Velgraf Asset Management AD Valuation

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

VAM (BGN4.74) is trading below our estimate of [[fair value]] (BGN6.19)

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

Below Fair Value: VAM (BGN4.74) is trading below our estimate of fair value (BGN6.19)

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

Key Valuation Metric

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

Key metric: As VAM is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for VAM. This is calculated by dividing VAM's market cap by their current revenue.
What is VAM's PS Ratio?
PS Ratio	48.1x
Sales	лв6.80m
Market Cap	лв326.96m

VAM 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	63.6x
Enterprise Value/EBITDA	130.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for VAM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	7x
CHSB Himsnab Bulgaria AD	2.6x	n/a	лв163.4m
CEV Compañía Española de Viviendas en Alquiler	8.6x	11.2%	€171.4m
AJA B Byggmästare Anders J Ahlström Holding	2.2x	n/a	SEK 1.8b
LAND3 Terra Santa Propriedades Agrícolas	14.6x	n/a	R$1.1b
VAM Velgraf Asset Management AD	48.1x	n/a	лв327.0m

Price-To-Sales vs Peers: VAM is expensive based on its Price-To-Sales Ratio (48.1x) compared to the peer average (7x).

Price to Sales Ratio vs Industry

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

64 Companies	Price / Sales	Estimated Growth	Market Cap

64 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: VAM is expensive based on its Price-To-Sales Ratio (48.1x) compared to the European Real Estate industry average (4.9x).

Price to Sales Ratio vs Fair Ratio

What is VAM'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.

VAM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	48.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate VAM's Price-To-Sales 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.