Innovative Industrial Properties

NYSE:IIPR Stock Report

Mkt Cap: US$2.6b

We’ve recently updated our valuation analysis.

Innovative Industrial Properties Valuation

Is IIPR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

IIPR 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/Revenue11.4x
Enterprise Value/EBITDA13.4x
PEG Ratio1.7x

Price to Earnings Ratio vs Peers

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

IIPR PE Ratio vs Peers
The above table shows the PE ratio for IIPR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average29.8x
LXP LXP Industrial Trust
8.3x-83.8%US$2.6b
TRNO Terreno Realty
24.5x-4.3%US$4.2b
STAG STAG Industrial
23.8x-0.8%US$5.3b
REXR Rexford Industrial Realty
62.8x19.8%US$9.4b
IIPR Innovative Industrial Properties
19.3x11.1%US$2.6b

Price-To-Earnings vs Peers: IIPR is good value based on its Price-To-Earnings Ratio (19.3x) compared to the peer average (29.8x).


Price to Earnings Ratio vs Industry

How does IIPR's PE Ratio compare vs other companies in the US REITs Industry?

Price-To-Earnings vs Industry: IIPR is good value based on its Price-To-Earnings Ratio (19.3x) compared to the US REITs industry average (25.8x)


Price to Earnings Ratio vs Fair Ratio

What is IIPR'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.

IIPR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.3x
Fair PE Ratio32.8x

Price-To-Earnings vs Fair Ratio: IIPR is good value based on its Price-To-Earnings Ratio (19.3x) compared to the estimated Fair Price-To-Earnings Ratio (32.8x).


Share Price vs Fair Value

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

Below Fair Value: IIPR ($91.18) is trading below our estimate of fair value ($298.22)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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