Covivio share falls to its lowest level since 2024, at €43.32
The diversified real estate company declined sharply this Thursday, touching an unprecedented level since 2024 as the Paris market comes under pressure from record tension on French debt. The decline is part of a downward trend that has notably accelerated over several weeks.
A two-year low recorded during trading amid French rates at their highest since 2008
Covivio lost 3.85% to €43.42 during trading and touched €43.32 in the morning, its lowest level since 2024. The previous intraday floor at €43.36, established that same year, has now been breached downward. This movement occurs in a context of the Paris market under strong pressure: the yield on the 10-year OAT reached 4.86% this Thursday, its highest level since July 28, 2008, while the interest rate spread between France and Germany is approaching 1.30 percentage points, its highest since 2012.
For a real estate company whose assets—offices, residential, hospitality—are valued by discounted cash flow analysis, the rise in sovereign rates mechanically increases the cost of capital. The CAC 40 fell 1.35% and the SBF 120 declined 1.38% during trading, with Covivio posting a much sharper decline than the index in this climate.
Technical indicators in extreme oversold territory and pronounced decline across all timeframes
Covivio's RSI has fallen to 19, an extreme oversold level rarely reached, while the share is trading well below its three moving averages: it stands 8.38% below the 20-day MA (€47.39), 13.54% below the 50-day MA (€50.22) and 19.29% below the 200-day MA (€53.80). These disparities reflect the magnitude of the correction undertaken since the peak at the beginning of this year, when the share had approached €60 in April 2026 according to available records. Over one month, the decline reaches 13.33%; over three months, it exceeds 19%. The nearest resistance is far above, at €51.90, or more than 19% above the current price.
When publishing the first half 2026 results (August 4, 2026), the company had confirmed its outlook for the current fiscal year and highlighted an improvement in office occupancy rates to 95.6%, as well as organic growth of +2.2%. These factors have not been sufficient to halt the share's decline since then, in an environment of rates structurally unfavorable to real estate companies. According to analyst consensus, the share is trading at approximately 8.8 times the expected earnings for the current fiscal year.
