olivLaw · European equity research
Care Property Invest nv CPINV.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Care Property Invest is a Belgian public regulated real estate company (GVV) that invests exclusively in care real estate for seniors and persons with disabilities across Europe. Its favourable tax status and the need to comply strictly with GVV rules, especially on shareholder structure, are at the centre of investor attention.
At the close of 05 Nov 2026, Care Property Invest nv (CPINV.BR) stock was 12.72 EUR (+0.79% on the day), with market capitalisation 470.5 m EUR, P/E 18.3 on diluted EPS of 0.70 EUR over the last 12 months, dividend yield 7.86%, beta 0.40, 52-week range 10.70–13.92 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)
- 64.1
- strong (55–70)
- Bollinger (20, 2)
- 11.98 – 12.66
- above the upper band · %B 1.09 · band width 5.5%
- SMA 50 / 200
- 12.28 / 12.56
- mixed trend
- MACD (12, 26, 9)
- 0.09 / 0.05
- 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 | +5.6% | −0.6% | +6.3 pp | — |
| 3 months | +1.6% | −4.2% | +5.8 pp | — |
| 6 months | −2.8% | +4.3% | −7.1 pp | — |
| Year to date | +7.3% | +7.5% | −0.3 pp | — |
| 1 year | +9.3% | +9.9% | −0.6 pp | +7.2% |
| 3 years | +4.1% | +49.8% | −45.8 pp | −5.5% |
| 5 years | −49.7% | +42.8% | −92.5 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 100 percentile of its own 1-quarter history (min 16.4, median 16.4, max 16.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -5.8 m | 25.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.16 | 0.70 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | 58.9 m | 56.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 2.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 626.9 m EUR
- Total assets
- 1.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.06x
- ROE
- 4.1%
- ROA
- 2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating income | 26.8 m | 50.2 m | esef· 29 Apr 2025verified |
| Interest expense | 15.3 m | 18.1 m | esef· 29 Apr 2025verified |
| Pre-tax income | -8.2 m | 26.9 m | esef· 29 Apr 2025verified |
| Net income | -5.8 m | 25.7 m | esef· 29 Apr 2025verified |
| Diluted EPS | -0.16 | 0.70 | esef· 29 Apr 2025verified |
| Dividend per share | 0.75 | 1.00 | esef· 29 Apr 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 2.5 m | 2.9 m | esef· 29 Apr 2025verified |
| Current assets | 21.2 m | 10.9 m | esef· 29 Apr 2025verified |
| Intangibles (excl. goodwill) | 87.1 k | 102.2 k | esef· 29 Apr 2025verified |
| Total assets | 1.2 bn | 1.2 bn | esef· 29 Apr 2025verified |
| Current liabilities | 84.8 m | 184.7 m | esef· 29 Apr 2025verified |
| Total liabilities | 581.8 m | 599.1 m | esef· 29 Apr 2025verified |
| Equity | 638.1 m | 626.9 m | esef· 29 Apr 2025verified |
| Shares outstanding at year end | 37.0 m | 37.0 m | esef· 29 Apr 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 58.9 m | 56.3 m | esef· 29 Apr 2025verified |
| Capex | 39.9 k | 94.0 k | esef· 29 Apr 2025verified |
| Free cash flow | 58.9 m ≈ | 56.2 m ≈ | esef· 29 Apr 2025derived |
| Investing cash flow | -83.4 m | -23.3 m | esef· 29 Apr 2025verified |
| Financing cash flow | 24.7 m | -32.5 m | esef· 29 Apr 2025verified |
| Dividends paid | 27.7 m | 37.0 m | esef· 29 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 470.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · 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: 7.44 – 18.55 EUR.
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/E7.44 – 16.23 (Mid 10.17)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)13.60 – 18.55 (Mid 15.69)
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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 218.2% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.8x | 20 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 18.3x | 46 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.9% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 7.9% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 65.9% | 77 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns91/100 · 2/2 factors with a value
- Valuation70/100 · 2/3 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
CARE PROPERTY INVEST (CPINV.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 4.1%.
The estimated value range is 10.52–17.39 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 12.93 EUR, the price of 12.72 EUR leaves a potential of 1.7% (value / price − 1) and a margin of safety of 1.6% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 218.2%
- FCF yield: 11.9%
- Shareholder yield (distributions): 7.9%
- Payout ratio (FCF): 65.9%
What contradicts it
- Interest coverage: 2.8x
- Current ratio: 0.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for CPINV.BR 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
Scenarios are not available. input data missing
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
Care Property Invest is a Belgian public regulated real estate company (GVV) that invests exclusively in care real estate for seniors and persons with disabilities across Europe 1. Its favourable tax status and the need to comply strictly with GVV rules, especially on shareholder structure, are at the centre of investor attention 1.
SWOT
Strengths
- A portfolio entirely dedicated to care, with long-term triple net leases, provides fairly predictable income 1.
