Intershop Holding AG (0R6M.L)

Industry: Real Estate - General Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0ZQ7.L	18	Instone Real Estat	459	15.31	17.91	7.80	8.17	22.15	14.98
0QO8.L	19	PSP Swiss Property	441	16.23	15.39	16.30	14.01	12.76	15.42
0RHV.L	20	Investis Holding S	388	4.69	4.69	22.83	22.83	5.89	9.21
0HM0.L	21	VGP N.V.	326	4.49	3.21	24.16	16.25	5.01	11.11
0QU6.L	22	HIAG Immobilien Ho	314	7.73	7.66	15.28	14.30	13.47	10.37
0NUT.L	23	Nextensa NV/SA	289	26.13	33.84	11.60	11.02	10.87	11.12
AOX.DE	24	alstria office REI	282	-	-	15.79	19.40	25.31	23.47
0R6M.L	25	Intershop Holding	264	4.05	3.34	9.94	9.94	1.73	3.91
0R43.L	26	NP3 Fastigheter AB	238	13.14	12.09	16.73	15.24	16.00	15.57
0JSP.L	27	LTC Properties, In	231	50.21	61.09	24.10	26.02	20.12	25.77
5280.T	28	Yoshicon Co.,Ltd.	171	4.81	4.81	5.08	5.08	265.17	5.38
0Q76.L	29	CBo Territoria S.A	159	5.00	4.88	5.60	5.02	5.23	5.41
0Q92.L	30	Selvaag Bolig ASA	146	54.36	107.95	186.25	417.52	53.80	302.78
0MCG.L	31	Hamborner REIT AG	122	30.62	21.98	16.38	15.89	43.90	51.07
AMTG	32	Apollo Residential	112	-	-	52.08	52.08	31.93	-
DKG.DE	33	Deutsche Konsum RE	97	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.43	9.87	16.04	14.77	14.73	11.12
Full Range Median Multiple	14.22	13.74	16.34	15.56	18.06	14.98
Industry Multiple	19.39	24.62	30.00	45.92	37.97	38.59
Market Implied Multiple	4.77	3.94	11.37	11.37	1.98	4.47
Company (0R6M.L) Multiple	4.05	3.34	9.94	9.94	1.73	3.91
(*) Net Income / EBITDA / Revenue	406	493	207	207	1,188	526
Winsorized Enterprise Value	N/A	N/A	3,316	3,052	17,498	5,847
Full Range Median Enterprise Value	N/A	N/A	3,377	3,217	21,452	7,878
(-) Net Debt	411	411	411	411	411	411
Winsorized Equity Value	4,238	4,863	2,904	2,641	17,087	5,435
Full Range Median Equity Value	5,777	6,767	2,965	2,805	21,041	7,467
(/) Shares Outstanding	12	12	12	12	12	12
Winsorized Fair Value	$365.65	$419.63	$250.60	$227.87	$1,474.32	$468.96
Full Range Median Fair Value	$498.48	$583.85	$255.86	$242.04	$1,815.46	$644.26
Current Price	$167.30	$167.30	$167.30	$167.30	$167.30	$167.30
Upside / Downside	118.57%	150.83%	49.80%	36.21%	781.26%	180.32%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$255.96	$293.74	$175.42	$159.51	$1,032.02	$328.27
Buy / Don't Buy	BUY	BUY	BUY	Don’t Buy	BUY	BUY