Cromwell Property Group

CHIA:CMW Stock Report

Market Cap: AU$1.0b

Cromwell Property Group Valuation

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

Below Fair Value: CMW (A$0.39) is trading above our estimate of fair value (A$0.33)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for CMW. This is calculated by dividing CMW's market cap by their current revenue.
What is CMW's PS Ratio?
PS Ratio4.6x
SalesAU$219.70m
Market CapAU$1.01b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for CMW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.2x
ABG Abacus Group
5.4x1.2%AU$1.1b
COF Centuria Office REIT
4.4x-4.5%AU$701.9m
AOF Australian Unity Office Fund
6.9x-77.9%AU$174.2m
GDI GDI Property Group
4.2x2.3%AU$317.1m
CMW Cromwell Property Group
4.6x6.3%AU$1.0b

Price-To-Sales vs Peers: CMW is good value based on its Price-To-Sales Ratio (4.6x) compared to the peer average (5.3x).

Price to Sales Ratio vs Industry

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

8 CompaniesPrice / SalesEstimated GrowthMarket Cap
CMW 4.6xIndustry Avg. 4.9xNo. of Companies19PS03.67.210.814.418+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CMW is good value based on its Price-To-Sales Ratio (4.6x) compared to the Global Office REITs industry average (4.9x).

Price to Sales Ratio vs Fair Ratio

What is CMW'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.

CMW PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.6x
Fair PS Ratio9x

Price-To-Sales vs Fair Ratio: CMW is good value based on its Price-To-Sales Ratio (4.6x) compared to the estimated Fair Price-To-Sales Ratio (9x).

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 CMW forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$0.39
AU$0.53
+36.8%
17.9%AU$0.66AU$0.46n/a3
Nov ’25AU$0.41
AU$0.53
+30.0%
17.9%AU$0.66AU$0.46n/a3
Oct ’25AU$0.46
AU$0.53
+15.8%
17.9%AU$0.66AU$0.46n/a3
Sep ’25AU$0.42
AU$0.53
+25.4%
17.9%AU$0.66AU$0.46n/a3
Aug ’25AU$0.43
AU$0.53
+24.8%
16.9%AU$0.66AU$0.46n/a3
Jul ’25AU$0.40
AU$0.54
+35.0%
16.0%AU$0.66AU$0.46n/a3
Jun ’25AU$0.43
AU$0.54
+25.6%
16.0%AU$0.66AU$0.46n/a3
May ’25AU$0.40
AU$0.55
+40.1%
19.0%AU$0.70AU$0.46n/a3
Apr ’25AU$0.43
AU$0.55
+27.2%
19.0%AU$0.70AU$0.46n/a3
Mar ’25AU$0.42
AU$0.63
+51.7%
14.9%AU$0.70AU$0.50n/a3
Feb ’25AU$0.41
AU$0.63
+54.5%
14.9%AU$0.70AU$0.50n/a3
Jan ’25AU$0.42
AU$0.64
+53.2%
12.5%AU$0.70AU$0.53n/a3
Dec ’24AU$0.43
AU$0.64
+49.6%
12.5%AU$0.70AU$0.53n/a3
Nov ’24AU$0.32
AU$0.64
+101.0%
12.5%AU$0.70AU$0.53AU$0.413
Oct ’24AU$0.38
AU$0.72
+91.3%
15.4%AU$0.85AU$0.55AU$0.464
Sep ’24AU$0.47
AU$0.76
+62.2%
16.9%AU$0.88AU$0.55AU$0.424
Aug ’24AU$0.56
AU$0.80
+43.2%
13.5%AU$0.90AU$0.63AU$0.434
Jul ’24AU$0.53
AU$0.82
+55.7%
8.0%AU$0.90AU$0.75AU$0.404
Jun ’24AU$0.55
AU$0.82
+51.4%
8.0%AU$0.90AU$0.75AU$0.434
May ’24AU$0.57
AU$0.82
+43.5%
8.0%AU$0.90AU$0.75AU$0.404
Apr ’24AU$0.56
AU$0.82
+47.3%
8.0%AU$0.90AU$0.75AU$0.434
Mar ’24AU$0.68
AU$0.88
+28.9%
9.7%AU$0.99AU$0.75AU$0.424
Feb ’24AU$0.73
AU$0.92
+25.5%
7.9%AU$0.99AU$0.80AU$0.414
Jan ’24AU$0.67
AU$0.92
+37.7%
7.9%AU$0.99AU$0.80AU$0.424
Dec ’23AU$0.71
AU$0.94
+31.8%
8.7%AU$1.00AU$0.80AU$0.434
Nov ’23AU$0.72
AU$0.95
+30.8%
6.4%AU$1.00AU$0.85AU$0.324

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

Vicinity Centres

AU$9.7b

Vicinity Centres (Vicinity or the Group) is one of Australia's leading retail property groups with a fully integrated asset management platform, and $24 billion in retail assets under management across 60 shopping centres, making it the second largest listed manager of Australian retail property.

VCX

AU$2.13

7D

0.2%

1Y

17.2%

Vicinity Centres

AU$9.7b

Vicinity Centres (Vicinity or the Group) is one of Australia's leading retail property groups with a fully integrated asset management platform, and $24 billion in retail assets under management across 60 shopping centres, making it the second largest listed manager of Australian retail property.

VCX

AU$2.12

7D

0%

1Y

16.8%

Mirvac Group

AU$8.3b

Founded in 1972, Mirvac is an Australian Securities Exchange (ASX) top 50 company with an integrated asset creation and curation capability.

MGR

AU$2.11

7D

0%

1Y

6.8%