Kennedy-Wilson Holdings, Inc.

DB:13K Stock Report

Market Cap: €1.5b

Kennedy-Wilson Holdings Valuation

Is 13K 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 13K when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 13K (€10.7) is trading above our estimate of fair value (€10.02)

Significantly Below Fair Value: 13K is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 13K?

Key metric: As 13K is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 13K. This is calculated by dividing 13K's market cap by their current revenue.
What is 13K's PS Ratio?
PS Ratio3.3x
SalesUS$483.20m
Market CapUS$1.58b

Price to Sales Ratio vs Peers

How does 13K's PS Ratio compare to its peers?

The above table shows the PS ratio for 13K vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.3x
DEQ Deutsche EuroShop
5.3x-0.2%€1.5b
GYC Grand City Properties
3.6x1.5%€2.1b
SPB Sedlmayr Grund und Immobilien
6.5xn/a€903.2m
ADL Adler Real Estate
2.1xn/a€980.4m
13K Kennedy-Wilson Holdings
3.3xn/a€1.6b

Price-To-Sales vs Peers: 13K is good value based on its Price-To-Sales Ratio (3.3x) compared to the peer average (5.1x).

Price to Sales Ratio vs Industry

How does 13K's PS Ratio compare vs other companies in the DE Real Estate Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.5x-42.0%US$88.62m
ADJ Adler Group
0.1xn/aUS$56.82m
NUVA Noratis
0.3x16.6%US$15.79m
A4Y ACCENTRO Real Estate
0.1x5.2%US$10.91m
13K 3.3xIndustry Avg. 3.8xNo. of Companies9PS02.85.68.411.214+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 13K is good value based on its Price-To-Sales Ratio (3.3x) compared to the German Real Estate industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is 13K'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.

13K PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.3x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 13K'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 13K forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.70
€10.88
+1.6%
13.5%€12.35€9.40n/a2
Nov ’25€9.65
€9.65
+0.03%
21.5%€11.73€7.58n/a2
Oct ’25€9.55
€9.65
+1.1%
21.5%€11.73€7.58n/a2
Sep ’25€9.85
€9.65
-2.0%
21.5%€11.73€7.58n/a2
Aug ’25€9.45
€9.47
+0.2%
17.6%€11.14€7.80n/a2
Jul ’25€8.90
€9.47
+6.4%
17.6%€11.14€7.80n/a2
Jun ’25€9.25
€9.47
+2.4%
17.6%€11.14€7.80n/a2
May ’25€7.90
€9.33
+18.1%
28.7%€12.01€6.65n/a2
Apr ’25€7.80
€9.33
+19.7%
28.7%€12.01€6.65n/a2
Mar ’25€7.95
€9.33
+17.4%
28.7%€12.01€6.65n/a2
Feb ’25€9.30
€10.86
+16.7%
37.9%€14.97€6.74n/a2
Jan ’25€11.10
€10.86
-2.2%
37.9%€14.97€6.74n/a2
Dec ’24€10.60
€10.86
+2.4%
37.9%€14.97€6.74n/a2
Jun ’24€14.10
€16.64
+18.0%
2.6%€17.25€16.34€9.253
May ’24€15.00
€17.52
+16.8%
4.3%€18.44€16.59€7.903
Apr ’24€15.00
€17.52
+16.8%
4.3%€18.44€16.59€7.803
Mar ’24€15.40
€18.55
+20.5%
2.4%€18.86€17.92€7.953
Feb ’24€16.10
€18.35
+14.0%
8.8%€19.94€16.14€9.303
Jan ’24€14.50
€18.35
+26.6%
8.8%€19.94€16.14€11.103
Dec ’23€16.00
€19.31
+20.7%
8.7%€20.27€16.41€10.604
Nov ’23€16.80
€22.31
+32.8%
12.4%€25.35€18.25€12.004

Analyst Forecast: Target price is lower than the current share price.

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