JBG SMITH Properties Valuation

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

Below Fair Value: JBGS ($14.91) is trading above our estimate of fair value ($5.95)

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


Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for JBGS. This is calculated by dividing JBGS's market cap by their current revenue.
What is JBGS's PS Ratio?
PS Ratio2.2x
SalesUS$567.03m
Market CapUS$1.49b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for JBGS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average11.3x
DEA Easterly Government Properties
4.2x8.9%US$1.4b
PDM Piedmont Office Realty Trust
2x0.8%US$1.2b
PGRE Paramount Group
1.8x4.4%US$1.1b
EQC Equity Commonwealth
37xn/aUS$2.2b
JBGS JBG SMITH Properties
2.2x-11.2%US$1.5b

Price-To-Sales vs Peers: JBGS is good value based on its Price-To-Sales Ratio (2.2x) compared to the peer average (11.3x).


Price to Sales Ratio vs Industry

How does JBGS'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
JBGS 2.2xIndustry Avg. 2.9xNo. of Companies4PS01.63.24.86.48+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: JBGS is good value based on its Price-To-Sales Ratio (2.2x) compared to the US Office REITs industry average (2.9x).


Price to Sales Ratio vs Fair Ratio

What is JBGS'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.

JBGS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.2x
Fair PS Ratio2.3x

Price-To-Sales vs Fair Ratio: JBGS is good value based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (2.3x).


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 JBGS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$14.91
US$17.00
+14.0%
5.9%US$18.00US$16.00n/a2
Nov ’25US$16.78
US$17.00
+1.3%
5.9%US$18.00US$16.00n/a2
Oct ’25US$17.61
US$17.50
-0.6%
2.9%US$18.00US$17.00n/a2
Sep ’25US$17.40
US$16.50
-5.2%
3.0%US$17.00US$16.00n/a2
Aug ’25US$16.17
US$16.00
-1.1%
6.3%US$17.00US$15.00n/a2
Jul ’25US$15.10
US$16.00
+6.0%
6.3%US$17.00US$15.00n/a2
Jun ’25US$14.40
US$16.50
+14.6%
9.1%US$18.00US$15.00n/a2
May ’25US$14.47
US$16.50
+14.0%
9.1%US$18.00US$15.00n/a2
Apr ’25US$15.49
US$17.00
+9.7%
5.9%US$18.00US$16.00n/a2
Mar ’25US$16.96
US$17.00
+0.2%
5.9%US$18.00US$16.00n/a2
Feb ’25US$16.10
US$16.50
+2.5%
9.1%US$18.00US$15.00n/a2
Jan ’25US$17.01
US$16.50
-3.0%
9.1%US$18.00US$15.00n/a2
Dec ’24US$15.01
US$16.00
+6.6%
12.5%US$18.00US$14.00n/a2
Nov ’24US$13.08
US$16.00
+22.3%
12.5%US$18.00US$14.00US$16.782
Oct ’24US$14.46
US$16.50
+14.1%
9.1%US$18.00US$15.00US$17.612
Sep ’24US$15.98
US$17.00
+6.4%
11.8%US$19.00US$15.00US$17.402
Aug ’24US$16.48
US$17.50
+6.2%
8.6%US$19.00US$16.00US$16.172
Jul ’24US$15.04
US$17.50
+16.4%
8.6%US$19.00US$16.00US$15.102
Jun ’24US$14.09
US$17.50
+24.2%
8.6%US$19.00US$16.00US$14.402
May ’24US$14.27
US$18.50
+29.6%
2.7%US$19.00US$18.00US$14.472
Mar ’24US$17.05
US$21.00
+23.2%
4.8%US$22.00US$20.00US$16.962
Feb ’24US$19.99
US$21.50
+7.6%
2.3%US$22.00US$21.00US$16.102
Dec ’23US$20.50
US$22.50
+9.8%
2.2%US$23.00US$22.00US$15.012
Nov ’23US$19.44
US$23.00
+18.3%
4.3%US$24.00US$22.00US$13.082

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


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