olivLaw · European equity research
Foncière INEA INEA.PA
France · Euronext Paris · Vertical: Listed companies from France
Foncière INEA owns and manages a portfolio of tertiary properties, mainly offices, in the main regional metropolises of France. The company keeps its high energy-performance benchmarks, and the 2025 annual report shows a rise in recurring net income per share alongside a higher vacancy rate, so its trajectory merits close attention.
At the close of 05 Nov 2026, Foncière INEA (INEA.PA) stock was 31.50 EUR (+1.29% on the day), with market capitalisation 340.7 m EUR, P/E 70.0 on diluted EPS of 0.45 EUR over the last 12 months, dividend yield 8.57%, beta 0.13, 52-week range 30.90–36.30 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)
- 50.9
- neutral
- Bollinger (20, 2)
- 30.96 – 31.70
- in the upper half of the band · %B 0.73 · band width 2.4%
- SMA 50 / 200
- 31.73 / 33.31
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.10
- 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 | +0.3% | −0.6% | +1.0 pp | — |
| 3 months | −4.5% | −4.2% | −0.4 pp | — |
| 6 months | −10.0% | +4.3% | −14.3 pp | — |
| Year to date | −7.9% | +7.5% | −15.4 pp | — |
| 1 year | −1.3% | +9.9% | −11.2 pp | −8.8% |
| 3 years | −17.1% | +49.8% | −67.0 pp | −10.0% |
| 5 years | −28.4% | +42.8% | −71.2 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 19.1, median 47.5, max 76.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 21.5 m | -3.0 m | 4.9 m |
| Net income YoY | unavailable | −114.0% | unavailable |
| Diluted EPS | 1.99 | -0.28 | 0.45 |
| Diluted EPS YoY | unavailable | −114.1% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 51.5 m | 61.6 m | 53.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 530.5 m EUR
- Total assets
- 1.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.35x
- ROE
- 0.9%
- ROA
- 0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 37.8 m | 18.8 m | 27.2 m | esef· 07 Apr 2026verified |
| Pre-tax income | 21.5 m | -3.0 m | 5.1 m | esef· 07 Apr 2026verified |
| Income tax | 0 | 0 | 212.0 k | esef· 07 Apr 2026verified |
| Net income | 21.5 m | -3.0 m | 4.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.99 | -0.28 | 0.45 | esef· 07 Apr 2026verified |
| Weighted average diluted shares | — | 10.8 m | 10.8 m | esef· 07 Apr 2026verified |
| Dividend per share | — | 2.70 | 2.70 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.7 m | 7.3 m | 2.7 m | esef· 07 Apr 2026verified |
| Current assets | 29.5 m | 29.4 m | 30.9 m | esef· 07 Apr 2026verified |
| Total assets | 1.2 bn | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Accounts payable | 14.7 m | 15.3 m | 20.3 m | esef· 07 Apr 2026verified |
| Short-term debt | 60.7 m | 67.6 m | — | esef· 15 Apr 2025verified |
| Current liabilities | 85.3 m | 89.4 m | 87.1 m | esef· 07 Apr 2026verified |
| Total liabilities | 586.3 m | 644.1 m | 633.7 m | esef· 07 Apr 2026verified |
| Equity | 591.9 m | 552.9 m | 530.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 10.8 m | 10.8 m | 10.8 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 51.5 m | 61.6 m | 55.7 m | esef· 07 Apr 2026verified |
| Capex | 9.0 k | 18.0 k | 1.9 m | esef· 07 Apr 2026verified |
| Free cash flow | 51.5 m ≈ | 61.6 m ≈ | 53.8 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -115.3 m | -54.2 m | 7.3 m | esef· 07 Apr 2026verified |
| Financing cash flow | 64.5 m | -1.4 m | -71.5 m | esef· 07 Apr 2026verified |
≈ 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
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 340.7 m EUR
Key indicators
Coverage and freshness
Score by group
29% · 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: 5.17 – 50.07 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/E5.17 – 13.27 (Mid 8.01)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)36.72 – 50.07 (Mid 42.37)
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: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 1,105.8% | 100 (on a fixed band) | 21% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | 70.0x | 8 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 15.8% | 100 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 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
FONCIERE INEA (INEA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 0.9%.
The estimated value range is 20.95–31.67 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 25.19 EUR, the price of 31.50 EUR leaves a potential of -20.0% (value / price − 1) and a margin of safety of -25.1% (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: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,105.8%
- FCF yield: 15.8%
What contradicts it
- Current ratio: 0.4x
- P/E (TTM): 70.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for INEA.PA 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
Foncière INEA owns and manages a portfolio of tertiary properties, mainly offices, in the main regional metropolises of France. The company keeps its high energy-performance benchmarks, and the 2025 annual report shows a rise in recurring net income per share alongside a higher vacancy rate, so its trajectory merits close attention.
