Alteron REIT Valuation

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

ALT (BGN25.4) is trading below our estimate of [[fair value]] (BGN351.04)

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

Below Fair Value: ALT (BGN25.4) is trading below our estimate of fair value (BGN351.04)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ALT. This is calculated by dividing ALT's market cap by their current earnings.
What is ALT's PE Ratio?
PE Ratio	22.8x
Earnings	лв1.68m
Market Cap	лв38.23m

ALT 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	7152.4x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ALT 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	20.3x
BPF Bravo Property Fund REIT	17x	n/a	лв38.5m
FPP Fairplay Properties REIT	17.6x	n/a	лв68.3m
BREF Bulgarian Real Estate Fund REIT	7.5x	n/a	лв134.4m
PREM Premier Fund REIT	39.2x	n/a	лв24.8m
ALT Alteron REIT	22.8x	n/a	лв38.2m

Price-To-Earnings vs Peers: ALT is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the peer average (20.3x).

Price to Earnings Ratio vs Industry

How does ALT's PE Ratio compare vs other companies in the European REITs Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ALT is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the European REITs industry average (22.2x).

Price to Earnings Ratio vs Fair Ratio

What is ALT'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.

ALT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	22.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ALT'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.