Armada Hoffler Properties, Inc.

DB:791 Stock Report

Market Cap: €1.1b

Armada Hoffler Properties Valuation

Is 791 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 791 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 791 (€10.4) is trading below our estimate of fair value (€15.09)

Significantly Below Fair Value: 791 is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for 791?

Key metric: As 791 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 791. This is calculated by dividing 791's market cap by their current revenue.
What is 791's PS Ratio?
PS Ratio1.2x
SalesUS$756.90m
Market CapUS$1.12b

Price to Sales Ratio vs Peers

How does 791's PS Ratio compare to its peers?

The above table shows the PS ratio for 791 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.9x
FVI Fair Value REIT-AG
2.3xn/a€54.7m
AOX alstria office REIT-AG
5.2x-1.5%€1.2b
HABA Hamborner REIT
4.9x1.7%€515.7m
TRGYO Torunlar Gayrimenkul Yatirim Ortakligi
11.4x51.8%₺57.7b
791 Armada Hoffler Properties
1.2x-41.7%€1.1b

Price-To-Sales vs Peers: 791 is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (5.9x).


Price to Sales Ratio vs Industry

How does 791's PS Ratio compare vs other companies in the European REITs Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.8.2x6.3%
791 Armada Hoffler Properties
1.2x-41.7%US$1.12b
791 1.2xIndustry Avg. 8.2xNo. of Companies10PS0612182430+
4 CompaniesEstimated GrowthMarket Cap
Industry Avg.8.2x39.2%
791 Armada Hoffler Properties
1.2x78.4%US$1.12b
No more companies

Price-To-Sales vs Industry: 791 is good value based on its Price-To-Sales Ratio (1.2x) compared to the European REITs industry average (8.2x).


Price to Sales Ratio vs Fair Ratio

What is 791'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.

791 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: 791 is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).


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 791 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.40
€11.15
+7.2%
9.5%€12.33€9.49n/a5
Nov ’25€9.80
€10.52
+7.3%
14.8%€12.35€7.77n/a5
Oct ’25€9.70
€10.42
+7.4%
13.7%€11.68€7.63n/a5
Sep ’25€10.70
€10.69
-0.09%
14.5%€11.73€7.67n/a5
Aug ’25€10.60
€10.69
+0.9%
15.0%€11.93€7.80n/a5
Jul ’25€9.90
€10.91
+10.2%
16.4%€11.95€7.81n/a4
Jun ’25€9.95
€10.91
+9.7%
16.4%€11.95€7.81n/a4
May ’25€9.85
€10.80
+9.6%
18.4%€12.20€7.98n/a3
Apr ’25€9.35
€10.72
+14.6%
19.3%€12.40€7.81n/a3
Mar ’25€9.35
€12.07
+29.0%
23.2%€15.78€7.89n/a4
Feb ’25€11.00
€11.98
+9.0%
23.2%€15.67€7.84n/a4
Jan ’25€11.40
€11.54
+1.2%
24.0%€15.53€7.77n/a4
Dec ’24€9.95
€11.54
+15.9%
24.0%€15.53€7.77n/a4
Nov ’24€9.55
€12.48
+30.7%
19.5%€16.17€9.51€9.804
Oct ’24€9.60
€12.34
+28.5%
18.3%€15.54€9.14€9.704
Sep ’24€10.40
€12.34
+18.6%
18.3%€15.54€9.14€10.704
Aug ’24€11.20
€12.01
+7.2%
18.3%€15.12€8.89€10.604
Jul ’24€10.60
€12.49
+17.8%
18.2%€15.58€9.16€9.904
Jun ’24€10.30
€12.61
+22.4%
18.2%€15.74€9.26€9.954
May ’24€10.30
€12.96
+25.8%
12.5%€15.46€10.91€9.854
Apr ’24€10.40
€12.80
+23.1%
14.0%€15.68€11.07€9.354
Mar ’24€11.90
€12.94
+8.7%
12.5%€15.83€11.17€9.355
Feb ’24€11.50
€12.55
+9.1%
13.0%€15.69€11.07€11.005
Jan ’24€10.60
€13.37
+26.2%
12.6%€16.60€11.71€11.405
Dec ’23€11.80
€13.37
+13.3%
12.6%€16.60€11.71€9.955
Nov ’23€11.60
€14.71
+26.8%
9.8%€17.25€13.19€9.555

Analyst Forecast: Target price is less than 20% higher than the current share price.


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