Airport City Ltd (ARPT) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Airport City Ltd ILS 65.24, price ILS 53.37, upside +22.2%, quality 71 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 43.73 ILA – 81.21 ILA · fair‑value band 48.69 ILA – 91.49 ILA · the 53.37 ILA price screens below the 65.24 ILA fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Airport City Ltd., together with its subsidiaries, engages in leasing, development, and management of real estate properties in Israel, France, Spain, the Netherlands, and Germany. It operates through two segments, Property Rental and Management; and Construction of Buildings for Sale.
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Airport City Ltd., together with its subsidiaries, engages in leasing, development, and management of real estate properties in Israel, France, Spain, the Netherlands, and Germany. It operates through two segments, Property Rental and Management; and Construction of Buildings for Sale. The company initiates, locates, plans, constructs, leases, manages, and maintains properties intended for rental for various uses; and is involved in the development, construction, and marketing of residential units. It also operates real estate assets, such as central stations, including public transportation areas leased to transportation operators and commercial areas; commercial space for marketing, located mainly in shopping malls and shopping centers, and in power center complexes. In addition, the company engages in the operation of offices, gas stations, parking lots, as well as industry and storage for garages, storage buildings, industrial plants, and crafts purposes. Airport City Ltd. was incorporated in 1992 and is based in Petah Tikva, Israel.
Stock analysis
Airport City Ltd (ARPT) currently trades at 53.37 ILA, while our model-based Fair Value estimate is 65.24 ILA, implying the stock looks roughly 18.2% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 91.64 ILA per share, and 10 of the 14 models we run sit above the 53.37 ILA price.
Bear case: the Growth DCF group reads lowest at 49.36 ILA, and 4 of the 14 models stay below the price. Evidence for this calculation is high.
Scenario range: 48.69 ILA (bear) to 91.49 ILA (bull), the price of 53.37 ILA 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 71/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Airport City Ltd reported revenue of 1.2B ILS in FY2025 versus 824M ILS in FY2021, a compound +9.2%/yr. Reported net income was 758M ILS in FY2025, compounding −14.3%/yr from FY2021.
Key figures
Market cap 5.9B ILA · P/E ratio 8.3 · P/S ratio 5.35 · EPS (TTM) 6.46 ILA · Net margin 64.7% · Return on equity 7.4% · Return on assets (EBIT) 5.7% · Operating margin 72.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 7% 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 22%, ARPT screens cheaper than that median.
Fair Value models
Bear 48.69 ILAFair Value 65.24 ILABull 91.49 ILA
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (4.73 ILS 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.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.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.8%
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.
+9.0%
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.
+5.3%
Start year 2020 (pandemic). Over 10 years: +4.1% a year
Revenue growth 22 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.
+14.8%
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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.
≈ −9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4% vs 5%, slowing
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.37% → 69%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 88% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+14.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Israel: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +12.5% a year for the price.
Price, fair value, quality and upside side by side.
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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 Services · 546 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+22% · Above median
Profitability
Return on equity (TTM)7% · Above median
Return on assets3% · Above median
Net margin (TTM)64% · Top 25%
Operating margin (TTM)73% · Top 25%
Growth and dividend
Revenue growth1% · Below median
Balance sheet
Debt / equity0.57× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Airport City Ltd Fair Value". https://www.fairvalue-calculator.com/stock/ARPT
Frequently asked questions
Is Airport City Ltd (ARPT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 65.24 ILA versus a price of 53.37 ILA, about +22% upside (undervalued).
What is the fair value of ARPT?
Our model-based fair value for Airport City Ltd is 65.24 ILA (as of Sep 24, 2026), built from audited fundamentals. The current price: 53.37 ILA.
What is the quality score of ARPT?
Airport City Ltd has a Quality Score of 71/100. 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 Airport City Ltd (ARPT)?
Our model-based price target is the fair value of 65.24 ILA (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 48.69 ILA, optimistic scenario 91.49 ILA. It is a calculation from audited fundamentals, not an analyst target.
What is the Airport City Ltd stock forecast for 2026?
Our models put fair value at 65.24 ILA, about +22% upside versus a price of 53.37 ILA (undervalued). Cautious scenario 48.69 ILA, optimistic scenario 91.49 ILA. The calculation is refreshed regularly with new filings.
What is the revenue of Airport City Ltd (ARPT)?
Airport City Ltd reported trailing-twelve-month revenue of about 1.1B ILS (latest available figure, as of Sep 24, 2026).
