Intershop Holding Valuation

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

ISNZ (CHF120) is trading above our estimate of [[fair value]] (CHF46.02)

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

Below Fair Value: ISNZ (CHF120) is trading above our estimate of fair value (CHF46.02)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ISNZ. This is calculated by dividing ISNZ's market cap by their current earnings.
What is ISNZ's PE Ratio?
PE Ratio	13.4x
Earnings	CHF 82.44m
Market Cap	CHF 1.11b

ISNZ 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	16.5x
Enterprise Value/EBITDA	21.1x
PEG Ratio	-1.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ISNZ 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	36.1x
SRE Sirius Real Estate	12x	11.2%	UK£1.3b
TPFG Property Franchise Group	35.6x	54.9%	UK£280.1m
PNS Panther Securities	77x	n/a	UK£55.8m
CDFF Cardiff Property	20x	n/a	UK£23.9m
ISNZ Intershop Holding	13.4x	-9.7%	CHF 1.1b

Price-To-Earnings vs Peers: ISNZ is good value based on its Price-To-Earnings Ratio (13.4x) compared to the peer average (36.9x).

Price to Earnings Ratio vs Industry

How does ISNZ's PE Ratio compare vs other companies in the European Real Estate Industry?

24 Companies	Price / Earnings	Estimated Growth	Market Cap

24 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ISNZ is good value based on its Price-To-Earnings Ratio (13.4x) compared to the European Real Estate industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is ISNZ'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.

ISNZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13.4x
Fair PE Ratio	17.2x

Price-To-Earnings vs Fair Ratio: ISNZ is good value based on its Price-To-Earnings Ratio (13.4x) compared to the estimated Fair Price-To-Earnings Ratio (17.2x).

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 ISNZ forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CHF 120.00	CHF 124.50 +3.8%	6.0%	CHF 132.00	CHF 117.00	n/a	2
Nov ’25	CHF 121.80	CHF 124.50 +2.2%	6.0%	CHF 132.00	CHF 117.00	n/a	2
Oct ’25	CHF 119.80	CHF 124.50 +3.9%	6.0%	CHF 132.00	CHF 117.00	n/a	2
Sep ’25	CHF 122.40	CHF 124.50 +1.7%	6.0%	CHF 132.00	CHF 117.00	n/a	2
Aug ’25	CHF 117.80	CHF 124.50 +5.7%	6.0%	CHF 132.00	CHF 117.00	n/a	2
Jul ’25	CHF 118.20	CHF 124.50 +5.3%	6.0%	CHF 132.00	CHF 117.00	n/a	2
Jun ’25	CHF 119.60	CHF 124.50 +4.1%	6.0%	CHF 132.00	CHF 117.00	n/a	2
May ’25	CHF 123.80	CHF 124.50 +0.6%	6.0%	CHF 132.00	CHF 117.00	n/a	2

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

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