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Züblin Immobilien Holding (0REW) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Züblin Immobilien Holding £21.63, price £49.30, upside -56.1%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Real Estate · GB · Home Switzerland · ISIN CH0312309682

ZI Some data Sep 24, 2026

Züblin Immobilien Holding

0REW · LSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value £21.63 · Strongly overvalued (−56.1%)
✓Quality 67/100
!Weak Growth (revenue 5y +1.4 %/yr)
✓Highly profitable · 76.4% net margin (TTM)
✓generates free cash flow
✓2.5% dividend yield · Sustainable
!Moderate moat 64/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£66.50 £18.45 Fair Value £21.63 Mar 2016 Oct 2026

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 £18.45 – £66.50 · fair‑value band £17.59 – £24.29 · the £49.30 price screens above the £21.63 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Züblin Immobilien Holding AG and its subsidiaries (together the Züblin Group) are focused on the management of the Group's real estate portfolio. As of 31 March 2025, the Züblin Group is solely operational in Switzerland and has employed four persons (31 March 2024: four persons).

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Züblin Immobilien Holding AG and its subsidiaries (together the Züblin Group) are focused on the management of the Group's real estate portfolio. As of 31 March 2025, the Züblin Group is solely operational in Switzerland and has employed four persons (31 March 2024: four persons). Züblin Immobilien Holding AG is a Swiss stock corporation domiciled at Hardturmstrasse 76, Zurich, Switzerland, and is the parent company of the Züblin Group. The company's shares are traded on the main segment of SIX Swiss Exchange.

Stock analysis

Züblin Immobilien Holding (0REW) currently trades at £49.30, while our model-based Fair Value estimate is £21.63, 56.1% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of £35.09 per share, and 0 of the 16 models we run sit above the £49.30 price.

Bear case: the Dividend Discount group reads lowest at £3.95, and 16 of the 16 models stay below the price. Evidence for this calculation is medium.

Scenario range: £17.59 (bear) to £24.29 (bull), the price of £49.30 sits above 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 67/100 (solid quality), in the Real Estate sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Züblin Immobilien Holding reported revenue of £9.8M in FY2026 versus £8.5M in FY2022, a compound +3.9%/yr. Reported net income was £7.5M in FY2026, compounding +5.9%/yr from FY2022.

Key figures

Market cap £163M · P/E ratio 0.3 · P/S ratio 0.22 · EPS (TTM) £1.80 · Dividend yield 2.5% · Net margin 76.4% · Return on equity 5.2% · Return on assets (EBIT) 2.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at −56%, 0REW screens richer than that median.

Fair Value models

Bear £17.59 Fair Value £21.63 Bull £24.29
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 2026 figures (about 6 months old). Earnings retained since then (£0.2803 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 £16.78 £20.18 £25.63 80
Growth DCF £17.11 £20.30 £25.04 77
Residual Income £28.92 £29.01 £29.88 76
All 16 models by family
DCF Models
FCF DCF £16.78 £20.18 £25.63 80
5Y Revenue Exit £16.31 £21.37 £28.70 71
5Y EBITDA Exit £20.67 £28.89 £39.78 73
10Y Revenue Exit £16.21 £19.56 £23.07 66
10Y EBITDA Exit £18.73 £23.53 £28.61 67
Dividend Discount
Gordon GGM £3.70 £3.95 £4.33 69
DDM Multi-Stage £3.70 £4.28 £5.01 67
Multiples
P/S Multiple £13.17 £17.56 £21.95 58
P/B Multiple £26.32 £35.09 £43.87 55
EV/EBIT £34.45 £44.69 £54.94 63
EV/EBITDA £27.58 £35.53 £43.48 64
EV/Revenue £16.96 £22.63 £28.30 52
Asset-Based
NCAV (Graham) £20.51 £27.49 £41.03 51
Growth DCF
Growth DCF £17.11 £20.30 £25.04 77
Rev-Margin DCF £15.96 £20.99 £27.01 71
Economic Profit
Residual Income £28.92 £29.01 £29.88 76

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Quality Score breakdown

Overall quality 67/100

Of which business quality 64 · Market factors (momentum, volatility) 60

Profitability 34
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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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 weak: less than 2 % a year.
Revenue growth 1 year
+4.4%
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.
+3.7%
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.
+1.4%
Start year 2021 (pandemic). Over 10 years: +2.2% 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.
−8.5%
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.
+5.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.4%
Dividend (yield on the price)2.5%
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.10.2% vs 8.8%, steady
Profit margin 2021 to 2026 ⓘ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.63% → 69%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 10.1%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+19.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +16.3% a year for the price.

