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Altus Group Limited (AIF) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Altus Group Limited C$39.74, price C$44.47, upside -10.6%, quality 62 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
  3. Add to watchlist

Real Estate · CA · ISIN CA02215R1073

AG Some data Sep 23, 2026

Altus Group Limited

AIF · TO

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value C$39.74 · Overvalued (−11%)
!Quality 62/100
!Weak Growth (revenue 5y −2.2 %/yr)
!Loss-making · -3.0% net margin (TTM)
Low debt · generates free cash flow
·1.35% dividend yield
!Trails peers (3/14)
!Narrow moat 29/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 19 out of 100
!Weak on future: 19 out of 100

What runs behind every stock

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

Price vs Fair Value

C$68.03 C$36.69 Fair Value C$39.74 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range C$36.69 – C$68.03 · fair‑value band C$29.07 – C$52.91 · the C$44.47 price screens above the C$39.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Altus Group Limited provides commercial real estate (CRE) intelligence in Canada, the United States, the United Kingdom, France, rest of EMEA, Australia, and rest of the Asia Pacific. It operates through Analytics; and Appraisals and Development Advisory segments. The Analytics segment portfolio includes software, VMS, data, and services.

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Altus Group Limited provides commercial real estate (CRE) intelligence in Canada, the United States, the United Kingdom, France, rest of EMEA, Australia, and rest of the Asia Pacific. It operates through Analytics; and Appraisals and Development Advisory segments. The Analytics segment portfolio includes software, VMS, data, and services. The Appraisals and Development Advisory comprise services in the areas of commercial property valuation appraisals and commercial development advisory; and offers services in the areas of construction feasibility studies, budgeting, cost and loan monitoring, and construction project management. It also provides ARGUS Intelligence, a software product for cash flow and valuation modeling, performance monitoring, analysis, and management; Forbury for valuation use cases; Fairways Debt for CRE treasury and investment management; ARGUS Taliance for fund management; and ARGUS Developer and ARGUS EstateMaster for development management and modeling. In addition, the company offers VMS, a software-enabled, third-party service for recurring appraisals on CRE investment portfolios; Altus Data Studio and Reonomy for market data and analytics tools to support acquisition, investment, and development decisions; implementation, training, and education for its software products; and strategic advisory on end-to-end CRE technology and operations. Altus Group Limited was incorporated in 2005 and is headquartered in Toronto, Canada.

Stock analysis

Altus Group Limited (AIF) currently trades at C$44.47, while our model-based Fair Value estimate is C$39.74, implying the stock looks roughly 11.9% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of C$38.67 per share, and 0 of the 11 models we run sit above the C$44.47 price.

Bear case: the Asset-Based group reads lowest at C$8.59, and 11 of the 11 models stay below the price. Evidence for this calculation is medium.

Scenario range: C$29.07 (bear) to C$52.91 (bull), the price of C$44.47 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 62/100 (solid quality), in the Real Estate sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Altus Group Limited reported revenue of C$503M in FY2025 versus C$625M in FY2021, a compound −5.3%/yr. Reported net income was −C$15.9M in FY2025.

Key figures

Market cap C$2.0B (≈ $1.4B) · P/S ratio 3.19 · EPS (TTM) C$−0.0300 · Dividend yield 1.3% · Net margin −3.2% · Return on equity −0.1% · Return on assets (EBIT) 5.6% · Operating margin 9.5%.

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 28% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −11%, AIF screens cheaper than that median.

Fair Value models

Bear C$29.07 Fair Value C$39.74 Bull C$52.91
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. 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 C$29.51 C$39.69 C$53.39 81
Growth DCF C$29.62 C$38.40 C$49.46 80
5Y EBITDA Exit C$28.68 C$40.73 C$54.69 76
All 11 models by family
DCF Models
FCF DCF C$29.51 C$39.69 C$53.39 81
5Y Revenue Exit C$20.00 C$24.41 C$29.65 74
5Y EBITDA Exit C$28.68 C$40.73 C$54.69 76
10Y Revenue Exit C$23.52 C$28.28 C$34.13 68
10Y EBITDA Exit C$28.76 C$38.67 C$51.69 69
Multiples
EV/EBIT C$19.42 C$23.42 C$27.42 66
EV/EBITDA C$30.78 C$38.57 C$46.35 67
EV/Revenue C$14.05 C$16.88 C$19.71 54
Asset-Based
NCAV (Graham) C$6.41 C$8.59 C$12.82 54
Growth DCF
Growth DCF C$29.62 C$38.40 C$49.46 80
Rev-Margin DCF C$20.00 C$24.76 C$30.41 74

