IMMOFINANZ Valuation

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

Below Fair Value: IIA (CZK389) is trading above our estimate of fair value (CZK350.33)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for IIA. This is calculated by dividing IIA's market cap by their current revenue.
What is IIA's PS Ratio?
PS Ratio	2.9x
Sales	€754.45m
Market Cap	€2.12b

IIA 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	8.5x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for IIA 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	3.9x
MULT3 Multiplan Empreendimentos Imobiliários	5.9x	5.7%	R$13.6b
6049 Poly Property Services	1x	10.6%	HK$17.0b
6098 Country Garden Services Holdings	0.4x	2.7%	HK$18.9b
VESTA * Corporación Inmobiliaria Vesta. de	8.2x	10.2%	Mex$42.3b
IIA IMMOFINANZ	2.9x	3.9%	Kč2.1b

Price-To-Sales vs Peers: IIA is good value based on its Price-To-Sales Ratio (2.9x) compared to the peer average (4x).

Price to Sales Ratio vs Industry

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

62 Companies	Price / Sales	Estimated Growth	Market Cap

62 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: IIA is good value based on its Price-To-Sales Ratio (2.9x) compared to the European Real Estate industry average (4.9x).

Price to Sales Ratio vs Fair Ratio

What is IIA'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.

IIA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.9x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate IIA'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?

The above table shows the analyst IIA forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	Kč562.55 0%	0.2%	Kč563.81	Kč561.30	n/a	2
Nov ’25	Kč380.00	Kč562.55 +48.0%	0.2%	Kč563.81	Kč561.30	n/a	2
Oct ’25	Kč455.00	Kč562.55 +23.6%	0.2%	Kč563.81	Kč561.30	n/a	2
Sep ’25	Kč764.00	Kč562.55 -26.4%	0.2%	Kč563.81	Kč561.30	n/a	2
Aug ’25	n/a	Kč560.26 0%	0.2%	Kč561.51	Kč559.02	n/a	2
Jul ’25	Kč599.50	Kč560.26 -6.5%	0.2%	Kč561.51	Kč559.02	n/a	2
Jun ’25	n/a	Kč518.62 0%	9.3%	Kč566.69	Kč470.55	n/a	2
May ’25	Kč587.00	Kč518.62 -11.6%	9.3%	Kč566.69	Kč470.55	n/a	2
Apr ’25	n/a	Kč518.62 0%	9.3%	Kč566.69	Kč470.55	n/a	2
Nov ’24	n/a	Kč426.23 0%	7.5%	Kč458.26	Kč394.20	Kč380.00	2
Oct ’24	n/a	Kč410.62 0%	7.3%	Kč452.82	Kč389.52	Kč455.00	3
Sep ’24	n/a	Kč365.70 0%	6.1%	Kč381.61	Kč333.90	Kč764.00	3
Aug ’24	n/a	Kč365.70 0%	6.1%	Kč381.61	Kč333.90	n/a	3
Jul ’24	n/a	Kč331.37 0%	20.2%	Kč378.71	Kč236.69	Kč599.50	3
Jun ’24	n/a	Kč331.37 0%	20.2%	Kč378.71	Kč236.69	n/a	3
May ’24	n/a	Kč404.95 0%	35.6%	Kč633.84	Kč234.76	Kč587.00	4
Apr ’24	Kč290.20	Kč404.95 +39.5%	35.6%	Kč633.84	Kč234.76	n/a	4
Mar ’24	Kč293.00	Kč402.33 +37.3%	32.6%	Kč640.50	Kč237.22	Kč534.00	5
Feb ’24	n/a	Kč409.50 0%	35.8%	Kč642.82	Kč238.08	Kč529.00	4
Jan ’24	n/a	Kč451.96 0%	26.5%	Kč661.05	Kč318.28	n/a	5
Dec ’23	n/a	Kč451.96 0%	26.5%	Kč661.05	Kč318.28	n/a	5
Nov ’23	n/a	Kč451.96 0%	26.5%	Kč661.05	Kč318.28	n/a	5

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.