Risanamento Valuation

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

RNM (€0.08) is trading below our estimate of [[fair value]] (€1.21)

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

Below Fair Value: RNM (€0.08) is trading below our estimate of fair value (€1.21)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for RNM. This is calculated by dividing RNM's market cap by their current revenue.
What is RNM's PS Ratio?
PS Ratio	0.1x
Sales	€586.83m
Market Cap	€67.17m

RNM 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	0.02x
Enterprise Value/EBITDA	6.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for RNM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	4.1x
WINK M Winkworth	2.5x	7.4%	UK£25.2m
FPO First Property Group	3x	n/a	UK£23.7m
CIC Conygar Investment	7x	n/a	UK£34.6m
PNS Panther Securities	3.7x	n/a	UK£55.8m
RNM Risanamento	0.1x	n/a	€67.2m

Price-To-Sales vs Peers: RNM is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (2.3x).

Price to Sales Ratio vs Industry

How does RNM's PS Ratio compare vs other companies in the GB Real Estate Industry?

11 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	n/a	0.2%
RNM Risanamento	0.1x	n/a	US$73.52m
IWG International Workplace Group	0.6x	6.1%	US$2.11b
ETLN Etalon Group	0.3x	10.5%	US$210.89m

11 Companies		Estimated Growth	Market Cap
Industry Avg.	n/a	50.9%
RNM Risanamento	0.1x	n/a	US$73.52m

No more companies

Price-To-Sales vs Industry: RNM is good value based on its Price-To-Sales Ratio (0.1x) compared to the UK Real Estate industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is RNM'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.

RNM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate RNM's Price-To-Sales Fair Ratio for valuation analysis.

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.

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