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Immobel SA (0NC0) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Immobel SA €16.52, price €18.65, upside -11.4%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Broad data
Sep 24, 2026
Immobel SA
0NC0 · LSEOvervalued / MonitorQuality is not strong enough to offset the price risk.
!Fair value €16.52 · Overvalued (−11.4%)
✓Quality 65/100
!Weak Growth (revenue 5y −2.0 %/yr)
✓Solidly profitable · 14.5% net margin (TTM)
✓Moderate debt · generates free cash flow
!Moderate moat 50/100
!The models disagree: range €8.09 to €28.46
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €15.88 – €70.78 · fair‑value band €8.09 – €28.46 · the €18.65 price screens above the €16.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Immobel SA engages in the real estate development business in Belgium, France, Luxembourg, Germany, Poland, Spain, and the United Kingdom. Its portfolio consists of office, residential, mixed, and real estate projects. The company was formerly known as Allfin NV and changed its name to Immobel SA in June 2016.
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Immobel SA engages in the real estate development business in Belgium, France, Luxembourg, Germany, Poland, Spain, and the United Kingdom. Its portfolio consists of office, residential, mixed, and real estate projects. The company was formerly known as Allfin NV and changed its name to Immobel SA in June 2016. The company was incorporated in 1863 and is headquartered in Brussels, Belgium. Immobel SA is a subsidiary of A³ Capital NV.
Stock analysis
Immobel SA (0NC0) currently trades at €18.65, while our model-based Fair Value estimate is €16.52, 11.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of €93.22 per share, and 19 of the 19 models we run sit above the €18.65 price.
Bear case: the Asset-Based group reads lowest at €70.46, and 0 of the 19 models stay below the price. Evidence for this calculation is high.
Scenario range: €8.09 (bear) to €28.46 (bull), the price of €18.65 sits inside 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 65/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Immobel SA reported revenue of €329M in FY2025 versus €380M in FY2021, a compound −3.5%/yr. Reported net income was €48.4M in FY2025, compounding −14.8%/yr from FY2021.
Key figures
Market cap €84.9M · P/E ratio 0.0 · EPS (TTM) €9.25 · Net margin 14.7% · Return on equity 11.5% · Return on assets (EBIT) −0.7% · Operating margin 16.3% · Revenue (TTM) €334M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −11%, 0NC0 screens cheaper than that median.
Fair Value models
Bear €8.09
Fair Value €16.52
Bull €28.46
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€6.99 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.
Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF
€295.67
€457.62
€930.22
74
Residual Income
€85.63
€93.22
€108.59
74
Growth DCF
€270.09
€502.17
€864.71
73
All 21 models by family
DCF Models
FCF DCF
€295.67
€457.62
€930.22
74
Owner Earnings
€73.41
€247.82
€552.23
67
5Y Revenue Exit
€74.49
€138.75
€267.75
66
5Y EBITDA Exit
€79.45
€148.76
€281.91
69
5Y P/E Exit
€155.25
€393.44
€703.51
65
10Y Revenue Exit
€154.45
€311.52
€366.54
65
10Y EBITDA Exit
€159.41
€320.62
€552.11
63
10Y P/E Exit
€206.74
€459.71
€843.51
58
Earnings-Based
Graham-Dodd
€79.93
€557.39
€782.21
61
Lynch FV
€270.44
€386.35
€502.25
59
PEG = 1.0
€270.44
€386.35
€502.25
55
Multiples
P/E Multiple
€185.12
€246.83
€308.54
63
P/S Multiple
€119.61
€159.48
€199.35
58
P/B Multiple
€149.86
€199.81
€249.77
55
EV/EBIT
n/a
n/a
€23.60
61
EV/EBITDA
n/a
n/a
€5.56
62
Asset-Based
NCAV (Graham)
€52.58
€70.46
€105.16
54
Growth DCF
Growth DCF
€270.09
€502.17
€864.71
73
Rev-Margin DCF
€88.26
€174.83
€359.03
65
Economic Profit
Residual Income
€85.63
€93.22
€108.59
74
Growth Earnings
Growth-Adj P/E
€357.95
€511.35
€664.76
65
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Set up alert →Quality Score breakdown
Overall quality
65/100
Of which business quality 62 · Market factors (momentum, volatility) 26
Profitability
32
Margins and returns on capital today
Quality Growth
70
Are margins and returns improving?
Cashflow
100
Earnings quality: real cash, not paper profit
Fin. Strength
23
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
38
Calm price path (market factor)
Momentum
26
Price trend over the last 3–12 months (market factor)
52W Momentum
14
Distance to the 52-week high (market factor)
Net Issuance
67
Share count: buybacks or dilution?
