Vornado Realty Trust

DB:VO7 Stock Report

Market Cap: €7.4b

Vornado Realty Trust Valuation

Is VO7 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 VO7 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€41.00
Fair Value
6.0% undervalued intrinsic discount
14
Number of Analysts

Below Fair Value: VO7 (€38.53) is trading below our estimate of fair value (€41)

Significantly Below Fair Value: VO7 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VO7?

Key metric: As VO7 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for VO7. This is calculated by dividing VO7's market cap by their current revenue.
What is VO7's PS Ratio?
PS Ratio4.1x
SalesUS$1.87b
Market CapUS$7.61b

Price to Sales Ratio vs Peers

How does VO7's PS Ratio compare to its peers?

The above table shows the PS ratio for VO7 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.1x
AOX alstria office REIT-AG
4x-1.5%€957.1m
GFC Gecina
8.1x-0.9%€6.6b
8951 Nippon Building Fund
10.7x-1.3%JP¥1.0t
CUZ Cousins Properties
5.7x7.2%US$4.7b
VO7 Vornado Realty Trust
4.1x3.1%€7.6b

Price-To-Sales vs Peers: VO7 is good value based on its Price-To-Sales Ratio (4.1x) compared to the peer average (7.1x).

Price to Sales Ratio vs Industry

How does VO7's PS Ratio compare vs other companies in the European Office REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
VO7 4.1xIndustry Avg. 7.4xNo. of Companies4PS048121620+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: VO7 is good value based on its Price-To-Sales Ratio (4.1x) compared to the European Office REITs industry average (7.4x).

Price to Sales Ratio vs Fair Ratio

What is VO7'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.

VO7 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.1x
Fair PS Ratio7.6x

Price-To-Sales vs Fair Ratio: VO7 is good value based on its Price-To-Sales Ratio (4.1x) compared to the estimated Fair Price-To-Sales Ratio (7.6x).

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 VO7 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€38.53
€37.17
-3.5%
22.4%€50.25€25.13n/a14
Jan ’26€39.91
€36.18
-9.3%
22.2%€49.84€23.96n/a14
Dec ’25€40.50
€34.45
-14.9%
23.7%€46.69€22.63n/a14
Nov ’25€37.95
€31.45
-17.1%
18.9%€40.68€21.96n/a14
Oct ’25€35.44
€28.04
-20.9%
18.6%€37.80€21.37n/a14
Sep ’25€30.94
€26.22
-15.3%
19.8%€35.99€18.89n/a14
Aug ’25€27.04
€22.91
-15.3%
12.9%€27.77€17.58n/a14
Jul ’25€23.64
€22.91
-3.1%
12.9%€27.77€17.58n/a14
Jun ’25€22.56
€22.92
+1.6%
13.7%€28.54€17.49n/a14
May ’25€24.34
€24.20
-0.6%
11.6%€28.90€19.58n/a14
Apr ’25€26.60
€23.37
-12.1%
13.6%€28.86€16.76n/a14
Mar ’25€24.50
€23.35
-4.7%
15.8%€28.65€16.64n/a13
Feb ’25€24.50
€23.61
-3.6%
15.2%€28.49€16.54n/a13
Jan ’25€26.50
€22.02
-16.9%
17.3%€28.18€16.36€39.9113
Dec ’24€24.50
€19.47
-20.5%
21.3%€26.40€10.92€40.5013
Nov ’24€18.35
€19.70
+7.3%
24.7%€27.40€11.34€37.9513
Oct ’24€21.40
€19.63
-8.3%
27.1%€27.44€11.35€35.4412
Sep ’24€22.60
€16.98
-24.9%
28.8%€26.42€10.93€30.9411
Aug ’24€21.00
€14.82
-29.4%
34.2%€26.40€9.11€27.0411
Jul ’24€16.55
€15.43
-6.8%
33.5%€26.58€9.16€23.6412
Jun ’24€12.35
€15.80
+27.9%
32.2%€26.95€9.29€22.5613
May ’24€13.55
€17.21
+27.0%
36.5%€32.22€9.98€24.3414
Apr ’24€14.11
€18.60
+31.8%
31.4%€32.73€11.06€26.6014
Mar ’24€18.35
€22.69
+23.7%
20.4%€33.30€16.88€24.5013
Feb ’24€22.21
€23.61
+6.3%
32.9%€46.41€16.54€24.5013
Jan ’24€19.79
€24.96
+26.2%
31.4%€47.64€16.98€26.5013
Analyst Price Target
Consensus Narrative from 14 Analysts
€37.11
Fair Value
3.8% overvalued intrinsic discount
14
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/10 11:42
End of Day Share Price 2025/01/09 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

Vornado Realty Trust is covered by 32 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jacob KilsteinArgus Research Company
Ross SmotrichBarclays
Brendan LynchBarclays