IMMOFINANZ AG

LSE:0PAN Stock Report

Market Cap: €2.2b

IMMOFINANZ Valuation

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

Below Fair Value: 0PAN (€15.32) is trading above our estimate of fair value (€14.35)

Significantly Below Fair Value: 0PAN is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for 0PAN. This is calculated by dividing 0PAN's market cap by their current revenue.
What is 0PAN's PS Ratio?
PS Ratio2.9x
Sales€754.45m
Market Cap€2.17b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 0PAN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.6x
IWG International Workplace Group
0.6x6.1%UK£1.7b
SRE Sirius Real Estate
5.1x-4.0%UK£1.3b
GRI Grainger
6x-30.7%UK£1.7b
TPFG Property Franchise Group
6.7x42.4%UK£273.5m
0PAN IMMOFINANZ
2.9x3.9%€2.2b

Price-To-Sales vs Peers: 0PAN is good value based on its Price-To-Sales Ratio (2.9x) compared to the peer average (4.6x).

Price to Sales Ratio vs Industry

How does 0PAN'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$2.12b
ETLN Etalon Group
0.3x10.5%US$210.89m
WJG Watkin Jones
0.1x1.6%US$69.29m
RAV Raven Property Group
0.1x-0.2%US$23.74m
0PAN 2.9xIndustry Avg. 4.1xNo. of Companies10PS02.44.87.29.612+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 0PAN is good value based on its Price-To-Sales Ratio (2.9x) compared to the UK Real Estate industry average (4.1x).

Price to Sales Ratio vs Fair Ratio

What is 0PAN'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.

0PAN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.9x
Fair PS Ratio4.9x

Price-To-Sales vs Fair Ratio: 0PAN is good value based on its Price-To-Sales Ratio (2.9x) compared to the estimated Fair Price-To-Sales Ratio (4.9x).

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 0PAN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€15.32
€22.45
+46.5%
0.2%€22.50€22.40n/a2
Nov ’25€15.06
€22.45
+49.1%
0.2%€22.50€22.40n/a2
Oct ’25€17.74
€22.45
+26.6%
0.2%€22.50€22.40n/a2
Sep ’25€31.60
€22.45
-29.0%
0.2%€22.50€22.40n/a2
Aug ’25€27.50
€22.45
-18.4%
0.2%€22.50€22.40n/a2
Jul ’25€26.20
€22.45
-14.3%
0.2%€22.50€22.40n/a2
Jun ’25€23.90
€20.50
-14.2%
9.3%€22.40€18.60n/a2
May ’25€23.20
€20.50
-11.6%
9.3%€22.40€18.60n/a2
Apr ’25€22.61
€20.50
-9.3%
9.3%€22.40€18.60n/a2
Nov ’24€19.02
€17.30
-9.0%
7.5%€18.60€16.00€15.062
Oct ’24€18.44
€16.87
-8.5%
7.3%€18.60€16.00€17.743
Sep ’24€17.72
€15.33
-13.5%
6.1%€16.00€14.00€31.603
Aug ’24€18.12
€15.33
-15.4%
6.1%€16.00€14.00€27.503
Jul ’24€17.00
€14.00
-17.6%
20.2%€16.00€10.00€26.203
Jun ’24€15.70
€14.00
-10.8%
20.2%€16.00€10.00€23.903
May ’24€14.74
€17.25
+17.0%
35.6%€27.00€10.00€23.204
Apr ’24€12.93
€17.25
+33.4%
35.6%€27.00€10.00€22.614
Mar ’24€12.24
€16.96
+38.6%
32.6%€27.00€10.00€21.005
Feb ’24€12.34
€17.20
+39.4%
35.8%€27.00€10.00€21.604
Jan ’24€11.62
€18.46
+58.9%
26.5%€27.00€13.00€21.155
Dec ’23€12.32
€18.46
+49.8%
26.5%€27.00€13.00€18.945
Nov ’23€12.35
€18.46
+49.5%
26.5%€27.00€13.00€19.025

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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