Revenue & earnings trend
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.
40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−11.3%
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.
+13.1%
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.
−2.0%
Start year 2020 (pandemic). Over 10 years: +19.8% a year
Revenue growth 23 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.
+4.9%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
−12.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.6%
Dividend (yield on the price)0.0%
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.−12.6% vs 31.6%, slowing
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.9% → 8%
Start year 2020 (pandemic)
0NC0 screens overvalued: fair value 11% below the price. Compare with CHEMTECH →
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Frequently asked questions
Is Immobel SA (0NC0) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €16.52 versus a price of €18.65, about −11% upside (overvalued).
What is the fair value of 0NC0?
Our model-based fair value for Immobel SA is €16.52 (as of Sep 24, 2026), built from audited fundamentals. The current price: €18.65.
What is the quality score of 0NC0?
Immobel SA has a Quality Score of 65/100. 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 Immobel SA (0NC0)?
Our model-based price target is the fair value of €16.52 (as of Sep 24, 2026) from 21 valuation models. Cautious scenario €8.09, optimistic scenario €28.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Immobel SA stock forecast for 2026?
Our models put fair value at €16.52, about −11% upside versus a price of €18.65 (overvalued). Cautious scenario €8.09, optimistic scenario €28.46. The calculation is refreshed regularly with new filings.
What is the revenue of Immobel SA (0NC0)?
Immobel SA reported trailing-twelve-month revenue of about €334M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Immobel SA (0NC0)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Immobel SA it is €16.52 per share (as of Sep 24, 2026), against a price of €18.65. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Immobel SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0NC0 trades above its calculated fair value: price €18.65, fair value €16.52, a gap of about −11% (overvalued). 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 0NC0?
No. The price is what the market pays today (€18.65); the fair value is what the company's own numbers justify (€16.52). For Immobel SA the two are €2.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Immobel SA worth?
The market values Immobel SA at about €84.9M (market capitalisation, as of Sep 24, 2026). Per share that is €18.65; our models calculate a fair value of €16.52 per share.
What do the bullish and bearish scenarios say about 0NC0?
Our models span a range for Immobel SA: cautious scenario €8.09, base €16.52, optimistic €28.46 per share (as of Sep 24, 2026, price €18.65). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0NC0 from its 52-week high?
Immobel SA trades at €18.65, about 28% below its 52-week high of €25.75 and 1% above the low of €18.50 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €16.52 is for.
Which stocks are comparable to Immobel SA?
From the same area (Industrials) we also value CHEMTECH, INLCM, Contemporary Amperex Technology Co, Delta Electronics (Thailand) Public Company, 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 Immobel SA stock attractive at the current price?
The data as of Sep 24, 2026: price €18.65, calculated fair value €16.52 (−11%), Quality Score 65/100, from 21 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 0NC0 calculated?
We run Immobel SA through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €16.52, 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 14.5 % above its aggregate fair value. Immobel SA itself currently trades above fair value. 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 Immobel SA (0NC0)?
The closing price on Oct 1, 2026 was €18.65. Our model-based fair value is €16.52, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Immobel SA right now?
The model range is unusually wide (€8.09 to €28.46). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Immobel SA
How large is the market capitalisation of Immobel SA (0NC0)?
The market capitalisation of Immobel SA is €84.9M. 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/E ratio of Immobel SA (0NC0)?
The price-to-earnings ratio of Immobel SA is 0.0 (as of Jul 27, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What are the earnings per share of Immobel SA (0NC0)?
Earnings per share at Immobel SA are €9.25 (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Immobel SA (0NC0)?
The net margin of Immobel SA is 14.7% (fiscal year 2025). 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 Immobel SA (0NC0)?
The return on equity (ROE) of Immobel SA is 11.5% (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 Immobel SA (0NC0)?
On an EBIT basis the return on assets of Immobel SA is −0.7% (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 Immobel SA (0NC0)?
The operating margin of Immobel SA is 16.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Immobel SA (0NC0)?
Revenue at Immobel SA is growing −30.2% versus a year earlier (3y avg +13.1%). 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 Immobel SA (0NC0)?
Earnings per share at Immobel SA are growing −97.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Immobel SA (0NC0) generate?
The free cash flow of Immobel SA is €125M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Immobel SA (0NC0) carry?
The net debt of Immobel SA is €651M (fiscal year 2025, ≈ 5.2 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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