First Avenue Real Estate Development Company (9610) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of First Avenue Real Estate Development Company stock SAR 2.29, price SAR 1.97, upside +16.1%, quality 48 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.
How to read this chart
24‑month range 1.97 SAR – 7.24 SAR · fair‑value band 1.67 SAR – 3.79 SAR · the 1.97 SAR price screens below the 2.29 SAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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First Avenue Real Estate Development Company invests in and develops of real estate properties for the private sector in the Kingdom of Saudi Arabia.
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It engages in the construction and renovation of residential and non-residential buildings, such as schools, hospitals, hotels, etc.; demolition and removal of buildings and others; real estate brokerage; real estate development of commercial buildings; real estate marketing, management, and analysis; and property and real estate facilities management.
The company was incorporated in 2017 and is headquartered in Riyadh, the Kingdom of Saudi Arabia.
Stock analysis
First Avenue Real Estate Development Company (9610) currently trades at 1.97 SAR, while our model-based Fair Value estimate is 2.29 SAR, implying the stock looks roughly 13.9% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 3.70 SAR per share, and 5 of the 9 models we run sit above the 1.97 SAR price.
Bear case: the Dividend Discount group reads lowest at 0.7700 SAR, and 4 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.67 SAR (bear) to 3.79 SAR (bull), the price of 1.97 SAR 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 48/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
First Avenue Real Estate Development Company reported revenue of 327M SAR in FY2025 versus 205M SAR in FY2021, a compound +12.4%/yr. Reported net income was 111M SAR in FY2025, compounding +21.7%/yr from FY2021.
Key figures
Market cap 570M SAR (≈ $152M) Micro · P/E ratio 13.1 · P/S ratio 2.40 · EPS (TTM) 0.1500 SAR · Dividend yield 3.6% · Net margin 18.8% · Return on equity 6.4% · Return on assets (EBIT) 11.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The share trades about 64% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at 16%, 9610 screens cheaper than that median.
Fair Value models
Bear1.67 SARFair Value 2.29 SARBull3.79 SAR
Price 1.97 SAR · Upside +16.1%
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 (0.1245 SAR 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.
Best data coverage
Residual Income1.96 SAR2.69 SAR4.46 SAR73
Gordon GGM0.4900 SAR0.8100 SAR1.04 SAR68
DDM Multi-Stage0.4900 SAR0.7700 SAR0.8700 SAR67
All 9 models by family
Dividend Discount
Gordon GGM0.4900 SAR0.8100 SAR1.04 SAR68
DDM Multi-Stage0.4900 SAR0.7700 SAR0.8700 SAR67
Multiples
P/S Multiple4.97 SAR6.62 SAR8.28 SAR58
P/B Multiple2.78 SAR3.70 SAR4.63 SAR55
EV/EBIT2.68 SAR3.93 SAR5.17 SAR62
EV/EBITDA1.85 SAR2.81 SAR3.78 SAR63
EV/Revenue1.01 SAR1.89 SAR2.77 SAR49
Asset-Based
NCAV (Graham)0.1000 SAR0.1500 SAR0.1800 SAR52
Economic Profit
Residual Income1.96 SAR2.69 SAR4.46 SAR73
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+18.7%
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.
+16.7%
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.
+35.9%
Start year 2020 (pandemic)
’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. Basis: EBIT basis.
≈ −38.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−41.6%
Dividend (yield on the price)3.6%
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.23% → 20%
⚠ Rate on operating basis: 2025 sits 69% above its own trend.
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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 - Development · 574 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside+16.1% · Below median
Profitability
Return on equity (12 months)6.4% · Above median
Return on assets11.6% · Top 25%
Net margin (12 months)18.8% · Above median
Operating margin (12 months)−1.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)−32.7% · Below median
Dividend yield (12 months)3.6% · Above median
Valuation Multiplesvs Real Estate - Development 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). "First Avenue Real Estate Development Company Fair Value". https://www.fairvalue-calculator.com/stock/9610
Frequently asked questions
Is First Avenue Real Estate Development Company (9610) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of 2.29 SAR versus a price of 1.97 SAR, about +16% upside (undervalued).
What is the fair value of 9610?
Our model-based fair value for First Avenue Real Estate Development Company is 2.29 SAR (as of Oct 28, 2026), built from audited fundamentals. The current price: 1.97 SAR.
What is the quality score of 9610?
First Avenue Real Estate Development Company has a Quality Score of 48/100. 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 First Avenue Real Estate Development Company (9610)?
Our model-based price target is the fair value of 2.29 SAR (as of Oct 28, 2026) from 9 valuation models. Cautious scenario 1.67 SAR, optimistic scenario 3.79 SAR. It is a calculation from audited fundamentals, not an analyst target.
What is the First Avenue Real Estate Development Company stock forecast for 2026?
Our models put fair value at 2.29 SAR, about +16% upside versus a price of 1.97 SAR (undervalued). Cautious scenario 1.67 SAR, optimistic scenario 3.79 SAR. The calculation is refreshed regularly with new filings.