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Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 37

Profitability 17
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 94
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. 15/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−3.2%
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.
−11.9%
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.
−2.2%
Start year 2020 (pandemic). Over 10 years: +1.9% a year
Revenue growth 27 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.
+7.5%
Profit margin (trend) 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.
11.6% (2018) → 5.2% (2025)
What shareholders gained per year We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+14.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect Analysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +12.0% a year for the price and +1.0% for the forecasts.
Forecast 2026 (sales)−10.1%
Forecast 2027 (sales)+7.9%
Projected 2028 (sales)+7.2%
Projected 2029 (sales)+6.4%
Projected 2030 (sales)+5.7%

AIF screens 12% overvalued. Compare with Vingroup Joint Stock Company →

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Peer GroupHow 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 · 546 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 62 · Top 25%
Fair Value upside −11% · Below median
Profitability
Return on assets 3% · Top 25%
Net margin (TTM) −3% · Bottom 25%
Operating margin (TTM) 9% · Below median
Growth and dividend
Revenue growth 4% · Above median
Dividend yield (TTM) 1.3% · Bottom 25%
Balance sheet
Debt / equity 0.34× · Above median

Valuation Multiplesvs Real Estate Services median · lower = cheaper

P/B 3.02× · book value is mostly goodwill Goodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 2.74× · Pricier than median
P/FCF 17.7× · Priciest 25%
EV/EBITDA 14.4× · Pricier than median
PEG 4.15× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)19 · sector 37
FUTURE (revenue growth)19 · sector 12
PAST (return on equity)0 · sector 16
HEALTH (low debt)83 · sector 83
DIVIDEND (yield)27 · sector 65

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.

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Vingroup Joint Stock Company VIC 236,000 VND 25,731 VND −89%
CBRE Group CBRE $141.05 $89.43 −37%
Vonovia SE VNA €17.37 €36.67 +111%
Cellnex Telecom, S.A CLNX €25.33 €23.78 −6%
KE Holdings 2423 HK$42.78 HK$17.18 −60%
Jones Lang LaSalle Incorporated JLL $335.36 $530.17 +58%
Swire Properties Limited 1972 HK$24.40 HK$13.50 −45%
CoStar Group CSGP $28.77 $6.17 −79%
China Resources Mixc Lifestyle Services Limited 1209 HK$37.44 HK$56.43 +51%
CapitaLand Investment Limited 9CI 2.62 SGD 0.5000 SGD −81%

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Cite: Fair Value Calculator (2026). "Altus Group Limited Fair Value". https://www.fairvalue-calculator.com/stock/AIF

