Centuria Office REIT Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: COF (A$1.18) is trading below our estimate of fair value (A$2.38)

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


Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for COF. This is calculated by dividing COF's market cap by their current revenue.
What is COF's PS Ratio?
PS Ratio4.3x
SalesAU$161.58m
Market CapAU$704.86m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for COF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.8x
CMW Cromwell Property Group
4.6x6.3%AU$1.0b
GDI GDI Property Group
4.2x2.3%AU$317.1m
ABG Abacus Group
5.5x1.2%AU$1.1b
ECF Elanor Commercial Property Fund
5.1xn/aAU$189.9m
COF Centuria Office REIT
4.3x-4.5%AU$701.9m

Price-To-Sales vs Peers: COF is good value based on its Price-To-Sales Ratio (4.3x) compared to the peer average (4.8x).


Price to Sales Ratio vs Industry

How does COF's PS Ratio compare vs other companies in the Global Office REITs Industry?

8 CompaniesPrice / SalesEstimated GrowthMarket Cap
COF 4.3xIndustry Avg. 4.9xNo. of Companies19PS03.67.210.814.418+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: COF is good value based on its Price-To-Sales Ratio (4.3x) compared to the Global Office REITs industry average (4.9x).


Price to Sales Ratio vs Fair Ratio

What is COF'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.

COF PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.3x
Fair PS Ratio5.2x

Price-To-Sales vs Fair Ratio: COF is good value based on its Price-To-Sales Ratio (4.3x) compared to the estimated Fair Price-To-Sales Ratio (5.2x).


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 COF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$1.18
AU$1.33
+13.0%
14.9%AU$1.73AU$1.14n/a6
Nov ’25AU$1.20
AU$1.33
+11.1%
14.9%AU$1.73AU$1.14n/a6
Oct ’25AU$1.29
AU$1.32
+2.7%
15.0%AU$1.73AU$1.14n/a6
Sep ’25AU$1.21
AU$1.35
+11.7%
15.6%AU$1.73AU$1.10n/a7
Aug ’25AU$1.25
AU$1.45
+16.5%
16.1%AU$1.88AU$1.19n/a7
Jul ’25AU$1.13
AU$1.47
+30.4%
14.5%AU$1.88AU$1.20n/a7
Jun ’25AU$1.21
AU$1.49
+23.4%
13.3%AU$1.88AU$1.30n/a7
May ’25AU$1.17
AU$1.48
+26.2%
14.8%AU$1.97AU$1.30n/a8
Apr ’25AU$1.34
AU$1.46
+9.3%
15.7%AU$1.97AU$1.26n/a8
Mar ’25AU$1.18
AU$1.46
+24.2%
15.7%AU$1.97AU$1.26n/a8
Feb ’25AU$1.29
AU$1.45
+13.0%
18.3%AU$1.98AU$1.20n/a7
Jan ’25AU$1.34
AU$1.45
+8.3%
18.5%AU$1.98AU$1.20n/a7
Dec ’24AU$1.28
AU$1.48
+15.5%
17.7%AU$1.98AU$1.20n/a7
Nov ’24AU$1.10
AU$1.52
+37.9%
17.4%AU$1.98AU$1.20AU$1.206
Oct ’24AU$1.14
AU$1.59
+39.5%
13.0%AU$1.98AU$1.39AU$1.296
Sep ’24AU$1.28
AU$1.59
+24.7%
13.0%AU$1.98AU$1.39AU$1.216
Aug ’24AU$1.46
AU$1.70
+16.6%
12.9%AU$2.07AU$1.50AU$1.256
Jul ’24AU$1.37
AU$1.80
+31.1%
13.5%AU$2.19AU$1.51AU$1.137
Jun ’24AU$1.42
AU$1.85
+30.4%
13.3%AU$2.22AU$1.51AU$1.217
May ’24AU$1.45
AU$1.85
+27.7%
13.3%AU$2.22AU$1.51AU$1.177
Apr ’24AU$1.43
AU$1.87
+30.6%
12.1%AU$2.22AU$1.62AU$1.347
Mar ’24AU$1.61
AU$1.89
+17.8%
10.6%AU$2.22AU$1.70AU$1.188
Feb ’24AU$1.63
AU$1.88
+15.1%
15.0%AU$2.36AU$1.50AU$1.298
Jan ’24AU$1.53
AU$1.87
+22.0%
15.6%AU$2.36AU$1.50AU$1.348
Dec ’23AU$1.61
AU$1.94
+20.8%
17.3%AU$2.50AU$1.50AU$1.289
Nov ’23AU$1.54
AU$1.94
+26.7%
17.3%AU$2.50AU$1.50AU$1.109

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


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