Olav Thon Eiendomsselskap Valuation

Is 0FHP 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-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 0FHP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0FHP (NOK221) is trading below our estimate of fair value (NOK278.39)

Significantly Below Fair Value: 0FHP is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0FHP?

Key metric: As 0FHP is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0FHP. This is calculated by dividing 0FHP's market cap by their current revenue.
What is 0FHP's PS Ratio?
PS Ratio	4.6x
Sales	NOK 4.88b
Market Cap	NOK 22.53b

0FHP 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	9x
Enterprise Value/EBITDA	13.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 0FHP's PS Ratio compare to its peers?

The above table shows the PS ratio for 0FHP 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	4.8x
GRI Grainger	6.2x	-18.3%	UK£1.7b
IWG International Workplace Group	0.6x	6.1%	UK£1.8b
SRE Sirius Real Estate	5.4x	-3.2%	UK£1.3b
TPFG Property Franchise Group	6.8x	42.4%	UK£280.1m
0FHP Olav Thon Eiendomsselskap	4.6x	1.9%	NOK 22.5b

Price-To-Sales vs Peers: 0FHP is good value based on its Price-To-Sales Ratio (4.6x) compared to the peer average (4.8x).

Price to Sales Ratio vs Industry

How does 0FHP's PS Ratio compare vs other companies in the GB Real Estate Industry?

10 Companies	Price / Sales	Estimated Growth	Market Cap
IWG International Workplace Group	0.6x	6.1%	US$2.22b
ETLN Etalon Group	0.3x	10.5%	US$210.89m
WJG Watkin Jones	0.1x	1.6%	US$77.04m
RAV Raven Property Group	0.1x	-0.2%	US$23.74m

10 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 0FHP is expensive based on its Price-To-Sales Ratio (4.6x) compared to the UK Real Estate industry average (4.1x).

Price to Sales Ratio vs Fair Ratio

What is 0FHP'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.

0FHP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	4.6x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 0FHP'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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