IMMOFINANZ AG

DB:IMO1 Stock Report

Market Cap: €2.1b

IMMOFINANZ Valuation

Is IMO1 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 IMO1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IMO1 (€15) is trading below our estimate of fair value (€15.09)

Significantly Below Fair Value: IMO1 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IMO1?

Key metric: As IMO1 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IMO1. This is calculated by dividing IMO1's market cap by their current revenue.
What is IMO1's PS Ratio?
PS Ratio2.8x
Sales€754.45m
Market Cap€2.11b

Price to Sales Ratio vs Peers

How does IMO1's PS Ratio compare to its peers?

The above table shows the PS ratio for IMO1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.2x
GYC Grand City Properties
3.5x1.5%€2.1b
TEG TAG Immobilien
1.9x-36.9%€2.7b
DEQ Deutsche EuroShop
5.2x-0.2%€1.5b
AT1 Aroundtown
2.2x2.8%€3.1b
IMO1 IMMOFINANZ
2.8x3.9%€2.1b

Price-To-Sales vs Peers: IMO1 is good value based on its Price-To-Sales Ratio (2.8x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

How does IMO1's PS Ratio compare vs other companies in the DE Real Estate Industry?

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
DIC Branicks Group
0.7x-21.8%US$194.06m
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.5x-42.0%US$85.70m
ADJ Adler Group
0.1xn/aUS$48.82m
NUVA Noratis
0.3x16.6%US$15.84m
IMO1 2.8xIndustry Avg. 3.7xNo. of Companies10PS02.85.68.411.214+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IMO1 is good value based on its Price-To-Sales Ratio (2.8x) compared to the German Real Estate industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is IMO1'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.

IMO1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.8x
Fair PS Ratio3.3x

Price-To-Sales vs Fair Ratio: IMO1 is good value based on its Price-To-Sales Ratio (2.8x) compared to the estimated Fair Price-To-Sales Ratio (3.3x).

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 IMO1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€15.00
€22.45
+49.7%
0.2%€22.50€22.40n/a2
Nov ’25€14.90
€22.45
+50.7%
0.2%€22.50€22.40n/a2
Oct ’25€17.90
€22.45
+25.4%
0.2%€22.50€22.40n/a2
Sep ’25€30.85
€22.45
-27.2%
0.2%€22.50€22.40n/a2
Aug ’25€27.35
€22.45
-17.9%
0.2%€22.50€22.40n/a2
Jul ’25€25.75
€22.45
-12.8%
0.2%€22.50€22.40n/a2
Jun ’25€23.90
€20.50
-14.2%
9.3%€22.40€18.60n/a2
May ’25€23.15
€20.50
-11.4%
9.3%€22.40€18.60n/a2
Apr ’25€22.70
€20.50
-9.7%
9.3%€22.40€18.60n/a2
Nov ’24€18.88
€17.30
-8.4%
7.5%€18.60€16.00€14.902
Oct ’24€18.48
€16.87
-8.7%
7.3%€18.60€16.00€17.903
Sep ’24€17.72
€15.33
-13.5%
6.1%€16.00€14.00€30.853
Aug ’24€17.94
€15.33
-14.5%
6.1%€16.00€14.00€27.353
Jul ’24€16.90
€14.00
-17.2%
20.2%€16.00€10.00€25.753
Jun ’24€15.36
€14.00
-8.9%
20.2%€16.00€10.00€23.903
May ’24€14.74
€17.25
+17.0%
35.6%€27.00€10.00€23.154
Apr ’24€12.72
€17.25
+35.6%
35.6%€27.00€10.00€22.704
Mar ’24€12.22
€16.96
+38.8%
32.6%€27.00€10.00€20.855
Feb ’24€12.31
€17.20
+39.7%
35.8%€27.00€10.00€21.504
Jan ’24€11.42
€18.46
+61.6%
26.5%€27.00€13.00€20.955
Dec ’23€12.33
€18.46
+49.7%
26.5%€27.00€13.00€19.025
Nov ’23€11.91
€18.46
+55.0%
26.5%€27.00€13.00€18.885

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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