alstria office REIT-AG

DB:AOX Stock Report

Market Cap: €1.2b

alstria office REIT-AG Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: AOX (€6.88) is trading below our estimate of fair value (€7.34)

Significantly Below Fair Value: AOX is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for AOX. This is calculated by dividing AOX's market cap by their current revenue.
What is AOX's PS Ratio?
PS Ratio5.1x
Sales€240.21m
Market Cap€1.23b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for AOX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.9x
HABA Hamborner REIT
5x1.7%€519.8m
PDM Piedmont Office Realty Trust
2.1x0.8%US$1.2b
DEA Easterly Government Properties
4.4x8.9%US$1.3b
2778 Champion Real Estate Investment Trust
4.2x0.4%HK$10.5b
AOX alstria office REIT-AG
5.1x-1.5%€1.2b

Price-To-Sales vs Peers: AOX is expensive based on its Price-To-Sales Ratio (5.1x) compared to the peer average (3.9x).

Price to Sales Ratio vs Industry

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

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
AOX 5.1xIndustry Avg. 8.2xNo. of Companies4PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: AOX is good value based on its Price-To-Sales Ratio (5.1x) compared to the European Office REITs industry average (8.3x).

Price to Sales Ratio vs Fair Ratio

What is AOX'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.

AOX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.1x
Fair PS Ratio5.8x

Price-To-Sales vs Fair Ratio: AOX is good value based on its Price-To-Sales Ratio (5.1x) compared to the estimated Fair Price-To-Sales Ratio (5.8x).

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 AOX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.88
€7.30
+6.1%
2.7%€7.50€7.10n/a2
Nov ’25€6.70
€5.45
-18.7%
37.6%€7.50€3.40n/a2
Oct ’25€5.86
€5.45
-7.0%
37.6%€7.50€3.40n/a2
Sep ’25€3.43
€5.55
+61.8%
35.1%€7.50€3.60n/a2
Aug ’25€3.45
€5.55
+60.9%
35.1%€7.50€3.60n/a2
Jul ’25€3.35
€5.55
+65.7%
35.1%€7.50€3.60n/a2
Jun ’25€3.54
€5.55
+56.8%
35.1%€7.50€3.60n/a2
May ’25€3.46
€5.55
+60.4%
35.1%€7.50€3.60n/a2
Apr ’25€3.41
€5.55
+62.8%
35.1%€7.50€3.60n/a2
Mar ’25€3.41
€5.55
+63.0%
35.1%€7.50€3.60n/a2
Feb ’25€3.46
€5.55
+60.6%
35.1%€7.50€3.60n/a2
Jan ’25€3.59
€5.55
+54.6%
35.1%€7.50€3.60n/a2
Dec ’24€4.70
€5.55
+18.2%
35.1%€7.50€3.60n/a2
Nov ’24€3.53
€7.45
+111.0%
0.7%€7.50€7.40€6.702
Oct ’24€3.61
€7.45
+106.4%
0.7%€7.50€7.40€5.862
Sep ’24€4.80
€7.45
+55.4%
0.7%€7.50€7.40€3.432
Aug ’24€5.07
€13.70
+170.2%
46.0%€20.00€7.40€3.452
Jul ’24€4.92
€13.70
+178.5%
46.0%€20.00€7.40€3.352
Jun ’24€4.98
€13.70
+175.1%
46.0%€20.00€7.40€3.542
May ’24€5.81
€14.75
+153.9%
35.6%€20.00€9.50€3.462
Apr ’24€6.14
€14.75
+140.2%
35.6%€20.00€9.50€3.412
Mar ’24€7.51
€15.00
+99.9%
28.7%€20.00€9.50€3.413
Feb ’24€7.41
€15.00
+102.6%
28.7%€20.00€9.50€3.463
Jan ’24€7.70
€15.00
+94.8%
28.7%€20.00€9.50€3.593
Dec ’23€7.42
€15.00
+102.3%
28.7%€20.00€9.50€4.703
Nov ’23€8.90
€16.03
+80.1%
19.0%€20.00€12.60€3.533

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

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