Brandywine Realty Trust

NYSE:BDN Stock Report

Market Cap: US$900.5m

Brandywine Realty Trust Valuation

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

Below Fair Value: BDN ($5.2) is trading below our estimate of fair value ($8.45)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BDN. This is calculated by dividing BDN's market cap by their current revenue.
What is BDN's PS Ratio?
PS Ratio2.9x
SalesUS$306.93m
Market CapUS$900.54m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BDN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.7x
PGRE Paramount Group
1.8x4.4%US$1.1b
PDM Piedmont Office Realty Trust
2x0.8%US$1.2b
JBGS JBG SMITH Properties
2.2x-11.2%US$1.5b
HPP Hudson Pacific Properties
0.6x5.3%US$532.6m
BDN Brandywine Realty Trust
2.9x10.2%US$900.5m

Price-To-Sales vs Peers: BDN is expensive based on its Price-To-Sales Ratio (2.9x) compared to the peer average (1.7x).

Price to Sales Ratio vs Industry

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

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
OPI Office Properties Income Trust
0.1x-4.9%US$67.50m
CMCT Creative Media & Community Trust
0.05xn/aUS$6.45m
No more companies available in this PS range
BDN 2.9xIndustry Avg. 2.9xNo. of Companies4PS01.63.24.86.48+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BDN is expensive based on its Price-To-Sales Ratio (2.9x) compared to the US Office REITs industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is BDN'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.

BDN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.9x
Fair PS Ratio1.9x

Price-To-Sales vs Fair Ratio: BDN is expensive based on its Price-To-Sales Ratio (2.9x) compared to the estimated Fair Price-To-Sales Ratio (1.9x).

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 BDN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$5.20
US$5.67
+9.0%
16.6%US$7.00US$4.00n/a6
Nov ’25US$5.08
US$5.58
+9.9%
19.6%US$7.00US$3.50n/a6
Oct ’25US$5.61
US$5.42
-3.4%
17.2%US$6.00US$3.50n/a6
Sep ’25US$5.23
US$5.17
-1.2%
16.4%US$6.00US$3.50n/a6
Aug ’25US$5.01
US$5.08
+1.5%
16.5%US$6.00US$3.50n/a6
Jul ’25US$4.39
US$5.08
+15.8%
16.5%US$6.00US$3.50n/a6
Jun ’25US$4.61
US$5.08
+10.3%
16.5%US$6.00US$3.50n/a6
May ’25US$4.57
US$5.04
+10.3%
18.2%US$6.00US$3.25n/a6
Apr ’25US$4.67
US$5.13
+9.7%
18.2%US$6.00US$3.25n/a6
Mar ’25US$4.30
US$5.13
+19.2%
18.2%US$6.00US$3.25n/a6
Feb ’25US$4.40
US$5.46
+24.1%
21.2%US$7.00US$3.25n/a6
Jan ’25US$5.40
US$5.25
-2.8%
23.7%US$7.00US$3.25n/a5
Dec ’24US$4.75
US$4.88
+2.6%
29.0%US$7.00US$3.00n/a6
Nov ’24US$3.73
US$5.38
+44.1%
34.4%US$8.00US$2.75US$5.086
Oct ’24US$4.54
US$5.54
+22.1%
33.4%US$8.00US$2.75US$5.616
Sep ’24US$5.10
US$5.45
+6.9%
37.0%US$8.00US$2.75US$5.235
Aug ’24US$4.83
US$5.45
+12.8%
37.0%US$8.00US$2.75US$5.015
Jul ’24US$4.65
US$5.15
+10.8%
40.7%US$8.00US$2.75US$4.395
Jun ’24US$3.86
US$5.29
+37.1%
36.6%US$8.00US$2.75US$4.616
May ’24US$3.85
US$6.21
+61.3%
17.5%US$8.00US$4.50US$4.576
Apr ’24US$4.73
US$6.54
+38.3%
23.0%US$9.00US$4.50US$4.676
Mar ’24US$5.86
US$7.13
+21.6%
17.6%US$9.00US$5.75US$4.306
Feb ’24US$6.47
US$6.83
+5.6%
19.7%US$9.00US$5.00US$4.406
Jan ’24US$6.15
US$7.42
+20.6%
22.8%US$10.00US$5.00US$5.406
Dec ’23US$6.76
US$7.67
+13.4%
18.3%US$10.00US$6.00US$4.756
Nov ’23US$6.64
US$8.50
+28.0%
16.3%US$11.00US$7.00US$3.736

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

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