RE/MAX Holdings, Inc.

DB:2RM Stock Report

Market Cap: €237.9m

RE/MAX Holdings Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: 2RM (€12.5) is trading below our estimate of fair value (€26.55)

Significantly Below Fair Value: 2RM is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for 2RM. This is calculated by dividing 2RM's market cap by their current revenue.
What is 2RM's PS Ratio?
PS Ratio0.8x
SalesUS$311.82m
Market CapUS$249.68m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 2RM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.4x
DGR Deutsche Grundstücksauktionen
5.2xn/a€14.0m
VIH1 VIB Vermögen
3.4x2.8%€331.2m
A4Y ACCENTRO Real Estate
0.1x5.2%€10.7m
INS Instone Real Estate Group
0.8x17.3%€365.6m
2RM RE/MAX Holdings
0.8x1.5%€249.7m

Price-To-Sales vs Peers: 2RM is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (2.4x).

Price to Sales Ratio vs Industry

How does 2RM's PS Ratio compare vs other companies in the DE Real Estate Industry?

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.5x-42.0%US$88.43m
ADJ Adler Group
0.1xn/aUS$50.23m
NUVA Noratis
0.3x16.6%US$15.96m
A4Y ACCENTRO Real Estate
0.1x5.2%US$11.21m
2RM 0.8xIndustry Avg. 3.8xNo. of Companies10PS02.85.68.411.214+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2RM is good value based on its Price-To-Sales Ratio (0.8x) compared to the German Real Estate industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is 2RM'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.

2RM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.8x
Fair PS Ratio2.4x

Price-To-Sales vs Fair Ratio: 2RM is good value based on its Price-To-Sales Ratio (0.8x) compared to the estimated Fair Price-To-Sales Ratio (2.4x).

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 2RM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.50
€9.21
-26.4%
14.7%€10.86€7.08n/a4
Nov ’25€11.20
€9.00
-19.7%
14.7%€10.61€6.92n/a4
Oct ’25€11.10
€8.23
-25.8%
14.7%€9.47€6.31n/a4
Sep ’25€10.20
€8.23
-19.3%
14.7%€9.47€6.31n/a4
Aug ’25€8.85
€8.07
-8.9%
12.5%€9.22€6.45n/a4
Jul ’25€7.45
€8.36
+12.2%
13.6%€9.29€6.50n/a4
Jun ’25€7.30
€8.36
+14.5%
13.6%€9.29€6.50n/a4
May ’25€6.65
€8.68
+30.6%
14.0%€9.39€6.57n/a4
Apr ’25€7.30
€9.91
+35.8%
17.9%€12.91€8.30n/a4
Mar ’25€7.80
€9.91
+27.1%
17.9%€12.91€8.30n/a4
Feb ’25€9.85
€10.38
+5.4%
18.1%€12.82€8.24n/a3
Jan ’25€12.00
€10.38
-13.5%
18.1%€12.82€8.24n/a3
Dec ’24€8.35
€11.21
+34.3%
24.5%€14.95€8.41n/a3
Nov ’24€10.10
€16.87
+67.0%
8.0%€18.45€15.13€11.203
Oct ’24€13.50
€16.87
+25.0%
8.0%€18.45€15.13€11.103
Sep ’24€14.90
€17.65
+18.5%
5.6%€19.13€16.40€10.204
Aug ’24€17.90
€18.08
+1.0%
4.2%€19.35€17.50€8.854
Jul ’24€18.00
€18.86
+4.8%
9.9%€21.81€17.27€7.454
Jun ’24€17.50
€18.86
+7.8%
9.9%€21.81€17.27€7.304
May ’24€17.20
€19.50
+13.4%
8.9%€22.28€17.64€6.654
Apr ’24€16.00
€19.50
+21.9%
8.9%€22.28€17.64€7.304
Mar ’24€17.40
€20.66
+18.7%
7.2%€22.54€18.78€7.804
Feb ’24€20.80
€22.09
+6.2%
5.1%€23.93€21.17€9.854
Jan ’24€17.30
€22.87
+32.2%
5.6%€24.36€21.55€12.005
Dec ’23€19.80
€25.34
+28.0%
6.9%€27.93€22.94€8.355
Nov ’23€19.60
€27.38
+39.7%
7.4%€30.42€24.33€10.105

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

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