des Scieries de la Manche S.A. (CBSM.PA) is a French real estate investment trust (REIT) specializing in the ownership, management, and leasing of diversified properties across France. Headquartered in Paris, the company focuses on commercial real estate, including offices, business properties, mixed-use spaces, and residential units. Operating in the REIT - Diversified sector, CBSM.PA provides stable rental income streams while benefiting from France's robust real estate market. With a market capitalization of approximately €120 million, the company maintains a conservative financial strategy, reflected in its low beta (0.497), indicating lower volatility compared to the broader market. CBSM.PA's portfolio is strategically positioned to capitalize on urban demand and long-term lease agreements, making it a niche player in the French REIT landscape. Investors seeking exposure to French commercial real estate with moderate risk may find CBSM.PA an attractive option.
Société Centrale des Bois et des Scieries de la Manche presents a mixed investment profile. On the positive side, the company operates in the stable French real estate market, generating consistent rental revenue (€21.8 million in FY 2024) and maintaining a strong cash position (€31.2 million). Its low beta suggests defensive characteristics, appealing to risk-averse investors. However, the company's net income is relatively modest (€0.3 million), and its high total debt (€199.2 million) raises concerns about leverage. The negligible dividend yield further limits income appeal. While CBSM.PA's focus on diversified properties provides some resilience, its small scale and limited growth prospects may deter investors seeking higher returns. The stock is best suited for those prioritizing stability over aggressive growth in the French REIT sector.
Société Centrale des Bois et des Scieries de la Manche operates in a competitive French REIT market dominated by larger players with more diversified portfolios and greater financial flexibility. CBSM.PA's competitive advantage lies in its niche focus on mixed-use and commercial properties, which allows it to maintain stable occupancy rates. However, its small scale (€120 million market cap) limits its ability to compete with major French REITs in terms of acquisition power and geographic diversification. The company's conservative leverage (debt-to-equity ratio of approximately 1.66x) provides stability but may also constrain growth compared to more aggressive peers. CBSM.PA's localized expertise in French property management is a strength, but its lack of international exposure or specialized asset classes (e.g., logistics, healthcare) reduces its appeal in a sector where scale and specialization are increasingly critical. The company's modest earnings (€0.024 diluted EPS) further highlight its position as a minor player in the broader European REIT landscape.