Real Matters Inc.

DB:R3E Stock Report

Market Cap: €323.9m

Real Matters Valuation

Is R3E undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 R3E when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: R3E (€4.26) is trading below our estimate of fair value (€13.73)

Significantly Below Fair Value: R3E is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for R3E?

Key metric: As R3E is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for R3E. This is calculated by dividing R3E's market cap by their current revenue.
What is R3E's PS Ratio?
PS Ratio2x
SalesUS$172.72m
Market CapUS$337.32m

Price to Sales Ratio vs Peers

How does R3E's PS Ratio compare to its peers?

The above table shows the PS ratio for R3E vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.9x
DGR Deutsche Grundstücksauktionen
5.2xn/a€14.2m
WCMK WCM Beteiligungs- und Grundbesitz-AG
5.3xn/a€301.0m
INS Instone Real Estate Group
0.8x17.3%€365.6m
A4Y ACCENTRO Real Estate
0.1x5.2%€8.6m
R3E Real Matters
2x20.7%€471.5m

Price-To-Sales vs Peers: R3E is good value based on its Price-To-Sales Ratio (2x) compared to the peer average (2.9x).

Price to Sales Ratio vs Industry

How does R3E'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
R3E 2.0xIndustry Avg. 3.7xNo. of Companies10PS02.85.68.411.214+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: R3E is good value based on its Price-To-Sales Ratio (2x) compared to the German Real Estate industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is R3E'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.

R3E PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: R3E is expensive based on its Price-To-Sales Ratio (2x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

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 R3E forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€4.26
€5.87
+37.9%
14.7%€7.57€4.82n/a7
Nov ’25€4.56
€6.28
+37.8%
12.5%€7.33€5.00n/a7
Oct ’25€5.95
€5.75
-3.4%
13.5%€7.10€4.84n/a7
Sep ’25€4.98
€5.65
+13.4%
12.6%€7.27€4.96n/a7
Aug ’25€4.98
€5.08
+2.0%
14.9%€6.69€4.35n/a7
Jul ’25€4.16
€4.99
+20.0%
15.5%€6.72€4.36n/a7
Jun ’25€3.80
€4.99
+31.4%
15.5%€6.72€4.36n/a7
May ’25€3.44
€5.08
+47.6%
15.7%€6.82€4.43n/a7
Apr ’25€4.12
€5.00
+21.4%
16.0%€6.78€4.41n/a7
Mar ’25€4.04
€5.07
+25.6%
16.1%€6.89€4.48n/a7
Feb ’25€4.72
€4.67
-1.1%
18.5%€6.18€3.52n/a7
Jan ’25€4.30
€4.44
+3.3%
18.8%€5.99€3.49n/a7
Dec ’24€3.66
€4.44
+21.4%
18.8%€5.99€3.49n/a7
Nov ’24€3.28
€4.99
+52.0%
17.1%€6.60€3.79€4.567
Oct ’24€4.38
€5.18
+18.3%
16.2%€6.64€4.07€5.957
Sep ’24€4.58
€5.18
+13.2%
16.2%€6.64€4.07€4.987
Aug ’24€4.62
€5.14
+11.3%
15.8%€6.57€4.13€4.987
Jul ’24€4.12
€4.22
+2.4%
21.9%€6.21€3.09€4.167
Jun ’24€4.16
€4.22
+1.4%
21.9%€6.21€3.09€3.807
May ’24€3.28
€4.13
+25.9%
21.6%€6.05€3.03€3.447
Apr ’24€3.18
€4.10
+29.0%
22.8%€6.00€3.18€4.126
Mar ’24€4.08
€4.13
+1.1%
22.4%€6.01€3.19€4.046
Feb ’24€3.60
€3.95
+9.7%
21.8%€5.87€3.12€4.727
Jan ’24€2.76
€3.91
+41.7%
22.0%€5.52€2.82€4.307
Dec ’23€3.06
€4.04
+32.1%
22.7%€5.80€2.90€3.667
Nov ’23€3.34
€4.48
+34.3%
14.7%€5.90€3.72€3.287

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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