The Wharf (Holdings) Limited

DB:WHA Stock Report

Market Cap: €8.3b

Wharf (Holdings) Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

Below Fair Value: WHA (€2.56) is trading above our estimate of fair value (€0.11)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for WHA. This is calculated by dividing WHA's market cap by their current revenue.
What is WHA's PS Ratio?
PS Ratio3.7x
SalesHK$17.85b
Market CapHK$66.93b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for WHA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.4x
PAT PATRIZIA
2.5x3.7%€673.4m
DIC Branicks Group
0.7x-21.8%€182.2m
DWNI Deutsche Wohnen
6.1xn/a€9.2b
LEG LEG Immobilien
4.3x-14.2%€6.1b
WHA Wharf (Holdings)
3.7x-1.3%€66.9b

Price-To-Sales vs Peers: WHA is expensive based on its Price-To-Sales Ratio (3.7x) compared to the peer average (3.4x).

Price to Sales Ratio vs Industry

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

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.4x-42.0%US$76.97m
ADJ Adler Group
0.1xn/aUS$49.08m
NUVA Noratis
0.3x16.6%US$14.41m
AMMN Grounds Real Estate Development
0.6xn/aUS$10.19m
WHA 3.7xIndustry Avg. 3.3xNo. of Companies9PS02.44.87.29.612+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: WHA is expensive based on its Price-To-Sales Ratio (3.7x) compared to the German Real Estate industry average (3.3x).

Price to Sales Ratio vs Fair Ratio

What is WHA'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.

WHA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.7x
Fair PS Ratio3x

Price-To-Sales vs Fair Ratio: WHA is expensive based on its Price-To-Sales Ratio (3.7x) compared to the estimated Fair Price-To-Sales Ratio (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 WHA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€2.56
€2.55
-0.3%
14.2%€3.02€1.98n/a10
Dec ’25€2.56
€2.55
-0.4%
14.2%€3.02€1.98n/a10
Nov ’25€2.62
€2.51
-4.2%
15.1%€3.09€1.94n/a10
Oct ’25€2.50
€2.36
-5.6%
14.1%€2.87€1.89n/a10
Sep ’25€2.36
€2.45
+3.8%
16.6%€3.17€1.91n/a10
Aug ’25€2.46
€2.51
+2.0%
18.4%€3.19€1.93n/a10
Jul ’25€2.58
€2.64
+2.2%
19.1%€3.45€2.02n/a9
Jun ’25€2.76
€2.64
-4.5%
19.1%€3.45€2.02n/a9
May ’25€3.00
€2.64
-12.1%
19.1%€3.45€2.02n/a9
Apr ’25€3.02
€2.65
-12.3%
21.9%€3.82€2.00n/a9
Mar ’25€3.18
€2.62
-17.8%
20.0%€3.84€2.01n/a9
Feb ’25€2.72
€2.47
-9.2%
13.4%€3.26€2.10n/a9
Jan ’25€2.88
€2.51
-12.8%
11.3%€2.97€2.14n/a9
Dec ’24€2.46
€2.60
+5.8%
10.4%€3.02€2.29€2.568
Nov ’24€2.32
€2.60
+12.2%
10.4%€3.02€2.29€2.628
Oct ’24€2.30
€2.53
+10.1%
13.4%€3.00€2.04€2.509
Sep ’24€1.88
€2.51
+33.4%
14.5%€3.15€1.98€2.369
Aug ’24€2.02
€2.57
+27.0%
14.9%€3.14€1.98€2.469
Jul ’24€2.10
€2.70
+28.6%
14.6%€3.22€2.03€2.589
Jun ’24€1.86
€2.70
+45.1%
14.6%€3.22€2.03€2.769
May ’24€2.04
€2.71
+33.1%
14.1%€3.19€2.01€3.0010
Apr ’24€2.06
€2.71
+31.8%
14.1%€3.19€2.01€3.0210
Mar ’24€2.04
€2.80
+37.1%
13.4%€3.42€2.03€3.1810
Feb ’24€2.34
€2.79
+19.3%
15.1%€3.53€2.00€2.7210
Jan ’24€2.70
€2.96
+9.5%
17.7%€3.79€2.03€2.8810
Dec ’23€2.52
€3.18
+26.2%
16.7%€3.93€2.11€2.4610

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/27 13:46
End of Day Share Price 2024/12/23 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

The Wharf (Holdings) Limited is covered by 34 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kwok Yi LouieBarclays
C WongBNP Paribas Securities (Asia)
Karl ChoiBofA Global Research