Covivio

DB:F5D Stock Report

Market Cap: €5.5b

Covivio Valuation

Is F5D undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • 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.

Discounted Cash Flow
Simply Wall St
€88.91
Fair Value
44.9% undervalued intrinsic discount
11
Number of Analysts

Below Fair Value: F5D (€49) is trading below our estimate of fair value (€88.91)

Significantly Below Fair Value: F5D is trading below fair value by more than 20%.

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 Ratio5.2x
Sales€1.06b
Market Cap€5.50b

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 Average7x
FVI Fair Value REIT-AG
2.2xn/a€54.4m
MRL MERLIN Properties SOCIMI
12.3x11.7%€6.1b
GPT GPT Group
9.2x1.2%AU$8.7b
AOX alstria office REIT-AG
4x-1.5%€957.1m
F5D Covivio
5.2x4.4%€5.5b

Price-To-Sales vs Peers: F5D is good value based on its Price-To-Sales Ratio (5.2x) compared to the peer average (6.9x).

Price to Sales Ratio vs Industry

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

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
F5D 5.2xIndustry Avg. 8.3xNo. of Companies13PS0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: F5D is good value based on its Price-To-Sales Ratio (5.2x) compared to the European REITs industry average (8.3x).

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 Ratio5.2x
Fair PS Ratio12x

Price-To-Sales vs Fair Ratio: F5D is good value based on its Price-To-Sales Ratio (5.2x) compared to the estimated Fair Price-To-Sales Ratio (12x).

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€49.00
€61.96
+26.5%
5.6%€66.00€55.00n/a11
Jan ’26€48.98
€61.78
+26.1%
5.6%€66.00€55.00n/a11
Dec ’25€51.90
€62.17
+19.8%
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€40.50€48.9811
Dec ’24€45.72
€46.80
+2.4%
9.0%€55.00€40.50€51.9011
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
Analyst Price Target
Consensus Narrative from 11 Analysts
€61.19
Fair Value
19.9% 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 Analysis2025/01/20 14:55
End of Day Share Price 2025/01/17 00:00
Earnings2024/06/30
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

Covivio is covered by 26 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ruud Van MaanenABN AMRO Bank N.V.
Alda Kule DaleAlphaValue
Celine Soo-HuynhBarclays