SWOT
Strengths
- A young portfolio with strong energy performance, compared with the office sector average.
- Real-time monitoring of energy and water consumption, with automatic alerts for anomalies.
- Growth in recurring net income per share in 2025, supported by higher EBITDA.
Weaknesses
- The EPRA vacancy rate rose compared with the prior year, indicating pressure on occupancy.
- The carbon footprint is dominated by emissions embedded in construction, which are hard to reduce.
- Activity is geographically concentrated in France and in the main regional cities.
Opportunities
- Photovoltaic panels installed on rooftops could reduce the carbon footprint of operations.
- Tighter regulation could favour recent buildings that already comply.
- Developing subsidiaries dedicated to renewable energy production could create a secondary activity.
Threats
- An ageing portfolio could generate replacement costs for cooling equipment.
- Physical climate risks could lead to asset impairment or repair costs.
- Geopolitical tensions in the Middle East, not yet assessed for 2026, represent an uncertainty.
Risks
- Rising vacancymedium
A higher vacancy rate could reduce rental income if it is not offset by new lettings.
- Physical climate riskmedium
Extreme weather events could damage buildings and raise adaptation costs.
- Regulatory transition riskmedium
Stricter energy rules could require additional investment to keep the portfolio compliant.
- Asset ageinglow
Degradation of buildings' energy performance could increase consumption and operating costs.
- Geopolitical uncertaintylow
The impact of geopolitical events on the 2026 outlook has not yet been assessed by the company.
Investment thesis
What would need to be true (bull case)
- If the market rewards energy-efficient buildings, the advantage of INEA's recent portfolio could support stable income and solid asset value.
- Growth in recurring net income per share and the 2026 cash-flow guidance could indicate a strengthening cash-generation capacity.
- The energy-sobriety strategy and photovoltaic production could reduce reliance on fossil energy and operating costs.
What would break the thesis
- If vacancy keeps rising, rental income could be affected and net asset value could decline.
- A carbon footprint dominated by construction could become a long-term regulatory pressure that is hard to reverse.
- Activity concentrated in France could amplify the impact of a decline in local demand.
What to watch
- Evaluarea impactului conflictelor din Orientul Mijlociu asupra perspectivelornext 10-K
- Trend in the EPRA vacancy rate2026
- Delivery of the cash-flow per share guidance2026
- Filing of the SBTi file within the roadmap2026-2030
- Assessment of Middle East conflict impact on the outlooknext 10-K
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
INEA focuses on acquiring, holding and managing a portfolio of office buildings and activity parks in France's major regional cities. Its strategy relies on acquiring new or recent buildings that meet the energy regulations in force at the time of construction. The annual report indicates total consolidated emissions of 14 045 tCO2e for 2025, most of which relate to building construction.
Segments
Offices
Offices make up about 80 % of the portfolio according to the annual report and are the main driver of rental activity. Average consumption in this segment is 84 kWh/m2 in 2025, 33 % below the national office-park average.
Activity parks
Activity parks, with warehouse and production premises, complete the portfolio. The report indicates energy intensity close to the sector average for this type of asset, suggesting that superior performance is concentrated mainly in offices.
Market context
The French tertiary property market in which INEA operates is assessed by the annual report through the lens of energy performance and increasingly strict environmental rules. The company compares its consumption with the Observatoire de l'Immobilier Durable (OID) barometer, indicating a position in the top 30 % of the market for offices.
Trends
- Stricter energy and climate rulesmixed
Tighter rules on emissions and building energy performance could require additional investment to keep the portfolio compliant. The company considers that, given its recent buildings, its exposure to this risk is limited.
- Demand for energy-efficient buildingstailwind
If tenants and investors continue to prefer low-consumption buildings, the competitive advantage of INEA's recent buildings could strengthen the portfolio's appeal.
- Energy costs and inflationmixed
A possible rise in energy costs could weigh on operating charges, although the buildings' superior energy performance may limit this exposure.
- Ageing property stockheadwind
Over the medium and long term, degradation of buildings' energy performance could lead to higher consumption and the replacement of heating and cooling equipment, which acts as a headwind.
Competitive position
The annual report does not explicitly detail competitors, but refers to other operators in the tertiary property market, where INEA differentiates itself through the age and energy performance of its portfolio. Its positioning against the sector average, documented through the OID barometer, suggests its advantage rests mainly on building quality.
- Other French tertiary property operators
The source does not name competitors; the comparison is made against the OID sector average.
- Office building developers and constructors
Actors supplying new buildings to INEA; the relationship is one of supply rather than direct competition.
- Investors in regional activity parks
Competitors in the activity-park segment, where energy performance is close to the average.
- Listed European tertiary property companies
Comparison under EPRA indicators allows assessment of transparency, without naming individual companies.
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 / Foncière INEA · 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.