Trade Estates REIC

ATSE:TRESTATES Stock Report

Market Cap: €204.9m

Trade Estates REIC Valuation

Is TRESTATES 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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Discounted Cash Flow
Simply Wall St
€1.78
Fair Value
4.7% undervalued intrinsic discount
2
Number of Analysts

Below Fair Value: TRESTATES (€1.7) is trading below our estimate of fair value (€1.78)

Significantly Below Fair Value: TRESTATES is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Key metric: As TRESTATES is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TRESTATES. This is calculated by dividing TRESTATES's market cap by their current earnings.
What is TRESTATES's PE Ratio?
PE Ratio8.5x
Earnings€24.04m
Market Cap€204.90m

Price to Earnings Ratio vs Peers

How does TRESTATES's PE Ratio compare to its peers?

The above table shows the PE ratio for TRESTATES vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.5x
NOVAL Noval Property Real Estate Investment
6.9x-19.99%€326.2m
BRIQ BriQ Properties Real Estate Investment
4x-20.68%€118.1m
TRASTOR Trastor Real Estate Investment Company
8.5xn/a€283.9m
ORILINA Orilina Properties REIC
18.6xn/a€125.3m
TRESTATES Trade Estates REIC
8.5x12.17%€204.9m

Price-To-Earnings vs Peers: TRESTATES is good value based on its Price-To-Earnings Ratio (8.5x) compared to the peer average (9.5x).

Price to Earnings Ratio vs Industry

How does TRESTATES's PE Ratio compare vs other companies in the European Retail REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TRESTATES 8.5xIndustry Avg. 16.6xNo. of Companies7PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TRESTATES is good value based on its Price-To-Earnings Ratio (8.5x) compared to the European Retail REITs industry average (16.6x).

Price to Earnings Ratio vs Fair Ratio

What is TRESTATES's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRESTATES PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.5x
Fair PE Ratio8.3x

Price-To-Earnings vs Fair Ratio: TRESTATES is expensive based on its Price-To-Earnings Ratio (8.5x) compared to the estimated Fair Price-To-Earnings Ratio (8.3x).

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 TRESTATES forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.70
€1.93
+13.24%
11.69%€2.15€1.70n/a2
May ’26€1.62
€1.93
+18.83%
11.69%€2.15€1.70n/a2
Apr ’26€1.61
€1.93
+19.42%
11.69%€2.15€1.70n/a2
Mar ’26€1.64
€1.93
+17.52%
11.69%€2.15€1.70n/a2
Feb ’26€1.70
€1.93
+13.24%
11.69%€2.15€1.70n/a2
AnalystConsensusTarget
Consensus Narrative from 2 Analysts
€1.93
Fair Value
11.7% undervalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/21 23:56
End of Day Share Price 2025/05/21 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Trade Estates REIC is covered by 2 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christiana ArmpouniotiEurobank Equities Investment Firm S.A.
Jakub CaithamlWood & Company