Phoenix Spree Deutschland Valuation

Is A2E undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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 A2E when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: A2E (€2.06) is trading below our estimate of fair value (€6.54)

Significantly Below Fair Value: A2E is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for A2E?

Key metric: As A2E is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for A2E. This is calculated by dividing A2E's market cap by their current revenue.
What is A2E's PS Ratio?
PS Ratio	6.8x
Sales	€27.81m
Market Cap	€190.42m

A2E 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	17.8x
Enterprise Value/EBITDA	58.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does A2E's PS Ratio compare to its peers?

The above table shows the PS ratio for A2E 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	9.3x
AGR AGROB Immobilien	14.1x	n/a	€173.3m
STG STINAG Stuttgart Invest	6.6x	3.2%	€183.1m
DRE2 Deutsche Real Estate	4.5x	n/a	€156.4m
DWB Dinkelacker	11.9x	n/a	€297.0m
A2E Phoenix Spree Deutschland	6.8x	-13.0%	€158.9m

Price-To-Sales vs Peers: A2E is good value based on its Price-To-Sales Ratio (6.8x) compared to the peer average (9.3x).

Price to Sales Ratio vs Industry

How does A2E's PS Ratio compare vs other companies in the DE Real Estate Industry?

9 Companies	Price / Sales	Estimated Growth	Market Cap
DMRE DEMIRE Deutsche Mittelstand Real Estate	0.5x	-42.0%	US$87.93m
ADJ Adler Group	0.1x	n/a	US$50.33m
NUVA Noratis	0.3x	16.6%	US$15.93m
A4Y ACCENTRO Real Estate	0.1x	5.2%	US$9.86m

9 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: A2E is expensive based on its Price-To-Sales Ratio (6.8x) compared to the German Real Estate industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is A2E'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.

A2E PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.8x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate A2E'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?

Analyst Forecast: Insufficient data to show price forecast.

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