Kite Realty Group Trust

DB:FGC1 Stock Report

Market Cap: €5.9b

Kite Realty Group Trust Valuation

Is FGC1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • 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 FGC1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FGC1 (€26.2) is trading below our estimate of fair value (€28.93)

Significantly Below Fair Value: FGC1 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 FGC1?

Key metric: As FGC1 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FGC1. This is calculated by dividing FGC1's market cap by their current revenue.
What is FGC1's PS Ratio?
PS Ratio7.4x
SalesUS$827.40m
Market CapUS$6.23b

Price to Sales Ratio vs Peers

How does FGC1's PS Ratio compare to its peers?

The above table shows the PS ratio for FGC1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.3x
HABA Hamborner REIT
5x1.7%€527.9m
DKG Deutsche Konsum REIT-AG
1.3x-12.7%€140.6m
SRC Spirit Realty Capital
7.9x4.9%US$6.0b
N2IU Mapletree Pan Asia Commercial Trust
6.8x1.9%S$6.5b
FGC1 Kite Realty Group Trust
7.4x3.4%€6.2b

Price-To-Sales vs Peers: FGC1 is expensive based on its Price-To-Sales Ratio (7.4x) compared to the peer average (5.3x).

Price to Sales Ratio vs Industry

How does FGC1's PS Ratio compare vs other companies in the European Retail REITs Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
FGC1 7.4xIndustry Avg. 5.8xNo. of Companies7PS03.26.49.612.816+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: FGC1 is expensive based on its Price-To-Sales Ratio (7.4x) compared to the European Retail REITs industry average (5.7x).

Price to Sales Ratio vs Fair Ratio

What is FGC1'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.

FGC1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.4x
Fair PS Ratio13.6x

Price-To-Sales vs Fair Ratio: FGC1 is good value based on its Price-To-Sales Ratio (7.4x) compared to the estimated Fair Price-To-Sales Ratio (13.6x).

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 FGC1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€26.20
€29.27
+11.7%
5.5%€31.50€26.73n/a9
Nov ’25€23.60
€25.77
+9.2%
8.4%€29.78€23.46n/a9
Oct ’25€23.40
€25.77
+10.1%
8.4%€29.78€23.46n/a9
Sep ’25€23.40
€24.59
+5.1%
6.7%€26.99€21.59n/a9
Aug ’25€22.60
€23.89
+5.7%
9.1%€27.80€21.31n/a9
Jul ’25€20.40
€23.62
+15.8%
8.4%€27.57€21.13n/a10
Jun ’25€20.00
€23.80
+19.0%
8.4%€27.78€21.30n/a10
May ’25€20.40
€23.74
+16.4%
9.2%€27.93€20.48n/a10
Apr ’25€19.90
€23.74
+19.3%
9.2%€27.93€20.48n/a10
Mar ’25€19.40
€23.69
+22.1%
9.2%€27.68€20.30n/a9
Feb ’25€19.70
€23.58
+19.7%
8.8%€27.64€20.27n/a10
Jan ’25€20.80
€23.09
+11.0%
9.5%€27.16€19.01n/a10
Dec ’24€20.00
€23.45
+17.3%
9.2%€26.16€19.62n/a10
Nov ’24€20.20
€23.98
+18.7%
7.7%€26.44€20.77€23.6010
Oct ’24€20.00
€23.78
+18.9%
8.1%€26.12€20.52€23.4010
Sep ’24€20.80
€23.47
+12.8%
7.7%€25.82€20.28€23.4011
Aug ’24€21.20
€22.07
+4.1%
9.5%€24.90€17.79€22.6011
Jul ’24€20.20
€22.92
+13.5%
9.1%€25.76€18.40€20.4011
Jun ’24€17.70
€22.96
+29.7%
9.8%€26.00€18.57€20.0011
May ’24€18.60
€22.46
+20.7%
8.0%€24.45€19.02€20.4010
Apr ’24€19.00
€23.06
+21.4%
8.0%€24.90€19.37€19.909
Mar ’24€20.20
€23.42
+16.0%
7.1%€25.30€20.61€19.409
Feb ’24€19.80
€23.85
+20.5%
7.0%€25.66€20.91€19.7010
Jan ’24€19.50
€23.88
+22.4%
10.0%€25.79€18.15€20.8010
Dec ’23€21.20
€23.90
+12.7%
9.8%€26.12€18.38€20.0010
Nov ’23€20.00
€24.38
+21.9%
10.4%€27.09€19.06€20.2010

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

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