Nyfosa AB (publ)

DB:2JM Stock Report

Market Cap: €2.0b

Nyfosa Valuation

Is 2JM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • 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 2JM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2JM (€9.12) is trading above our estimate of fair value (€1.77)

Significantly Below Fair Value: 2JM is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2JM?

Key metric: As 2JM is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2JM. This is calculated by dividing 2JM's market cap by their current revenue.
What is 2JM's PS Ratio?
PS Ratio5.9x
SalesSEK 3.84b
Market CapSEK 22.53b

Price to Sales Ratio vs Peers

How does 2JM's PS Ratio compare to its peers?

The above table shows the PS ratio for 2JM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.3x
GYC Grand City Properties
3.6x1.5%€2.2b
DEQ Deutsche EuroShop
5.3x-0.2%€1.5b
ADL Adler Real Estate
2.1xn/a€980.4m
TEG TAG Immobilien
2x-36.9%€2.8b
2JM Nyfosa
5.9x-0.2%€22.5b

Price-To-Sales vs Peers: 2JM is expensive based on its Price-To-Sales Ratio (5.9x) compared to the peer average (3.6x).

Price to Sales Ratio vs Industry

How does 2JM'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$87.97m
ADJ Adler Group
0.1xn/aUS$56.63m
NUVA Noratis
0.3x16.6%US$15.96m
A4Y ACCENTRO Real Estate
0.1x5.2%US$10.27m
2JM 5.9xIndustry Avg. 3.8xNo. of Companies9PS02.85.68.411.214+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2JM is expensive based on its Price-To-Sales Ratio (5.9x) compared to the German Real Estate industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is 2JM'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.

2JM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.9x
Fair PS Ratio4x

Price-To-Sales vs Fair Ratio: 2JM is expensive based on its Price-To-Sales Ratio (5.9x) compared to the estimated Fair Price-To-Sales Ratio (4x).

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 2JM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€9.12
€11.53
+26.4%
4.7%€12.10€10.81n/a3
Nov ’25€9.20
€11.16
+21.4%
4.9%€11.90€10.58n/a3
Oct ’25€10.54
€10.83
+2.7%
1.9%€10.97€10.53n/a3
Sep ’25€9.79
€10.83
+10.6%
1.9%€10.97€10.53n/a3
Aug ’25€9.45
€10.47
+10.8%
1.9%€10.76€10.33n/a3
Jul ’25€8.92
€9.83
+10.3%
3.8%€10.22€9.33n/a3
Jun ’25€9.05
€9.03
-0.2%
6.7%€9.89€8.60n/a3
May ’25€8.16
€8.93
+9.5%
4.6%€9.51€8.64n/a3
Apr ’25€8.98
€8.68
-3.3%
4.4%€8.95€8.14n/a3
Mar ’25€7.77
€8.68
+11.7%
4.4%€8.95€8.14n/a3
Feb ’25€8.30
€8.41
+1.4%
6.4%€8.80€7.65n/a3
Jan ’25€8.58
€7.16
-16.6%
9.2%€7.75€6.24n/a3
Dec ’24€6.07
€6.09
+0.5%
17.0%€7.35€4.81n/a3
Nov ’24€4.49
€5.93
+32.2%
21.4%€7.21€4.66€9.202
Oct ’24€4.99
€6.76
+35.5%
9.7%€7.42€6.11€10.542
Sep ’24€5.72
€6.76
+18.3%
9.7%€7.42€6.11€9.792
Aug ’24€5.70
€6.76
+18.7%
9.7%€7.42€6.11€9.452
Jul ’24€4.91
€6.97
+41.9%
7.6%€7.50€6.44€8.922
Jun ’24€5.11
€6.97
+36.3%
7.6%€7.50€6.44€9.052
May ’24€6.07
€7.59
+25.0%
15.6%€8.77€6.40€8.162
Apr ’24€6.24
€8.50
+36.4%
5.3%€8.95€8.06€8.982
Mar ’24€7.70
€8.50
+10.5%
5.3%€8.95€8.06€7.772
Feb ’24€7.84
€7.30
-6.8%
22.7%€8.96€5.65€8.302
Jan ’24€7.15
€6.48
-9.3%
11.9%€7.26€5.71€8.582
Dec ’23€6.78
€6.48
-4.3%
11.9%€7.26€5.71€6.072
Nov ’23€5.94
€6.48
+9.3%
11.9%€7.26€5.71€4.492

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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