Vornado Realty Trust

LSE:0LR2 Stock Report

Market Cap: US$8.9b

Vornado Realty Trust Valuation

Is 0LR2 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 0LR2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0LR2 ($43.27) is trading above our estimate of fair value ($42.04)

Significantly Below Fair Value: 0LR2 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0LR2?

Key metric: As 0LR2 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0LR2. This is calculated by dividing 0LR2's market cap by their current revenue.
What is 0LR2's PS Ratio?
PS Ratio4.5x
SalesUS$1.87b
Market CapUS$8.89b

Price to Sales Ratio vs Peers

How does 0LR2's PS Ratio compare to its peers?

The above table shows the PS ratio for 0LR2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average6.4x
DLN Derwent London
8.4x-1.4%UK£2.3b
GPE Great Portland Estates
8.2x1.7%UK£1.2b
WKP Workspace Group
5.7x-1.8%UK£1.1b
GWI Globalworth Real Estate Investments
3.2xn/a€738.5m
0LR2 Vornado Realty Trust
4.5x2.9%US$8.9b

Price-To-Sales vs Peers: 0LR2 is good value based on its Price-To-Sales Ratio (4.5x) compared to the peer average (6.4x).

Price to Sales Ratio vs Industry

How does 0LR2's PS Ratio compare vs other companies in the European Office REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
0LR2 4.5xIndustry Avg. 8.0xNo. of Companies5PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 0LR2 is good value based on its Price-To-Sales Ratio (4.5x) compared to the European Office REITs industry average (8x).

Price to Sales Ratio vs Fair Ratio

What is 0LR2'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.

0LR2 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.5x
Fair PS Ratio7x

Price-To-Sales vs Fair Ratio: 0LR2 is good value based on its Price-To-Sales Ratio (4.5x) compared to the estimated Fair Price-To-Sales Ratio (7x).

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 0LR2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$43.27
US$37.09
-14.3%
23.8%US$49.00US$23.75n/a14
Nov ’25US$41.29
US$34.02
-17.6%
18.9%US$44.00US$23.75n/a14
Oct ’25US$39.30
US$31.16
-20.7%
18.6%US$42.00US$23.75n/a14
Sep ’25US$33.99
US$29.14
-14.3%
19.8%US$40.00US$21.00n/a14
Aug ’25US$29.17
US$24.75
-15.2%
12.9%US$30.00US$19.00n/a14
Jul ’25US$25.42
US$24.75
-2.6%
12.9%US$30.00US$19.00n/a14
Jun ’25US$23.89
US$24.89
+4.2%
13.7%US$31.00US$19.00n/a14
May ’25US$25.83
US$25.96
+0.5%
11.6%US$31.00US$21.00n/a14
Apr ’25US$28.60
US$25.11
-12.2%
13.6%US$31.00US$18.00n/a14
Mar ’25US$26.48
US$25.27
-4.6%
15.8%US$31.00US$18.00n/a13
Feb ’25US$26.60
US$25.69
-3.4%
15.2%US$31.00US$18.00n/a13
Jan ’25US$28.60
US$24.23
-15.3%
17.3%US$31.00US$18.00n/a13
Dec ’24US$26.34
US$21.38
-18.8%
21.3%US$29.00US$12.00US$43.3413
Nov ’24US$18.99
US$20.85
+9.8%
24.7%US$29.00US$12.00US$41.2913
Oct ’24US$22.45
US$20.75
-7.6%
27.1%US$29.00US$12.00US$39.3012
Sep ’24US$24.36
US$18.64
-23.5%
28.8%US$29.00US$12.00US$33.9911
Aug ’24US$22.48
US$16.27
-27.6%
34.2%US$29.00US$10.00US$29.1711
Jul ’24US$17.80
US$16.83
-5.4%
33.5%US$29.00US$10.00US$25.4212
Jun ’24US$13.08
US$17.00
+30.0%
32.2%US$29.00US$10.00US$23.8913
May ’24US$14.91
US$18.96
+27.2%
36.5%US$35.50US$11.00US$25.8314
Apr ’24US$15.19
US$20.18
+32.8%
31.4%US$35.50US$12.00US$28.6014
Mar ’24US$19.40
US$24.19
+24.7%
20.4%US$35.50US$18.00US$26.4813
Feb ’24US$23.88
US$25.69
+7.6%
32.9%US$50.50US$18.00US$26.6013
Jan ’24US$20.99
US$26.46
+26.1%
31.4%US$50.50US$18.00US$28.6013
Dec ’23US$24.85
US$28.15
+13.3%
28.3%US$50.50US$18.00US$26.3413

Analyst Forecast: Target price is lower than the current share price.

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