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Allreal Holding (ALLN) Fair Value & Analysis

Real Estate · CH · Market cap CHF 3.5B

AH Allreal Holding ALLN · SW
PriceCHF 208.00
Fair ValueCHF 153.39
Upside-26.3%
Quality61/100
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Weak Growth
Highly profitable · 50.2% net margin
Moderate debt · generates free cash flow
3.30% dividend yield
Mixed vs. peers (6/15)
Wide moat 66/100
Evidence: High Range CHF 128.91 – CHF 153.39 Share as image

Fair value as of: Jul 15, 2026

From 16 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from CHF 153.31 to CHF 153.39 (+0.1%) since Jun 26, 2026. Share price −2.1% over the past month.

A solid business, but screening 26% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (CHF 153.39). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) 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.
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Price vs Fair Value (5 years)

CHF 232.77 CHF 118.45 Fair Value CHF 153.39 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range CHF 118.45 – CHF 232.77 · fair‑value band CHF 128.91 – CHF 153.39 · the CHF 208.00 price screens above the CHF 153.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Allreal Holding (ALLN) currently trades at CHF 208.00, while our model-based Fair Value estimate is CHF 153.39, implying the stock looks roughly 26.3% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Allreal Holding generated revenue of CHF 437M at a net margin of 50.2%. Revenue grew 4.2% year over year. It earns a return on equity of 8.1%. Net debt stands at CHF 2.7B. Fundamentals as of Jul 15, 2026

Our scenario range runs from CHF 128.91 (bear case) to CHF 153.39 (bull case); at CHF 208.00, the current price sits above 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 11% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at -26%, ALLN screens richer 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 BearBaseBull Evidence
Highest evidence
Growth DCF CHF 47.57 80
Residual Income CHF 136.99 CHF 146.29 CHF 161.21 76
Rev-Margin DCF CHF 8.89 CHF 63.59 74
All 16 models by family
DCF Models
FCF DCF CHF 51.40 38
5Y Revenue Exit CHF 6.77 CHF 68.71 39
5Y EBITDA Exit CHF 37.24 CHF 110.71 41
10Y Revenue Exit CHF 36.81 36
10Y EBITDA Exit CHF 16.67 CHF 63.30 37
Dividend Discount
Gordon GGM CHF 61.48 CHF 74.02 CHF 87.28 70
DDM Multi-Stage CHF 61.48 CHF 80.63 CHF 103.72 61
Multiples
P/S Multiple CHF 128.91 CHF 171.88 CHF 214.85 58
P/B Multiple CHF 169.31 CHF 225.75 CHF 282.18 55
EV/EBIT CHF 55.20 CHF 115.55 CHF 175.89 53
EV/EBITDA CHF 15.37 CHF 62.44 CHF 109.51 54
EV/Revenue CHF 16.80 CHF 59.59 43
Asset-Based
NCAV (Graham) CHF 83.12 CHF 111.38 CHF 166.24 50
Growth DCF
Growth DCF CHF 47.57 80
Rev-Margin DCF CHF 8.89 CHF 63.59 74
Economic Profit
Residual Income CHF 136.99 CHF 146.29 CHF 161.21 76

Widest divergence: Economic Profit (CHF 146.29) versus Growth DCF (CHF 8.89). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) CHF 437M
Revenue growth (YoY) +4.2%
Net margin 50.2%
Return on equity 8.1%
Free cash flow CHF 156M FY2025
P/E ratio 15.8
More key figures
Operating margin 39.0%
EPS (TTM) CHF 13.28
Dividend yield 3.4%
EPS growth (YoY) -28.9%
Net debt CHF 2.7B FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 57 · Market factors (momentum, volatility) 62

Profitability 36
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 82
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

Allreal Holding AG, through its subsidiaries, operates as a real estate company in Switzerland. It operates in two segments, Real Estate and Development & Realisation. The company invests in residential and commercial properties. It also offers portfolio management, operational, and building management services.

Full company description

Allreal Holding AG, through its subsidiaries, operates as a real estate company in Switzerland. It operates in two segments, Real Estate and Development & Realisation. The company invests in residential and commercial properties. It also offers portfolio management, operational, and building management services. In addition, the company provides project development, and consulting services; and sells condominiums. Additionally, it is involved in planning, execution of construction projects, and buying and developing real estate projects and developing sites; maintenance of technical systems; renovation activities; and implementation of own and third-party construction projects, as well as acquires plots of land. Allreal Holding AG was founded in 1999 and is based in Opfikon, Switzerland.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Allreal Holding reported revenue of CHF 437M in FY2025 versus CHF 553M in FY2021, a compound −5.7%/yr. Reported net income was CHF 219M in FY2025, compounding +4.7%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
CHF 437M
Latest YoY
+4.0%
Avg. growth/yr (3Y)
−4.5%
Avg. growth/yr (5Y)
−3.3%
Avg. growth/yr (20Y)
−1.3%
Revenue −5.7%/yr
FY21 CHF 553M
FY22 CHF 502M
FY23 CHF 428M
FY24 CHF 420M
FY25 CHF 437M
Net income +4.7%/yr
FY21 CHF 183M
FY22 CHF 155M
FY23 CHF 65.2M
FY24 CHF 211M
FY25 CHF 219M

ALLN screens 26% overvalued. Compare with Vingroup Joint Stock Company →

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Cite: Fair Value Calculator (2026). "Allreal Holding Fair Value". https://www.fairvalue-calculator.com/stock/ALLN

Peer Group

Real Estate Services · 521 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 62 · Above median
Fair Value upside −26% · Below median
Return on equity (TTM) 8% · Above median
Return on assets 2% · Below median
Net margin (TTM) 50% · Top 25%
Operating margin (TTM) 39% · Above median
Revenue growth 4% · Above median
Dividend yield (TTM) 3.3% · Above median
Debt / equity 0.76× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 16.0× · Pricier than median
P/B 1.58× · Pricier than 75% of peers
P/S (TTM) 9.94× · Pricier than 75% of peers
P/FCF 27.8× · Pricier than 75% of peers
EV/EBITDA 35.1× · Pricier than 75% of peers
PEG 6.23× · Pricier than 75% of peers

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 0 · sector 37
FUTURE 21 · sector 10
PAST 33 · sector 16
HEALTH 62 · sector 85
DIVIDEND 66 · sector 49

VALUE 0: the price sits above our fair-value range.

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 15, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
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 Allreal Holding (ALLN) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of CHF 153.39 versus a price of CHF 208.00, about −26% (overvalued).
What is the fair value of ALLN?
Our model-based fair value for Allreal Holding is CHF 153.39 (as of Jul 15, 2026), built from audited fundamentals. The current price is CHF 208.00.
What is the quality score of ALLN?
Allreal Holding has a Quality Score of 61/100. 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 Allreal Holding (ALLN)?
Allreal Holding reported trailing-twelve-month revenue of about CHF 437M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of ALLN?
The net profit margin of Allreal Holding is about 50.2%, meaning it keeps roughly 50.2% of revenue as net income. Based on the latest reported figures.
Does Allreal Holding pay a dividend?
Allreal Holding currently shows a dividend yield of about 3.37% relative to its recent price (as of Jul 15, 2026).

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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