Reit Azorim - H.F Living Valuation

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

AZRT (₪4.4) is trading below our estimate of [[fair value]] (₪4.69)

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: AZRT (₪4.4) is trading below our estimate of fair value (₪4.69)

Significantly Below Fair Value: AZRT 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 AZRT?

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

The above table shows the Price to Sales ratio for AZRT. This is calculated by dividing AZRT's market cap by their current revenue.
What is AZRT's PS Ratio?
PS Ratio	7.1x
Sales	₪58.88m
Market Cap	₪415.88m

AZRT 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	42.5x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does AZRT's PS Ratio compare to its peers?

The above table shows the PS ratio for AZRT 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	16.9x
MGRT Megureit Israel	12.4x	n/a	₪770.6m
YIPS Inversa Prime SOCIMI	32.5x	-23.5%	€100.0m
MNRT Menivim - The New Reit	6.7x	n/a	₪1.5b
YADV Advero Properties SOCIMI	16.1x	n/a	€48.2m
AZRT Reit Azorim - H.F Living	7.1x	n/a	₪415.9m

Price-To-Sales vs Peers: AZRT is good value based on its Price-To-Sales Ratio (7.1x) compared to the peer average (16.9x).

Price to Sales Ratio vs Industry

How does AZRT's PS Ratio compare vs other companies in the Asian Residential REITs Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: AZRT is expensive based on its Price-To-Sales Ratio (7.1x) compared to the Global Residential REITs industry average (6.7x).

Price to Sales Ratio vs Fair Ratio

What is AZRT'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.

AZRT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	7.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate AZRT'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.