Hammerson Plc

DB:H2V Stock Report

Market Cap: €1.7b

Hammerson Valuation

Is H2V undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • 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 H2V when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: H2V (€3.47) is trading above our estimate of fair value (€2.06)

Significantly Below Fair Value: H2V is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for H2V?

Key metric: As H2V is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for H2V. This is calculated by dividing H2V's market cap by their current revenue.
What is H2V's PS Ratio?
PS Ratio6.1x
SalesUK£229.90m
Market CapUK£1.39b

Price to Sales Ratio vs Peers

How does H2V's PS Ratio compare to its peers?

The above table shows the PS ratio for H2V vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5x
HABA Hamborner REIT
4.9x1.7%€519.8m
DKG Deutsche Konsum REIT-AG
1.4x-9.5%€143.1m
AOX alstria office REIT-AG
5.1x-1.5%€1.2b
SK6U Paragon REIT
8.4x2.7%S$2.5b
H2V Hammerson
6.1x2.3%€1.4b

Price-To-Sales vs Peers: H2V is expensive based on its Price-To-Sales Ratio (6.1x) compared to the peer average (5x).

Price to Sales Ratio vs Industry

How does H2V's PS Ratio compare vs other companies in the European Retail REITs Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
H2V 6.1xIndustry Avg. 5.7xNo. of Companies8PS03.26.49.612.816+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: H2V is expensive based on its Price-To-Sales Ratio (6.1x) compared to the European Retail REITs industry average (5.8x).

Price to Sales Ratio vs Fair Ratio

What is H2V'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.

H2V PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio6.1x
Fair PS Ratio10.1x

Price-To-Sales vs Fair Ratio: H2V is good value based on its Price-To-Sales Ratio (6.1x) compared to the estimated Fair Price-To-Sales Ratio (10.1x).

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 H2V forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.47
€3.69
+6.3%
17.3%€5.11€2.15n/a14
Nov ’25€3.43
€3.63
+5.6%
22.5%€5.12€1.80n/a14
Oct ’25€3.80
€3.48
-8.5%
26.0%€5.11€1.80n/a13
Sep ’25€3.28
€3.12
-5.0%
25.6%€4.31€1.75n/a13
Aug ’25€3.32
€3.17
-4.5%
24.9%€4.38€1.78n/a14
Jul ’25€3.18
€3.15
-0.9%
25.1%€4.36€1.77n/a14
Jun ’25€3.18
€3.07
-3.3%
27.5%€4.30€1.63n/a14
May ’25€3.14
€3.10
-1.1%
27.6%€4.32€1.64n/a14
Apr ’25€3.22
€3.10
-3.6%
27.6%€4.32€1.64n/a14
Mar ’25€2.90
€3.05
+5.2%
29.4%€4.32€1.52n/a14
Feb ’25€3.08
€3.06
-0.7%
27.8%€4.22€1.52n/a15
Jan ’25€3.26
€2.88
-11.7%
30.1%€4.20€1.52n/a15
Dec ’24€3.04
€2.86
-5.8%
31.6%€4.21€1.40n/a15
Nov ’24€2.46
€2.83
+15.2%
31.0%€4.16€1.39€3.4318
Oct ’24€2.66
€2.86
+7.3%
30.9%€4.20€1.52€3.8018
Sep ’24€2.72
€2.78
+2.3%
29.9%€4.18€1.39€3.2818
Aug ’24€3.00
€2.79
-7.1%
29.4%€4.20€1.40€3.3218
Jul ’24€2.76
€2.87
+3.9%
26.0%€4.20€1.75€3.1818
Jun ’24€2.80
€2.84
+1.6%
25.7%€4.47€1.72€3.1819
May ’24€3.06
€2.84
-7.0%
26.8%€4.45€1.71€3.1419
Apr ’24€2.65
€2.71
+2.1%
29.9%€4.44€1.71€3.2219
Mar ’24€3.36
€2.69
-20.1%
29.8%€4.39€1.69€2.9019
Feb ’24€2.98
€2.61
-12.2%
26.1%€4.42€1.70€3.0819
Jan ’24€2.62
€2.60
-0.7%
26.3%€4.44€1.71€3.2619
Dec ’23€2.78
€2.59
-7.0%
27.5%€4.51€1.74€3.0419
Nov ’23€2.15
€2.44
+13.5%
31.5%€4.44€1.71€2.4617

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

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