Company Valuation: Special Closed-Ended Type Real Estate Investment Company INVL BALTIC REAL ESTATE

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 28.19 18.78 17.25 16.93 21 26.09
Change - -33.36% -8.15% -1.87% 24.04% 24.24%
Enterprise Value (EV) 1 22.68 26.86 29.42 34.71 36.3 43.45
Change - 18.45% 9.54% 17.98% 4.59% 19.68%
P/E 5.24x 6.27x 4.08x 24.2x 7.77x 7.11x
PBR 0.98x 0.93x 0.73x 0.72x 0.83x 0.92x
PEG - -0.64x 0.1x -0.3x 0x 0.2x
Capitalization / Revenue 7.2x 6.85x 5.05x 4.47x 5.21x 6.32x
EV / Revenue 5.79x 9.8x 8.62x 9.16x 9.01x 10.5x
EV / EBITDA 23x 29.8x 39.6x 16.7x 21.3x 32.1x
EV / EBIT 25.6x 33.7x 46.5x 17.7x 22.8x 35.2x
EV / FCF 51.4x 13.3x -23.2x 66.1x 39.7x 69.2x
FCF Yield 1.95% 7.53% -4.31% 1.51% 2.52% 1.45%
Dividend per Share 2 0.12 0.12 0.09 0.09 0.09 -
Rate of return 5.56% 5.15% 4.21% 4.29% 3.41% -
EPS 2 0.4123 0.3718 0.524 0.0867 0.3399 0.4611
Distribution rate 29.1% 32.3% 17.2% 104% 26.5% -
Net sales 1 3.915 2.741 3.413 3.79 4.031 4.126
EBITDA 1 0.988 0.902 0.743 2.075 1.705 1.352
EBIT 1 0.885 0.798 0.633 1.959 1.59 1.233
Net income 1 5.416 3.399 4.224 0.699 2.739 3.667
Net Debt 1 -5.512 8.075 12.17 17.78 15.3 17.36
Reference price 2 2.160 2.330 2.140 2.100 2.640 3.280
Nbr of stocks (in thousands) 13,050 8,061 8,061 8,061 7,954 7,954
Announcement Date 2/26/21 6/21/22 3/20/23 3/19/24 3/18/25 3/17/26
1EUR in Million2EUR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 28.1M
20.16x14.08x19.81x2.55% 2.43B
16.01x16.24x22.18x3.98% 2.37B
10.31x12.8x16.1x6.58% 2.15B
-53.6x16x18.37x2.04% 2.05B
13.65x6.61x18.85x4.25% 1B
48.83x3.09x4.74x - 986M
Average 9.23x 11.47x 16.67x 3.88% 1.57B
Weighted average by Cap. 5.58x 12.98x 17.89x 3.82%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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