Vornado Realty Trust Valuation

Q: What is the Fair Price of V1NO34 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

V1NO34 (R$257.92) is trading above our estimate of [[fair value]] (R$178.18)

Is V1NO34 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 V1NO34 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: V1NO34 (R$257.92) is trading above our estimate of fair value (R$178.18)

Significantly Below Fair Value: V1NO34 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for V1NO34?

Key metric: As V1NO34 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for V1NO34. This is calculated by dividing V1NO34's market cap by their current revenue.
What is V1NO34's PS Ratio?
PS Ratio	4.5x
Sales	US$1.87b
Market Cap	US$9.09b

V1NO34 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	10x
Enterprise Value/EBITDA	23.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does V1NO34's PS Ratio compare to its peers?

The above table shows the PS ratio for V1NO34 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	9.4x
BRCR11 Fundo de Investimento Imobiliário - FII BTG Pactual Office Fund	3x	n/a	R$1.1b
TRNT11 Fundo de Investimento Imobiliário - FII Torre Norte	15.2x	n/a	R$488.0m
GFC Gecina	8.4x	0.08%	€6.9b
8951 Nippon Building Fund	10.9x	-1.3%	JP¥1.1t
V1NO34 Vornado Realty Trust	4.5x	2.9%	R$9.1b

Price-To-Sales vs Peers: V1NO34 is good value based on its Price-To-Sales Ratio (4.5x) compared to the peer average (9.4x).

Price to Sales Ratio vs Industry

How does V1NO34's PS Ratio compare vs other companies in the BR Office REITs Industry?

0 Companies	Price / Sales	Estimated Growth	Market Cap

No more companies available in this PS range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: V1NO34 is good value based on its Price-To-Sales Ratio (4.5x) compared to the Global Office REITs industry average (4.9x).

Price to Sales Ratio vs Fair Ratio

What is V1NO34'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.

V1NO34 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	4.5x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate V1NO34'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.