Frequently asked questions

Is Altus Group Limited (AIF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of C$39.74 versus a price of C$44.47, about −11% upside (overvalued).
What is the fair value of AIF?
Our model-based fair value for Altus Group Limited is C$39.74 (as of Sep 23, 2026), built from audited fundamentals. The current price: C$44.47.
What is the quality score of AIF?
Altus Group Limited has a Quality Score of 62/100. 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 Altus Group Limited (AIF)?
Our model-based price target is the fair value of C$39.74 (as of Sep 23, 2026) from 11 valuation models. Cautious scenario C$29.07, optimistic scenario C$52.91. It is a calculation from audited fundamentals, not an analyst target.
What is the Altus Group Limited stock forecast for 2026?
Our models put fair value at C$39.74, about −11% upside versus a price of C$44.47 (overvalued). Cautious scenario C$29.07, optimistic scenario C$52.91. The calculation is refreshed regularly with new filings.
What is the revenue of Altus Group Limited (AIF)?
Altus Group Limited reported trailing-twelve-month revenue of about C$507M (latest available figure, as of Sep 23, 2026).
Does Altus Group Limited pay a dividend?
Altus Group Limited currently shows a dividend yield of about 1.35% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Altus Group Limited (AIF)?
For today's price to be fair in a discounted-cash-flow model, Altus Group Limited would have to grow free cash flow by +14.4 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of AIF use?
Our models discount Altus Group Limited at 10.5 %: a base by market capitalisation (small), damped by beta 0.82, country premium for Canada. 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 Altus Group Limited that is +14.4 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Altus Group Limited (AIF) delivered so far?
Over the past 5 years revenue at Altus Group Limited grew -2.2 % a year. The price currently implies +14.4 % 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 Altus Group Limited (AIF) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Altus Group Limited (+14.4 % 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 Altus Group Limited (AIF)?
The free-cash-flow yield on the price is 4.01 %: that much free cash flow Altus Group Limited produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Altus Group Limited (AIF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Altus Group Limited it is C$39.74 per share (as of Sep 23, 2026), against a price of C$44.47. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Altus Group Limited stock overvalued or undervalued in 2026?
As of Sep 23, 2026, AIF trades above its calculated fair value: price C$44.47, fair value C$39.74, 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 AIF?
No. The price is what the market pays today (C$44.47); the fair value is what the company's own numbers justify (C$39.74). For Altus Group Limited the two are C$4.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Altus Group Limited worth?
The market values Altus Group Limited at about C$2.0B (market capitalisation, as of Sep 23, 2026). Per share that is C$44.47; our models calculate a fair value of C$39.74 per share.
What do the bullish and bearish scenarios say about AIF?
Our models span a range for Altus Group Limited: cautious scenario C$29.07, base C$39.74, optimistic C$52.91 per share (as of Sep 23, 2026, price C$44.47). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of AIF?
The PEG ratio of Altus Group Limited is 4.15 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Altus Group Limited (AIF)?
Balance-sheet figures for Altus Group Limited (as of Sep 23, 2026): return on equity −0.1%, debt of 0.34 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is AIF from its 52-week high?
Altus Group Limited trades at C$44.47, about 28% below its 52-week high of C$61.76 and 16% above the low of C$38.49 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of C$39.74 is for.
Which stocks are comparable to Altus Group Limited?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Altus Group Limited stock attractive at the current price?
The data as of Sep 23, 2026: price C$44.47, calculated fair value C$39.74 (−11%), Quality Score 62/100, from 11 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 AIF calculated?
We run Altus Group Limited through 11 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 C$39.74, 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 14.1 % above its aggregate fair value. Altus Group Limited 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 Altus Group Limited (AIF)?
The closing price on Sep 23, 2026 was C$44.47. Our model-based fair value is C$39.74, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Altus Group Limited right now?
A fairly wide model range (C$29.07 to C$52.91) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Altus Group Limited

How large is the market capitalisation of Altus Group Limited (AIF)?
The market capitalisation of Altus Group Limited is C$2.0B (≈ $1.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Altus Group Limited (AIF)?
The price-to-sales ratio of Altus Group Limited is 3.19 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Altus Group Limited (AIF)?
Earnings per share at Altus Group Limited are C$−0.0300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Altus Group Limited (AIF)?
The dividend yield of Altus Group Limited is 1.3%. 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 Altus Group Limited (AIF)?
The net margin of Altus Group Limited is −3.2% (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 Altus Group Limited (AIF)?
The return on equity (ROE) of Altus Group Limited is −0.1% (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 Altus Group Limited (AIF)?
On an EBIT basis the return on assets of Altus Group Limited is 5.6% (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 Altus Group Limited (AIF)?
The operating margin of Altus Group Limited is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Altus Group Limited (AIF)?
Revenue at Altus Group Limited is growing +3.7% versus a year earlier (3y avg −11.9%). 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 Altus Group Limited (AIF)?
Earnings per share at Altus Group Limited are growing +33.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Altus Group Limited (AIF) hold?
Altus Group Limited holds more cash than debt, C$197M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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