CPI Europe AG (CPI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of CPI Europe AG stock €37.97, price €15.44, upside +145.9%, quality 68 out of 100. Rating: strongly undervalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €10.84 – €32.35 · fair‑value band €18.74 – €48.27 · the €15.44 price screens below the €37.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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CPI Europe AG, together with its subsidiaries, engages in the purchasing, leasing, realization, acquisition, and developing of properties in Austria, Germany, Poland, the Czech Republic, Hungary, Romania, Slovakia, Croatia, Serbia, Slovenia, and Italy.
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The company manages and develops retail and office properties under the myhive, STOP SHOP, and VIVO! Brands. Its portfolio includes office buildings, retail and residential properties, and hotels. In addition, the company owns and operates hotels.
The company was formerly known as IMMOFINANZ AG and changed its name to CPI Europe AG in March 2025. CPI Europe AG was founded in 1990 and is headquartered in Vienna, Austria.
Stock analysis
CPI Europe AG (CPI) currently trades at €15.44, while our model-based Fair Value estimate is €37.97, implying the stock looks roughly 59% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €38.62 per share, and 13 of the 16 models we run sit above the €15.44 price.
Bear case: the Asset-Based group reads lowest at €21.55, and 3 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: €18.74 (bear) to €48.27 (bull), the price of €15.44 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CPI Europe AG reported revenue of €820M in FY2025 versus €375M in FY2021, a compound +21.6%/yr. Reported net income was €514M in FY2025, compounding +10.3%/yr from FY2021.
Key figures
Market cap €2.1B Mid · P/E ratio 4.5 · P/S ratio 2.76 · EPS (TTM) €3.41 · Dividend yield 0.7% · Net margin 60.8% · Return on equity 10.5% · Return on assets (EBIT) 3.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 146%, CPI screens cheaper than that median.
Fair Value models
Bear€18.74Fair Value €37.97Bull€48.27
Price €15.44 · Upside +145.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€2.91 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.8%
Start year 2020 (pandemic). Over 10 years: +5.2% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 4.8% / 14.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−3% → 51%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 272% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +1.5% a year for the price.
AI conclusion: High margins point to operational efficiency as the key strength, while elevated debt relative to equity and limited evidence of durable moat form the central weakness.
Main risk: Elevated total debt relative to equity could raise interest expenses and thereby reduce net profit even if rental income continues to expand.
CPI Europe continues to adjust its retail and residential portfolio through acquisitions and sales, achieving 2.4 percent like-for-like rental growth and a 15 percent rise in operating results in the first half. Lower revaluation gains however weighed on net profit. Our models currently see it as undervalued. Will the operational momentum from new assets outweigh the effects of more cautious property valuations?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 472 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+145.9% · Top 25%
Profitability
Return on equity (12 months)10.5% · Top 25%
Return on assets5.4% · Top 25%
Net margin (12 months)60.8% · Top 25%
Operating margin (12 months)54.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.1% · Above median
Dividend yield (12 months)0.7% · Bottom 25%
Balance sheet
Debt / equity0.72× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CPI Europe AG Fair Value". https://www.fairvalue-calculator.com/stock/CPI
Frequently asked questions
Is CPI Europe AG (CPI) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €37.97 versus a price of €15.44, about +146% upside (undervalued).
What is the fair value of CPI?
Our model-based fair value for CPI Europe AG is €37.97 (as of Nov 6, 2026), built from audited fundamentals. The current price: €15.44.
What is the quality score of CPI?
CPI Europe AG has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CPI Europe AG (CPI)?
Our model-based price target is the fair value of €37.97 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario €18.74, optimistic scenario €48.27. It is a calculation from audited fundamentals, not an analyst target.
What is the CPI Europe AG stock forecast for 2026?
Our models put fair value at €37.97, about +146% upside versus a price of €15.44 (undervalued). Cautious scenario €18.74, optimistic scenario €48.27. The calculation is refreshed regularly with new filings.
What is the revenue of CPI Europe AG (CPI)?
CPI Europe AG reported trailing-twelve-month revenue of about €772M (latest available figure, as of Nov 6, 2026).
Does CPI Europe AG pay a dividend?
CPI Europe AG currently shows a dividend yield of 0.66% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of CPI Europe AG (CPI)?
