Aspen Group Valuation

Is AYV1 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 AYV1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AYV1 (€1.57) is trading below our estimate of fair value (€4.14)

Significantly Below Fair Value: AYV1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AYV1?

Key metric: As AYV1 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AYV1. This is calculated by dividing AYV1's market cap by their current earnings.
What is AYV1's PE Ratio?
PE Ratio	10.9x
Earnings	AU$48.44m
Market Cap	AU$526.55m

AYV1 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	7.9x
Enterprise Value/EBITDA	25.2x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

How does AYV1's PE Ratio compare to its peers?

The above table shows the PE ratio for AYV1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	24.1x
HABA Hamborner REIT	63x	11.0%	€515.7m
4344 SEDCO Capital REIT Fund	21.1x	n/a	ر.س1.6b
NOVAL Noval Property Real Estate Investment	4.6x	n/a	€292.1m
HET Heriot REIT	7.7x	n/a	R5.1b
AYV1 Aspen Group	10.9x	17.8%	€526.6m

Price-To-Earnings vs Peers: AYV1 is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (24.1x).

Price to Earnings Ratio vs Industry

How does AYV1's PE Ratio compare vs other companies in the European REITs Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AYV1 is good value based on its Price-To-Earnings Ratio (10.9x) compared to the European REITs industry average (22.8x).

Price to Earnings Ratio vs Fair Ratio

What is AYV1'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.

AYV1 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.9x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate AYV1'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 AYV1 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€1.57	€1.96 +25.1%	20.1%	€2.51	€1.67	n/a	3
Nov ’25	€1.28	€1.83 +42.7%	23.9%	€2.45	€1.51	n/a	3
Oct ’25	€1.36	€1.81 +32.7%	25.0%	€2.45	€1.45	n/a	3
Sep ’25	€1.29	€1.81 +40.1%	25.0%	€2.45	€1.45	n/a	3
Aug ’25	€1.16	€1.73 +49.6%	23.4%	€2.30	€1.39	n/a	3
Jul ’25	€1.07	€1.95 +82.1%	21.0%	€2.36	€1.54	n/a	2
Feb ’25	€1.03	€1.79 +75.0%	16.6%	€2.09	€1.50	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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