0REW screens overvalued: fair value 56% below the price. Compare with Vingroup Joint Stock Company →

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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 · 520 stocks

Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 69 · Top 25%
Fair Value upside −55.9% · Bottom 25%
Profitability
Return on equity (TTM) 5.2% · Above median
Return on assets 1.7% · Below median
Net margin (TTM) 76.4% · Top 25%
Operating margin (TTM) 68.3% · Top 25%
Growth and dividend
Revenue growth 1.5% · Below median
Dividend yield (TTM) 2.5% · Below median

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/E (TTM) 0.3× · Cheapest 25%
P/FCF 38.6× · Priciest 25%

Context: sector, industry, 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

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 232,000 VND 25,731 VND −89%
CBRE Group CBRE $134.55 $91.06 −32%
KE Holdings 2423 HK$42.92 HK$17.16 −60%
Swire Properties Limited 1972 HK$24.32 HK$13.39 −45%
Cellnex Telecom, S.A CLNX €23.99 €23.94 +0%
Vonovia SE VNA €16.82 €36.55 +117%
Jones Lang LaSalle Incorporated JLL $308.07 $540.65 +75%
Wharf Real Estate Investment Company 1997 HK$30.54 HK$27.42 −10%
CoStar Group CSGP $26.95 $6.19 −77%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.00 HK$56.36 +52%

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Cite: Fair Value Calculator (2026). "Züblin Immobilien Holding Fair Value". https://www.fairvalue-calculator.com/stock/0REW

