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Blue Square Real Estate Ltd (BLSR) Fair Value & Analysis

Real Estate · Il · Market cap 3.7B ILA

BS Blue Square Real Estate Ltd BLSR · TA
Price300.30 ILA
Fair Value299.99 ILA
Upside-0.1%
Quality43/100
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Expensive Growth
Highly profitable · 135.7% net margin
Moderate debt · generates free cash flow
0.09% dividend yield
Mixed vs. peers (7/14)
Moderate moat 60/100
Evidence: High Range 224.99 ILA – 374.99 ILA Share as image

Fair value as of: Jul 19, 2026

From 20 valuation models · updated 19 days ago

Share price −6.2% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • 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)

450.08 ILA 130.24 ILA Fair Value 299.99 ILA Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 130.24 ILA – 450.08 ILA · fair‑value band 224.99 ILA – 374.99 ILA · the 300.30 ILA price screens above the 299.99 ILA fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Blue Square Real Estate Ltd (BLSR) currently trades at 300.30 ILA, while our model-based Fair Value estimate is 299.99 ILA, implying the stock looks roughly 0.1% fairly valued today. We read business quality at 43/100 (below-average 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 595M ILA. Revenue declined 4.0% year over year. It earns a return on equity of 18.9%. Net debt stands at 5.5B ILA. Fundamentals as of Jul 19, 2026

Our scenario range runs from 224.99 ILA (bear case) to 374.99 ILA (bull case); at 300.30 ILA, 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. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 0%, BLSR 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 BearBaseBull Evidence
Highest evidence
Growth DCF 31.03 ILA 80
Residual Income 394.92 ILA 515.84 ILA 1,603 ILA 76
Gordon GGM 194.38 ILA 387.32 ILA 586.52 ILA 70
All 20 models by family
DCF Models
FCF DCF 39.29 ILA 38
Owner Earnings 140.25 ILA 394.50 ILA 784.63 ILA 31
5Y EBITDA Exit 73.99 ILA 258.46 ILA 41
5Y P/E Exit 310.76 ILA 828.52 ILA 1,396 ILA 38
10Y EBITDA Exit 16.57 ILA 193.19 ILA 37
10Y P/E Exit 138.21 ILA 538.19 ILA 1,069 ILA 35
Earnings-Based
Graham-Dodd 425.78 ILA 1,549 ILA 2,090 ILA 54
Lynch FV 368.18 ILA 525.97 ILA 683.76 ILA 50
PEG = 1.0 368.18 ILA 525.97 ILA 683.76 ILA 46
Dividend Discount
Gordon GGM 194.38 ILA 387.32 ILA 586.52 ILA 70
DDM Multi-Stage 194.38 ILA 334.73 ILA 408.85 ILA 61
Multiples
P/E Multiple 939.23 ILA 1,252 ILA 1,565 ILA 63
P/S Multiple 86.54 ILA 115.38 ILA 144.23 ILA 58
P/B Multiple 782.16 ILA 1,043 ILA 1,304 ILA 55
EV/EBIT 79.71 ILA 199.90 ILA 320.08 ILA 53
EV/EBITDA 78.81 ILA 168.73 ILA 54
Asset-Based
NCAV (Graham) 173.81 ILA 232.91 ILA 347.62 ILA 50
Growth DCF
Growth DCF 31.03 ILA 80
Economic Profit
Residual Income 394.92 ILA 515.84 ILA 1,603 ILA 76
Growth Earnings
Growth-Adj P/E 674.64 ILA 963.77 ILA 1,253 ILA 68

Widest divergence: Growth Earnings (963.77 ILA) versus Multiples (199.90 ILA). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 591M ILA
Revenue growth (YoY) -2.9%
Net margin 136%
Return on equity 19.9%
Free cash flow 137M ILA FY2025
P/E ratio 4.6
More key figures
Operating margin 59.8%
EPS (TTM) 65.73 ILA
Dividend yield 0.1%
EPS growth (YoY) +48.5%
Net debt 5.5B ILA FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 46 · Market factors (momentum, volatility) 32

Profitability 44
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 10
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

Blue Square Real Estate Ltd provides real estate services in Israel. It leases commercial spaces, including shopping centers and small retail complexes, logistics, and offices.

Full company description

Blue Square Real Estate Ltd provides real estate services in Israel. It leases commercial spaces, including shopping centers and small retail complexes, logistics, and offices. The company also offers innovation, development, and improvement of commercial properties, shopping malls, logistics centers, and office towers, as well as undertakes residential, mixed-use, and urban renewal and projects. In addition, it provides It offers residential construction services. The company was incorporated in 2005 and is based in Tel Aviv-Yafo, Israel. Blue Square Real Estate Ltd is a subsidiary of Alon Blue Square Israel Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Blue Square Real Estate Ltd reported revenue of 563M ILA in FY2025 versus 383M ILA in FY2021, a compound +10.1%/yr. Reported net income was 764M ILA in FY2025, compounding +8.3%/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)
563M ILS
Latest YoY
−11.9%
Avg. growth/yr (3Y)
+9.8%
Avg. growth/yr (5Y)
+12.6%
Avg. growth/yr (19Y)
+8.7%
Revenue +10.1%/yr
FY21 383M ILA
FY22 426M ILA
FY23 543M ILA
FY24 639M ILA
FY25 563M ILA
Net income +8.3%/yr
FY21 556M ILA
FY22 296M ILA
FY23 634M ILA
FY24 653M ILA
FY25 764M ILA

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Cite: Fair Value Calculator (2026). "Blue Square Real Estate Ltd Fair Value". https://www.fairvalue-calculator.com/stock/BLSR

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 43 · Below median
Fair Value upside −0% · Below median
Return on equity (TTM) 20% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) 136% · Top 25%
Operating margin (TTM) 60% · Top 25%
Revenue growth -3% · Below median
Dividend yield (TTM) 0.1% · Below median
Debt / equity 1.00× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 4.6× · Cheaper than 75% of peers
P/B 0.28× · Cheaper than 75% of peers
P/S (TTM) 2.03× · Pricier than median
P/FCF 8.7× · Pricier than median
EV/EBITDA 12.4× · 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 33 · sector 39
FUTURE 0 · sector 10
PAST 80 · sector 16
HEALTH 50 · sector 85
DIVIDEND 2 · sector 49

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 19, 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 Blue Square Real Estate Ltd (BLSR) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 299.99 ILA versus a price of 300.30 ILA, about −0% (fairly valued).
What is the fair value of BLSR?
Our model-based fair value for Blue Square Real Estate Ltd is 299.99 ILA (as of Jul 19, 2026), built from audited fundamentals. The current price is 300.30 ILA.
What is the quality score of BLSR?
Blue Square Real Estate Ltd has a Quality Score of 43/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Blue Square Real Estate Ltd (BLSR)?
Blue Square Real Estate Ltd reported trailing-twelve-month revenue of about 595M ILS (latest available figure, as of Jul 19, 2026).
What is the net profit margin of BLSR?
The net profit margin of Blue Square Real Estate Ltd is about 128.4%, meaning it keeps roughly 128.4% 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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