Elite UK REIT

SGX:MXNU Stock Report

Market Cap: UK£169.3m

Elite UK REIT Valuation

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

Below Fair Value: MXNU (£0.29) is trading below our estimate of fair value (£0.48)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for MXNU. This is calculated by dividing MXNU's market cap by their current revenue.
What is MXNU's PS Ratio?
PS Ratio3.9x
SalesUK£43.46m
Market CapUK£169.35m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for MXNU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.9x
CMOU Keppel Pacific Oak US REIT
1.6x0.1%US$235.0m
OXMU Prime US REIT
1.4x2.0%US$214.6m
UD1U IREIT Global
3.6x-10.9%S$369.8m
BTOU Manulife US Real Estate Investment Trust
0.9x-5.7%US$177.7m
MXNU Elite UK REIT
3.9x-4.5%UK£169.3m

Price-To-Sales vs Peers: MXNU is expensive based on its Price-To-Sales Ratio (3.9x) compared to the peer average (1.9x).

Price to Sales Ratio vs Industry

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

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
MXNU 3.9xIndustry Avg. 6.6xNo. of Companies8PS03.67.210.814.418+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MXNU is good value based on its Price-To-Sales Ratio (3.9x) compared to the Asian Office REITs industry average (6.6x).

Price to Sales Ratio vs Fair Ratio

What is MXNU'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.

MXNU PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.9x
Fair PS Ratio4.6x

Price-To-Sales vs Fair Ratio: MXNU is good value based on its Price-To-Sales Ratio (3.9x) compared to the estimated Fair Price-To-Sales Ratio (4.6x).

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 MXNU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£0.28
UK£0.32
+12.3%
12.7%UK£0.35UK£0.25n/a4
Nov ’25UK£0.30
UK£0.30
+1.7%
11.0%UK£0.34UK£0.25n/a4
Oct ’25UK£0.31
UK£0.30
-1.6%
11.0%UK£0.34UK£0.25n/a4
Sep ’25UK£0.28
UK£0.30
+7.0%
11.0%UK£0.34UK£0.25n/a4
Aug ’25UK£0.25
UK£0.30
+21.0%
10.3%UK£0.33UK£0.25n/a4
Jul ’25UK£0.25
UK£0.30
+20.0%
11.9%UK£0.33UK£0.25n/a3
Jun ’25UK£0.23
UK£0.30
+27.7%
11.9%UK£0.33UK£0.25n/a3
May ’25UK£0.23
UK£0.33
+41.8%
12.3%UK£0.38UK£0.28n/a3
Apr ’25UK£0.24
UK£0.33
+36.1%
12.3%UK£0.38UK£0.28n/a3
Mar ’25UK£0.25
UK£0.33
+33.3%
12.3%UK£0.38UK£0.28n/a3
Feb ’25UK£0.28
UK£0.40
+45.5%
16.7%UK£0.49UK£0.33n/a3
Jan ’25UK£0.28
UK£0.37
+32.1%
19.6%UK£0.49UK£0.30n/a4
Dec ’24UK£0.29
UK£0.37
+25.4%
19.6%UK£0.49UK£0.30n/a4
Nov ’24UK£0.23
UK£0.37
+62.3%
22.3%UK£0.49UK£0.30UK£0.303
Oct ’24UK£0.25
UK£0.37
+49.3%
22.3%UK£0.49UK£0.30UK£0.313
Sep ’24UK£0.25
UK£0.37
+49.3%
22.3%UK£0.49UK£0.30UK£0.283
Aug ’24UK£0.30
UK£0.56
+85.6%
3.4%UK£0.57UK£0.53UK£0.253
Jul ’24UK£0.30
UK£0.56
+82.5%
3.4%UK£0.57UK£0.53UK£0.253
Jun ’24UK£0.31
UK£0.56
+79.6%
3.4%UK£0.57UK£0.53UK£0.233
May ’24UK£0.38
UK£0.58
+52.6%
7.5%UK£0.65UK£0.53UK£0.234
Apr ’24UK£0.40
UK£0.58
+45.0%
7.5%UK£0.65UK£0.53UK£0.244
Mar ’24UK£0.46
UK£0.58
+26.1%
7.5%UK£0.65UK£0.53UK£0.254
Feb ’24UK£0.51
UK£0.58
+15.8%
7.4%UK£0.65UK£0.53UK£0.284
Jan ’24UK£0.47
UK£0.63
+34.6%
13.4%UK£0.76UK£0.53UK£0.284
Dec ’23UK£0.49
UK£0.63
+29.1%
13.4%UK£0.76UK£0.53UK£0.294
Nov ’23UK£0.51
UK£0.72
+42.1%
6.4%UK£0.76UK£0.65UK£0.234

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

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