Hudson Pacific Properties, Inc.

DB:HP9 Stock Report

Market Cap: €514.6m

Hudson Pacific Properties Valuation

Is HP9 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 HP9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HP9 (€3.54) is trading below our estimate of fair value (€12.54)

Significantly Below Fair Value: HP9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HP9?

Key metric: As HP9 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for HP9. This is calculated by dividing HP9's market cap by their current revenue.
What is HP9's PS Ratio?
PS Ratio0.6x
SalesUS$847.71m
Market CapUS$543.02m

Price to Sales Ratio vs Peers

How does HP9's PS Ratio compare to its peers?

The above table shows the PS ratio for HP9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4x
AOX alstria office REIT-AG
5.1x-1.5%€1.2b
HABA Hamborner REIT
5x1.7%€525.5m
DKG Deutsche Konsum REIT-AG
1.3x-12.7%€141.7m
COF Centuria Office REIT
4.5x-4.5%AU$725.8m
HP9 Hudson Pacific Properties
0.6x3.6%€543.0m

Price-To-Sales vs Peers: HP9 is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (4x).

Price to Sales Ratio vs Industry

How does HP9's PS Ratio compare vs other companies in the European Office REITs Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.8.2x-0.4%
HP9 Hudson Pacific Properties
 0.6x3.6%US$543.02m
HP9 0.6xIndustry Avg. 8.2xNo. of Companies4PS0612182430+
4 CompaniesEstimated GrowthMarket Cap
Industry Avg.8.2x64.7%
HP9 Hudson Pacific Properties
 0.6x19.4%US$543.02m
No more companies

Price-To-Sales vs Industry: HP9 is good value based on its Price-To-Sales Ratio (0.6x) compared to the European Office REITs industry average (8.2x).

Price to Sales Ratio vs Fair Ratio

What is HP9'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.

HP9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio3x

Price-To-Sales vs Fair Ratio: HP9 is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (3x).

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 HP9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.54
€4.96
+40.0%
37.1%€10.49€3.53n/a11
Nov ’25€3.78
€5.17
+36.6%
32.3%€10.17€3.70n/a11
Oct ’25€4.14
€5.35
+29.4%
31.4%€9.85€3.81n/a11
Sep ’25€4.55
€5.33
+17.2%
30.7%€9.85€3.58n/a12
Aug ’25€5.27
€6.05
+14.8%
26.8%€10.14€3.92n/a13
Jul ’25€4.27
€6.44
+50.8%
24.7%€10.29€4.21n/a13
Jun ’25€4.43
€6.59
+48.8%
28.0%€10.14€4.15n/a13
May ’25€5.36
€7.43
+38.6%
24.2%€10.25€4.66n/a13
Apr ’25€5.95
€7.68
+29.0%
29.8%€12.05€4.64n/a13
Mar ’25€5.70
€8.46
+48.4%
28.4%€12.03€4.63n/a12
Feb ’25€7.25
€8.78
+21.1%
27.3%€11.98€4.61n/a12
Jan ’25€8.55
€7.52
-12.1%
34.1%€11.78€4.08n/a12
Dec ’24€6.10
€6.22
+2.0%
30.7%€10.11€3.68n/a12
Nov ’24€4.24
€6.55
+54.6%
29.5%€10.36€3.77€3.7812
Oct ’24€6.20
€6.84
+10.4%
31.3%€10.41€3.79€4.1411
Sep ’24€6.40
€5.71
-10.8%
25.5%€9.28€3.71€4.5510
Aug ’24€5.00
€5.14
+2.9%
30.2%€9.11€3.64€5.2710
Jul ’24€3.80
€5.14
+35.3%
30.8%€9.17€3.67€4.2710
Jun ’24€4.18
€5.85
+40.0%
33.1%€9.32€3.73€4.4311
May ’24€5.00
€6.50
+30.1%
22.0%€9.12€4.56€5.3611
Apr ’24€6.10
€7.14
+17.1%
20.7%€9.22€5.07€5.9512
Mar ’24€8.50
€9.84
+15.7%
9.3%€11.34€8.03€5.7011
Feb ’24€10.30
€9.64
-6.4%
10.6%€11.06€7.84€7.2512
Jan ’24€9.10
€10.93
+20.1%
9.6%€12.26€9.43€8.5512
Dec ’23€10.80
€11.62
+7.6%
10.4%€14.42€9.61€6.1012
Nov ’23€11.20
€13.07
+16.7%
10.0%€15.33€10.73€4.2412

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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