Frequently asked questions

Is Züblin Immobilien Holding (0REW) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of £21.63 versus a price of £49.30, about −56% upside (overvalued).
What is the fair value of 0REW?
Our model-based fair value for Züblin Immobilien Holding is £21.63 (as of Sep 24, 2026), built from audited fundamentals. The current price: £49.30.
What is the quality score of 0REW?
Züblin Immobilien Holding has a Quality Score of 67/100. 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 Züblin Immobilien Holding (0REW)?
Our model-based price target is the fair value of £21.63 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario £17.59, optimistic scenario £24.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Züblin Immobilien Holding stock forecast for 2026?
Our models put fair value at £21.63, about −56% upside versus a price of £49.30 (overvalued). Cautious scenario £17.59, optimistic scenario £24.29. The calculation is refreshed regularly with new filings.
What is the revenue of Züblin Immobilien Holding (0REW)?
Züblin Immobilien Holding reported trailing-twelve-month revenue of about £9.8M (latest available figure, as of Sep 24, 2026).
Does Züblin Immobilien Holding pay a dividend?
Züblin Immobilien Holding currently shows a dividend yield of about 2.54% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Züblin Immobilien Holding (0REW)?
For today's price to be fair in a discounted-cash-flow model, Züblin Immobilien Holding would have to grow free cash flow by +19.0 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0REW use?
Our models discount Züblin Immobilien Holding at 11.8 %: a base by market capitalisation (micro), damped by beta 0.01, country premium for United Kingdom. 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 Züblin Immobilien Holding that is +19.0 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Züblin Immobilien Holding (0REW) delivered so far?
Over the past 5 years revenue at Züblin Immobilien Holding grew +1.4 % a year. The price currently implies +19.0 % per year free-cash-flow growth a 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 Züblin Immobilien Holding (0REW) growing?
The median revenue growth in the sector is +9.6 % a year. That is the yardstick for the growth priced into Züblin Immobilien Holding (+19.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Züblin Immobilien Holding (0REW)?
The free-cash-flow yield on the price is 3.65 %: that much free cash flow Züblin Immobilien Holding produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Züblin Immobilien Holding (0REW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Züblin Immobilien Holding it is £21.63 per share (as of Sep 24, 2026), against a price of £49.30. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Züblin Immobilien Holding stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0REW trades above its calculated fair value: price £49.30, fair value £21.63, a gap of about −56% (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 0REW?
No. The price is what the market pays today (£49.30); the fair value is what the company's own numbers justify (£21.63). For Züblin Immobilien Holding the two are £27.67 per share apart. That gap is exactly why we show both numbers side by side.
How much is Züblin Immobilien Holding worth?
The market values Züblin Immobilien Holding at about £163M (market capitalisation, as of Sep 24, 2026). Per share that is £49.30; our models calculate a fair value of £21.63 per share.
What do the bullish and bearish scenarios say about 0REW?
Our models span a range for Züblin Immobilien Holding: cautious scenario £17.59, base £21.63, optimistic £24.29 per share (as of Sep 24, 2026, price £49.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0REW?
Züblin Immobilien Holding trades at a price-to-earnings ratio of 0.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £21.63 is built from several models across several years.
How solid is the balance sheet of Züblin Immobilien Holding (0REW)?
Balance-sheet figures for Züblin Immobilien Holding (as of Sep 24, 2026): return on equity 5.2%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 0REW from its 52-week high?
Züblin Immobilien Holding trades at £49.30, about 12% below its 52-week high of £55.80 and 12% above the low of £44.00 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £21.63 is for.
Which stocks are comparable to Züblin Immobilien Holding?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, 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 Züblin Immobilien Holding stock attractive at the current price?
The data as of Sep 24, 2026: price £49.30, calculated fair value £21.63 (−56%), Quality Score 67/100, 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 0REW calculated?
We run Züblin Immobilien Holding through 16 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 £21.63, 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. Züblin Immobilien Holding 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 Züblin Immobilien Holding (0REW)?
The closing price on Oct 2, 2026 was £49.30. Our model-based fair value is £21.63, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Züblin Immobilien Holding right now?
The price sits above even our optimistic bull case (£24.29). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Züblin Immobilien Holding (0REW) come from?
Earnings per share at Züblin Immobilien Holding grew +7.5 % a year from 2016 to 2026. Broken into its drivers: revenue per share +1.2 %, EBIT margin +7.7 %, tax rate −2.3 %, residual (interest, one-offs) +1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Züblin Immobilien Holding

How large is the market capitalisation of Züblin Immobilien Holding (0REW)?
The market capitalisation of Züblin Immobilien Holding is £163M. 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 Züblin Immobilien Holding (0REW)?
The price-to-sales ratio of Züblin Immobilien Holding is 0.22 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Züblin Immobilien Holding (0REW)?
Earnings per share at Züblin Immobilien Holding are £1.80 (price ÷ EPS = P/E 0.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Züblin Immobilien Holding (0REW)?
The dividend yield of Züblin Immobilien Holding is 2.5% (payout 69.4%). 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 Züblin Immobilien Holding (0REW)?
The net margin of Züblin Immobilien Holding is 76.4% (fiscal year 2026). 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 Züblin Immobilien Holding (0REW)?
The return on equity (ROE) of Züblin Immobilien Holding is 5.2% (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 Züblin Immobilien Holding (0REW)?
On an EBIT basis the return on assets of Züblin Immobilien Holding is 2.6% (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 Züblin Immobilien Holding (0REW)?
The operating margin of Züblin Immobilien Holding is 68.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Züblin Immobilien Holding (0REW)?
Revenue at Züblin Immobilien Holding is growing +1.5% versus a year earlier (3y avg +3.7%). 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 Züblin Immobilien Holding (0REW)?
Earnings per share at Züblin Immobilien Holding are growing −49.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Züblin Immobilien Holding (0REW) carry?
The net debt of Züblin Immobilien Holding is £58.9M (fiscal year 2026, ≈ 9.9 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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