Spring Real Estate Investment Trust
HKEX:1426

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Spring Real Estate Investment Trust
HKEX:1426
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Price: 1.9 HKD
Market Cap: 2.8B HKD
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Relative Value

The Relative Value of one Spring Real Estate Investment Trust stock under the Base Case scenario is 4.83 HKD. Compared to the current market price of 1.9 HKD, Spring Real Estate Investment Trust is Undervalued by 61%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

Relative Value
Base Case
4.83 HKD
Undervaluation 61%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
85
vs Industry
48
Median 3Y
5.2
Median 5Y
5
Industry
3.8
vs History
12
vs Industry
4
Median 3Y
7.6
Median 5Y
7.6
Industry
16.8
vs History
82
vs Industry
54
Median 3Y
7.5
Median 5Y
7.8
Industry
11.2
vs History
65
vs Industry
33
Median 3Y
5.7
Median 5Y
9.9
Industry
13.5
vs History
55
vs Industry
71
Median 3Y
0.4
Median 5Y
0.4
Industry
0.9
vs History
88
vs Industry
30
Median 3Y
11
Median 5Y
10.9
Industry
6.8
vs History
88
vs Industry
49
Median 3Y
12.4
Median 5Y
12.2
Industry
12
vs History
82
vs Industry
35
Median 3Y
17.6
Median 5Y
17.6
Industry
16.1
vs History
82
vs Industry
40
Median 3Y
17.6
Median 5Y
17.6
Industry
19.1
vs History
74
vs Industry
42
Median 3Y
16.6
Median 5Y
16.6
Industry
18.6
vs History
74
vs Industry
38
Median 3Y
16.6
Median 5Y
16.6
Industry
20.3
vs History
88
vs Industry
57
Median 3Y
0.6
Median 5Y
0.6
Industry
0.7

Multiples Across Competitors

Competitors Multiples
Spring Real Estate Investment Trust Competitors

All Multiples
P/S
P/E
EV/EBITDA
EV/EBIT
All Countries
Close
Market Cap P/S P/E EV/EBITDA EV/EBIT
HK
Spring Real Estate Investment Trust
HKEX:1426
2.8B HKD 3.6 44.4 15.9 15.9
US
Alexandria Real Estate Equities Inc
NYSE:ARE
18.6B USD 5.9 66 14.7 32.8
US
Boston Properties Inc
NYSE:BXP
12.6B USD 3.7 34.6 14.7 27.1
US
Vornado Realty Trust
NYSE:VNO
7.9B USD 4.5 -147.2 21.7 63.7
JP
Nippon Building Fund Inc
TSE:8951
1.1T JPY 11.2 25.5 26.8 36.2
US
COPT Defense Properties
NYSE:CDP
6.7B USD 9.2 -57.7 -175.4 -175.4
FR
Covivio SA
PAR:COV
5.8B EUR 5.4 -7.9 16.7 18.2
JP
Japan Real Estate Investment Corp
TSE:8952
785.4B JPY 9.8 22 23.2 30.7
US
SL Green Realty Corp
NYSE:SLG
4.9B USD 5.6 -28.8 29.9 112.7
AU
Dexus
ASX:DXS
7.5B AUD 8.3 -4.7 35.5 35.5
US
Cousins Properties Inc
NYSE:CUZ
4.7B USD 5.6 91.5 14 43
P/E Multiple
Earnings Growth
HK
Spring Real Estate Investment Trust
HKEX:1426
Average P/E: 47.3
44.4
N/A
US
Alexandria Real Estate Equities Inc
NYSE:ARE
66
592%
US
Boston Properties Inc
NYSE:BXP
34.6
73%
US
Vornado Realty Trust
NYSE:VNO
Negative Multiple: -147.2
-66%
JP
Nippon Building Fund Inc
TSE:8951
25.5
7%
US
COPT Defense Properties
NYSE:CDP
Negative Multiple: -57.7 N/A
FR
Covivio SA
PAR:COV
Negative Multiple: -7.9 N/A
JP
Japan Real Estate Investment Corp
TSE:8952
22
-10%
US
SL Green Realty Corp
NYSE:SLG
Negative Multiple: -28.8 N/A
AU
Dexus
ASX:DXS
Negative Multiple: -4.7 N/A
US
Cousins Properties Inc
NYSE:CUZ
91.5
-46%

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