Aims Property Securities Fund Valuation

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

APW (A$1.67) is trading above our estimate of [[fair value]] (A$0.09)

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

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: APW (A$1.67) is trading above our estimate of fair value (A$0.09)

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

Key Valuation Metric

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

Key metric: As APW is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for APW. This is calculated by dividing APW's market cap by their current earnings.
What is APW's PE Ratio?
PE Ratio	3.2x
Earnings	AU$23.99m
Market Cap	AU$75.68m

APW key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.9x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does APW's PE Ratio compare to its peers?

The above table shows the PE ratio for APW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	45x
WOT WOTSO Property	138.9x	n/a	AU$121.6m
APZ Aspen Group	10.4x	19.2%	AU$504.9m
CNI Centuria Capital Group	22.1x	13.3%	AU$1.6b
USQ US Student Housing REIT	8.8x	n/a	AU$58.3m
APW Aims Property Securities Fund	3.2x	n/a	AU$75.7m

Price-To-Earnings vs Peers: APW is good value based on its Price-To-Earnings Ratio (3.2x) compared to the peer average (45.1x).

Price to Earnings Ratio vs Industry

How does APW's PE Ratio compare vs other companies in the Global REITs Industry?

10 Companies	Price / Earnings	Estimated Growth	Market Cap

10 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: APW is good value based on its Price-To-Earnings Ratio (3.2x) compared to the Global REITs industry average (16.5x).

Price to Earnings Ratio vs Fair Ratio

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

APW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.2x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate APW's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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