RL Commercial REIT Valuation

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

RCR (₱6.15) is trading above our estimate of [[fair value]] (₱4.38)

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

Below Fair Value: RCR (₱6.15) is trading above our estimate of fair value (₱4.38)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for RCR. This is calculated by dividing RCR's market cap by their current preferred multiple.
What is RCR's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	₱94.29b

RCR 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	20.1x
Enterprise Value/EBITDA	n/a
PEG Ratio	-0.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for RCR 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	11.6x
AREIT AREIT	21.1x	18.6%	₱122.3b
DDMPR DDMP REIT	1.9x	n/a	₱19.1b
FILRT Filinvest REIT	9.9x	0.9%	₱15.6b
CREIT Citicore Energy REIT	13.6x	2.0%	₱20.0b
RCR RL Commercial REIT	8.4x	-15.1%	₱94.3b

Price-To-Earnings vs Peers: RCR is good value based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (11.6x).

Price to Earnings Ratio vs Industry

How does RCR's PE Ratio compare vs other companies in the Asian Office REITs Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	8.4%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	8.4%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: RCR is good value based on its Price-To-Earnings Ratio (8.4x) compared to the Asian Office REITs industry average (19.1x).

Price to Earnings Ratio vs Fair Ratio

What is RCR'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.

RCR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.4x
Fair PE Ratio	8.8x

Price-To-Earnings vs Fair Ratio: RCR is good value based on its Price-To-Earnings Ratio (8.4x) compared to the estimated Fair Price-To-Earnings Ratio (8.8x).

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 RCR 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	₱6.15	₱6.98 +13.5%	11.7%	₱8.10	₱5.64	n/a	5
Sep ’25	₱5.79	₱6.88 +18.8%	10.0%	₱7.60	₱5.64	n/a	5
Aug ’25	₱5.62	₱6.88 +22.4%	10.0%	₱7.60	₱5.64	n/a	5
Jul ’25	₱5.21	₱6.88 +32.0%	10.0%	₱7.60	₱5.64	n/a	5
Jun ’25	₱5.00	₱7.03 +40.5%	4.1%	₱7.40	₱6.70	n/a	4
May ’25	₱5.12	₱7.03 +37.2%	4.1%	₱7.40	₱6.70	n/a	4
Apr ’25	₱5.06	₱7.17 +41.6%	11.1%	₱8.00	₱6.10	n/a	3
Mar ’25	₱5.31	₱7.17 +35.0%	11.1%	₱8.00	₱6.10	n/a	3
Feb ’25	₱5.35	₱7.17 +34.0%	11.1%	₱8.00	₱6.10	n/a	3
Jan ’25	₱4.89	₱7.58 +54.9%	8.6%	₱8.30	₱6.60	n/a	4
Dec ’24	₱4.64	₱7.28 +56.9%	11.4%	₱8.30	₱6.10	n/a	5
Nov ’24	₱4.74	₱7.08 +49.4%	10.6%	₱8.30	₱6.10	n/a	6
Oct ’24	₱4.90	₱7.08 +44.6%	10.6%	₱8.30	₱6.10	₱6.05	6
Sep ’24	₱5.13	₱7.08 +38.1%	10.6%	₱8.30	₱6.10	₱5.79	6
Aug ’24	₱5.30	₱7.08 +33.6%	10.6%	₱8.30	₱6.10	₱5.62	6
Jul ’24	₱5.80	₱7.13 +23.0%	11.1%	₱8.30	₱6.10	₱5.21	6
Jun ’24	₱5.70	₱7.24 +27.0%	11.6%	₱8.30	₱6.00	₱5.00	5
May ’24	₱5.77	₱7.24 +25.5%	11.6%	₱8.30	₱6.00	₱5.12	5
Apr ’24	₱5.80	₱7.24 +24.8%	11.6%	₱8.30	₱6.00	₱5.06	5
Mar ’24	₱5.50	₱7.24 +31.6%	11.6%	₱8.30	₱6.00	₱5.31	5
Feb ’24	₱6.02	₱7.53 +25.0%	8.5%	₱8.30	₱6.60	₱5.35	4
Jan ’24	₱5.85	₱7.48 +27.8%	8.3%	₱8.30	₱6.60	₱4.89	4
Dec ’23	₱5.74	₱7.48 +30.2%	8.3%	₱8.30	₱6.60	₱4.64	4
Nov ’23	₱5.04	₱7.42 +47.2%	9.4%	₱8.30	₱6.37	₱4.74	4
Oct ’23	₱5.31	₱7.48 +40.8%	8.2%	₱8.30	₱6.61	₱4.90	4

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