CPI Europe AG has a dividend yield of 0.7%.
What growth is priced into CPI Europe AG (CPI)?
For today's price to be fair in a discounted-cash-flow model, CPI Europe AG would have to grow free cash flow by +3.7 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.8 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of CPI use?
Our models discount CPI Europe AG at 9.4 %: a base by market capitalisation (mid), damped by beta 0.81, country premium for Austria. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CPI Europe AG that is +3.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has CPI Europe AG (CPI) delivered so far?
Over the past 5 years revenue at CPI Europe AG grew +16.8 % a year. The price currently implies free-cash-flow growth of +3.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CPI Europe AG (CPI) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into CPI Europe AG (+3.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CPI Europe AG (CPI)?
The free-cash-flow yield on the price is 16.96 %: that much free cash flow CPI Europe AG produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CPI Europe AG (CPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CPI Europe AG it is €37.97 per share (as of Nov 6, 2026), against a price of €15.44. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is CPI Europe AG stock overvalued or undervalued in 2026?
As of Nov 6, 2026, CPI trades below its calculated fair value: price €15.44, fair value €37.97, a gap of about +146% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CPI?
No. The price is what the market pays today (€15.44); the fair value is what the company's own numbers justify (€37.97). For CPI Europe AG the two are €22.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is CPI Europe AG worth?
The market values CPI Europe AG at about €2.1B (market capitalisation, as of Nov 6, 2026). Per share that is €15.44; our models calculate a fair value of €37.97 per share.
What do the bullish and bearish scenarios say about CPI?
Our models span a range for CPI Europe AG: cautious scenario €18.74, base €37.97, optimistic €48.27 per share (as of Nov 6, 2026, price €15.44). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CPI?
CPI Europe AG trades at a price-to-earnings ratio of 4.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €37.97 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2025), reported earnings: 9.6. Other multiples: PEG 59.4, P/B 0.5, P/S 2.8, EV/EBITDA 6.5.
What is the PEG ratio of CPI?
The PEG ratio of CPI Europe AG is 59.44 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of CPI Europe AG (CPI)?
Balance-sheet figures for CPI Europe AG (as of Nov 6, 2026): return on equity 10.5%, debt of 0.72 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is CPI from its 52-week high?
CPI Europe AG trades at €15.44, about 7% below its 52-week high of €16.52 and 4% above the low of €14.84 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €37.97 is for.
Which stocks are comparable to CPI Europe AG?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CPI Europe AG stock attractive at the current price?
The data as of Nov 6, 2026: price €15.44, calculated fair value €37.97 (+146%), Quality Score 68/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CPI calculated?
We run CPI Europe AG through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €37.97 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. CPI Europe AG currently trades 59% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CPI Europe AG (CPI)?
The closing price on Nov 6, 2026 was €15.44. Our model-based fair value is €37.97, about +146% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CPI Europe AG right now?
The price is below even our cautious bear case (€18.74). The market is more pessimistic than our downside scenario. Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€18.74 to €48.27) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of CPI Europe AG
How large is the market capitalisation of CPI Europe AG (CPI)?
The market capitalisation of CPI Europe AG is €2.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CPI Europe AG (CPI)?
The price-to-sales ratio of CPI Europe AG is 2.76 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CPI Europe AG (CPI)?
Earnings per share at CPI Europe AG are €3.41 (price ÷ EPS = P/E 4.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CPI Europe AG (CPI)?
The dividend yield of CPI Europe AG is 0.7% (payout 3.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CPI Europe AG (CPI)?
The net margin of CPI Europe AG is 60.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CPI Europe AG (CPI)?
The return on equity (ROE) of CPI Europe AG is 10.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CPI Europe AG (CPI)?
On an EBIT basis the return on assets of CPI Europe AG is 3.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CPI Europe AG (CPI)?
The operating margin of CPI Europe AG is 54.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CPI Europe AG (CPI)?
Revenue at CPI Europe AG is growing +4.1% versus a year earlier (3y avg +24.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CPI Europe AG (CPI)?
Earnings per share at CPI Europe AG are growing −64.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CPI Europe AG (CPI) carry?
The net debt of CPI Europe AG is €3.3B (fiscal year 2025, ≈ 9.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026