Industrial and Infrastructure Fund Investment Corporation (2ES) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Industrial and Infrastructure Fund Investment Corporation €271, price €725, upside -62.7%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
In Frankfurt, only 0 of the last 21 trading days (30 days) had any turnover. On the other days the price is an indicative quote without trading, so we do not list this stock in the radar. It stays reachable through search.
IASome dataSep 30, 2026
Industrial and Infrastructure Fund Investment Corporation
2ES · F
Weakest SetupStrongly overvalued and low quality.
!Fair value €270.53 · Strongly overvalued (−62.7%)
!Quality 37/100
!Mixed Growth(revenue 5y +65.9 %/yr)
✓Highly profitable · 50.5% net margin (TTM)
✓Moderate debt · generates free cash flow
!Mixed vs. peers(6/11)
!Moderate moat53/100
!Evidence only medium, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range €535.86 – €1,344 · fair‑value band €248.97 – €293.24 · the €725.00 price screens above the €270.53 fair value. Dashed = 300-day average. As of Sep 30, 2026.
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Industrial and Infrastructure Fund Investment Corporation (?IIF?) is the first J-REIT focused on acquiring and operating both industrial and infrastructure properties in Japan-properties that play a vital role in the Japanese economy, and for which IIF expects to see stable demand in the mid to long term.
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Industrial and Infrastructure Fund Investment Corporation (?IIF?) is the first J-REIT focused on acquiring and operating both industrial and infrastructure properties in Japan-properties that play a vital role in the Japanese economy, and for which IIF expects to see stable demand in the mid to long term. With respect to industrial properties, IIF intends to invest in a diverse portfolio of properties, including manufacturing and research and development facilities.
Stock analysis
Industrial and Infrastructure Fund Investment Corporation (2ES) currently trades at €725.00, while our model-based Fair Value estimate is €270.53, 62.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of €346.48 per share, and 0 of the 14 models we run sit above the €725.00 price.
Bear case: the Growth DCF group reads lowest at €141.91, and 14 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: €248.97 (bear) to €293.24 (bull), the price of €725.00 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 37/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Industrial and Infrastructure Fund Investment Corporation reported revenue of ¥39.2B in FY2024 versus ¥22.0B in FY2020, a compound +15.5%/yr. Reported net income was ¥15.9B in FY2024, compounding +10.0%/yr from FY2020.
Key figures
Market cap €3.2B · P/E ratio 16.3 · P/S ratio 6.61 · EPS (TTM) €0.6990 · Net margin 40.6% · Return on equity 7.3% · Return on assets (EBIT) 3.5% · Revenue growth (YoY) +1.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −63%, 2ES screens richer than that median.
Fair Value models
Bear €248.97Fair Value €270.53Bull €293.24
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.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.
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.66/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+9.6%
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.
+10.3%
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.
+65.9%
Revenue growth 8 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.
+46.9%
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What shareholders gained per year (last 3 years), in JPY ⓘ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. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.9%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2024 ⓘ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.8% → 46%
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).
+46.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +43.4% a year for the price.
Compare Industrial and Infrastructure Fund Investment Corporation with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Residential & Commercial REITs” was too small, so the broader sector is used.)Real Estate · 1837 stocks
Beats the sector median on 6/11 measures
A mixed picture versus its sector peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−63.2% · Bottom 25%
Profitability
Return on equity (TTM)7.3% · Above median
Return on assets2.3% · Above median
Net margin (TTM)50.5% · Top 25%
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth1.7% · Above median
Balance sheet
Debt / equity1.01× · Highest 25%
Valuation Multiplesvs Real Estate median · lower = cheaper
P/E (TTM)16.3× · Pricier than median
P/FCF1.0× · Cheapest 25%
EV/EBITDA12.4× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 41
FUTURE (revenue growth)9· sector 9
PAST (return on equity)29· sector 16
HEALTH (low debt)50· sector 79
DIVIDEND (yield)0· sector 85
VALUE 0: the price sits above our fair-value range.
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). "Industrial and Infrastructure Fund Investment Corporation Fair Value". https://www.fairvalue-calculator.com/stock/2ES
Frequently asked questions
Is Industrial and Infrastructure Fund Investment Corporation (2ES) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of €270.53 versus a price of €725.00, about −63% upside (overvalued).
What is the fair value of 2ES?
Our model-based fair value for Industrial and Infrastructure Fund Investment Corporation is €270.53 (as of Sep 30, 2026), built from audited fundamentals. The current price: €725.00.
What is the quality score of 2ES?
Industrial and Infrastructure Fund Investment Corporation has a Quality Score of 37/100. 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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
Our model-based price target is the fair value of €270.53 (as of Sep 30, 2026) from 16 valuation models. Cautious scenario €248.97, optimistic scenario €293.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Industrial and Infrastructure Fund Investment Corporation stock forecast for 2026?
Our models put fair value at €270.53, about −63% upside versus a price of €725.00 (overvalued). Cautious scenario €248.97, optimistic scenario €293.24. The calculation is refreshed regularly with new filings.
