City Developments Limited

DB:CDE Stock Report

Market Cap: €2.9b

City Developments Valuation

Is CDE 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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CDE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€4.77
Fair Value
33.0% undervalued intrinsic discount
13
Number of Analysts

Below Fair Value: CDE (€3.2) is trading below our estimate of fair value (€4.77)

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

Key Valuation Metric

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

Key metric: As CDE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CDE. This is calculated by dividing CDE's market cap by their current earnings.
What is CDE's PE Ratio?
PE Ratio22.2x
EarningsS$190.85m
Market CapS$4.24b

Price to Earnings Ratio vs Peers

How does CDE's PE Ratio compare to its peers?

The above table shows the PE ratio for CDE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average32.5x
PAT PATRIZIA
45x19.63%€704.9m
FC9 FCR Immobilien
5.6x-33.42%€121.4m
TEG TAG Immobilien
23.7x31.99%€2.5b
AT1 Aroundtown
55.6x46.37%€2.9b
CDE City Developments
22.2x27.78%€4.2b

Price-To-Earnings vs Peers: CDE is good value based on its Price-To-Earnings Ratio (22.2x) compared to the peer average (32.2x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GTY Gateway Real Estate
0.5xn/aUS$133.52m
AAA A.A.A. Allgemeine Anlageverwaltung
2.6xn/aUS$47.44m
ADJ Adler Group
0.05xn/aUS$46.09m
N9H Global Connectivity
0.2xn/aUS$3.00m
No more companies available in this PE range
CDE 22.2xIndustry Avg. 22.1xNo. of Companies5PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CDE is expensive based on its Price-To-Earnings Ratio (22.2x) compared to the German Real Estate industry average (21.9x).

Price to Earnings Ratio vs Fair Ratio

What is CDE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CDE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.2x
Fair PE Ratio24x

Price-To-Earnings vs Fair Ratio: CDE is good value based on its Price-To-Earnings Ratio (22.2x) compared to the estimated Fair Price-To-Earnings Ratio (24x).

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 CDE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.20
€4.10
+28.20%
26.34%€6.52€3.15n/a13
May ’26€3.28
€4.01
+22.36%
26.34%€6.38€3.09n/a13
Apr ’26€3.36
€4.15
+23.58%
26.00%€6.58€3.18n/a13
Mar ’26€3.64
€4.52
+24.08%
24.09%€6.78€3.28n/a13
Feb ’26€3.54
€4.73
+33.50%
22.32%€6.76€3.48n/a11
Jan ’26€3.56
€4.69
+31.69%
22.65%€6.72€3.46n/a11
Dec ’25€3.62
€4.97
+37.42%
24.08%€7.44€3.54n/a13
Nov ’25€3.58
€4.86
+35.75%
24.08%€7.27€3.46n/a13
Oct ’25€3.76
€4.86
+29.25%
24.08%€7.27€3.46n/a13
Sep ’25€3.58
€4.86
+35.75%
23.17%€7.21€3.43n/a13
Aug ’25€3.64
€5.03
+38.06%
21.37%€7.18€3.69n/a12
Jul ’25€3.56
€5.05
+41.87%
20.58%€7.16€3.68n/a12
Jun ’25€3.90
€5.11
+30.93%
20.53%€7.18€3.70n/a12
May ’25€4.14
€5.17
+24.96%
19.74%€7.21€3.71€3.2813
Apr ’25€3.98
€5.18
+30.11%
19.68%€7.21€3.71€3.3613
Mar ’25€3.86
€5.33
+38.02%
20.15%€7.22€3.92€3.6414
Feb ’25€4.06
€5.30
+30.50%
15.69%€7.21€3.93€3.5413
Jan ’25€4.52
€5.40
+19.49%
17.12%€7.18€3.90€3.5614
Dec ’24€4.18
€5.40
+29.20%
17.12%€7.18€3.90€3.6214
Nov ’24€4.32
€5.76
+33.35%
13.77%€7.29€4.62€3.5815
Oct ’24€4.52
€5.69
+25.86%
13.53%€7.21€4.57€3.7615
Sep ’24€4.50
€5.71
+26.97%
14.29%€7.15€4.53€3.5815
Aug ’24€5.00
€5.82
+16.38%
14.19%€7.12€4.48€3.6415
Jul ’24€4.50
€5.83
+29.47%
14.19%€7.13€4.48€3.5615
Jun ’24€4.62
€5.93
+28.39%
14.12%€7.23€4.55€3.9015
May ’24€4.66
€6.03
+29.32%
13.68%€7.16€4.56€4.1415
AnalystConsensusTarget
Consensus Narrative from 13 Analysts
€4.03
Fair Value
20.6% undervalued intrinsic discount
13
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/26 14:54
End of Day Share Price 2025/05/26 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

City Developments Limited is covered by 32 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Tricia SongBarclays
Chin Hong PangBNP Paribas Securities (Asia)
Donald ChuaBofA Global Research