Sunac Services Holdings Limited

DB:65D Stock Report

Market Cap: €657.0m

Sunac Services Holdings Valuation

Is 65D undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • 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 65D when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 65D (€0.2) is trading below our estimate of fair value (€2.55)

Significantly Below Fair Value: 65D is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for 65D?

Key metric: As 65D is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 65D. This is calculated by dividing 65D's market cap by their current revenue.
What is 65D's PS Ratio?
PS Ratio0.7x
SalesCN¥7.10b
Market CapCN¥5.05b

Price to Sales Ratio vs Peers

How does 65D's PS Ratio compare to its peers?

The above table shows the PS ratio for 65D vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.5x
GWK3 GAG Immobilien
1.9xn/a€816.4m
SPB Sedlmayr Grund und Immobilien
6.5xn/a€866.5m
VIH1 VIB Vermögen
3.4x2.8%€332.5m
ADL Adler Real Estate
2.1xn/a€980.4m
65D Sunac Services Holdings
0.7x6.5%€5.4b

Price-To-Sales vs Peers: 65D is good value based on its Price-To-Sales Ratio (0.7x) compared to the peer average (3.9x).


Price to Sales Ratio vs Industry

How does 65D'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$85.86m
ADJ Adler Group
0.1xn/aUS$50.74m
NUVA Noratis
0.3x16.6%US$15.80m
A4Y ACCENTRO Real Estate
0.1x5.2%US$11.11m
65D 0.7xIndustry Avg. 3.5xNo. of Companies9PS02.44.87.29.612+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 65D is good value based on its Price-To-Sales Ratio (0.7x) compared to the German Real Estate industry average (3.5x).


Price to Sales Ratio vs Fair Ratio

What is 65D'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.

65D PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.7x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: 65D is expensive based on its Price-To-Sales Ratio (0.7x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).


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 65D forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.20
€0.25
+25.5%
28.8%€0.38€0.14n/a7
Nov ’25€0.18
€0.24
+36.7%
27.4%€0.38€0.14n/a8
Oct ’25€0.21
€0.23
+7.4%
21.1%€0.29€0.14n/a7
Sep ’25€0.15
€0.21
+41.3%
17.3%€0.25€0.14n/a8
Aug ’25€0.15
€0.22
+47.0%
19.9%€0.29€0.14n/a8
Jul ’25€0.16
€0.22
+35.3%
19.9%€0.29€0.14n/a8
Jun ’25€0.18
€0.22
+26.1%
19.9%€0.29€0.14n/a8
May ’25€0.18
€0.22
+18.2%
19.5%€0.30€0.14n/a8
Apr ’25€0.17
€0.23
+36.1%
20.0%€0.30€0.14n/a8
Mar ’25€0.25
€0.24
-1.9%
22.5%€0.32€0.14n/a8
Feb ’25€0.14
€0.24
+74.6%
20.7%€0.32€0.14n/a9
Jan ’25€0.17
€0.28
+66.9%
18.2%€0.33€0.14n/a9
Dec ’24€0.22
€0.28
+27.5%
18.2%€0.33€0.14€0.209
Nov ’24€0.20
€0.28
+37.7%
18.2%€0.33€0.14€0.189
Oct ’24€0.25
€0.29
+19.2%
25.6%€0.47€0.14€0.2110
Sep ’24€0.24
€0.31
+28.3%
25.1%€0.46€0.15€0.1511
Aug ’24€0.24
€0.33
+38.5%
25.3%€0.45€0.15€0.1511
Jul ’24€0.21
€0.35
+66.0%
24.1%€0.45€0.15€0.1611
Jun ’24€0.20
€0.35
+71.0%
24.1%€0.45€0.15€0.1811
May ’24€0.28
€0.35
+25.1%
24.1%€0.45€0.15€0.1811
Apr ’24€0.34
€0.35
+1.8%
23.3%€0.43€0.15€0.1710
Mar ’24€0.35
€0.56
+60.6%
81.3%€1.89€0.16€0.2511
Feb ’24€0.44
€0.55
+23.6%
81.0%€1.85€0.15€0.1411
Jan ’24€0.48
€0.52
+6.9%
90.4%€1.89€0.16€0.1711
Dec ’23€0.44
€0.52
+18.7%
98.4%€2.02€0.17€0.2211

Analyst Forecast: Target price is less than 20% higher than the current share price.


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