Pierre et Vacances SA (VAC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Pierre et Vacances SA stock €3.72, price €1.87, upside +98.5%, quality 47 out of 100. Rating: strongly undervalued. Calculated from audited financials with 18 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 €0.7600 – €2.53 · fair‑value band €3.37 – €4.00 · the €1.87 price screens below the €3.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Pierre et Vacances SA engages in the property development and tourism businesses in Europe and internationally. The company operates apartments, houses, and cottages, as well as residences, villages, and hotels.
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It offers its products under the Pierre & Vacances, Center Parcs, Sunparks, Villages, maeva, and Adagio brands. The company was founded in 1967 and is headquartered in Paris, France.
Stock analysis
Pierre et Vacances SA (VAC) currently trades at €1.87, while our model-based Fair Value estimate is €3.72, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €6.95 per share, and 12 of the 18 models we run sit above the €1.87 price.
Bear case: the Earnings-Based group reads lowest at €1.03, and 6 of the 18 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €3.37 (bear) to €4.00 (bull), the price of €1.87 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 47/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Pierre et Vacances SA reported revenue of €1.9B in FY2025 versus €937M in FY2021, a compound +18.8%/yr. Reported net income was €33.5M in FY2025.
Key figures
Market cap €866M Small · P/E ratio 17.0 · P/S ratio 0.51 · EPS (TTM) €0.1100 · Net margin 2.9% · Return on assets (EBIT) 3.9% (5-year average) · Operating margin 0.5% · Revenue (TTM) €1.9B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 24 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −27% fair-value upside, at 99%, VAC screens cheaper than that median.
Fair Value models
Bear€3.37Fair Value €3.72Bull€4.00
Price €1.87 · Upside +98.5%
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 12 months old). Earnings retained since then (€0.1100 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.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.7%
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.
+5.0%
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.
+9.8%
Start year 2020 (pandemic). Over 10 years: +3.0% a year
Revenue growth 21 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.
+2.4%
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What shareholders gained per year (last 3 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 3 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.
+6.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)0.0%
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.−10% → 14%
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).
−15.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −17.1% a year for the price.
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.Lodging · 157 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+98.5% · Top 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets0.9% · Below median
Net margin (12 months)2.9% · Below median
Operating margin (12 months)0.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)3.0% · Below median
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Lodging median · lower = cheaper
P/E (12 months)17.0× · Cheaper than median
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
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). "Pierre et Vacances SA Fair Value". https://www.fairvalue-calculator.com/stock/VAC
Frequently asked questions
Is Pierre et Vacances SA (VAC) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €3.72 versus a price of €1.87, about +99% upside (undervalued).
What is the fair value of VAC?
Our model-based fair value for Pierre et Vacances SA is €3.72 (as of Nov 6, 2026), built from audited fundamentals. The current price: €1.87.
What is the quality score of VAC?
Pierre et Vacances SA has a Quality Score of 47/100. 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 Pierre et Vacances SA (VAC)?
Our model-based price target is the fair value of €3.72 (as of Nov 6, 2026) from 18 valuation models. Cautious scenario €3.37, optimistic scenario €4.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Pierre et Vacances SA stock forecast for 2026?
Our models put fair value at €3.72, about +99% upside versus a price of €1.87 (undervalued). Cautious scenario €3.37, optimistic scenario €4.00. The calculation is refreshed regularly with new filings.
What is the revenue of Pierre et Vacances SA (VAC)?
Pierre et Vacances SA reported trailing-twelve-month revenue of about €1.9B (latest available figure, as of Nov 6, 2026).
What growth is priced into Pierre et Vacances SA (VAC)?
For today's price to be fair in a discounted-cash-flow model, Pierre et Vacances SA would have to grow free cash flow by -15.3 % per year for five years (discount rate 14.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of VAC use?
Our models discount Pierre et Vacances SA at 14.0 %: a base by market capitalisation (small), damped by beta 1.75, country premium for France. 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 Pierre et Vacances SA that is -15.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.0 %) and the same formula as our fair value.
How much growth has Pierre et Vacances SA (VAC) delivered so far?
