Frasers Logistics & Commercial Trust

DB:4ZS Stock Report

Market Cap: €2.4b

Frasers Logistics & Commercial Trust Valuation

Is 4ZS 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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 4ZS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4ZS (€0.61) is trading below our estimate of fair value (€1.31)

Significantly Below Fair Value: 4ZS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4ZS?

Key metric: As 4ZS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 4ZS. This is calculated by dividing 4ZS's market cap by their current earnings.
What is 4ZS's PE Ratio?
PE Ratio23.2x
EarningsS$147.53m
Market CapS$3.42b

Price to Earnings Ratio vs Peers

How does 4ZS's PE Ratio compare to its peers?

The above table shows the PE ratio for 4ZS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average62.1x
HABA Hamborner REIT
64.3x10.8%€526.3m
LXP LXP Industrial Trust
141.1x-95.5%US$2.8b
DIR.UN Dream Industrial Real Estate Investment Trust
24.9x29.7%CA$3.7b
3249 Industrial & Infrastructure Fund Investment
18.2x2.0%JP¥290.7b
4ZS Frasers Logistics & Commercial Trust
23.2x11.1%€3.4b

Price-To-Earnings vs Peers: 4ZS is good value based on its Price-To-Earnings Ratio (23.2x) compared to the peer average (62.1x).

Price to Earnings Ratio vs Industry

How does 4ZS's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
4ZS 23.2xIndustry Avg. 19.5xNo. of Companies11PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 4ZS is expensive based on its Price-To-Earnings Ratio (23.2x) compared to the Global Industrial REITs industry average (19.5x).

Price to Earnings Ratio vs Fair Ratio

What is 4ZS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

4ZS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 4ZS's Price-To-Earnings Fair Ratio for valuation analysis.

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 4ZS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.61
€0.84
+38.2%
12.8%€1.02€0.61n/a10
Nov ’25€0.70
€0.89
+26.9%
9.5%€1.05€0.80n/a9
Oct ’25€0.77
€0.90
+16.8%
9.2%€1.05€0.81n/a9
Sep ’25€0.72
€0.86
+19.7%
9.2%€0.99€0.78n/a8
Aug ’25€0.65
€0.84
+29.6%
8.6%€0.97€0.74n/a9
Jul ’25€0.62
€0.87
+41.9%
11.0%€1.07€0.76n/a9
Jun ’25€0.64
€0.86
+34.2%
10.8%€1.07€0.75n/a10
May ’25€0.65
€0.96
+48.1%
32.1%€1.86€0.78n/a10
Apr ’25€0.68
€0.95
+39.4%
32.0%€1.85€0.78n/a10
Mar ’25€0.67
€0.88
+32.1%
11.2%€1.12€0.78n/a10
Feb ’25€0.71
€0.88
+24.8%
11.0%€1.12€0.78n/a11
Jan ’25€0.76
€0.89
+17.9%
8.3%€1.03€0.79n/a11
Dec ’24€0.70
€0.90
+28.5%
10.2%€1.04€0.77n/a11
Nov ’24€0.68
€0.92
+36.0%
11.7%€1.04€0.68€0.7011
Oct ’24€0.70
€0.93
+33.0%
10.6%€1.05€0.73€0.7710
Sep ’24€0.78
€0.96
+22.9%
7.2%€1.03€0.81€0.7211
Aug ’24€0.82
€0.97
+18.3%
5.8%€1.04€0.84€0.6511
Jul ’24€0.82
€0.98
+20.5%
5.8%€1.06€0.85€0.6211
Jun ’24€0.85
€0.98
+15.6%
6.1%€1.05€0.85€0.6411
May ’24€0.89
€0.93
+4.5%
7.7%€1.03€0.80€0.6512
Apr ’24€0.87
€0.94
+7.4%
7.4%€1.05€0.81€0.6812
Mar ’24€0.86
€0.97
+13.8%
7.6%€1.11€0.85€0.6711
Feb ’24€0.87
€0.95
+9.5%
8.1%€1.09€0.85€0.7111
Jan ’24€0.79
€0.93
+17.9%
7.4%€1.06€0.83€0.7611
Dec ’23€0.78
€0.96
+23.4%
8.4%€1.10€0.85€0.7011
Nov ’23€0.75
€1.03
+36.1%
6.2%€1.17€0.94€0.6811

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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