Primaris Real Estate Investment Trust

DB:H0D Stock Report

Market Cap: €1.1b

Primaris Real Estate Investment Trust Valuation

Is H0D 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 H0D when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: H0D (€10.43) is trading below our estimate of fair value (€19.59)

Significantly Below Fair Value: H0D is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for H0D?

Key metric: As H0D is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for H0D. This is calculated by dividing H0D's market cap by their current earnings.
What is H0D's PE Ratio?
PE Ratio13x
EarningsCA$122.21m
Market CapCA$1.59b

Price to Earnings Ratio vs Peers

How does H0D's PE Ratio compare to its peers?

The above table shows the PE ratio for H0D vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average32.5x
HABA Hamborner REIT
63x11.0%€515.7m
PAVREIT Pavilion Real Estate Investment Trust
11.9x-4.3%RM 5.5b
CPNREIT CPN Retail Growth Leasehold REIT
23.3x34.6%฿44.5b
FREY Frey
31.8xn/a€912.8m
H0D Primaris Real Estate Investment Trust
13xn/a€1.6b

Price-To-Earnings vs Peers: H0D is good value based on its Price-To-Earnings Ratio (13x) compared to the peer average (32.5x).

Price to Earnings Ratio vs Industry

How does H0D's PE Ratio compare vs other companies in the European Retail REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
H0D 13.0xIndustry Avg. 22.5xNo. of Companies4PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: H0D is good value based on its Price-To-Earnings Ratio (13x) compared to the European Retail REITs industry average (22.5x).

Price to Earnings Ratio vs Fair Ratio

What is H0D'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.

H0D PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate H0D'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 H0D forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.43
€11.97
+14.8%
4.5%€12.89€10.91n/a7
Nov ’25€9.82
€11.97
+21.9%
4.5%€12.89€10.91n/a7
Oct ’25€10.35
€11.62
+12.3%
7.4%€12.95€9.96n/a7
Sep ’25€9.39
€11.00
+17.1%
5.2%€11.90€9.91n/a7
Aug ’25€8.62
€11.09
+28.8%
5.2%€12.02€10.02n/a7
Jul ’25€8.52
€11.18
+31.3%
4.4%€12.12€10.44n/a7
Jun ’25€9.08
€11.18
+23.2%
4.4%€12.12€10.44n/a7
May ’25€8.71
€11.42
+31.1%
4.6%€12.28€10.57n/a7
Apr ’25€9.15
€11.44
+25.0%
3.9%€12.24€10.88n/a7
Mar ’25€8.94
€11.56
+29.3%
3.5%€12.32€10.95n/a7
Feb ’25€9.29
€11.64
+25.2%
4.7%€12.39€10.67n/a8
Jan ’25€9.11
€11.27
+23.7%
5.0%€12.04€10.37n/a8
Dec ’24€8.77
€11.27
+28.5%
5.0%€12.04€10.37n/a8
Nov ’24€8.22
€11.37
+38.3%
8.0%€13.03€10.29€9.827
Oct ’24€9.24
€11.58
+25.4%
5.6%€12.92€10.88€10.358
Sep ’24€8.87
€11.58
+30.6%
5.6%€12.92€10.88€9.398
Aug ’24€8.92
€11.42
+28.1%
4.5%€12.14€10.79€8.628
Jul ’24€8.97
€11.93
+33.0%
3.8%€12.44€11.06€8.528
Jun ’24€8.46
€11.76
+39.0%
4.9%€12.86€10.83€9.088
May ’24€8.66
€11.76
+35.8%
4.9%€12.86€10.83€8.718
Apr ’24€8.81
€11.80
+34.0%
5.6%€12.88€10.85€9.155
Mar ’24€10.26
€11.90
+15.9%
6.3%€13.11€11.04€8.944
Feb ’24€10.22
€11.74
+14.9%
4.2%€12.43€11.05€9.294
Jan ’24€9.81
€11.74
+19.6%
4.2%€12.43€11.05€9.114
Dec ’23€10.37
€12.47
+20.2%
5.0%€13.41€11.92€8.774
Nov ’23€10.12
€12.17
+20.2%
7.3%€13.37€11.15€8.224

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

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