| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 49.59 | -1 |
| Intrinsic value (DCF) | 45.35 | -10 |
| Graham-Dodd Method | 76.90 | 53 |
| Graham Formula | 62.13 | 24 |
Immobiliere Dassault SA (IMDA.PA) is a French real estate investment trust (REIT) specializing in the ownership and management of office and retail properties in prime locations across France. Established in 1975 and headquartered in Paris, the company boasts a diversified portfolio of 21 high-quality real estate assets as of June 2020. Operating in the REIT - Diversified sector, Immobiliere Dassault focuses on stable income generation through long-term leases with reputable tenants. The company benefits from its strategic positioning in the French commercial real estate market, leveraging strong demand for premium office and retail spaces. With a market capitalization of approximately €363 million, Immobiliere Dassault is a niche player offering investors exposure to France's resilient commercial property market. The company's conservative financial strategy, low beta of 0.38, and consistent dividend payments (€2.08 per share) make it an attractive option for income-focused investors seeking stability in the European real estate sector.
Immobiliere Dassault presents a conservative investment proposition with stable cash flows from its French commercial property portfolio. The company's low beta (0.38) suggests relative insulation from market volatility, while its €27.3 million net income and €20.9 million operating cash flow demonstrate solid operational performance. However, investors should note the company's high debt-to-equity position (€261.5 million total debt versus €181,000 cash) and limited liquidity. The 6.5% dividend yield (based on €2.08 per share) is attractive but requires monitoring of coverage ratios. The concentrated French market exposure presents both stability and lack of diversification risks. With no recent capital expenditures reported, growth may be limited to organic rental increases rather than portfolio expansion. The investment case hinges on France's commercial real estate market stability and the company's ability to maintain occupancy rates in its premium properties.
Immobiliere Dassault occupies a specialized niche in the French commercial real estate market, differentiating itself through its focused portfolio of premium office and retail properties. The company's competitive advantage stems from its long-established presence (since 1975) and strategic property locations in France's key business districts. With only 21 assets, the company maintains a boutique approach to property management, allowing for closer tenant relationships and operational efficiency. However, its small scale (€363 million market cap) limits bargaining power with large tenants and access to financing compared to larger REITs. The company's conservative approach is reflected in its low beta (0.38), appealing to risk-averse investors but potentially limiting growth opportunities. Immobiliere Dassault's strength lies in its stable income stream from long-term leases, but its lack of geographic or sector diversification within France increases vulnerability to local economic downturns. The company's debt-heavy capital structure (€261.5 million debt) could become a competitive disadvantage in rising interest rate environments. While not a market leader in size, Immobiliere Dassault's specialized focus on quality French commercial properties provides a distinct position in the European REIT landscape.