Atenor Valuation
Is Z5S undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
5/6Valuation 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 Z5S when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: Z5S (€3.91) is trading below our estimate of fair value (€19.32)
Significantly Below Fair Value: Z5S is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for Z5S?
Key metric: As Z5S is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.
| What is Z5S's PS Ratio? | |
|---|---|
| PS Ratio | 0.9x |
| Sales | €205.30m |
| Market Cap | €175.01m |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 4.5x |
| Enterprise Value/EBITDA | 144.3x |
| PEG Ratio | n/a |
Price to Sales Ratio vs Peers
How does Z5S's PS Ratio compare to its peers?
| Company | Forward PS | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 6.4x | ||
AGR AGROB Immobilien | 14.1x | n/a | €173.6m |
STG STINAG Stuttgart Invest | 6.5x | 3.2% | €184.6m |
DRE2 Deutsche Real Estate | 4.5x | n/a | €156.4m |
DMRE DEMIRE Deutsche Mittelstand Real Estate | 0.5x | -42.0% | €84.4m |
Z5S Atenor | 0.9x | -3.5% | €175.0m |
Price-To-Sales vs Peers: Z5S is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (6.4x).
Price to Sales Ratio vs Industry
How does Z5S's PS Ratio compare vs other companies in the DE Real Estate Industry?
Price-To-Sales vs Industry: Z5S is good value based on its Price-To-Sales Ratio (0.9x) compared to the German Real Estate industry average (3.7x).
Price to Sales Ratio vs Fair Ratio
What is Z5S'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.
| Fair Ratio | |
|---|---|
| Current PS Ratio | 0.9x |
| Fair PS Ratio | 0.9x |
Price-To-Sales vs Fair Ratio: Z5S is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (0.9x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | €3.91 | €6.05 +54.7% | 2.5% | €6.20 | €5.90 | n/a | 2 |
| Nov ’25 | €4.29 | €6.50 +51.5% | 4.6% | €6.80 | €6.20 | n/a | 2 |
| Oct ’25 | €4.96 | €6.50 +31.0% | 4.6% | €6.80 | €6.20 | n/a | 2 |
| Sep ’25 | €5.33 | €11.00 +106.4% | 57.9% | €20.00 | €6.20 | n/a | 3 |
| Aug ’25 | €5.60 | €13.40 +139.3% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| Jul ’25 | €5.80 | €13.40 +131.0% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| Jun ’25 | €6.10 | €13.40 +119.7% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| May ’25 | €5.88 | €13.40 +127.9% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| Apr ’25 | €6.40 | €13.40 +109.4% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| Mar ’25 | €6.04 | €13.40 +121.9% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| Feb ’25 | €6.48 | €13.40 +106.8% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| Jan ’25 | €7.40 | €13.40 +81.1% | 49.3% | €20.00 | €6.80 | n/a | 2 |
| Nov ’24 | €13.20 | €24.67 +86.9% | 32.7% | €36.00 | €18.00 | €4.29 | 3 |
| Oct ’24 | €12.40 | €24.67 +98.9% | 32.7% | €36.00 | €18.00 | €4.96 | 3 |
| Sep ’24 | €18.80 | €29.33 +56.0% | 23.2% | €36.00 | €20.00 | €5.33 | 3 |
| Aug ’24 | €27.50 | €49.00 +78.2% | 26.5% | €62.00 | €36.00 | €5.60 | 2 |
| Jul ’24 | €25.80 | €53.50 +107.4% | 15.9% | €62.00 | €45.00 | €5.80 | 2 |
| Jun ’24 | €23.60 | €53.50 +126.7% | 15.9% | €62.00 | €45.00 | €6.10 | 2 |
| Dec ’23 | €48.00 | €63.00 +31.3% | 1.6% | €64.00 | €62.00 | €5.40 | 2 |
| Nov ’23 | €41.30 | €63.00 +52.5% | 1.6% | €64.00 | €62.00 | €13.20 | 2 |
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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