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Ascencio SA (ASCE) Fair Value & Analysis

Real Estate · BE · Market cap €358M

AS Ascencio SA ASCE · BR
Price€52.50
Fair Value€60.39
Upside+15.0%
Quality68/100
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Healthy Growth
Highly profitable · 58.6% net margin
Low debt · generates free cash flow
8.59% dividend yield
Ranks above peers (12/14)
Wide moat 67/100
Evidence: High Range €44.02 – €86.15 Share as image

Fair value as of: Jul 17, 2026

From 13 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from €63.24 to €60.39 (−4.5%) since Jun 26, 2026. Share price +2.1% over the past month.

A solid business, screening 15% undervalued on our models.

What matters now

  • A fairly wide model range (€44.02 to €86.15) 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.
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Price vs Fair Value (5 years)

€53.30 €32.50 Fair Value €60.39 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range €32.50 – €53.30 · fair‑value band €44.02 – €86.15 · the €52.50 price screens below the €60.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Ascencio SA (ASCE) currently trades at €52.50, while our model-based Fair Value estimate is €60.39, implying the stock looks roughly 15.0% undervalued today. The Quality Score stands at 68/100 (solid 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: high), always confirm before acting.

Over the trailing twelve months, Ascencio SA generated revenue of €62.3M at a net margin of 58.6%. Revenue declined 0.2% year over year. It earns a return on equity of 8.4%. Net debt stands at €294M. Fundamentals as of Jul 17, 2026

Our scenario range runs from €44.02 (bear case) to €86.15 (bull case); at €52.50, the current price sits within 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 2% below its 52-week high and 16% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -53% fair-value upside, at 15%, ASCE 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
Growth DCF €29.56 €51.37 €78.03 80
Residual Income €50.91 €53.18 €55.52 76
P/S Multiple €44.02 €58.69 €73.36 58
All 13 models by family
DCF Models
FCF DCF €28.91 €53.58 €85.51 38
5Y Revenue Exit €17.54 €40.67 €69.21 39
5Y EBITDA Exit €33.13 €69.22 €110.26 41
10Y Revenue Exit €20.57 €41.30 €67.36 36
10Y EBITDA Exit €30.68 €59.20 €95.42 37
Multiples
P/S Multiple €44.02 €58.69 €73.36 58
P/B Multiple €65.78 €87.71 €109.64 55
EV/EBIT €67.63 €100.82 €134.01 53
EV/EBITDA €45.34 €71.09 €96.85 54
EV/Revenue €12.31 €31.28 €50.24 43
Asset-Based
NCAV (Graham) €32.59 €43.67 €65.18 50
Growth DCF
Growth DCF €29.56 €51.37 €78.03 80
Economic Profit
Residual Income €50.91 €53.18 €55.52 76

Widest divergence: Multiples (€71.09) versus Asset-Based (€43.67). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €62.3M
Revenue growth (YoY) -0.2%
Net margin 58.6%
Return on equity 8.4%
Free cash flow €45.8M FY2025
P/E ratio 9.4
More key figures
Operating margin 65.5%
EPS (TTM) €5.53
Dividend yield 8.6%
EPS growth (YoY) +4.6%
Net debt €294M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 66 · Market factors (momentum, volatility) 65

Profitability 38
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 59
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

Ascencio SA is a company incorporated under Belgian law, specializing in real estate investment commercial, and more particularly supermarkets and retail parks. The Company is present in Belgium, France and Spain, respectively under the statuses of SIR, SIIC and SOCIMI.

Full company description

Ascencio SA is a company incorporated under Belgian law, specializing in real estate investment commercial, and more particularly supermarkets and retail parks. The Company is present in Belgium, France and Spain, respectively under the statuses of SIR, SIIC and SOCIMI. With its multidisciplinary team, it manages its assets and its relationships with its retail tenants by adopting a responsible attitude, particularly in terms of sustainability. The fair value of his portfolio is approximately 770 million euros spread across nearly 100 real estate assets with a total surface area of approximately 450,000 m, generating rental income of around 54 million euros per year. Ascencio SA is listed on Euronext Brussels. Its market capitalization was 350 million euros as of December 31, 2025. Ascencio SA was incorporated in 2006 in Belgium.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ascencio SA reported revenue of €62.4M in FY2025 versus €53.2M in FY2021, a compound +4.1%/yr. Reported net income was €35.6M in FY2025, compounding −6.0%/yr from FY2021.

Growth Quality 71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€62.4M
Latest YoY
+1.4%
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.
+4.1%
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.
+3.9%
Avg. growth/yr (18Y) 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.
+8.8%
Revenue +4.1%/yr
FY21 €53.2M
FY22 €55.2M
FY23 €60.1M
FY24 €61.5M
FY25 €62.4M
Net income −6.0%/yr
FY21 €45.7M
FY22 €90.7M
FY23 €33.8M
FY24 €25.5M
FY25 €35.6M
Character of growth · EPS growth decomposed (2014-2025) +1.1 % p.a.
Revenue per share +3.2 pp

of which total revenue +4.5 pp · buybacks/dilution −1.3 pp

EBIT margin −2.0 pp
Tax rate +0.3 pp
Residual (interest, one-offs) −0.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Ascencio SA Fair Value". https://www.fairvalue-calculator.com/stock/ASCE

Peer Group

REIT - Retail · 107 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 70 · Top 25%
Fair Value upside +15% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 59% · Above median
Operating margin (TTM) 66% · Above median
Revenue growth -0% · Below median
Dividend yield (TTM) 8.6% · Top 25%
Debt / equity 0.50× · Lower than median

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/E (TTM) 9.4× · Cheaper than median
P/B 0.92× · Cheaper than median
P/S (TTM) 6.65× · Pricier than median
P/FCF 9.0× · Cheaper than median
EV/EBITDA 14.3× · Cheaper 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 53 · sector 9
FUTURE 0 · sector 22
PAST 33 · sector 30
HEALTH 75 · sector 66
DIVIDEND 100 · sector 100

Insider activity: 40/100

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 REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

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Frequently asked questions

Is Ascencio SA (ASCE) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €60.39 versus a price of €52.50, about +15% (undervalued).
What is the fair value of ASCE?
Our model-based fair value for Ascencio SA is €60.39 (as of Jul 17, 2026), built from audited fundamentals. The current price is €52.50.
What is the quality score of ASCE?
Ascencio SA has a Quality Score of 68/100. 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 Ascencio SA (ASCE)?
Ascencio SA reported trailing-twelve-month revenue of about €62.3M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of ASCE?
The net profit margin of Ascencio SA is about 58.6%, meaning it keeps roughly 58.6% of revenue as net income. Based on the latest reported figures.
Does Ascencio SA pay a dividend?
Ascencio SA currently shows a dividend yield of about 8.83% relative to its recent price (as of Jul 17, 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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