Immobel SA

LSE:0NC0 Stock Report

Market Cap: €176.9m

Immobel Valuation

Is 0NC0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 0NC0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0NC0 (€17.38) is trading below our estimate of fair value (€249.76)

Significantly Below Fair Value: 0NC0 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0NC0?

Key metric: As 0NC0 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0NC0. This is calculated by dividing 0NC0's market cap by their current revenue.
What is 0NC0's PS Ratio?
PS Ratio1x
Sales€186.17m
Market Cap€176.92m

Price to Sales Ratio vs Peers

How does 0NC0's PS Ratio compare to its peers?

The above table shows the PS ratio for 0NC0 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.2x
ETLN Etalon Group
0.3x10.5%US$210.9m
WJG Watkin Jones
0.1x1.6%UK£60.9m
HWG Harworth Group
5.6x19.7%UK£538.9m
DAR Dar Global
2.8x26.8%US$810.1m
0NC0 Immobel
1x39.1%€176.9m

Price-To-Sales vs Peers: 0NC0 is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (2.9x).

Price to Sales Ratio vs Industry

How does 0NC0's PS Ratio compare vs other companies in the GB Real Estate Industry?

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
IWG International Workplace Group
0.6x6.1%US$2.22b
ETLN Etalon Group
0.3x10.5%US$210.89m
WJG Watkin Jones
0.1x1.6%US$77.04m
RAV Raven Property Group
0.1x-0.2%US$23.74m
0NC0 1.0xIndustry Avg. 4.1xNo. of Companies10PS02.44.87.29.612+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 0NC0 is good value based on its Price-To-Sales Ratio (1x) compared to the UK Real Estate industry average (4.1x).

Price to Sales Ratio vs Fair Ratio

What is 0NC0'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.

0NC0 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: 0NC0 is good value based on its Price-To-Sales Ratio (1x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 0NC0 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€17.38
€40.67
+134.0%
22.1%€52.00€30.00n/a3
Nov ’25€19.34
€40.67
+110.3%
22.1%€52.00€30.00n/a3
Oct ’25€22.75
€40.67
+78.8%
22.1%€52.00€30.00n/a3
Sep ’25€24.26
€42.00
+73.2%
17.8%€52.00€34.00n/a3
Aug ’25€25.18
€41.83
+66.2%
18.3%€52.00€33.50n/a3
Jul ’25€24.30
€41.83
+72.2%
18.3%€52.00€33.50n/a3
Jun ’25€26.50
€41.83
+57.9%
18.3%€52.00€33.50n/a3
May ’25€28.20
€46.00
+63.1%
13.0%€52.00€40.00n/a2
Apr ’25€29.00
€46.00
+58.6%
13.0%€52.00€40.00n/a2
Mar ’25€23.85
€44.67
+87.3%
11.8%€52.00€40.00n/a3
Feb ’25€27.00
€44.67
+65.4%
11.8%€52.00€40.00n/a3
Jan ’25€29.85
€44.67
+49.6%
11.8%€52.00€40.00n/a3
Dec ’24€28.20
€52.33
+85.6%
16.4%€63.00€42.00n/a3
Nov ’24€26.25
€52.33
+99.4%
16.4%€63.00€42.00€19.343
Oct ’24€29.15
€52.33
+79.5%
16.4%€63.00€42.00€22.753
Sep ’24€31.85
€59.00
+85.2%
28.8%€76.00€42.00€24.262
Aug ’24€35.78
€59.00
+64.9%
28.8%€76.00€42.00€25.182
Jan ’24€45.00
€78.00
+73.3%
2.6%€80.00€76.00€29.852
Dec ’23€48.70
€78.00
+60.2%
2.6%€80.00€76.00€28.202
Nov ’23€43.30
€78.00
+80.1%
2.6%€80.00€76.00€26.252

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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