Champion Real Estate Investment Trust

DB:Q9S Stock Report

Market Cap: €1.3b

Champion Real Estate Investment Trust Valuation

Is Q9S 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-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 Q9S when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Q9S (€0.16) is trading below our estimate of fair value (€0.46)

Significantly Below Fair Value: Q9S is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for Q9S?

Key metric: As Q9S is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for Q9S. This is calculated by dividing Q9S's market cap by their current revenue.
What is Q9S's PS Ratio?
PS Ratio4.1x
SalesHK$2.48b
Market CapHK$10.28b

Price to Sales Ratio vs Peers

How does Q9S's PS Ratio compare to its peers?

The above table shows the PS ratio for Q9S vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.6x
AOX alstria office REIT-AG
5.2x-1.5%€1.2b
HABA Hamborner REIT
4.9x1.7%€515.7m
JBGS JBG SMITH Properties
2.5x-11.2%US$1.5b
PGRE Paramount Group
1.9x4.4%US$1.1b
Q9S Champion Real Estate Investment Trust
4.1x0.4%€10.3b

Price-To-Sales vs Peers: Q9S is expensive based on its Price-To-Sales Ratio (4.1x) compared to the peer average (3.6x).

Price to Sales Ratio vs Industry

How does Q9S's PS Ratio compare vs other companies in the European Office REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
Q9S 4.1xIndustry Avg. 8.3xNo. of Companies4PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: Q9S is good value based on its Price-To-Sales Ratio (4.1x) compared to the European Office REITs industry average (8.3x).

Price to Sales Ratio vs Fair Ratio

What is Q9S'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.

Q9S PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.1x
Fair PS Ratio4.9x

Price-To-Sales vs Fair Ratio: Q9S is good value based on its Price-To-Sales Ratio (4.1x) compared to the estimated Fair Price-To-Sales Ratio (4.9x).

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 Q9S forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.16
€0.21
+30.8%
14.6%€0.27€0.18n/a6
Nov ’25€0.18
€0.21
+20.5%
14.6%€0.27€0.18n/a6
Oct ’25€0.18
€0.21
+14.4%
15.0%€0.27€0.17n/a6
Sep ’25€0.17
€0.21
+20.5%
15.0%€0.27€0.17n/a6
Aug ’25€0.15
€0.22
+42.8%
16.3%€0.27€0.19n/a6
Jul ’25€0.15
€0.23
+57.5%
13.8%€0.28€0.19n/a5
Jun ’25€0.15
€0.23
+55.9%
17.1%€0.30€0.19n/a5
May ’25€0.17
€0.23
+39.2%
16.2%€0.30€0.19n/a6
Apr ’25€0.17
€0.23
+35.6%
15.4%€0.30€0.19n/a6
Mar ’25€0.16
€0.25
+56.1%
18.3%€0.32€0.19n/a7
Feb ’25€0.20
€0.28
+41.4%
15.9%€0.35€0.23n/a8
Jan ’25€0.27
€0.30
+12.5%
11.9%€0.36€0.25n/a8
Dec ’24€0.29
€0.31
+6.2%
11.9%€0.36€0.25n/a8
Nov ’24€0.28
€0.31
+10.0%
11.9%€0.36€0.25€0.188
Oct ’24€0.30
€0.31
+4.2%
9.3%€0.36€0.27€0.188
Sep ’24€0.28
€0.30
+7.5%
8.8%€0.35€0.26€0.179
Aug ’24€0.32
€0.31
-2.5%
10.2%€0.36€0.26€0.159
Jul ’24€0.32
€0.33
+3.7%
11.2%€0.41€0.28€0.159
Jun ’24€0.32
€0.33
+2.3%
11.2%€0.40€0.28€0.159
May ’24€0.36
€0.33
-9.0%
11.2%€0.40€0.28€0.179
Apr ’24€0.38
€0.34
-11.4%
11.4%€0.41€0.28€0.179
Mar ’24€0.41
€0.34
-15.6%
11.4%€0.42€0.29€0.169
Feb ’24€0.40
€0.33
-19.1%
10.4%€0.38€0.28€0.209
Jan ’24€0.35
€0.33
-5.9%
12.6%€0.39€0.28€0.279
Dec ’23€0.31
€0.36
+16.0%
16.8%€0.48€0.29€0.299
Nov ’23€0.31
€0.43
+38.2%
11.1%€0.50€0.34€0.2810

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

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