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Adler Group (ADJ) Fair Value & Analysis

Real Estate · DE · Market cap €20.5M

AG Adler Group ADJ · XETRA
Price€0.1320
Fair Value€0.3380
Upside+156.1%
Quality21/100
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Weak Growth
Loss-making · -69.9% net margin
High debt · negative free cash flow
Trails peers (4/11)
Narrow moat 9/100
Evidence: Low Range €0.2520 – €0.5030 Share as image

Fair value as of: Jul 18, 2026

From 1 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from €0.3690 to €0.3380 (−8.4%) since Jun 26, 2026. Share price −6.0% over the past month.

Below-average quality, screening 156% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (21/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (€0.2520). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (€0.2520 to €0.5030) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€26.22 €0.1102 Fair Value €0.3380 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range €0.1102 – €26.22 · fair‑value band €0.2520 – €0.5030 · the €0.1320 price screens below the €0.3380 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Adler Group (ADJ) currently trades at €0.1320, while our model-based Fair Value estimate is €0.3380, implying the stock looks roughly 156.1% undervalued today. The Quality Score stands at 21/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, Adler Group generated revenue of €481M at a net margin of -69.9%. It earns a return on equity of -42.5%. Net debt stands at €3.9B. Fundamentals as of Jul 18, 2026

Our scenario range runs from €0.2520 (bear case) to €0.5030 (bull case); at €0.1320, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 51% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 156%, ADJ screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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. Evidence
Highest evidence
NCAV (Graham) €0.4100 €0.5500 €0.8200 50
All 1 models by family
Asset-Based
NCAV (Graham) €0.4100 €0.5500 €0.8200 50

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Key figures & financial health

Revenue (TTM) €481M
Revenue growth (YoY) +313%
Net margin -69.9%
Return on equity -42.5%
Free cash flow −€125M FY2025
Operating margin -0.2%
More key figures
EPS growth (YoY) +60.0%
Net debt €3.9B FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 21/100

Of which business quality 19 · Market factors (momentum, volatility) 11

Profitability 0
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 14
Calm price path (market factor)
Momentum 11
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Adler Group S.A. engages in the purchase, development, and management of multi-family residential real estate properties in Germany. It operates through Residential property Management, Privatisation, Adler RE, and Consus segments.

Full company description

Adler Group S.A. engages in the purchase, development, and management of multi-family residential real estate properties in Germany. It operates through Residential property Management, Privatisation, Adler RE, and Consus segments. The company is involved in renting and managing residential properties, including modernization and maintenance of properties, management of tenancy agreements, and marketing of residential units. It also engages in holding, operation, and sale of residential and commercial units; modernization, maintenance, and management of non-vacant units; and development of urban middle-income houses, as well as invests in residential properties. The company was formerly known as ADO Properties S.A. and changed its name to Adler Group S.A. in September 2020. Adler Group S.A. was founded in 2006 and is based in Luxembourg, Luxembourg.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Adler Group reported revenue of €317M in FY2025 versus €1.1B in FY2021, a compound −27.4%/yr. Reported net income was −€487M in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€317M
Latest YoY
−19.2%
Avg. growth/yr (3Y) 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.
−24.4%
Avg. growth/yr (5Y) 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.
−16.0%
Avg. growth/yr (13Y) 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.
+26.0%
Revenue −27.4%/yr
FY21 €1.1B
FY22 €734M
FY23 €445M
FY24 €392M
FY25 €317M
Net income
FY21 −€1.2B
FY22 −€1.6B
FY23 −€1.7B
FY24 €874M
FY25 −€487M

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Cite: Fair Value Calculator (2026). "Adler Group Fair Value". https://www.fairvalue-calculator.com/stock/ADJ

Peer Group

Real Estate Services · 520 stocks

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.

Quality Score 19 · Bottom 25%
Fair Value upside +158% · Top 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) -70% · Bottom 25%
Operating margin (TTM) -2% · Bottom 25%
Revenue growth 313% · Top 25%
Debt / equity 27.17× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/B 0.19× · Cheaper than 75% of peers
P/S (TTM) 0.05× · Cheaper than 75% of peers
PEG 1.95× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 37
FUTURE 100 · sector 10
PAST 0 · sector 16
HEALTH 0 · sector 85
DIVIDEND 0 · sector 49

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
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KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Adler Group (ADJ) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of €0.3380 versus a price of €0.1320, about +156% (undervalued).
What is the fair value of ADJ?
Our model-based fair value for Adler Group is €0.3380 (as of Jul 18, 2026), built from audited fundamentals. The current price is €0.1320.
What is the quality score of ADJ?
Adler Group has a Quality Score of 21/100. 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 revenue of Adler Group (ADJ)?
Adler Group reported trailing-twelve-month revenue of about €481M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ADJ?
The net profit margin of Adler Group is about -69.9%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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