Intervest Offices & Warehouses Valuation

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

INTO (€20.85) is trading below our estimate of [[fair value]] (€22.13)

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: INTO (€20.85) is trading below our estimate of fair value (€22.13)

Significantly Below Fair Value: INTO is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for INTO. This is calculated by dividing INTO's market cap by their current earnings.
What is INTO's PE Ratio?
PE Ratio	108.6x
Earnings	€5.92m
Market Cap	€642.70m

INTO 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	16.8x
Enterprise Value/EBITDA	23.3x
PEG Ratio	1.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for INTO 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	10.6x
MONT Montea Comm. VA	9.5x	2.1%	€1.5b
WDP Warehouses De Pauw	16.3x	14.9%	€4.6b
RET Retail Estates	11x	n/a	€860.4m
WEHB Wereldhave Belgium	5.5x	n/a	€413.2m
INTO Intervest Offices & Warehouses	108.6x	95.9%	€642.7m

Price-To-Earnings vs Peers: INTO is expensive based on its Price-To-Earnings Ratio (108.6x) compared to the peer average (16.1x).

Price to Earnings Ratio vs Industry

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

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: INTO is expensive based on its Price-To-Earnings Ratio (108.6x) compared to the Global Industrial REITs industry average (22.7x).

Price to Earnings Ratio vs Fair Ratio

What is INTO'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.

INTO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	108.6x
Fair PE Ratio	46.8x

Price-To-Earnings vs Fair Ratio: INTO is expensive based on its Price-To-Earnings Ratio (108.6x) compared to the estimated Fair Price-To-Earnings Ratio (46.8x).

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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