Covivio

DB:F5D Stock Report

Market Cap: €5.8b

Covivio Valuation

Is F5D 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 F5D when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: F5D (€52.2) is trading above our estimate of fair value (€37.05)

Significantly Below Fair Value: F5D is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for F5D?

Key metric: As F5D is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for F5D. This is calculated by dividing F5D's market cap by their current revenue.
What is F5D's PS Ratio?
PS Ratio5.4x
Sales€1.06b
Market Cap€5.78b

Price to Sales Ratio vs Peers

How does F5D's PS Ratio compare to its peers?

The above table shows the PS ratio for F5D vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.2x
FVI Fair Value REIT-AG
2.3xn/a€54.7m
AOX alstria office REIT-AG
5.2x-1.5%€1.2b
MRL MERLIN Properties SOCIMI
11.8x11.5%€5.8b
GPT GPT Group
9.4x1.9%AU$8.8b
F5D Covivio
5.4x4.2%€5.8b

Price-To-Sales vs Peers: F5D is good value based on its Price-To-Sales Ratio (5.4x) compared to the peer average (7.1x).

Price to Sales Ratio vs Industry

How does F5D's PS Ratio compare vs other companies in the European REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
F5D 5.4xIndustry Avg. 8.2xNo. of Companies10PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: F5D is good value based on its Price-To-Sales Ratio (5.4x) compared to the European REITs industry average (8.2x).

Price to Sales Ratio vs Fair Ratio

What is F5D'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.

F5D PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.4x
Fair PS Ratio14.7x

Price-To-Sales vs Fair Ratio: F5D is good value based on its Price-To-Sales Ratio (5.4x) compared to the estimated Fair Price-To-Sales Ratio (14.7x).

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 F5D forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€52.20
€62.17
+19.1%
4.3%€66.00€56.00n/a11
Nov ’25€52.65
€62.17
+18.1%
4.3%€66.00€56.00n/a11
Oct ’25€55.00
€56.17
+2.1%
9.6%€62.00€40.50n/a11
Sep ’25€50.25
€54.95
+9.4%
7.8%€62.50€46.00n/a10
Aug ’25€48.22
€54.95
+14.0%
7.8%€62.50€46.00n/a10
Jul ’25€44.26
€54.39
+22.9%
6.9%€59.90€46.00n/a10
Jun ’25€47.84
€53.39
+11.6%
6.5%€57.00€46.00n/a10
May ’25€46.80
€53.09
+13.4%
6.6%€58.00€46.00n/a10
Apr ’25€47.68
€51.33
+7.6%
9.1%€58.00€40.50n/a11
Mar ’25€40.00
€50.35
+25.9%
9.5%€58.00€40.50n/a11
Feb ’25€43.50
€50.90
+17.0%
10.3%€58.00€40.50n/a11
Jan ’25€49.46
€46.96
-5.0%
9.1%€55.00€40.50n/a11
Dec ’24€45.72
€46.80
+2.4%
9.0%€55.00€40.50n/a11
Nov ’24€40.84
€47.18
+15.5%
9.0%€55.00€40.50€52.6510
Oct ’24€41.96
€48.54
+15.7%
11.8%€60.00€40.50€55.0010
Sep ’24€44.18
€52.53
+18.9%
10.8%€62.00€44.00€50.2510
Aug ’24€42.88
€54.50
+27.1%
10.1%€62.00€45.00€48.2210
Jul ’24€43.26
€55.30
+27.8%
10.8%€65.00€45.00€44.2610
Jun ’24€45.44
€58.40
+28.5%
12.6%€70.20€45.00€47.849
May ’24€51.50
€58.53
+13.7%
13.0%€71.40€45.00€46.809
Apr ’24€53.45
€59.20
+10.8%
13.7%€71.40€45.00€47.689
Mar ’24€59.35
€60.02
+1.1%
12.9%€70.80€45.00€40.009
Feb ’24€62.85
€59.50
-5.3%
12.7%€71.10€45.00€43.509
Jan ’24€56.15
€56.94
+1.4%
11.7%€68.00€45.00€49.469
Dec ’23€55.45
€58.03
+4.7%
13.5%€70.00€45.00€45.729
Nov ’23€55.05
€58.99
+7.2%
14.4%€70.00€45.00€40.849

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

Discover undervalued companies

Argan

€1.7b

Engages in designing, building, developing, owning, leasing, and managing logistical platforms in France.

871

€64.80

7D

-3.0%

1Y

-12.0%

Allied Properties Real Estate Investment Trust

CA$2.5b

Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities.

5G8

CA$12.26

7D

1.2%

1Y

4.9%

Office Properties Income Trust

US$63.6m

OPI is a national REIT focused on owning and leasing high quality office and mixed-use properties in select growth-oriented U.S.

GOKA

US$1.05

7D

8.4%

1Y

-77.6%