The company is shifting strategy to office spaces.
EPS 0,33 Euro x 15 = 4,95 Euros x 8 = 39,60 Euros
Book Value is 4,25 Euro x 8 = 34 Euros
Graham Number is Square Root ( 4,95 x 1,5 x 4,25) = 5,6 Euro Graham Number x 8 = 44,8 Euros
Stock Price = 3,78 Euros x 8 = 30,24 Euros
Seems cheap. Dividend is 0,27/3,8 = 7% Pretty Good
0,27 Euros dividend x 8 = 2,16 Euros
-------------------------------------------------------
September 2017
EPS 2017 expectation = 2,55 Euros x 15 multiple = 38,25 Euros
Earnings Yield = 2,55 Euros Earnings per share / 32,7 Euros price = 8%
Book value is 35 Euros.
Graham Number = Square root (35 x 1,5 x 38,25) = 44,81 Euros
Expected return of 5-10% per year.
http://nsi.nl/
-------------------------------------------------------
October 2018
EPS 2018 expectation - 2,5 Euros x 15 multiple = EUR 37,5
Price is EUR 34
Book Value (Net Asset Value EPRA European Public Real Estate Association = EUR 38,25
Graham Number should not be 1,5 x book?
Conclusion: not wildly under or overpriced at the moment.
See www.beterinbeleggen.nl for great companies.
Comments, questions or E-mails welcome: ajbrenninkmeijer@gmail.com
No comments:
Post a Comment