Corporación Inmobiliaria Vesta. de Valuation

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

VESTA * (MX$49.77) is trading above our estimate of [[fair value]] (MX$43.53)

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: VESTA * (MX$49.77) is trading above our estimate of fair value (MX$43.53)

Significantly Below Fair Value: VESTA * is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for VESTA *. This is calculated by dividing VESTA *'s market cap by their current earnings.
What is VESTA *'s PE Ratio?
PE Ratio	6x
Earnings	US$348.00m
Market Cap	US$2.12b

VESTA * 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	11x
Enterprise Value/EBITDA	14.5x
PEG Ratio	-0.2x

Price to Earnings Ratio vs Peers

How does VESTA *'s PE Ratio compare to its peers?

The above table shows the PE ratio for VESTA * vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	15.3x
GAV A Acosta Verde. de	29.3x	n/a	Mex$13.6b
PLANI * Planigrupo LATAM. de	9.5x	13.9%	Mex$4.7b
6049 Poly Property Services	10.9x	10.3%	HK$17.1b
MULT3 Multiplan Empreendimentos Imobiliários	11.7x	5.7%	R$13.4b
VESTA * Corporación Inmobiliaria Vesta. de	6x	-34.9%	Mex$43.4b

Price-To-Earnings vs Peers: VESTA * is good value based on its Price-To-Earnings Ratio (6x) compared to the peer average (11.3x).

Price to Earnings Ratio vs Industry

How does VESTA *'s PE Ratio compare vs other companies in the South American Real Estate Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: VESTA * is good value based on its Price-To-Earnings Ratio (6x) compared to the South American Real Estate industry average (8.8x).

Price to Earnings Ratio vs Fair Ratio

What is VESTA *'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.

VESTA * PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6x
Fair PE Ratio	8.4x

Price-To-Earnings vs Fair Ratio: VESTA * is good value based on its Price-To-Earnings Ratio (6x) compared to the estimated Fair Price-To-Earnings Ratio (8.4x).

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 VESTA * forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Mex$49.83	Mex$69.07 +38.6%	6.0%	Mex$73.60	Mex$57.00	n/a	14
Nov ’25	Mex$51.47	Mex$69.28 +34.6%	5.9%	Mex$73.60	Mex$57.00	n/a	14
Oct ’25	Mex$53.15	Mex$69.96 +31.6%	3.6%	Mex$73.60	Mex$65.00	n/a	14
Sep ’25	Mex$54.00	Mex$70.46 +30.5%	5.6%	Mex$80.00	Mex$63.00	n/a	14
Aug ’25	Mex$54.61	Mex$70.53 +29.2%	5.7%	Mex$80.00	Mex$63.00	n/a	14
Jul ’25	Mex$55.37	Mex$70.82 +27.9%	6.1%	Mex$80.00	Mex$63.00	n/a	13
Jun ’25	Mex$59.02	Mex$71.09 +20.5%	5.8%	Mex$80.00	Mex$63.00	n/a	14
May ’25	Mex$60.61	Mex$71.57 +18.1%	6.2%	Mex$80.00	Mex$63.00	n/a	13
Apr ’25	Mex$65.57	Mex$71.21 +8.6%	6.2%	Mex$80.00	Mex$63.00	n/a	13
Mar ’25	Mex$60.80	Mex$70.74 +16.4%	6.9%	Mex$81.00	Mex$63.00	n/a	13
Feb ’25	Mex$64.87	Mex$70.60 +8.8%	7.0%	Mex$81.00	Mex$63.00	n/a	13
Jan ’25	Mex$67.43	Mex$68.14 +1.1%	6.5%	Mex$73.60	Mex$58.00	n/a	13
Dec ’24	Mex$63.95	Mex$66.65 +4.2%	6.2%	Mex$71.50	Mex$58.00	n/a	13
Nov ’24	Mex$57.11	Mex$66.65 +16.7%	6.2%	Mex$71.50	Mex$58.00	Mex$51.47	13
Oct ’24	Mex$57.49	Mex$66.81 +16.2%	5.8%	Mex$71.50	Mex$58.00	Mex$53.15	13
Sep ’24	Mex$63.12	Mex$65.87 +4.4%	8.2%	Mex$71.50	Mex$51.00	Mex$54.00	15
Aug ’24	Mex$60.16	Mex$64.94 +7.9%	9.5%	Mex$72.00	Mex$51.00	Mex$54.61	14
Jul ’24	Mex$55.53	Mex$64.03 +15.3%	7.4%	Mex$72.00	Mex$58.00	Mex$55.37	12
Jun ’24	Mex$57.42	Mex$61.38 +6.9%	8.9%	Mex$70.00	Mex$51.00	Mex$59.02	14
May ’24	Mex$56.79	Mex$59.45 +4.7%	10.6%	Mex$70.00	Mex$51.00	Mex$60.61	14
Apr ’24	Mex$56.63	Mex$56.56 -0.1%	9.1%	Mex$68.60	Mex$49.20	Mex$65.57	14
Mar ’24	Mex$53.74	Mex$55.13 +2.6%	6.9%	Mex$62.00	Mex$49.20	Mex$60.80	13
Feb ’24	Mex$53.03	Mex$52.36 -1.3%	6.4%	Mex$57.00	Mex$47.00	Mex$64.87	13
Jan ’24	Mex$46.51	Mex$47.36 +1.8%	8.1%	Mex$53.00	Mex$40.00	Mex$67.43	13
Dec ’23	Mex$44.84	Mex$47.17 +5.2%	7.4%	Mex$53.00	Mex$40.00	Mex$63.95	13
Nov ’23	Mex$43.29	Mex$46.33 +7.0%	6.1%	Mex$51.00	Mex$40.00	Mex$57.11	13

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.