olivLaw · European equity research
CPI Europe AG CPI.VI
Austria · Wiener Börse · ISIN AT0000A21KS2 · Vertical: Listed companies from Austria
CPI Europe AG is a real estate investor, asset manager and developer active in several countries across Central and Eastern Europe, with a portfolio of offices, retail and, since November 2025, residential property. Fiscal 2025 was marked by the acquisition of the CPI BYTY portfolio, with NTA rising but the EPRA yield lower, against an uncertain economic and political backdrop.
At the close of 05 Nov 2026, CPI Europe AG (CPI.VI) stock was 15.80 EUR (+0.51% on the day), with market capitalisation 2.2 bn EUR, P/E 4.2 on diluted EPS of 3.73 EUR over the last 12 months, dividend yield 0.64%, beta 0.33, 52-week range 14.84–16.52 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 66.7
- strong (55–70)
- Bollinger (20, 2)
- 14.98 – 15.79
- above the upper band · %B 1.01 · band width 5.3%
- SMA 50 / 200
- 15.35 / 15.50
- mixed trend
- MACD (12, 26, 9)
- 0.08 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.5% | −0.6% | +3.1 pp | — |
| 3 months | +1.8% | −4.2% | +6.0 pp | — |
| 6 months | +0.9% | +4.3% | −3.4 pp | — |
| Year to date | +0.5% | +7.5% | −7.0 pp | — |
| 1 year | −2.4% | +9.9% | −12.3 pp | +5.6% |
| 3 years | −16.7% | +49.8% | −66.5 pp | +12.7% |
| 5 years | −26.2% | +42.8% | −69.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 4.2, median 9.8, max 15.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 727.0 m | 808.4 m | 754.2 m |
| Revenue YoY | unavailable | +11.2% | −6.7% |
| Net income | -180.3 m | 133.7 m | 514.0 m |
| Net income YoY | unavailable | unavailable | +284.6% |
| Diluted EPS | -1.31 | 0.97 | 3.73 |
| Diluted EPS YoY | unavailable | unavailable | +284.5% |
| net % | -24.8% | 16.5% | 68.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 308.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.5 bn EUR
- Total assets
- 9.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.18x
- ROE
- 12.2%
- ROA
- 5.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 727.0 m | 808.4 m | 754.2 m | esef· 07 Apr 2026verified |
| Operating income | -67.1 m | 419.4 m | 710.3 m | esef· 07 Apr 2026verified |
| Interest expense | 210.0 m | 230.3 m | 182.9 m | esef· 07 Apr 2026verified |
| Pre-tax income | -313.1 m | 206.0 m | 599.8 m | esef· 07 Apr 2026verified |
| Net income | -180.3 m | 133.7 m | 514.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | -1.31 | 0.97 | 3.73 | esef· 07 Apr 2026verified |
| Dividend per share | 0.14 | 0.17 | 0.10 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 697.1 m | 527.4 m | 308.4 m | esef· 07 Apr 2026verified |
| Receivables | 202.8 m | 169.8 m | 156.7 m | esef· 07 Apr 2026verified |
| Current assets | 1.2 bn | 1.0 bn | 904.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 229.6 m | 237.0 m | 23.6 m | esef· 07 Apr 2026verified |
| Total assets | 9.6 bn | 9.1 bn | 9.4 bn | esef· 07 Apr 2026verified |
| Current liabilities | 717.0 m | 602.8 m | 765.1 m | esef· 07 Apr 2026verified |
| Equity | 4.6 bn | 4.0 bn | 4.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 137.6 m | 137.8 m | 137.8 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 434.2 m | 400.5 m | 361.3 m | esef· 07 Apr 2026verified |
| Investing cash flow | -554.5 m | 183.1 m | 61.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | 128.5 m | -752.0 m | -606.3 m | esef· 07 Apr 2026verified |
| Dividends paid | 19.0 m | 24.0 m | 13.8 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 44.13 – 82.96 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E44.13 – 82.96 (Mid 63.72)24 companies used · median multiple 17.1x · quartiles 11.8x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)outside the aggregate1.37 – 1.86 (Mid 1.58)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 68.2% | 97 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 4.2x | 96 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.6% | 9 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial97/100 · 1/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation· partial96/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CPI Europe AG (CPI.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 754.2 m EUR in 2025; YoY growth -6.7%; net margin 68.2%; ROE 12.2%.
The estimated value range is 44.13–82.96 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 63.72 EUR, the price of 15.80 EUR leaves a potential of 303.3% (value / price − 1) and a margin of safety of 75.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 68.2%
- P/E (TTM): 4.2x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for CPI.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.45 Total return -46% · Per year -46% | 15.01 Total return -4% · Per year -4% | 22.71 Total return 44% · Per year 44% |
| 3 years | 6.71 Total return -56% · Per year -24% | 13.55 Total return -13% · Per year -4% | 22.71 Total return 46% · Per year 13% |
| 5 years | 5.33 Total return -64% · Per year -19% | 12.23 Total return -20% · Per year -4% | 22.71 Total return 47% · Per year 8% |
- Exit P/E± 3.39
- Net margin± 2.37
- Annual revenue growth± 2.14
- Annual dilution± 0.20
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CPI Europe AG is a real estate investor, asset manager and developer active in several countries across Central and Eastern Europe, with a portfolio of offices, retail and, since November 2025, residential property. Fiscal 2025 was marked by the acquisition of the CPI BYTY portfolio, with NTA rising but the EPRA yield lower, against an uncertain economic and political backdrop 1.