Over the past 5 years revenue at Pierre et Vacances SA grew +9.8 % a year. The price currently implies free-cash-flow growth of -15.3 % 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 Pierre et Vacances SA (VAC) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Pierre et Vacances SA (-15.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pierre et Vacances SA (VAC)?
The free-cash-flow yield on the price is 26.02 %: that much free cash flow Pierre et Vacances SA produces per unit of market value. When it exceeds the discount rate of our models (14.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pierre et Vacances SA (VAC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pierre et Vacances SA it is €3.72 per share (as of Nov 6, 2026), against a price of €1.87. It is the blended result of 18 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Pierre et Vacances SA stock overvalued or undervalued in 2026?
As of Nov 6, 2026, VAC trades below its calculated fair value: price €1.87, fair value €3.72, a gap of about +99% (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 VAC?
No. The price is what the market pays today (€1.87); the fair value is what the company's own numbers justify (€3.72). For Pierre et Vacances SA the two are €1.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pierre et Vacances SA worth?
The market values Pierre et Vacances SA at about €866M (market capitalisation, as of Nov 6, 2026). Per share that is €1.87; our models calculate a fair value of €3.72 per share.
What do the bullish and bearish scenarios say about VAC?
Our models span a range for Pierre et Vacances SA: cautious scenario €3.37, base €3.72, optimistic €4.00 per share (as of Nov 6, 2026, price €1.87). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VAC?
Pierre et Vacances SA trades at a price-to-earnings ratio of 17.0 (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 €3.72 is built from several models across several years. Other multiples: PEG 0.5, P/S 0.5, EV/EBITDA 2.8.
What is the PEG ratio of VAC?
The PEG ratio of Pierre et Vacances SA is 0.46 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Pierre et Vacances SA (VAC)?
Balance-sheet figures for Pierre et Vacances SA (as of Nov 6, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is VAC from its 52-week high?
Pierre et Vacances SA trades at €1.87, about 6% below its 52-week high of €1.98 and 24% above the low of €1.52 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €3.72 is for.
Which stocks are comparable to Pierre et Vacances SA?
From the same area (Consumer Cyclical) we also value Marriott International, Inc, Hilton Worldwide Holdings, Hyatt Hotels Corporation, H World Group, 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 Pierre et Vacances SA stock attractive at the current price?
The data as of Nov 6, 2026: price €1.87, calculated fair value €3.72 (+99%), Quality Score 47/100, from 18 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 VAC calculated?
We run Pierre et Vacances SA through 18 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €3.72 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 13.3% above its aggregate fair value. Pierre et Vacances SA currently trades 50% 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 Pierre et Vacances SA (VAC)?
The closing price on Nov 6, 2026 was €1.87. Our model-based fair value is €3.72, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pierre et Vacances SA right now?
The large discount to fair value meets weak quality (47/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€3.37). The market is more pessimistic than our downside scenario.
Key figures of Pierre et Vacances SA
How large is the market capitalisation of Pierre et Vacances SA (VAC)?
The market capitalisation of Pierre et Vacances SA is €866M. 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 Pierre et Vacances SA (VAC)?
The price-to-sales ratio of Pierre et Vacances SA is 0.51 (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 Pierre et Vacances SA (VAC)?
Earnings per share at Pierre et Vacances SA are €0.1100 (price ÷ EPS = P/E 17.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pierre et Vacances SA (VAC)?
The net margin of Pierre et Vacances SA is 2.9% (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 EBIT return on assets of Pierre et Vacances SA (VAC)?
On an EBIT basis the return on assets of Pierre et Vacances SA is 3.9% (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 Pierre et Vacances SA (VAC)?
The operating margin of Pierre et Vacances SA is 0.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pierre et Vacances SA (VAC)?
Revenue at Pierre et Vacances SA is growing +3.0% versus a year earlier (3y avg +5.0%). 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 Pierre et Vacances SA (VAC)?
Earnings per share at Pierre et Vacances SA are growing +19.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pierre et Vacances SA (VAC) carry?
The net debt of Pierre et Vacances SA is €6.1B (fiscal year 2025, ≈ 27.1 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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Some data
Nov 6, 2026