- The GVV status allows a favourable tax regime in which dividends benefit from a reduced withholding tax rate 1.
- The ability to offer full development services, from design to financing, strengthens relations with initiators 1.
Weaknesses
- Reliance on strict compliance with GVV requirements, as losing the status would trigger significant additional tax 1.
- International activity adds tax and legal complexity, since each country has its own rules 1.
- The risk of failing the conditions for inheritance tax exemption for shareholders could affect the relationship with shareholders 1.
Opportunities
- The ageing European population supports long-term demand for care housing and care centres 1.
- Investment in sustainability and climate control solutions could increase portfolio appeal and ease financing 1.
- Expansion into new countries or growth from development projects could diversify income sources 1.
Threats
- Changes to tax legislation in the countries where it operates could reduce the dividends it receives 1.
- Climate risks such as flooding and heatwaves could reduce property values and demand for units 1.
- A weak sustainability profile could raise financing costs and reduce the ability to attract investors 1.
Risks
- Loss of GVV statushigh
If the company lost its GVV status, it would owe full corporate tax and could face early repayment clauses in its credit agreements, according to the annual report 1.
- Shareholder structure requirementsmedium
Shareholders eligible for the inheritance tax exemption must hold shares for at least five years, and non-compliance could reduce the exemption base and affect the company's status 1.
- Changes to Dutch tax regimemedium
The abolition of the Dutch FBI status could generate additional tax and reduce the dividends reaching the company, according to the report's estimate 1.
- Climate and physical risksmedium
Flooding in Dutch coastal areas and heatwaves could affect building values and make it harder to lease units, and the impact could be high 1.
- Changes to GVV legislationlow
Future changes to GVV rules or sanctions by the supervisory authority for breaches could affect the business model 1.
Investment thesis
What would need to be true (bull case)
- If demand for elderly care grows as expected, the fully care-focused portfolio could generate stable long-term income 1.
- The favourable tax status of the GVV, if maintained, supports dividends for shareholders, according to the report 1.
- The ability to develop and finance projects through the Design-Build-Finance formula could attract new long-term contracts 1.
What would break the thesis
What to watch
- Effect of the abolition of the Dutch FBI status on results2025
- Confirmation by the Dutch tax authority that the FBI status applies to Care Property Invest.NL102025
- Compliance with shareholder structure requirements for the inheritance tax exemptionnext annual report
- Development of demand and new projects under the Design-Build-Finance formula2025
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
The mission is to invest in high-quality real estate solutions for seniors and persons with disabilities, by acquiring, building and renovating care centres, assisted living groups and residential complexes 1. The company also offers development services to initiators, notably the Design-Build-Finance formula, in which it takes over design, construction and financing of the project 1. According to the annual report, all assets in the portfolio are care assets, and the company is a public GVV under Belgian law 1.
Segments
Design-Build-Finance (financial leasing)
In this formula the initiator grants a superficies right of at least 32 years over land or an existing building, while Care Property Invest handles the environmental permit, monitoring of works and long-term financing of the project 1.
Care real estate investments (leased property)
The portfolio consists entirely of care real estate, leased to private or public operators on triple net bases in Belgium, the Netherlands, Spain and Ireland 1.
Market context
Demand for care housing grows as the European population ages, and the annual report describes this demographic shift as a major challenge for Europe in the coming decades 1. The Belgian GVV sector is strictly regulated, and tax regimes in neighbouring countries, such as the Dutch FBI status, are changing and could affect investment returns 1.
Trends
- Ageing European populationtailwind
A growing number of elderly people dependent on care supports long-term demand for care infrastructure, which the company finances and leases 1.
- Changes to Dutch tax regimesheadwind
The abolition of the Dutch FBI status from 1 January 2025 could generate additional tax for the company if the regime does not apply further, which weighs on results 1.
- Sustainability and climate requirementsmixed
Rising temperatures and flood risk in coastal areas could reduce the appeal of some buildings, but investment in climate control and renewable energy can strengthen the portfolio 1.
- Cost of financing and access to capitalmixed
A weak sustainability profile could lead to higher financing costs and difficulty attracting investors, and early repayment of loans could arise if covenants are breached 1.
Competitive position
Competition comes from other investors and real estate funds specialised in care across Europe, as well as from operators that develop their own buildings 1. The annual report does not explicitly identify US-listed competitors.
- Other care real estate investors in Europe
Compete for the same properties and contracts with care operators; the report does not name specific competitors.
- Regional real estate funds in Belgium and the Netherlands
Operate in nearby markets and may compete for development and financing projects.
- Care operators developing their own buildings
May reduce the need for external financing, although the company offers them Design-Build-Finance services.
- Other GVV-type vehicles and similar regimes in Europe
Operate under comparable statutes, such as SOCIMI in Spain, and compete for investor capital.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Care Property Invest nv · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.