Covivio Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: FNCD.Y ($14.88) is trading above our estimate of fair value ($10.13)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FNCD.Y?

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

The above table shows the Price to Sales ratio for FNCD.Y. This is calculated by dividing FNCD.Y's market cap by their current revenue.
What is FNCD.Y's PS Ratio?
PS Ratio	5.4x
Sales	€1.06b
Market Cap	€5.76b

FNCD.Y 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/Revenue	18.6x
Enterprise Value/EBITDA	22.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does FNCD.Y's PS Ratio compare to its peers?

The above table shows the PS ratio for FNCD.Y vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	7x
EPRT Essential Properties Realty Trust	14x	15.1%	US$6.0b
BNL Broadstone Net Lease	7.8x	4.9%	US$3.5b
ESBA Empire State Realty OP	4x	n/a	US$3.0b
ESRT Empire State Realty Trust	2.4x	0.8%	US$3.0b
FNCD.Y Covivio	5.4x	4.2%	US$5.8b

Price-To-Sales vs Peers: FNCD.Y is good value based on its Price-To-Sales Ratio (5.4x) compared to the peer average (7x).

Price to Sales Ratio vs Industry

How does FNCD.Y's PS Ratio compare vs other companies in the US REITs Industry?

5 Companies	Price / Sales	Estimated Growth	Market Cap
BSTT Blackstone Real Estate Income Trust	0.06x	n/a	US$527.97m
SLVS Silver Star Properties REIT	0.3x	n/a	US$23.25m
HHDS Highlands REIT	0.4x	n/a	US$14.44m
SQFT Presidio Property Trust	0.5x	n/a	US$8.66m

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: FNCD.Y is expensive based on its Price-To-Sales Ratio (5.4x) compared to the US REITs industry average (3.3x).

Price to Sales Ratio vs Fair Ratio

What is FNCD.Y'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.

FNCD.Y PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	5.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate FNCD.Y's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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