Office Properties Income Trust

DB:GOKA Stock Report

Market Cap: €64.1m

Office Properties Income Trust Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: GOKA (€0.97) is trading below our estimate of fair value (€4.54)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for GOKA. This is calculated by dividing GOKA's market cap by their current revenue.
What is GOKA's PS Ratio?
PS Ratio0.1x
SalesUS$517.51m
Market CapUS$67.50m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for GOKA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.4x
AOX alstria office REIT-AG
5.1x-1.5%€1.2b
FVI Fair Value REIT-AG
2.4xn/a€58.1m
DKG Deutsche Konsum REIT-AG
1.4x-7.4%€144.1m
TRNT11 Fundo de Investimento Imobiliário - FII Torre Norte
12.8xn/aR$452.6m
GOKA Office Properties Income Trust
0.1x-4.9%€67.5m

Price-To-Sales vs Peers: GOKA is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (5.4x).

Price to Sales Ratio vs Industry

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

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.8.3x-0.6%
GOKA Office Properties Income Trust
 0.1x-4.9%US$67.50m
GOKA 0.1xIndustry Avg. 8.3xNo. of Companies5PS0612182430+
4 CompaniesEstimated GrowthMarket Cap
Industry Avg.8.3x66.4%
GOKA Office Properties Income Trust
 0.1x-68.0%US$67.50m
No more companies

Price-To-Sales vs Industry: GOKA is good value based on its Price-To-Sales Ratio (0.1x) compared to the European Office REITs industry average (8.3x).

Price to Sales Ratio vs Fair Ratio

What is GOKA'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.

GOKA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.1x
Fair PS Ratio2.4x

Price-To-Sales vs Fair Ratio: GOKA is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (2.4x).

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 GOKA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.97
€3.39
+250.2%
56.5%€5.31€1.48n/a2
Nov ’25€1.21
€3.39
+181.0%
56.5%€5.31€1.48n/a2
Oct ’25€1.71
€3.94
+131.0%
62.8%€6.41€1.47n/a2
Sep ’25€1.79
€3.94
+120.1%
62.8%€6.41€1.47n/a2
Aug ’25€2.30
€3.98
+72.8%
62.8%€6.48€1.48n/a2
Jul ’25€1.73
€3.98
+129.8%
62.8%€6.48€1.48n/a2
Jun ’25€2.08
€3.98
+91.7%
62.8%€6.48€1.48n/a2
May ’25€1.85
€5.38
+190.5%
72.4%€9.27€1.48n/a2
Apr ’25€1.85
€5.38
+191.3%
72.4%€9.27€1.48n/a2
Mar ’25€2.25
€6.94
+209.0%
33.3%€9.25€4.63n/a2
Jan ’25€6.64
€9.89
+48.9%
38.1%€12.78€4.56n/a3
Dec ’24€5.64
€9.89
+75.3%
38.1%€12.78€4.56n/a3
Nov ’24€4.15
€10.25
+147.0%
38.1%€13.25€4.73€1.213
Oct ’24€3.81
€9.35
+145.7%
56.1%€15.89€3.74€1.714
Sep ’24€6.67
€9.58
+43.6%
59.7%€17.34€3.65€1.794
Aug ’24€6.58
€6.91
+5.0%
58.7%€12.62€3.61€2.303
Jul ’24€6.89
€9.79
+42.0%
59.7%€17.71€3.73€1.734
Jun ’24€6.44
€9.79
+52.0%
59.7%€17.71€3.73€2.084
May ’24€5.76
€12.53
+117.6%
23.8%€17.32€10.03€1.854
Apr ’24€11.10
€14.59
+31.5%
42.0%€25.02€10.19€1.854
Mar ’24€15.40
€15.73
+2.1%
36.9%€25.36€10.33€2.254
Feb ’24€15.30
€16.26
+6.3%
40.7%€27.34€10.37€3.314
Jan ’24€12.50
€16.26
+30.1%
40.7%€27.34€10.37€6.644
Dec ’23€14.00
€17.79
+27.0%
38.5%€27.88€10.58€5.644
Nov ’23€15.30
€21.26
+38.9%
25.4%€29.35€14.17€4.154

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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