What growth is priced into Airport City Ltd (ARPT)?
For today's price to be fair in a discounted-cash-flow model, Airport City Ltd would have to grow free cash flow by +14.9 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ARPT use?
Our models discount Airport City Ltd at 11.6 %: a base by market capitalisation (small), damped by beta 0.31, country premium for Israel. 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 Airport City Ltd that is +14.9 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Airport City Ltd (ARPT) delivered so far?
Over the past 5 years revenue at Airport City Ltd grew +5.3 % a year. The price currently implies +14.9 % 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 Airport City Ltd (ARPT) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Airport City Ltd (+14.9 % 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 Airport City Ltd (ARPT)?
The free-cash-flow yield on the price is 8.47 %: that much free cash flow Airport City Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Airport City Ltd (ARPT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Airport City Ltd it is 65.24 ILA per share (as of Sep 24, 2026), against a price of 53.37 ILA. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Airport City Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ARPT trades below its calculated fair value: price 53.37 ILA, fair value 65.24 ILA, a gap of about +22% (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 ARPT?
No. The price is what the market pays today (53.37 ILA); the fair value is what the company's own numbers justify (65.24 ILA). For Airport City Ltd the two are 11.87 ILA per share apart. That gap is exactly why we show both numbers side by side.
How much is Airport City Ltd worth?
The market values Airport City Ltd at about 5.9B ILA (market capitalisation, as of Sep 24, 2026). Per share that is 53.37 ILA; our models calculate a fair value of 65.24 ILA per share.
What do the bullish and bearish scenarios say about ARPT?
Our models span a range for Airport City Ltd: cautious scenario 48.69 ILA, base 65.24 ILA, optimistic 91.49 ILA per share (as of Sep 24, 2026, price 53.37 ILA). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ARPT?
Airport City Ltd trades at a price-to-earnings ratio of 8.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 65.24 ILA is built from several models across several years. Other multiples: P/B 0.2, P/S 1.7, EV/EBITDA 7.3.
How solid is the balance sheet of Airport City Ltd (ARPT)?
Balance-sheet figures for Airport City Ltd (as of Sep 24, 2026): return on equity 7.4%, debt of 0.57 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is ARPT from its 52-week high?
Airport City Ltd trades at 53.37 ILA, about 19% below its 52-week high of 66.00 ILA and 7% above the low of 50.00 ILA (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 65.24 ILA is for.
Which stocks are comparable to Airport City Ltd?
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 Airport City Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 53.37 ILA, calculated fair value 65.24 ILA (+22%), Quality Score 71/100, from 14 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 ARPT calculated?
We run Airport City Ltd through 14 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 65.24 ILA, 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. Airport City Ltd currently trades 22 % 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 Airport City Ltd (ARPT)?
The closing price on Sep 23, 2026 was 53.37 ILA. Our model-based fair value is 65.24 ILA, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Airport City Ltd right now?
A fairly wide model range (48.69 ILA to 91.49 ILA) 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.
Where does the earnings growth of Airport City Ltd (ARPT) come from?
Earnings per share at Airport City Ltd grew −0.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.3 %, EBIT margin −3.3 %, tax rate −0.5 %, residual (interest, one-offs) +2.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Airport City Ltd
How large is the market capitalisation of Airport City Ltd (ARPT)?
The market capitalisation of Airport City Ltd is 5.9B ILA. 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 Airport City Ltd (ARPT)?
The price-to-sales ratio of Airport City Ltd is 5.35 (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 Airport City Ltd (ARPT)?
Earnings per share at Airport City Ltd are 6.46 ILA (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Airport City Ltd (ARPT)?
The net margin of Airport City Ltd is 64.7% (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 Airport City Ltd (ARPT)?
The return on equity (ROE) of Airport City Ltd is 7.4% (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 Airport City Ltd (ARPT)?
On an EBIT basis the return on assets of Airport City Ltd is 5.7% (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 Airport City Ltd (ARPT)?
The operating margin of Airport City Ltd is 72.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Airport City Ltd (ARPT)?
Revenue at Airport City Ltd is growing +1.3% versus a year earlier (3y avg +9.0%). 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 Airport City Ltd (ARPT)?
Earnings per share at Airport City Ltd are growing +25.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Airport City Ltd (ARPT) carry?
The net debt of Airport City Ltd is 5.1B ILA (fiscal year 2025, ≈ 10.2 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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