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Ble Kedros REIC (BLEKEDROS) Fair Value & Analysis

Real Estate · GR · Market cap €180M

BK Ble Kedros REIC BLEKEDROS · AT
Price€4.50
Fair Value€3.88
Upside-13.8%
Quality66/100
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Expensive Growth
Highly profitable · 123.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/14)
Moderate moat 60/100
Evidence: High Range €2.89 – €4.87 Share as image

Fair value as of: Jul 25, 2026

From 15 valuation models · updated 16 days ago

Share price +0.7% over the past month.

A solid business, but screening 14% overvalued on our models.

What matters now

  • Solid but not exceptional quality (66/100) 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 (4 years)

€4.50 €1.70 Fair Value €3.88 Jun 2022 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

50‑month range €1.70 – €4.50 · fair‑value band €2.89 – €4.87 · the €4.50 price screens above the €3.88 fair value. Dashed = 300-day average. As of Jul 25, 2026.

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Analysis

Ble Kedros REIC (BLEKEDROS) currently trades at €4.50, while our model-based Fair Value estimate is €3.88, implying the stock looks roughly 13.8% overvalued today. The Quality Score stands at 66/100 (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).

Trailing-twelve-month revenue stands at €10.9M. Revenue declined 37.5% year over year. It earns a return on equity of 11.0%. Net debt stands at €3.7M. Fundamentals as of Jul 25, 2026

Our scenario range runs from €2.89 (bear case) to €4.87 (bull case); at €4.50, 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 near its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -14%, BLEKEDROS 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 €2.86 €4.49 €7.15 80
Residual Income €2.56 €2.76 €3.08 76
Gordon GGM €1.54 €2.58 €3.35 70
All 15 models by family
DCF Models
FCF DCF €2.99 €4.31 €7.61 38
5Y Revenue Exit €2.17 €3.38 €5.63 39
5Y EBITDA Exit €3.11 €5.42 €9.52 41
10Y Revenue Exit €2.41 €3.86 €5.48 36
10Y EBITDA Exit €3.01 €5.36 €9.50 37
Dividend Discount
Gordon GGM €1.54 €2.58 €3.35 70
DDM Multi-Stage €1.54 €2.45 €2.78 61
Multiples
P/S Multiple €1.32 €1.75 €2.19 58
P/B Multiple €4.23 €5.64 €7.05 55
EV/EBIT €4.22 €5.50 €6.79 53
EV/EBITDA €3.34 €4.34 €5.33 54
EV/Revenue €1.69 €2.25 €2.82 43
Asset-Based
NCAV (Graham) €1.58 €2.11 €3.16 50
Growth DCF
Growth DCF €2.86 €4.49 €7.15 80
Economic Profit
Residual Income €2.56 €2.76 €3.08 76

Widest divergence: Growth DCF (€4.49) versus Asset-Based (€2.11). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €10.9M
Revenue growth (YoY) -37.5%
Net margin 123%
Return on equity 11.0%
Free cash flow €9.6M FY2025
P/E ratio 13.5
More key figures
Operating margin 84.7%
EPS (TTM) €0.3300
EPS growth (YoY) +71.7%
Net debt €3.7M FY2024

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

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 75

Profitability 44
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 80
Distance to the 52-week high (market factor)
Net Issuance 93
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

Ble Kedros REIC operates in the field of real estate investment, development, and management activities. The company was founded in 2014 and is based in Athens, Greece.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ble Kedros REIC reported revenue of €10.9M in FY2025 versus €4.8M in FY2021, a compound +23.0%/yr. Reported net income was €13.4M in FY2025, compounding −10.2%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€10.9M
Latest YoY
−25.5%
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.
+20.7%
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.
+25.7%
Revenue +23.0%/yr
FY21 €4.8M
FY22 €6.2M
FY23 €6.7M
FY24 €14.6M
FY25 €10.9M
Net income −10.2%/yr
FY21 €20.6M
FY22 €1.9M
FY23 €7.7M
FY24 €9.1M
FY25 €13.4M

BLEKEDROS screens 14% overvalued. Compare with Goodman Group →

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Cite: Fair Value Calculator (2026). "Ble Kedros REIC Fair Value". https://www.fairvalue-calculator.com/stock/BLEKEDROS

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 65 · Top 25%
Fair Value upside −14% · Above median
Return on equity (TTM) 11% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 123% · Top 25%
Operating margin (TTM) 85% · Top 25%
Revenue growth -38% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 13.5× · Pricier than median
P/B 1.63× · Pricier than 75% of peers
P/S (TTM) 19.05× · Pricier than 75% of peers
P/FCF 21.6× · Pricier than 75% of peers
EV/EBITDA 21.1× · 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 15 · sector 13
FUTURE 0 · sector 13
PAST 44 · sector 20
HEALTH 100 · sector 72
DIVIDEND 0 · sector 97

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 Ble Kedros REIC (BLEKEDROS) overvalued or undervalued?
As of Jul 25, 2026, our model estimates a fair value of €3.88 versus a price of €4.50, about −14% (overvalued).
What is the fair value of BLEKEDROS?
Our model-based fair value for Ble Kedros REIC is €3.88 (as of Jul 25, 2026), built from audited fundamentals. The current price is €4.50.
What is the quality score of BLEKEDROS?
Ble Kedros REIC has a Quality Score of 66/100. 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 Ble Kedros REIC (BLEKEDROS)?
Ble Kedros REIC reported trailing-twelve-month revenue of about €10.9M (latest available figure, as of Jul 25, 2026).
What is the net profit margin of BLEKEDROS?
The net profit margin of Ble Kedros REIC is about 123.0%, meaning it keeps roughly 123.0% of revenue as net income. Based on the latest reported figures.

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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