Hysan Development Company Limited

DB:HYN Stock Report

Market Cap: €1.6b

Hysan Development Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: HYN (€1.53) is trading above our estimate of fair value (€0.56)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for HYN. This is calculated by dividing HYN's market cap by their current revenue.
What is HYN's PS Ratio?
PS Ratio3.9x
SalesHK$3.27b
Market CapHK$12.84b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for HYN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.4x
DEQ Deutsche EuroShop
5.3x-0.2%€1.5b
GYC Grand City Properties
3.6x1.5%€2.1b
AT1 Aroundtown
2.4x2.8%€3.5b
SPB Sedlmayr Grund und Immobilien
6.5xn/a€903.2m
HYN Hysan Development
3.9x2.7%€12.8b

Price-To-Sales vs Peers: HYN is good value based on its Price-To-Sales Ratio (3.9x) compared to the peer average (4.4x).

Price to Sales Ratio vs Industry

How does HYN'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$88.62m
ADJ Adler Group
0.1xn/aUS$56.82m
NUVA Noratis
0.3x16.6%US$15.79m
A4Y ACCENTRO Real Estate
0.1x5.2%US$10.91m
HYN 3.9xIndustry Avg. 3.8xNo. of Companies9PS02.85.68.411.214+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: HYN is expensive based on its Price-To-Sales Ratio (3.9x) compared to the German Real Estate industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is HYN'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.

HYN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.9x
Fair PS Ratio4.9x

Price-To-Sales vs Fair Ratio: HYN is good value based on its Price-To-Sales Ratio (3.9x) compared to the estimated Fair Price-To-Sales Ratio (4.9x).

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 HYN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.53
€1.79
+17.2%
14.2%€2.24€1.36n/a13
Nov ’25€1.52
€1.73
+14.1%
14.2%€2.16€1.32n/a13
Oct ’25€1.52
€1.62
+6.8%
12.3%€2.08€1.30n/a13
Sep ’25€1.42
€1.60
+12.6%
12.3%€2.07€1.29n/a13
Aug ’25€1.23
€1.72
+40.0%
15.6%€2.13€1.30n/a13
Jul ’25€1.30
€1.92
+47.7%
16.1%€2.82€1.62n/a13
Jun ’25€1.39
€1.92
+38.2%
16.1%€2.82€1.62n/a13
May ’25€1.41
€1.95
+38.5%
16.0%€2.85€1.64n/a13
Apr ’25€1.44
€1.98
+37.6%
16.0%€2.81€1.62n/a13
Mar ’25€1.57
€1.98
+26.2%
16.0%€2.81€1.62n/a13
Feb ’25€1.53
€2.49
+62.5%
17.4%€3.30€2.09n/a12
Jan ’25€1.78
€2.82
+58.5%
13.9%€3.56€2.25n/a12
Dec ’24€1.68
€3.03
+80.4%
15.1%€4.11€2.36n/a12
Nov ’24€1.71
€3.11
+81.8%
16.2%€4.24€2.19€1.5212
Oct ’24€1.82
€3.06
+68.1%
15.6%€4.17€2.16€1.5213
Sep ’24€1.85
€3.06
+65.2%
12.8%€4.08€2.59€1.4213
Aug ’24€2.14
€3.27
+52.8%
12.3%€4.05€2.57€1.2313
Jul ’24€2.24
€3.41
+52.1%
10.8%€4.09€2.70€1.3013
Jun ’24€2.36
€3.48
+47.5%
12.4%€4.15€2.39€1.3913
May ’24€2.52
€3.40
+35.0%
11.5%€4.01€2.31€1.4113
Apr ’24€2.58
€3.52
+36.4%
11.5%€4.16€2.39€1.4413
Mar ’24€3.00
€3.52
+17.3%
11.5%€4.16€2.39€1.5713
Feb ’24€3.04
€3.37
+10.7%
14.7%€4.11€2.35€1.5313
Jan ’24€3.00
€3.02
+0.5%
15.6%€3.77€2.39€1.7813
Dec ’23€2.56
€3.01
+17.4%
15.6%€3.75€2.37€1.6813
Nov ’23€2.22
€3.33
+50.1%
13.3%€4.13€2.58€1.7113

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

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