Vitruvio Real Estate SOCIMI Valuation

Q: What is the Fair Price of YVIT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

YVIT (€14.5) is trading above our estimate of [[fair value]] (€7.31)

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

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of YVIT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: YVIT (€14.5) is trading above our estimate of fair value (€7.31)

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

Key Valuation Metric

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

Key metric: As YVIT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for YVIT. This is calculated by dividing YVIT's market cap by their current earnings.
What is YVIT's PE Ratio?
PE Ratio	50.5x
Earnings	€2.64m
Market Cap	€133.22m

YVIT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	20.2x
Enterprise Value/EBITDA	32.1x
PEG Ratio	2.4x

Price to Earnings Ratio vs Peers

How does YVIT's PE Ratio compare to its peers?

The above table shows the PE ratio for YVIT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	35.8x
YENT Entrecampos Cuatro Socimi	51.8x	n/a	€93.9m
YGOP Gop Properties Socimi	21.6x	n/a	€97.1m
YTRA Trajano Iberia Socimi	34.1x	n/a	€67.4m
YARP ARRIENDA Rental Properties SOCIMI	35.6x	n/a	€59.2m
YVIT Vitruvio Real Estate SOCIMI	50.5x	20.7%	€133.2m

Price-To-Earnings vs Peers: YVIT is expensive based on its Price-To-Earnings Ratio (50.5x) compared to the peer average (35.8x).

Price to Earnings Ratio vs Industry

How does YVIT's PE Ratio compare vs other companies in the European REITs Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: YVIT is expensive based on its Price-To-Earnings Ratio (50.5x) compared to the European REITs industry average (22.2x).

Price to Earnings Ratio vs Fair Ratio

What is YVIT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

YVIT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	50.5x
Fair PE Ratio	37.3x

Price-To-Earnings vs Fair Ratio: YVIT is expensive based on its Price-To-Earnings Ratio (50.5x) compared to the estimated Fair Price-To-Earnings Ratio (37.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Elaia Investment Spain Socimi

€38.6m

As of August 29, 2017, Socimi Eurosic Investment Spain operates as a subsidiary of Batipart SAS.

YEIS

€3.42

-2.3%

Inmobiliaria Colonial SOCIMI

€3.4b

Colonial is a Spanish listed REIT company (SOCIMI), leader in the European Prime office market with presence in the main business areas of Barcelona, Madrid, and Paris with a prime office portfolio of more than 1 million sqm of GLA and assets under management with a value of more than €11bn.

COL

€5.54

0.3%

-6.2%

Gavari Properties Socimi

€42.5m

Operates as a residential REIT in Madrid and Málaga.

YGAV

€33.60

21.7%