PATRIZIA SE

SWX:P1Z Stock Report

Market Cap: CHF 605.4m

PATRIZIA Valuation

Is P1Z 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 P1Z when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: P1Z (CHF21) is trading above our estimate of fair value (CHF9.1)

Significantly Below Fair Value: P1Z is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for P1Z?

Key metric: As P1Z is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for P1Z. This is calculated by dividing P1Z's market cap by their current revenue.
What is P1Z's PS Ratio?
PS Ratio2.4x
Sales€271.19m
Market Cap€650.17m

Price to Sales Ratio vs Peers

How does P1Z's PS Ratio compare to its peers?

The above table shows the PS ratio for P1Z vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average11.5x
PLAN Plazza
22.8x11.9%CHF 676.9m
ZUGN Zug Estates Holding
11.2x2.2%CHF 953.7m
SFPN SF Urban Properties
5.9x-14.8%CHF 307.7m
IREN Investis Holding
6x-51.4%CHF 1.4b
P1Z PATRIZIA
2.4x3.8%CHF 650.2m

Price-To-Sales vs Peers: P1Z is good value based on its Price-To-Sales Ratio (2.4x) compared to the peer average (11.5x).

Price to Sales Ratio vs Industry

How does P1Z's PS Ratio compare vs other companies in the CH Real Estate Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
ADMI Admicasa Holding
0.9xn/aUS$14.90m
ARON Arundel
0.2xn/aUS$1.61m
AHAN ACRON HELVETIA I Immobilien
0.4xn/aUS$381.73k
No more companies available in this PS range
P1Z 2.4xIndustry Avg. 9.4xNo. of Companies5PS048121620+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: P1Z is good value based on its Price-To-Sales Ratio (2.4x) compared to the Swiss Real Estate industry average (9.4x).

Price to Sales Ratio vs Fair Ratio

What is P1Z'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.

P1Z PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.4x
Fair PS Ratio16.1x

Price-To-Sales vs Fair Ratio: P1Z is good value based on its Price-To-Sales Ratio (2.4x) compared to the estimated Fair Price-To-Sales Ratio (16.1x).

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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