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Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. (BIF) Fair Value & Analysis

Real Estate · HU · Market cap 70.5B HUF

BI Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. BIF · BUD
Price275.00 HUF
Fair Value476.36 HUF
Upside+73.2%
Quality62/100
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Healthy Growth
Highly profitable · 72.6% net margin
Low debt · generates free cash flow
3.85% dividend yield
Ranks above peers (10/14)
Wide moat 71/100
Evidence: High Range 356.27 HUF – 1,049 HUF Share as image

Fair value as of: Jul 25, 2026

From 14 valuation models · updated 16 days ago

Share price +1.9% over the past month.

A solid business, screening 73% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (356.27 HUF). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (356.27 HUF to 1,049 HUF). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
  • 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)

721.79 HUF 152.56 HUF Fair Value 476.36 HUF Oct 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 25, 2026.

How to read this chart

60‑month range 152.56 HUF – 721.79 HUF · fair‑value band 356.27 HUF – 1,049 HUF · the 275.00 HUF price screens below the 476.36 HUF fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 25, 2026.

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Analysis

Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. (BIF) currently trades at 275.00 HUF, while our model-based Fair Value estimate is 476.36 HUF, implying the stock looks roughly 73.2% undervalued today. The Quality Score stands at 62/100 (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, Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. generated revenue of 14.9B HUF at a net margin of 72.6%. Revenue grew 16.4% year over year. It earns a return on equity of 13.2%. Net debt stands at 1.1B HUF. Fundamentals as of Jul 25, 2026

Our scenario range runs from 356.27 HUF (bear case) to 1,049 HUF (bull case); at 275.00 HUF, 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 35% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at 73%, BIF 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 341.38 HUF 662.33 HUF 1,280 HUF 80
Residual Income 294.11 HUF 356.91 HUF 798.68 HUF 76
Rev-Margin DCF 293.13 HUF 574.70 HUF 997.97 HUF 74
All 14 models by family
DCF Models
FCF DCF 358.70 HUF 595.83 HUF 1,286 HUF 38
5Y Revenue Exit 293.13 HUF 536.39 HUF 1,012 HUF 39
5Y EBITDA Exit 356.83 HUF 673.48 HUF 1,255 HUF 41
10Y Revenue Exit 301.34 HUF 612.88 HUF 964.29 HUF 36
10Y EBITDA Exit 356.79 HUF 734.93 HUF 1,429 HUF 37
Multiples
P/S Multiple 263.94 HUF 351.92 HUF 439.90 HUF 58
P/B Multiple 469.44 HUF 625.92 HUF 782.40 HUF 55
EV/EBIT 459.22 HUF 611.80 HUF 764.39 HUF 53
EV/EBITDA 361.72 HUF 481.81 HUF 601.89 HUF 54
EV/Revenue 253.93 HUF 362.12 HUF 470.32 HUF 43
Asset-Based
NCAV (Graham) 156.48 HUF 209.68 HUF 312.96 HUF 50
Growth DCF
Growth DCF 341.38 HUF 662.33 HUF 1,280 HUF 80
Rev-Margin DCF 293.13 HUF 574.70 HUF 997.97 HUF 74
Economic Profit
Residual Income 294.11 HUF 356.91 HUF 798.68 HUF 76

Widest divergence: DCF Models (612.88 HUF) versus Asset-Based (209.68 HUF). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 14.9B HUF
Revenue growth (YoY) +16.4%
Net margin 72.6%
Return on equity 13.2%
Free cash flow 6.2B HUF FY2025
P/E ratio 6.5
More key figures
Operating margin 48.5%
EPS (TTM) 39.31 HUF
Dividend yield 3.9%
EPS growth (YoY) +5.9%
Net debt 1.1B HUF FY2025

Figures from reported company fundamentals · as of Jul 25, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 62 · Market factors (momentum, volatility) 34

Profitability 46
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 38
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 66
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

Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. engages in the property development business in Hungary. Its properties consists of office buildings, parking garages, construction lots, residential properties, and hotels. The company develops office and residential buildings and land conversions; and rents, operates, manages, and sells properties.

Full company description

Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. engages in the property development business in Hungary. Its properties consists of office buildings, parking garages, construction lots, residential properties, and hotels. The company develops office and residential buildings and land conversions; and rents, operates, manages, and sells properties. The company was founded in 1994 and is based in Budapest, Hungary. Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. is a subsidiary of PIÓ 21 Kft.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. reported revenue of 14.9B HUF in FY2025 versus 4.9B HUF in FY2021, a compound +31.9%/yr. Reported net income was 10.8B HUF in FY2025, compounding +6.9%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
14.9B HUF
Latest YoY
+11.3%
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.
+13.1%
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.
+19.2%
Avg. growth/yr (7Y) 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.
+21.6%
Revenue +31.9%/yr
FY21 4.9B HUF
FY22 10.3B HUF
FY23 8.2B HUF
FY24 13.4B HUF
FY25 14.9B HUF
Net income +6.9%/yr
FY21 8.3B HUF
FY22 10.0B HUF
FY23 10.6B HUF
FY24 10.8B HUF
FY25 10.8B HUF

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Cite: Fair Value Calculator (2026). "Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. Fair Value". https://www.fairvalue-calculator.com/stock/BIF

Peer Group

REIT - Diversified · 165 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 +73% · Top 25%
Return on equity (TTM) 13% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 73% · Top 25%
Operating margin (TTM) 48% · Below median
Revenue growth 16% · Top 25%
Dividend yield (TTM) 3.9% · Below median
Debt / equity 0.19× · Lower than 75% of peers

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 6.5× · Cheaper than 75% of peers
P/B 0.82× · Pricier than median
P/S (TTM) 4.73× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 9.2× · Cheaper 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 100 · sector 13
FUTURE 82 · sector 13
PAST 53 · sector 20
HEALTH 91 · sector 72
DIVIDEND 77 · sector 97

Insider activity: 45/100

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 - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 25, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $76.69 $35.59 -54%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. (BIF) overvalued or undervalued?
As of Jul 25, 2026, our model estimates a fair value of 476.36 HUF versus a price of 275.00 HUF, about +73% (undervalued).
What is the fair value of BIF?
Our model-based fair value for Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. is 476.36 HUF (as of Jul 25, 2026), built from audited fundamentals. The current price is 275.00 HUF.
What is the quality score of BIF?
Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. 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 revenue of Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. (BIF)?
Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. reported trailing-twelve-month revenue of about 14.9B HUF (latest available figure, as of Jul 25, 2026).
What is the net profit margin of BIF?
The net profit margin of Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. is about 72.6%, meaning it keeps roughly 72.6% of revenue as net income. Based on the latest reported figures.
Does Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. pay a dividend?
Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. currently shows a dividend yield of about 3.85% relative to its recent price (as of Jul 25, 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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