Stride Property Group Valuation

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

Below Fair Value: SPG (NZ$1.31) is trading below our estimate of fair value (NZ$2.63)

Significantly Below Fair Value: SPG is trading below fair value by more than 20%.


Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

SPG 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/Revenue17x
Enterprise Value/EBITDA52.4x
PEG Ration/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for SPG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.2x
ARG Argosy Property
6.5x-0.6%NZ$974.2m
APL Asset Plus
18.7x12.2%NZ$87.1m
PFI Property For Industry
10x5.7%NZ$1.2b
KPG Kiwi Property Group
5.6x-0.05%NZ$1.4b
SPG Stride Property Group
10.4x2.9%NZ$731.5m

Price-To-Sales vs Peers: SPG is expensive based on its Price-To-Sales Ratio (10.4x) compared to the peer average (10.2x).


Price to Earnings Ratio vs Industry

How does SPG's PE Ratio compare vs other companies in the Global REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a31.3%
n/an/an/a
No. of CompaniesPS048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a31.3%
n/an/an/a
No more companies

Price-To-Sales vs Industry: SPG is expensive based on its Price-To-Sales Ratio (10.4x) compared to the Global REITs industry average (6.6x).


Price to Sales Ratio vs Fair Ratio

What is SPG'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.

SPG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio10.4x
Fair PS Ratio7x

Price-To-Sales vs Fair Ratio: SPG is expensive based on its Price-To-Sales Ratio (10.4x) 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 SPG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNZ$1.31
NZ$1.42
+8.4%
2.2%NZ$1.45NZ$1.38n/a4
Apr ’25NZ$1.35
NZ$1.42
+5.2%
2.2%NZ$1.45NZ$1.38n/a4
Mar ’25NZ$1.28
NZ$1.42
+10.9%
2.2%NZ$1.45NZ$1.38n/a4
Feb ’25NZ$1.40
NZ$1.40
-0.2%
2.2%NZ$1.45NZ$1.37n/a4
Jan ’25NZ$1.44
NZ$1.40
-3.0%
2.2%NZ$1.45NZ$1.37n/a4
Dec ’24NZ$1.30
NZ$1.40
+7.5%
2.2%NZ$1.45NZ$1.37n/a4
Nov ’24NZ$1.30
NZ$1.45
+11.5%
3.7%NZ$1.52NZ$1.38n/a4
Oct ’24NZ$1.27
NZ$1.47
+15.6%
2.5%NZ$1.52NZ$1.42n/a4
Sep ’24NZ$1.39
NZ$1.48
+6.5%
2.5%NZ$1.52NZ$1.42n/a4
Aug ’24NZ$1.52
NZ$1.52
0%
3.8%NZ$1.61NZ$1.45n/a4
Jul ’24NZ$1.40
NZ$1.52
+8.4%
3.3%NZ$1.59NZ$1.45n/a4
Jun ’24NZ$1.35
NZ$1.52
+12.6%
3.4%NZ$1.59NZ$1.45n/a4
May ’24NZ$1.29
NZ$1.61
+24.8%
3.3%NZ$1.65NZ$1.52n/a4
Apr ’24NZ$1.31
NZ$1.62
+23.3%
2.8%NZ$1.65NZ$1.54NZ$1.354
Mar ’24NZ$1.44
NZ$1.62
+12.2%
2.8%NZ$1.65NZ$1.54NZ$1.284
Feb ’24NZ$1.43
NZ$1.62
+12.9%
2.8%NZ$1.65NZ$1.54NZ$1.404
Jan ’24NZ$1.42
NZ$1.62
+13.7%
2.8%NZ$1.65NZ$1.54NZ$1.444
Dec ’23NZ$1.48
NZ$1.62
+9.1%
2.8%NZ$1.65NZ$1.54NZ$1.304
Nov ’23NZ$1.62
NZ$1.86
+14.5%
10.0%NZ$2.15NZ$1.65NZ$1.304
Oct ’23NZ$1.67
NZ$1.96
+17.5%
7.4%NZ$2.15NZ$1.77NZ$1.274
Sep ’23NZ$1.80
NZ$1.96
+9.0%
7.4%NZ$2.15NZ$1.77NZ$1.394
Aug ’23NZ$1.76
NZ$1.98
+12.5%
7.0%NZ$2.15NZ$1.77NZ$1.524
Jul ’23NZ$1.65
NZ$1.98
+19.7%
7.1%NZ$2.15NZ$1.77NZ$1.404
Jun ’23NZ$1.75
NZ$2.07
+18.3%
4.2%NZ$2.15NZ$1.94NZ$1.354
May ’23NZ$1.98
NZ$2.18
+10.2%
4.8%NZ$2.35NZ$2.06NZ$1.294
Apr ’23NZ$2.00
NZ$2.24
+11.7%
7.0%NZ$2.45NZ$2.07NZ$1.314

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


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