NNN REIT Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: NNN ($40) is trading below our estimate of fair value ($67.49)

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


Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

NNN 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/Revenue14.1x
Enterprise Value/EBITDA15.5x
PEG Ratio14.8x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NNN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.9x
BRX Brixmor Property Group
21.3x0.4%US$6.5b
FRT Federal Realty Investment Trust
36.3x8.7%US$8.3b
REG Regency Centers
29.9x6.9%US$10.8b
SRC Spirit Realty Capital
24.1x-8.7%US$6.0b
NNN NNN REIT
18.7x1.3%US$7.3b

Price-To-Earnings vs Peers: NNN is good value based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (27.9x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a4.5%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a4.5%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: NNN is good value based on its Price-To-Earnings Ratio (18.7x) compared to the US Retail REITs industry average (29.9x).


Price to Earnings Ratio vs Fair Ratio

What is NNN'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.

NNN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.7x
Fair PE Ratio32.1x

Price-To-Earnings vs Fair Ratio: NNN is good value based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (32.1x).


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 NNN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$40.00
US$43.96
+9.9%
4.8%US$47.00US$41.00n/a12
Apr ’25US$42.28
US$44.13
+4.4%
6.0%US$50.00US$41.00n/a12
Mar ’25US$41.22
US$43.29
+5.0%
6.8%US$48.00US$37.00n/a12
Feb ’25US$41.33
US$43.12
+4.3%
7.7%US$48.00US$37.00n/a13
Jan ’25US$43.10
US$43.12
+0.04%
7.7%US$48.00US$37.00n/a13
Dec ’24US$41.36
US$42.50
+2.8%
7.2%US$47.00US$37.00n/a13
Nov ’24US$37.96
US$42.33
+11.5%
8.3%US$47.00US$35.00n/a12
Oct ’24US$35.34
US$44.92
+27.1%
7.0%US$50.00US$40.00n/a13
Sep ’24US$39.23
US$45.92
+17.1%
5.6%US$50.00US$41.00n/a13
Aug ’24US$42.44
US$48.08
+13.3%
6.6%US$54.00US$42.00n/a13
Jul ’24US$42.79
US$48.31
+12.9%
6.8%US$54.00US$42.00n/a13
Jun ’24US$42.51
US$48.92
+15.1%
5.8%US$54.00US$46.00n/a13
May ’24US$43.26
US$48.67
+12.5%
5.6%US$54.00US$46.00n/a12
Apr ’24US$44.15
US$49.33
+11.7%
5.7%US$54.00US$46.00US$42.2812
Mar ’24US$45.16
US$49.75
+10.2%
5.3%US$54.00US$46.00US$41.2212
Feb ’24US$47.15
US$48.93
+3.8%
5.5%US$54.00US$45.00US$41.3314
Jan ’24US$45.76
US$47.36
+3.5%
4.8%US$51.00US$43.00US$43.1014
Dec ’23US$46.16
US$47.36
+2.6%
4.8%US$51.00US$43.00US$41.3614
Nov ’23US$42.28
US$46.71
+10.5%
7.4%US$54.00US$40.00US$37.9614
Oct ’23US$39.86
US$49.08
+23.1%
4.8%US$54.00US$45.00US$35.3413
Sep ’23US$44.88
US$49.69
+10.7%
6.1%US$55.00US$45.00US$39.2313
Aug ’23US$47.32
US$48.23
+1.9%
6.3%US$55.00US$45.00US$42.4413
Jul ’23US$44.49
US$48.31
+8.6%
5.0%US$53.00US$45.00US$42.7913
Jun ’23US$43.86
US$48.67
+11.0%
4.5%US$53.00US$45.00US$42.5112
May ’23US$43.84
US$49.17
+12.2%
5.2%US$56.00US$46.00US$43.2612
Apr ’23US$45.81
US$49.00
+7.0%
5.7%US$56.00US$45.00US$44.1512

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


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