IMMOFINANZ AG

WBAG:IIA Stock Report

Market Cap: €2.1b

IMMOFINANZ Valuation

Is IIA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IIA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IIA (€15.28) is trading above our estimate of fair value (€15.12)

Significantly Below Fair Value: IIA is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IIA?

Key metric: As IIA is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IIA. This is calculated by dividing IIA's market cap by their current revenue.
What is IIA's PS Ratio?
PS Ratio2.8x
Sales€754.45m
Market Cap€2.11b

Price to Sales Ratio vs Peers

How does IIA's PS Ratio compare to its peers?

The above table shows the PS ratio for IIA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.5x
CAI CA Immobilien Anlagen
7x-5.8%€2.2b
SPI S IMMO
4x0.4%€1.6b
ATH Athos Immobilien
8.7xn/a€70.1m
STM Stadlauer Malzfabrik
22.1xn/a€28.0m
IIA IMMOFINANZ
2.8x3.9%€2.1b

Price-To-Sales vs Peers: IIA is good value based on its Price-To-Sales Ratio (2.8x) compared to the peer average (10.5x).

Price to Sales Ratio vs Industry

How does IIA's PS Ratio compare vs other companies in the European Real Estate Industry?

63 CompaniesPrice / SalesEstimated GrowthMarket Cap
IIA 2.8xIndustry Avg. 4.9xNo. of Companies63PS03.26.49.612.816+
63 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IIA is good value based on its Price-To-Sales Ratio (2.8x) compared to the European Real Estate industry average (4.8x).

Price to Sales Ratio vs Fair Ratio

What is IIA's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IIA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.8x
Fair PS Ratio3.7x

Price-To-Sales vs Fair Ratio: IIA is good value based on its Price-To-Sales Ratio (2.8x) compared to the estimated Fair Price-To-Sales Ratio (3.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IIA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€15.28
€22.45
+46.9%
0.2%€22.50€22.40n/a2
Nov ’25€15.00
€22.45
+49.7%
0.2%€22.50€22.40n/a2
Oct ’25€17.82
€22.45
+26.0%
0.2%€22.50€22.40n/a2
Sep ’25€31.55
€22.45
-28.8%
0.2%€22.50€22.40n/a2
Aug ’25€27.60
€22.45
-18.7%
0.2%€22.50€22.40n/a2
Jul ’25€26.40
€22.45
-15.0%
0.2%€22.50€22.40n/a2
Jun ’25€23.95
€20.50
-14.4%
9.3%€22.40€18.60n/a2
May ’25€23.25
€20.50
-11.8%
9.3%€22.40€18.60n/a2
Apr ’25€22.60
€20.50
-9.3%
9.3%€22.40€18.60n/a2
Nov ’24€19.04
€17.30
-9.1%
7.5%€18.60€16.00€15.002
Oct ’24€18.38
€16.87
-8.2%
7.3%€18.60€16.00€17.823
Sep ’24€17.72
€15.33
-13.5%
6.1%€16.00€14.00€31.553
Aug ’24€18.12
€15.33
-15.4%
6.1%€16.00€14.00€27.603
Jul ’24€17.00
€14.00
-17.6%
20.2%€16.00€10.00€26.403
Jun ’24€15.70
€14.00
-10.8%
20.2%€16.00€10.00€23.953
May ’24€14.82
€17.25
+16.4%
35.6%€27.00€10.00€23.254
Apr ’24€12.93
€17.25
+33.4%
35.6%€27.00€10.00€22.604
Mar ’24€12.24
€16.96
+38.6%
32.6%€27.00€10.00€21.055
Feb ’24€12.34
€17.20
+39.4%
35.8%€27.00€10.00€21.604
Jan ’24€11.62
€18.46
+58.9%
26.5%€27.00€13.00€21.055
Dec ’23€12.36
€18.46
+49.4%
26.5%€27.00€13.00€18.945
Nov ’23€12.36
€18.46
+49.4%
26.5%€27.00€13.00€19.045

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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