JBG SMITH Properties

DB:JBG Stock Report

Market Cap: €1.4b

JBG SMITH Properties Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: JBG (€14.5) is trading above our estimate of fair value (€6.07)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for JBG. This is calculated by dividing JBG's market cap by their current revenue.
What is JBG's PS Ratio?
PS Ratio2.3x
SalesUS$567.03m
Market CapUS$1.50b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for JBG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average6.2x
AOX alstria office REIT-AG
5.7x-1.5%€1.4b
HABA Hamborner REIT
4.8x-1.2%€510.8m
2778 Champion Real Estate Investment Trust
4.3x0.4%HK$10.6b
8976 Daiwa Office Investment
10x3.2%JP¥272.3b
JBG JBG SMITH Properties
2.3x-13.4%€1.5b

Price-To-Sales vs Peers: JBG is good value based on its Price-To-Sales Ratio (2.3x) compared to the peer average (6.2x).

Price to Sales Ratio vs Industry

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

1 CompanyPrice / SalesEstimated GrowthMarket Cap
JBG 2.3xIndustry Avg. 7.8xNo. of Companies3PS048121620+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: JBG is good value based on its Price-To-Sales Ratio (2.3x) compared to the European Office REITs industry average (7.8x).

Price to Sales Ratio vs Fair Ratio

What is JBG'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.

JBG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.3x
Fair PS Ratio4.5x

Price-To-Sales vs Fair Ratio: JBG is good value based on its Price-To-Sales Ratio (2.3x) compared to the estimated Fair Price-To-Sales Ratio (4.5x).

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 JBG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€14.50
€14.75
+1.7%
3.2%€15.23€14.27n/a2
Dec ’25€15.30
€16.15
+5.5%
5.9%€17.10€15.20n/a2
Nov ’25€15.20
€15.65
+3.0%
5.9%€16.57€14.73n/a2
Oct ’25€15.20
€15.73
+3.5%
2.9%€16.17€15.28n/a2
Sep ’25€15.20
€14.93
-1.8%
3.0%€15.38€14.48n/a2
Aug ’25€14.70
€14.78
+0.5%
6.3%€15.70€13.85n/a2
Jul ’25€13.70
€14.90
+8.8%
6.3%€15.83€13.97n/a2
Jun ’25€12.60
€15.20
+20.6%
9.1%€16.58€13.82n/a2
May ’25€14.20
€15.43
+8.7%
9.1%€16.84€14.03n/a2
Apr ’25€14.80
€15.83
+6.9%
5.9%€16.76€14.90n/a2
Mar ’25€15.10
€15.71
+4.0%
5.9%€16.63€14.79n/a2
Feb ’25€14.60
€15.08
+3.3%
9.1%€16.45€13.71n/a2
Jan ’25€15.40
€15.33
-0.5%
9.1%€16.72€13.94n/a2
Dec ’24€12.40
€14.60
+17.8%
12.5%€16.43€12.78€15.302
Nov ’24€12.00
€15.08
+25.6%
12.5%€16.96€13.19€15.202
Oct ’24€13.30
€15.39
+15.7%
9.1%€16.79€13.99€15.202
Sep ’24€14.20
€15.60
+9.9%
11.8%€17.44€13.77€15.202
Aug ’24€15.00
€15.73
+4.9%
8.6%€17.08€14.38€14.702
Jul ’24€13.30
€16.14
+21.4%
8.6%€17.53€14.76€13.702
Jun ’24€13.00
€16.14
+24.2%
8.6%€17.53€14.76€12.602
May ’24€12.50
€16.84
+34.7%
2.7%€17.29€16.38€14.202
Mar ’24€16.00
€19.80
+23.7%
4.8%€20.74€18.85€15.102
Feb ’24€18.80
€19.80
+5.3%
2.3%€20.26€19.34€14.602
Dec ’23€19.30
€21.38
+10.8%
2.2%€21.85€20.90€12.402

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/29 02:49
End of Day Share Price 2024/12/27 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

JBG SMITH Properties is covered by 6 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John KimBMO Capital Markets Equity Research
Clarence PowellBMO Capital Markets Equity Research
James FeldmanBofA Global Research