AB Sagax Valuation

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

SAGA A (SEK235) is trading above our estimate of [[fair value]] (SEK179.43)

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

Below Fair Value: SAGA A (SEK235) is trading above our estimate of fair value (SEK179.43)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SAGA A. This is calculated by dividing SAGA A's market cap by their current earnings.
What is SAGA A's PE Ratio?
PE Ratio	28.6x
Earnings	SEK 3.82b
Market Cap	SEK 83.81b

SAGA A 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	24.9x
Enterprise Value/EBITDA	31.3x
PEG Ratio	6.2x

Price to Earnings Ratio vs Peers

How does SAGA A's PE Ratio compare to its peers?

The above table shows the PE ratio for SAGA A 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	39x
WIHL Wihlborgs Fastigheter	67x	39.2%	SEK 33.2b
CATE Catena	20.8x	12.5%	SEK 29.4b
NP3 NP3 Fastigheter	45.6x	30.0%	SEK 15.2b
SLP B Swedish Logistic Property	22.4x	20.4%	SEK 9.5b
SAGA A AB Sagax	28.6x	4.6%	SEK 83.8b

Price-To-Earnings vs Peers: SAGA A is good value based on its Price-To-Earnings Ratio (28.6x) compared to the peer average (39x).

Price to Earnings Ratio vs Industry

How does SAGA A's PE Ratio compare vs other companies in the SE Real Estate Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap
AJA B Byggmästare Anders J Ahlström Holding	2.4x	n/a	US$163.65m
TORSAB Torslanda Property Investment	1.8x	n/a	US$95.65m
TITA B Titania Holding	1.9x	-1.3%	US$46.88m
HALMEN Halmslätten Fastighets	1.2x	n/a	US$35.58m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SAGA A is good value based on its Price-To-Earnings Ratio (28.6x) compared to the Swedish Real Estate industry average (28.6x).

Price to Earnings Ratio vs Fair Ratio

What is SAGA A'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.

SAGA A PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	28.6x
Fair PE Ratio	30.9x

Price-To-Earnings vs Fair Ratio: SAGA A is good value based on its Price-To-Earnings Ratio (28.6x) compared to the estimated Fair Price-To-Earnings Ratio (30.9x).

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.

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