What growth is priced into Industrial and Infrastructure Fund Investment Corporation (2ES)?
For today's price to be fair in a discounted-cash-flow model, Industrial and Infrastructure Fund Investment Corporation would have to grow free cash flow by +46.5 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +65.9 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of 2ES use?
Our models discount Industrial and Infrastructure Fund Investment Corporation at 8.3 %: a base by market capitalisation (mid), damped by beta 0.30, country premium for Germany. 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 Industrial and Infrastructure Fund Investment Corporation that is +46.5 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Industrial and Infrastructure Fund Investment Corporation (2ES) delivered so far?
Over the past 5 years revenue at Industrial and Infrastructure Fund Investment Corporation grew +65.9 % a year. The price currently implies +46.5 % 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 Industrial and Infrastructure Fund Investment Corporation (2ES) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Industrial and Infrastructure Fund Investment Corporation (+46.5 % 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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
The free-cash-flow yield on the price is 1.08 %: that much free cash flow Industrial and Infrastructure Fund Investment Corporation produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Industrial and Infrastructure Fund Investment Corporation (2ES)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Industrial and Infrastructure Fund Investment Corporation it is €270.53 per share (as of Sep 30, 2026), against a price of €725.00. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Industrial and Infrastructure Fund Investment Corporation stock overvalued or undervalued in 2026?
As of Sep 30, 2026, 2ES trades above its calculated fair value: price €725.00, fair value €270.53, a gap of about −63% (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 2ES?
No. The price is what the market pays today (€725.00); the fair value is what the company's own numbers justify (€270.53). For Industrial and Infrastructure Fund Investment Corporation the two are €454.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Industrial and Infrastructure Fund Investment Corporation worth?
The market values Industrial and Infrastructure Fund Investment Corporation at about €3.2B (market capitalisation, as of Sep 30, 2026). Per share that is €725.00; our models calculate a fair value of €270.53 per share.
What do the bullish and bearish scenarios say about 2ES?
Our models span a range for Industrial and Infrastructure Fund Investment Corporation: cautious scenario €248.97, base €270.53, optimistic €293.24 per share (as of Sep 30, 2026, price €725.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2ES?
Industrial and Infrastructure Fund Investment Corporation trades at a price-to-earnings ratio of 16.3 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €270.53 is built from several models across several years. Other multiples: EV/EBITDA 12.4.
How solid is the balance sheet of Industrial and Infrastructure Fund Investment Corporation (2ES)?
Balance-sheet figures for Industrial and Infrastructure Fund Investment Corporation (as of Sep 30, 2026): return on equity 7.3%, debt of 1.01 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 2ES from its 52-week high?
Industrial and Infrastructure Fund Investment Corporation trades at €725.00, about 11% below its 52-week high of €811.87 and 2% above the low of €709.78 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €270.53 is for.
Which stocks are comparable to Industrial and Infrastructure Fund Investment Corporation?
From the same area (Real Estate) we also value AREIT, MREIT, FILRT, DDMPR, 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 Industrial and Infrastructure Fund Investment Corporation stock attractive at the current price?
The data as of Sep 30, 2026: price €725.00, calculated fair value €270.53 (−63%), Quality Score 37/100, 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 2ES calculated?
We run Industrial and Infrastructure Fund Investment Corporation 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 €270.53, 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. Industrial and Infrastructure Fund Investment Corporation 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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
The closing price on Oct 1, 2026 was €725.00. Our model-based fair value is €270.53, about −63% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Industrial and Infrastructure Fund Investment Corporation right now?
The price sits above even our optimistic bull case (€293.24). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Industrial and Infrastructure Fund Investment Corporation
How large is the market capitalisation of Industrial and Infrastructure Fund Investment Corporation (2ES)?
The market capitalisation of Industrial and Infrastructure Fund Investment Corporation is €3.2B. 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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
The price-to-sales ratio of Industrial and Infrastructure Fund Investment Corporation is 6.61 (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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
Earnings per share at Industrial and Infrastructure Fund Investment Corporation are €0.6990 (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Industrial and Infrastructure Fund Investment Corporation (2ES)?
The net margin of Industrial and Infrastructure Fund Investment Corporation is 40.6% (fiscal year 2024). 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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
The return on equity (ROE) of Industrial and Infrastructure Fund Investment Corporation is 7.3% (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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
On an EBIT basis the return on assets of Industrial and Infrastructure Fund Investment Corporation is 3.5% (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.
How fast is revenue growing at Industrial and Infrastructure Fund Investment Corporation (2ES)?
Revenue at Industrial and Infrastructure Fund Investment Corporation is growing +1.7% versus a year earlier (3y avg +10.3%). 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 Industrial and Infrastructure Fund Investment Corporation (2ES)?
Earnings per share at Industrial and Infrastructure Fund Investment Corporation are growing +24.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Industrial and Infrastructure Fund Investment Corporation (2ES) carry?
The net debt of Industrial and Infrastructure Fund Investment Corporation is ¥257B (fiscal year 2024, ≈ 73.2 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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