S IMMO AG

WBAG:SPI Stock Report

Market Cap: €1.6b

S IMMO Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 SPI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPI (€22.2) is trading below our estimate of fair value (€28.3)

Significantly Below Fair Value: SPI is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for SPI. This is calculated by dividing SPI's market cap by their current revenue.
What is SPI's PS Ratio?
PS Ratio4x
Sales€386.38m
Market Cap€1.55b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for SPI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.1x
IIA IMMOFINANZ
2.8x3.9%€2.1b
CAI CA Immobilien Anlagen
6.9x-5.8%€2.2b
ATH Athos Immobilien
8.7xn/a€70.1m
STM Stadlauer Malzfabrik
22.1xn/a€28.0m
SPI S IMMO
4x0.4%€1.6b

Price-To-Sales vs Peers: SPI is good value based on its Price-To-Sales Ratio (4x) compared to the peer average (10.1x).

Price to Sales Ratio vs Industry

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

63 CompaniesPrice / SalesEstimated GrowthMarket Cap
SPI 4.0xIndustry Avg. 4.9xNo. of Companies63PS03.26.49.612.816+
63 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: SPI is good value based on its Price-To-Sales Ratio (4x) compared to the European Real Estate industry average (4.9x).

Price to Sales Ratio vs Fair Ratio

What is SPI'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.

SPI PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4x
Fair PS Ratio2.6x

Price-To-Sales vs Fair Ratio: SPI is expensive based on its Price-To-Sales Ratio (4x) compared to the estimated Fair Price-To-Sales Ratio (2.6x).

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 SPI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€22.20
€24.50
+10.4%
2.0%€25.00€24.00n/a2
Nov ’25€22.00
€24.50
+11.4%
2.0%€25.00€24.00n/a2
Oct ’25€22.20
€24.50
+10.4%
2.0%€25.00€24.00n/a2
Sep ’25€22.80
€24.50
+7.5%
2.0%€25.00€24.00n/a2
Aug ’25€22.30
€20.50
-8.1%
17.1%€24.00€17.00n/a2
Jul ’25€22.00
€20.50
-6.8%
17.1%€24.00€17.00n/a2
Jun ’25€22.10
€20.50
-7.2%
17.1%€24.00€17.00n/a2
May ’25€17.30
€18.50
+6.9%
8.1%€20.00€17.00n/a2
Apr ’25€17.62
€18.50
+5.0%
8.1%€20.00€17.00n/a2
Mar ’25€15.66
€17.50
+11.7%
2.9%€18.00€17.00n/a2
Feb ’25€14.80
€17.50
+18.2%
2.9%€18.00€17.00n/a2
Jan ’25€12.50
€17.50
+40.0%
2.9%€18.00€17.00n/a2
Dec ’24€12.86
€17.50
+36.1%
2.9%€18.00€17.00n/a2
Nov ’24€12.70
€17.50
+37.8%
2.9%€18.00€17.00€22.002
Oct ’24€12.82
€17.50
+36.5%
2.9%€18.00€17.00€22.202
Sep ’24€12.00
€16.25
+35.4%
10.8%€18.00€14.50€22.802
Aug ’24€12.46
€16.25
+30.4%
10.8%€18.00€14.50€22.302
Jul ’24€12.20
€15.63
+28.1%
10.7%€18.00€14.40€22.003
Jun ’24€11.58
€15.73
+35.8%
9.3%€18.00€14.40€22.104
May ’24€12.74
€15.73
+23.4%
9.3%€18.00€14.40€17.304
Apr ’24€13.28
€15.73
+18.4%
9.3%€18.00€14.40€17.624
Mar ’24€15.08
€15.73
+4.3%
9.3%€18.00€14.40€15.664
Feb ’24€13.10
€15.73
+20.0%
9.3%€18.00€14.40€14.804
Jan ’24€12.48
€16.94
+35.7%
16.3%€21.80€14.40€12.505
Dec ’23€13.76
€18.36
+33.4%
16.1%€21.80€14.40€12.865
Nov ’23€22.80
€20.86
-8.5%
15.9%€23.50€14.40€12.705

Analyst Forecast: Target price is less than 20% higher than the current share price.

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