Whitestone REIT Valuation

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

Below Fair Value: WSR ($14.43) is trading below our estimate of fair value ($18.87)

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


Key Valuation Metric

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

Key metric: As WSR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for WSR. This is calculated by dividing WSR's market cap by their current earnings.
What is WSR's PE Ratio?
PE Ratio34.6x
EarningsUS$21.10m
Market CapUS$748.40m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for WSR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.2x
CBL CBL & Associates Properties
27.9xn/aUS$868.2m
SITC SITE Centers
1.2x-118.9%US$847.3m
ALX Alexander's
23.5x-48.0%US$1.1b
RPT RPT Realty
24.1x-115.2%US$1.1b
WSR Whitestone REIT
34.6x10.7%US$748.4m

Price-To-Earnings vs Peers: WSR is expensive based on its Price-To-Earnings Ratio (34.6x) compared to the peer average (19.2x).


Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SITC SITE Centers
1.2x-118.9%US$847.27m
RVIC Retail Value
0.2xn/aUS$5.72m
No more companies available in this PE range
WSR 34.6xIndustry Avg. 34.6xNo. of Companies6PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: WSR is good value based on its Price-To-Earnings Ratio (34.6x) compared to the US Retail REITs industry average (34.7x).


Price to Earnings Ratio vs Fair Ratio

What is WSR'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.

WSR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio34.6x
Fair PE Ratio34x

Price-To-Earnings vs Fair Ratio: WSR is expensive based on its Price-To-Earnings Ratio (34.6x) compared to the estimated Fair Price-To-Earnings Ratio (34x).


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 WSR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$14.43
US$16.14
+11.9%
5.2%US$17.00US$15.00n/a7
Nov ’25US$13.64
US$16.14
+18.3%
5.2%US$17.00US$15.00n/a7
Oct ’25US$13.45
US$15.25
+13.4%
2.5%US$16.00US$15.00n/a6
Sep ’25US$13.42
US$15.08
+12.4%
4.0%US$16.00US$14.00n/a6
Aug ’25US$13.69
US$14.70
+7.4%
4.1%US$15.50US$14.00n/a5
Jul ’25US$13.15
US$14.17
+7.7%
4.9%US$15.00US$13.00n/a6
Jun ’25US$13.04
US$14.17
+8.6%
4.9%US$15.00US$13.00n/a6
May ’25US$11.60
US$14.25
+22.8%
3.9%US$15.00US$13.50n/a6
Apr ’25US$12.22
US$14.25
+16.6%
3.9%US$15.00US$13.50n/a6
Mar ’25US$12.22
US$13.50
+10.5%
7.4%US$15.00US$12.00n/a5
Feb ’25US$13.08
US$13.38
+2.3%
8.1%US$15.00US$12.00n/a4
Jan ’25US$12.29
US$12.00
-2.4%
8.3%US$13.00US$11.00n/a4
Dec ’24US$11.19
US$12.00
+7.2%
8.3%US$13.00US$11.00n/a4
Nov ’24US$9.93
US$12.00
+20.8%
8.3%US$13.00US$11.00US$13.644
Oct ’24US$9.63
US$12.00
+24.6%
8.3%US$13.00US$11.00US$13.454
Sep ’24US$9.95
US$11.80
+18.6%
8.3%US$13.00US$11.00US$13.425
Aug ’24US$10.21
US$11.30
+10.7%
13.0%US$13.00US$9.50US$13.695
Jul ’24US$9.70
US$11.30
+16.5%
13.0%US$13.00US$9.50US$13.155
Jun ’24US$8.75
US$11.20
+28.0%
14.0%US$13.00US$9.50US$13.045
May ’24US$8.76
US$12.00
+37.0%
12.0%US$13.00US$9.50US$11.606
Apr ’24US$9.20
US$12.00
+30.4%
12.0%US$13.00US$9.50US$12.226
Mar ’24US$9.37
US$12.00
+28.1%
11.8%US$13.00US$10.00US$12.226
Feb ’24US$10.40
US$12.00
+15.4%
11.8%US$13.00US$10.00US$13.086
Jan ’24US$9.64
US$12.00
+24.5%
11.8%US$13.00US$10.00US$12.296
Dec ’23US$9.73
US$11.83
+21.6%
14.2%US$13.00US$9.00US$11.196
Nov ’23US$9.36
US$12.58
+34.4%
15.3%US$15.00US$9.00US$9.936

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


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