What is the revenue of First Avenue Real Estate Development Company (9610)?
First Avenue Real Estate Development Company reported trailing-twelve-month revenue of about 231M SAR (latest available figure, as of Oct 28, 2026).
Does First Avenue Real Estate Development Company pay a dividend?
First Avenue Real Estate Development Company currently shows a dividend yield of 3.57% relative to its recent price (as of Oct 28, 2026).
What is the intrinsic value of First Avenue Real Estate Development Company (9610)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Avenue Real Estate Development Company it is 2.29 SAR per share (as of Oct 28, 2026), against a price of 1.97 SAR. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is First Avenue Real Estate Development Company stock overvalued or undervalued in 2026?
As of Oct 28, 2026, 9610 trades below its calculated fair value: price 1.97 SAR, fair value 2.29 SAR, a gap of about +16% (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 9610?
No. The price is what the market pays today (1.97 SAR); the fair value is what the company's own numbers justify (2.29 SAR). For First Avenue Real Estate Development Company the two are 0.3170 SAR per share apart. That gap is exactly why we show both numbers side by side.
How much is First Avenue Real Estate Development Company worth?
The market values First Avenue Real Estate Development Company at about 570M SAR (market capitalisation, as of Oct 28, 2026). Per share that is 1.97 SAR; our models calculate a fair value of 2.29 SAR per share.
What do the bullish and bearish scenarios say about 9610?
Our models span a range for First Avenue Real Estate Development Company: cautious scenario 1.67 SAR, base 2.29 SAR, optimistic 3.79 SAR per share (as of Oct 28, 2026, price 1.97 SAR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9610?
First Avenue Real Estate Development Company trades at a price-to-earnings ratio of 13.1 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.29 SAR is built from several models across several years. Other multiples: P/B 1.1, P/S 2.4.
How solid is the balance sheet of First Avenue Real Estate Development Company (9610)?
Balance-sheet figures for First Avenue Real Estate Development Company (as of Oct 28, 2026): return on equity 6.4%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 9610 from its 52-week high?
First Avenue Real Estate Development Company trades at 1.97 SAR, about 64% below its 52-week high of 5.46 SAR and at the low of 1.97 SAR (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of 2.29 SAR is for.
Which stocks are comparable to First Avenue Real Estate Development Company?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, Vinhomes Joint Stock Company, CK Asset Holdings, Hongkong Land Holdings, 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 First Avenue Real Estate Development Company stock attractive at the current price?
The data as of Oct 28, 2026: price 1.97 SAR, calculated fair value 2.29 SAR (+16%), Quality Score 48/100, from 9 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 9610 calculated?
We run First Avenue Real Estate Development Company through 9 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 2.29 SAR, 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 13.1 % above its aggregate fair value. First Avenue Real Estate Development Company currently trades 14 % 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 First Avenue Real Estate Development Company (9610)?
The closing price on Oct 29, 2026 was 1.97 SAR. Our model-based fair value is 2.29 SAR, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Avenue Real Estate Development Company right now?
A fairly wide model range (1.67 SAR to 3.79 SAR) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of First Avenue Real Estate Development Company
How large is the market capitalisation of First Avenue Real Estate Development Company (9610)?
The market capitalisation of First Avenue Real Estate Development Company is 570M SAR (≈ $152M). 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 First Avenue Real Estate Development Company (9610)?
The price-to-sales ratio of First Avenue Real Estate Development Company is 2.40 (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 First Avenue Real Estate Development Company (9610)?
Earnings per share at First Avenue Real Estate Development Company are 0.1500 SAR (price ÷ EPS = P/E 13.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Avenue Real Estate Development Company (9610)?
The dividend yield of First Avenue Real Estate Development Company is 3.6% (payout 46.9%). 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 First Avenue Real Estate Development Company (9610)?
The net margin of First Avenue Real Estate Development Company is 18.8% (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 First Avenue Real Estate Development Company (9610)?
The return on equity (ROE) of First Avenue Real Estate Development Company is 6.4% (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 First Avenue Real Estate Development Company (9610)?
On an EBIT basis the return on assets of First Avenue Real Estate Development Company is 11.0% (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 First Avenue Real Estate Development Company (9610)?
The operating margin of First Avenue Real Estate Development Company is −1.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Avenue Real Estate Development Company (9610)?
Revenue at First Avenue Real Estate Development Company is growing −32.7% versus a year earlier (3y avg +16.7%). 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 First Avenue Real Estate Development Company (9610)?
Earnings per share at First Avenue Real Estate Development Company are growing +35.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does First Avenue Real Estate Development Company (9610) generate?
The free cash flow of First Avenue Real Estate Development Company is −258M SAR (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 First Avenue Real Estate Development Company (9610) carry?
The net debt of First Avenue Real Estate Development Company is 299M SAR (fiscal year 2024). 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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Oct 28, 2026