Is PATRIZIA SE (ETR:PAT) Potentially Undervalued?
Jun 14
German (DAX) Real Estate Industry Analysis
UpdatedJun 23, 2024
DataAggregated Company Financials
Companies55
- 7D-2.3%
- 3M-2.4%
- 1Y11.7%
- YTD-8.0%
Over the last 7 days, the Real Estate industry has dropped 2.3%, driven by declines in Vonovia and GSW Immobilien of 2.7% and 13%, respectively. This takes the industry's 12 month performance to a gain of 12%. As for the next few years, earnings are expected to grow by 95% per annum.
Industry Valuation and Performance
Has the German Real Estate Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 23 Jun 2024 | €62.8b | €17.0b | -€11,639,928,278.67 | 27.3x | -5.4x | 3.7x |
| Tue, 21 May 2024 | €67.1b | €17.1b | -€11,696,123,727.00 | 26.3x | -5.7x | 3.9x |
| Thu, 18 Apr 2024 | €62.8b | €17.3b | -€16,611,651,119.00 | 28.7x | -3.8x | 3.6x |
| Sat, 16 Mar 2024 | €62.3b | €17.6b | -€15,965,065,650.00 | 30.9x | -3.9x | 3.5x |
| Mon, 12 Feb 2024 | €65.2b | €17.7b | -€16,135,062,632.00 | 26.6x | -4x | 3.7x |
| Wed, 10 Jan 2024 | €74.1b | €18.5b | -€17,589,970,916.00 | 30.9x | -4.2x | 4x |
| Fri, 08 Dec 2023 | €73.4b | €19.0b | -€16,816,800,210.00 | 15.2x | -4.4x | 3.9x |
| Sun, 05 Nov 2023 | €71.1b | €19.3b | -€16,377,982,511.00 | 10.2x | -4.3x | 3.7x |
| Tue, 03 Oct 2023 | €69.1b | €19.4b | -€16,454,153,304.00 | 11.2x | -4.2x | 3.6x |
| Thu, 31 Aug 2023 | €68.1b | €19.7b | -€14,426,590,028.00 | 14.6x | -4.7x | 3.5x |
| Sat, 29 Jul 2023 | €68.8b | €20.6b | -€3,961,409,605.00 | 17.2x | -17.4x | 3.3x |
| Mon, 26 Jun 2023 | €63.6b | €20.6b | -€3,712,167,920.00 | 17.7x | -17.1x | 3.1x |
| Wed, 24 May 2023 | €64.1b | €21.1b | -€3,230,660,957.00 | 16.5x | -19.9x | 3x |
| Fri, 21 Apr 2023 | €60.7b | €24.9b | -€2,229,320,080.00 | 17.1x | -27.2x | 2.4x |
| Sun, 19 Mar 2023 | €14.3b | €1.3b | €1.0b | 14.2x | 13.9x | 11.1x |
| Tue, 14 Feb 2023 | €73.8b | €25.5b | €6.4b | 13.8x | 11.6x | 2.9x |
| Thu, 12 Jan 2023 | €74.9b | €25.4b | €6.4b | 14x | 11.8x | 2.9x |
| Sat, 10 Dec 2022 | €68.7b | €25.5b | €6.4b | 12.9x | 10.7x | 2.7x |
| Mon, 07 Nov 2022 | €67.8b | €25.5b | €6.4b | 12.8x | 10.6x | 2.7x |
| Wed, 05 Oct 2022 | €65.6b | €24.6b | €7.2b | 11.8x | 9.2x | 2.7x |
| Fri, 02 Sep 2022 | €73.0b | €24.4b | €6.9b | 13.7x | 10.5x | 3x |
| Sun, 31 Jul 2022 | €80.4b | €22.4b | €8.2b | 12.4x | 9.8x | 3.6x |
| Tue, 28 Jun 2022 | €80.0b | €22.4b | €8.2b | 12.8x | 9.8x | 3.6x |
| Thu, 26 May 2022 | €86.4b | €22.5b | €8.6b | 12.9x | 10x | 3.8x |
| Sat, 23 Apr 2022 | €96.4b | €18.1b | €10.6b | 14.2x | 9.1x | 5.3x |
| Mon, 21 Mar 2022 | €109.2b | €19.1b | €11.5b | 13.6x | 9.5x | 5.7x |
| Wed, 16 Feb 2022 | €111.3b | €18.1b | €13.7b | 14x | 8.1x | 6.2x |
| Fri, 14 Jan 2022 | €109.4b | €17.7b | €13.4b | 13.9x | 8.2x | 6.2x |
| Sun, 12 Dec 2021 | €104.6b | €17.8b | €13.4b | 14.6x | 7.8x | 5.9x |
| Tue, 09 Nov 2021 | €106.5b | €17.7b | €12.3b | 15.7x | 8.7x | 6x |
| Thu, 07 Oct 2021 | €108.2b | €17.7b | €11.3b | 14.6x | 9.6x | 6.1x |
| Sat, 04 Sep 2021 | €113.7b | €17.8b | €11.5b | 14.7x | 9.9x | 6.4x |
| Mon, 02 Aug 2021 | €114.6b | €17.8b | €11.5b | 14.3x | 10x | 6.4x |
Price to Earnings Ratio
9.7x
Current Industry PE
- Investors are relatively neutral on the German Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PS ratio of 4.0x.
Past Earnings Growth
- Total earnings for the Real Estate industry have declined over the last three years, with the industry now making a loss overall.
- Meanwhile revenues have remained mostly flat.
- This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the German Real Estate industry?
| DE Market | 0.095% | |
| Real Estate | -2.29% | |
| Real Estate | -2.34% | |
| Real Estate Development | -0.33% | |
| Real Estate Operating Companies | -2.45% | |
| Real Estate Services | -4.84% | |
| Diversified Real Estate | -5.09% | |
Industry PE
- Investors are most optimistic about the Real Estate Development industry which is trading above its 3-year average PE ratio of 26.8x.
- Analysts are expecting annual earnings growth of 34.2%, which is higher than its past year's earnings decline of 12.6% per year.
Forecasted Growth
- Analysts are most optimistic on the Real Estate Operating Companies industry, expecting annual earnings growth of 96% over the next 5 years.
- This is better than its past earnings growth rate of 19% per year.
- In contrast, the Real Estate Development industry is expected to see its earnings grow by 34% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| DEQ Deutsche EuroShop | €22.25 | 1.1% +€18.7m | 5.0% | PS6.1x | |
| KBU TAG Colonia-Immobilien | €7.10 | 6.0% +€17.8m | -19.8% | PE52.8x | |
| WCMK WCM Beteiligungs- und Grundbesitz-AG | €2.04 | 3.0% +€9.0m | -15.0% | PS3.9x | |
| ABHA Hasen-Immobilien | €188.00 | 4.4% +€3.8m | 11.9% | PS8.2x | |
| DEF DEFAMA Deutsche Fachmarkt | €26.60 | 2.3% +€2.9m | 25.5% | PE30.7x |
