Dream Industrial Real Estate Investment Trust

DB:6MS Stock Report

Market Cap: €2.3b

Dream Industrial Real Estate Investment Trust Valuation

Is 6MS 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 6MS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€12.20
Fair Value
38.4% undervalued intrinsic discount
11
Number of Analysts

Below Fair Value: 6MS (€7.51) is trading below our estimate of fair value (€12.2)

Significantly Below Fair Value: 6MS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 6MS?

Key metric: As 6MS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 6MS. This is calculated by dividing 6MS's market cap by their current earnings.
What is 6MS's PE Ratio?
PE Ratio22.8x
EarningsCA$141.16m
Market CapCA$3.38b

Price to Earnings Ratio vs Peers

How does 6MS's PE Ratio compare to its peers?

The above table shows the PE ratio for 6MS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average58.5x
HABA Hamborner REIT
62.8x9.5%€514.1m
3471 Mitsui Fudosan Logistics Park
36.2x28.3%JP¥315.9b
GRT.UN Granite Real Estate Investment Trust
14x7.2%CA$4.3b
LXP LXP Industrial Trust
121.2x-90.0%US$2.4b
6MS Dream Industrial Real Estate Investment Trust
22.8x29.7%€3.4b

Price-To-Earnings vs Peers: 6MS is good value based on its Price-To-Earnings Ratio (22.8x) compared to the peer average (51.2x).

Price to Earnings Ratio vs Industry

How does 6MS's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
6MS 22.8xIndustry Avg. 18.8xNo. of Companies9PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 6MS is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the Global Industrial REITs industry average (18.9x).

Price to Earnings Ratio vs Fair Ratio

What is 6MS'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.

6MS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 6MS'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 6MS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.51
€10.55
+40.5%
6.8%€11.56€8.84n/a11
Jan ’26€7.48
€10.45
+39.7%
6.4%€11.36€8.69n/a11
Dec ’25€8.08
€10.83
+34.0%
3.3%€11.46€10.45n/a11
Nov ’25€8.34
€10.76
+29.1%
3.0%€11.33€10.33n/a11
Oct ’25€9.17
€10.68
+16.5%
3.0%€11.35€10.02n/a11
Sep ’25€8.68
€10.61
+22.2%
3.5%€11.34€10.01n/a11
Aug ’25€8.62
€10.82
+25.6%
4.5%€11.57€9.70n/a12
Jul ’25€8.21
€10.72
+30.6%
4.2%€11.54€9.67n/a11
Jun ’25€7.86
€10.72
+36.4%
4.2%€11.54€9.67n/a11
May ’25€8.24
€10.83
+31.4%
3.1%€11.59€10.23n/a11
Apr ’25€8.70
€10.86
+24.9%
3.4%€11.56€10.20n/a11
Mar ’25€8.41
€11.00
+30.7%
2.8%€11.63€10.44n/a11
Feb ’25€9.56
€11.04
+15.6%
2.7%€11.70€10.67n/a12
Jan ’25€9.27
€10.90
+17.6%
2.4%€11.61€10.59€7.4812
Dec ’24€8.23
€10.77
+30.8%
2.9%€11.51€10.15€8.0811
Nov ’24€7.75
€11.33
+46.2%
4.7%€12.18€10.29€8.3411
Oct ’24€8.81
€11.69
+32.7%
2.8%€12.32€11.29€9.1712
Sep ’24€9.13
€11.69
+28.0%
2.8%€12.32€11.29€8.6812
Aug ’24€9.46
€11.59
+22.5%
3.1%€12.14€11.13€8.6212
Jul ’24€9.31
€11.97
+28.6%
3.5%€12.79€11.41€8.2112
Jun ’24€9.28
€11.88
+28.0%
3.3%€12.64€11.27€7.8611
May ’24€9.59
€11.55
+20.5%
2.7%€12.25€10.89€8.2412
Apr ’24€9.48
€11.65
+22.9%
2.1%€12.07€11.04€8.7011
Mar ’24€9.93
€11.65
+17.3%
2.1%€12.07€11.04€8.4111
Feb ’24€9.39
€10.52
+12.0%
6.1%€11.71€9.30€9.568
Jan ’24€7.88
€10.98
+39.4%
6.3%€12.38€9.83€9.279
Analyst Price Target
Consensus Narrative from 11 Analysts
€10.02
Fair Value
25.1% undervalued intrinsic discount
11
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/15 06:07
End of Day Share Price 2025/01/14 00:00
Earnings2024/09/30
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

Dream Industrial Real Estate Investment Trust is covered by 19 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael MarkidisBMO Capital Markets Equity Research
Pauline AlimchandaniBMO Capital Markets Equity Research
Heather KirkBMO Capital Markets Equity Research