SWOT
Strengths
- A solid balance sheet with a high equity ratio and significant liquidity, described by the company as supporting its activity 1.
- A portfolio diversified by geography and by use type, which reduces dependence on a single market or segment 1.
- EPRA membership and detailed publication of indicators, which increases transparency for investors 1.
Weaknesses
Opportunities
- Lower reference rates could reduce financing costs and support asset revaluation if the trend continues 1.
- Expansion into residential could diversify income sources if the CPI BYTY portfolio is integrated effectively 1.
- Public investment in Europe could generate additional demand for property and infrastructure projects 1.
Threats
- Political uncertainty and trade protectionism could slow the economy and demand for leased space 1.
- High core inflation could limit further rate cuts and keep financing costs elevated 1.
- The introduction of EU ETS 2 could create inflationary pressure in countries with a high coal share in power generation 1.
Risks
- Financing riskmedium
Borrowing costs remain high because of risk premia, which could affect refinancing of existing debt 1.
- Macroeconomic riskmedium
US trade policy and global tensions could affect economic growth and demand for the company's assets 1.
- Office vacancy riskhigh
Weak office demand could prolong the high level of unleased space in this segment 1.
- Asset valuation riskmedium
Property values could fall if market yields change, affecting NTA and leverage indicators 1.
- Integration risklow
Integrating the residential portfolio acquired in the Czech Republic and optimising the existing portfolio generate costs and could delay the expected benefits 1.
Investment thesis
What would need to be true (bull case)
- If the decline in interest rates continues, property values and NTA indicators could keep benefiting, especially given an already well-capitalised balance sheet 1.
- The rise in NTA per share and in EPRA earnings per share in 2025 shows the capacity to generate value from the portfolio 1.
- Diversification into residential and European public investment could open additional growth sources over the medium term 1.
What would break the thesis
- The EPRA yield has declined, and a lower yield on the new portfolio could continue to weigh on margins 1.
- Weak office demand and high core inflation could limit the recovery of income and further rate reductions 1.
- High operating costs and optimisation expenses could weigh on results if they do not stabilise 1.
What to watch
- Trend in office and retail vacancy rates2026
- Integration and yield of the CPI BYTY portfolio2026
- Evolution of financing costs and ECB decisions2026
- Impact of EU ETS 2 on inflation and operating costs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for fiscal 2025, CPI Europe AG operates as an international real estate investor, asset manager and project developer, with office buildings, commercial spaces and hotels, some run through management contracts 1. EPRA NRV reached 5231.6 million EUR at 31 December 2025, compared with 4510.6 million EUR at the end of 2024 1. The company presents itself as an EPRA member and publishes EPRA indicators to aid comparison with other companies 1.
The balance sheet is described as solid, with an equity ratio of 47.1% and liquid funds of 320.0 million EUR at year-end 2025 1. Financial liabilities fell mainly because of property sales, and the EPRA loan to value was 42.9% 1. The company also holds owner-occupied property, but its book value dropped substantially due to sales 1.
Activity is focused on markets in Austria, Germany, Poland, the Czech Republic, Hungary, Romania, Slovakia and other countries in the region, with a portfolio diversified by use type 1. The acquisition of the CPI BYTY portfolio in the Czech Republic, completed in November 2025, added residential property to the income-generating asset base 1.
Segments
Offices
The office segment is the largest share of the office space in the portfolio, with an EPRA vacancy rate that improved in 2025 but remains a sensitive area given weak demand for office space 1.
Retail
Commercial spaces form the second major component, with a low vacancy rate compared with offices, so this segment steadily contributes to rental income 1.
Residential
The residential segment, introduced through the CPI BYTY acquisition in the Czech Republic, has a lower initial yield than the existing commercial portfolio and reduced the group's average EPRA yield 1.
Market context
The report describes an economic environment in which US trade tensions and tariff policy weighed on world trade and complicated long-term planning. EU GDP growth exceeded early forecasts, and central banks cut interest rates, easing pressure on real estate companies 1.
Office demand is expected to stay moderate, while retail and residential are expected to evolve steadily, according to the company's estimates. Financing costs remain high because of risk premia, and a full market recovery depends on inflation and interest rate decisions 1.
Trends
- Falling interest ratestailwind
The cut in the ECB reference rate eased financing cost pressure, which could support property values if the trend continues 1.
- Global trade uncertaintyheadwind
Tariff policy and geopolitical tensions complicate planning and could slow demand for office space and private investment 1.
- Rising European public spendingtailwind
Investment by EU member states, aimed at economic autonomy, could support part of future growth and demand for property projects 1.
- Mixed demand across segmentsmixed
Offices are hit by weak demand while retail and residential are described as stable, so the net impact varies with the portfolio mix 1.
Competitive position
The analysed sources do not explicitly name direct competitors. CPI Europe nevertheless operates in markets where other listed and private real estate investors are also active, especially in offices and commercial space in Central and Eastern Europe 1.
The comparative advantage cited in the report lies in geographic diversification, portfolio management experience and EPRA membership, which supports transparency and investor access to information 1.
- Private real estate investors in Central Europe
Private funds active in the same markets compete for acquisitions and tenants, though they are not explicitly identified in the source 1.
- Other listed European real estate companies
EPRA members with similar portfolios compete for investors and for the same types of assets 1.
- Regional property developers
On new projects, local developers can compete for land and leasing contracts in the cities where the company is present 1.
- Retail and residential property operators
In the retail and residential segments, specialised operators can compete directly for tenants and asset purchases 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / CPI Europe AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.