H&R Real Estate Investment Trust Valuation
Is HR3A undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
5/6Valuation 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 HR3A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: HR3A (€6.37) is trading below our estimate of fair value (€10.72)
Significantly Below Fair Value: HR3A is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for HR3A?
Key metric: As HR3A is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.
| What is HR3A's PS Ratio? | |
|---|---|
| PS Ratio | 2.9x |
| Sales | CA$875.35m |
| Market Cap | CA$2.75b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 7.1x |
| Enterprise Value/EBITDA | n/a |
| PEG Ratio | n/a |
Price to Sales Ratio vs Peers
How does HR3A's PS Ratio compare to its peers?
| Company | Forward PS | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 4x | ||
FVI Fair Value REIT-AG | 2.3x | n/a | €54.7m |
AOX alstria office REIT-AG | 5.2x | -1.5% | €1.2b |
HABA Hamborner REIT | 4.9x | 1.7% | €515.7m |
AAT American Assets Trust | 3.8x | 2.5% | US$2.2b |
HR3A H&R Real Estate Investment Trust | 2.9x | 4.1% | €2.7b |
Price-To-Sales vs Peers: HR3A is good value based on its Price-To-Sales Ratio (2.9x) compared to the peer average (4x).
Price to Sales Ratio vs Industry
How does HR3A's PS Ratio compare vs other companies in the European REITs Industry?
| 3 Companies | Price / Sales | Estimated Growth | Market Cap |
|---|---|---|---|
| 3 Companies | Estimated Growth | Market Cap | |
|---|---|---|---|
Price-To-Sales vs Industry: HR3A is good value based on its Price-To-Sales Ratio (2.9x) compared to the European REITs industry average (8.2x).
Price to Sales Ratio vs Fair Ratio
What is HR3A'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.
| Fair Ratio | |
|---|---|
| Current PS Ratio | 2.9x |
| Fair PS Ratio | 8.3x |
Price-To-Sales vs Fair Ratio: HR3A is good value based on its Price-To-Sales Ratio (2.9x) compared to the estimated Fair Price-To-Sales Ratio (8.3x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | €6.37 | €7.76 +21.9% | 5.2% | €8.11 | €6.83 | n/a | 7 |
| Nov ’25 | €6.60 | €7.67 +16.2% | 3.3% | €8.00 | €7.33 | n/a | 7 |
| Oct ’25 | €7.19 | €7.57 +5.2% | 4.9% | €8.01 | €7.01 | n/a | 6 |
| Sep ’25 | €6.62 | €7.37 +11.4% | 4.2% | €7.92 | €6.93 | n/a | 6 |
| Aug ’25 | €6.04 | €7.51 +24.4% | 4.1% | €8.10 | €7.09 | n/a | 6 |
| Jul ’25 | €5.68 | €7.51 +32.1% | 4.1% | €8.10 | €7.09 | n/a | 6 |
| Jun ’25 | €5.76 | €7.51 +30.4% | 4.1% | €8.10 | €7.09 | n/a | 6 |
| May ’25 | €5.98 | €7.56 +26.5% | 4.0% | €8.18 | €7.16 | n/a | 6 |
| Apr ’25 | €6.05 | €7.41 +22.4% | 1.8% | €7.48 | €7.14 | n/a | 5 |
| Mar ’25 | €5.90 | €7.51 +27.3% | 2.9% | €7.85 | €7.16 | n/a | 5 |
| Feb ’25 | €6.59 | €7.77 +18.0% | 4.5% | €8.26 | €7.23 | n/a | 6 |
| Jan ’25 | €6.58 | €7.66 +16.4% | 5.8% | €8.20 | €6.83 | n/a | 6 |
| Dec ’24 | €5.82 | €7.41 +27.4% | 5.8% | €7.99 | €6.66 | n/a | 6 |
| Nov ’24 | €5.65 | €8.42 +49.0% | 11.3% | €9.28 | €6.70 | €6.60 | 6 |
| Oct ’24 | €6.34 | €8.78 +38.5% | 6.0% | €9.18 | €7.65 | €7.19 | 6 |
| Sep ’24 | €6.86 | €8.78 +28.1% | 6.0% | €9.18 | €7.65 | €6.62 | 6 |
| Aug ’24 | €6.87 | €9.13 +33.0% | 7.8% | €9.61 | €7.59 | €6.04 | 6 |
| Jul ’24 | €6.84 | €9.52 +39.1% | 6.6% | €10.26 | €8.21 | €5.68 | 6 |
| Jun ’24 | €6.79 | €9.52 +40.2% | 6.6% | €10.26 | €8.21 | €5.76 | 6 |
| May ’24 | €7.65 | €10.65 +39.1% | 3.0% | €11.26 | €10.25 | €5.98 | 6 |
| Apr ’24 | €8.17 | €10.68 +30.7% | 3.3% | €11.36 | €10.34 | €6.05 | 6 |
| Mar ’24 | €8.82 | €10.96 +24.3% | 3.3% | €11.65 | €10.61 | €5.90 | 6 |
| Feb ’24 | €8.71 | €10.59 +21.5% | 3.5% | €11.19 | €10.33 | €6.59 | 6 |
| Jan ’24 | €8.16 | €10.50 +28.8% | 4.2% | €11.22 | €9.84 | €6.58 | 7 |
| Dec ’23 | €8.63 | €11.04 +27.9% | 4.5% | €11.79 | €10.34 | €5.82 | 7 |
| Nov ’23 | €8.09 | €11.63 +43.7% | 7.7% | €12.56 | €9.97 | €5.65 | 7 |
Analyst Forecast: Target price is less than 20% higher than the current share price.
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