Stock CDP COPT DEFENSE PROPERTIES
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Financials COPT Defense Properties

Equities

CDP

US22002T1088

Commercial REITs

Market Closed - Nyse
Other stock markets
 21:00:07 03/05/2024 BST 		5-day change 1st Jan Change
24.6 USD +0.37% Intraday chart for COPT Defense Properties +4.10% -4.02%
04-29 Wedbush Adjusts COPT Defense Properties' Price Target to $28 From $27, Keeps Outperform Rating MT
04-26 Transcript : COPT Defense Properties, Q1 2024 Earnings Call, Apr 26, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,279 2,915 3,132 2,911 2,876 2,764 - -
Enterprise Value (EV) 1 5,096 4,993 5,391 5,130 5,124 5,202 5,333 5,421
P/E ratio 17.2 x 30 x 41.1 x 17 x -38.3 x 20.3 x 19.4 x 18.9 x
Yield 3.74% 4.22% 3.93% 4.24% 4.45% 4.8% 4.87% 5%
Capitalization / Revenue 5.11 x 4.78 x 4.71 x 3.94 x 4.2 x 3.77 x 3.64 x 3.61 x
EV / Revenue 7.95 x 8.19 x 8.11 x 6.94 x 7.48 x 7.09 x 7.02 x 7.08 x
EV / EBITDA 16.4 x 15.7 x 16 x 15 x 14.2 x 13.8 x 13.6 x 13.1 x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.96 x 1.76 x 1.94 x 1.73 x - - - -
Nbr of stocks (in thousands) 111,620 111,782 111,964 112,214 112,197 112,406 - -
Reference price 2 29.38 26.08 27.97 25.94 25.63 24.59 24.59 24.59
Announcement Date 06/02/20 04/02/21 10/02/22 09/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 641.2 609.4 664.4 739 685 734.1 759.8 765.7
EBITDA 1 311.3 318.9 337.2 341.7 360.7 375.8 391 412.7
EBIT 1 156.1 160.7 168.7 181.4 188.5 212.7 222.7 246.8
Operating Margin 24.34% 26.37% 25.39% 24.55% 27.51% 28.97% 29.31% 32.24%
Earnings before Tax (EBT) 1 198.2 101.4 77.27 148 -73.5 322.6 321.2 -
Net income 1 191.7 97.37 76.54 173 -73.47 138.1 144 148.2
Net margin 29.89% 15.98% 11.52% 23.41% -10.73% 18.82% 18.95% 19.36%
EPS 2 1.710 0.8700 0.6800 1.530 -0.6700 1.213 1.269 1.300
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.100 1.100 1.100 1.100 1.140 1.180 1.197 1.230
Announcement Date 06/02/20 04/02/21 10/02/22 09/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 185.9 195.5 185.8 182.5 175.2 167.5 169.2 168.6 179.7 193.3 183.6 184.1 190 185.8 187.6
EBITDA 1 84.68 82.24 85.3 86.39 87.79 87.44 89.04 90.26 93.93 95.84 94.43 95.88 97 95.2 96.93
EBIT 1 42.64 43.06 46.52 46.58 45.26 45.4 46.08 47.08 49.9 50.42 53.52 53.84 53.53 53.54 54.34
Operating Margin 22.93% 22.03% 25.03% 25.53% 25.83% 27.1% 27.24% 27.93% 27.77% 26.09% 29.15% 29.25% 28.17% 28.81% 28.97%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 13.71 59.32 32.31 30.92 50.48 78.78 30.29 -216.2 33.65 32.61 34.27 34.57 34.77 34.36 35.13
Net margin 7.37% 30.35% 17.39% 16.94% 28.8% 47.03% 17.9% -128.26% 18.72% 16.87% 18.66% 18.78% 18.3% 18.49% 18.73%
EPS 2 0.1200 0.5200 0.2900 0.2700 0.4500 0.7000 0.2700 -1.940 0.3000 0.2900 0.3000 0.3000 0.3025 0.2800 -
Dividend per Share 2 0.2750 0.2750 0.2750 0.2750 0.2750 0.2850 0.2850 0.2850 0.2850 - 0.2942 0.2942 0.2942 0.3000 0.3025
Announcement Date 10/02/22 28/04/22 28/07/22 27/10/22 09/02/23 27/04/23 27/07/23 26/10/23 08/02/24 25/04/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,816 2,078 2,259 2,219 2,248 2,438 2,569 2,657
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.835 x 6.516 x 6.699 x 6.495 x 6.234 x 6.489 x 6.571 x 6.438 x
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 11.7% 5.83% 4.66% 10.5% -4.64% 9.72% 10.1% 9.87%
ROA (Net income/ Total Assets) 5.1% 2.46% 1.84% 4.06% -1.73% 3.5% 3.58% 3.43%
Assets 1 3,755 3,958 4,170 4,260 4,252 3,947 4,023 4,323
Book Value Per Share 15.00 14.80 14.40 15.00 - - - -
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 06/02/20 04/02/21 10/02/22 09/02/23 08/02/24 - - -
1USD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for COPT Defense Properties

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
24.59 USD
Average target price
28.3 USD
Spread / Average Target
+15.09%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office REITs

1st Jan change Capi.
COPT DEFENSE PROPERTIES Stock COPT Defense Properties
-4.02% 2.76B
BOSTON PROPERTIES, INC. Stock Boston Properties, Inc.
-13.38% 9.55B
NIPPON BUILDING FUND INC. Stock Nippon Building Fund Inc.
+0.49% 6.83B
JAPAN REAL ESTATE INVESTMENT CORPORATION Stock Japan Real Estate Investment Corporation
-6.85% 5.06B
KDX REALTY INVESTMENT CORPORATION Stock KDX Realty Investment Corporation
-2.11% 4.23B
EMBASSY OFFICE PARKS REIT Stock Embassy Office Parks REIT
+8.75% 4.01B
KILROY REALTY CORPORATION Stock Kilroy Realty Corporation
-14.83% 3.98B
SL GREEN REALTY CORP. Stock SL Green Realty Corp.
+13.95% 3.34B
INMOBILIARIA COLONIAL SOCIMI, S.A. Stock Inmobiliaria Colonial SOCIMI, S.A.
-13.74% 3.24B
SOCIÉTÉ FONCIÈRE LYONNAISE Stock Société Foncière Lyonnaise
-0.30% 3.09B
Office REITs
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