Company Valuation: Fund Estates REIT

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 0.7018 0.538 1.029 0.6075 0.8188 1.174
Change - -23.35% 91.34% -40.99% 34.79% 43.38%
Enterprise Value (EV) 1 34.34 32.29 30.43 27.7 26.78 24.58
Change - -5.99% -5.76% -8.96% -3.32% -8.23%
P/E -2.5x -1.16x -8.87x -8.95x 2.31x 1.11x
PBR 0.28x 0.26x 0.54x 0.33x 0.37x 0.36x
PEG - -0x 0.1x 0.2x -0x 0x
Capitalization / Revenue 13.8x - 1.91x 0.45x 0.76x 0.32x
EV / Revenue 673x - 56.5x 20.5x 24.8x 6.7x
EV / EBITDA - - - - - -
EV / EBIT 211x -204x -213x -190x 100x 8.73x
EV / FCF -16.5x 20.5x -67.7x -46.2x -7.1x 24.2x
FCF Yield -6.07% 4.88% -1.48% -2.17% -14.1% 4.13%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.012 -0.0198 -0.004958 -0.002906 0.0152 0.0451
Distribution rate - - - - - -
Net sales 1 0.051 - 0.539 1.348 1.081 3.666
EBITDA - - - - - -
EBIT 1 0.163 -0.158 -0.143 -0.146 0.267 2.815
Net income 1 -0.281 -0.463 -0.116 -0.068 0.355 1.055
Net Debt 1 33.64 31.75 29.4 27.09 25.96 23.4
Reference price 2 0.0300 0.0230 0.0440 0.0260 0.0350 0.0500
Nbr of stocks (in thousands) 23,395 23,395 23,395 23,395 23,395 23,395
Announcement Date 3/1/21 3/1/21 3/24/22 3/20/23 3/11/24 1/20/25
1BGN in Million2BGN
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 724K
22x12.94x15.1x5.65% 15.1B
7.82x13.34x17.23x6.72% 6.2B
11.65x14.19x15.13x5.48% 6.07B
20.32x13.11x14.74x4.75% 5.79B
9.56x14.34x15.32x7.26% 5.58B
9.38x16.3x19.65x8.55% 5.56B
8.06x13.49x17.2x6.14% 5.45B
11.97x10.96x12.56x5.78% 4.89B
Average 12.59x 13.58x 15.87x 6.29% 6.07B
Weighted average by Cap. 14.22x 13.51x 15.78x 6.18%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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  4. Valuation Fund Estates REIT
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