Boston Properties Inc. (BOXP34) Fair Value & Analysis

Real Estate · BR · Market cap R$58.3B

Below-average quality, and trading another 23% above our fair value.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The price sits above even our optimistic bull case (R$29.36). The favourable scenario is already priced in.
• Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (R$14.60 to R$29.36) 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.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range R$20.72 – R$57.60 · fair‑value band R$14.60 – R$29.36 · the R$36.04 price screens above the R$29.36 fair value. Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Boston Properties Inc. (BOXP34) currently trades at R$36.04, while our model-based Fair Value estimate is R$29.36, implying the stock looks roughly 18.5% overvalued today. The Quality Score stands at 48/100 (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).

Over the trailing twelve months, Boston Properties Inc. generated revenue of R$3.2B at a net margin of 10.0%. Revenue grew 0.6% year over year. It earns a return on equity of 5.5%. Net debt stands at R$15.1B. Fundamentals as of Aug 27, 2026

Our scenario range runs from R$14.60 (bear case) to R$29.36 (bull case); at R$36.04, the current price sits above 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 13% below its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -24% fair-value upside, at -19%, BOXP34 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.

Widest divergence: Dividend Discount (R$5.47) versus Asset-Based (R$2.16). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

BXP, Inc. (BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. Also, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years.

Full company description

BXP, Inc. (BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. Also, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by joint ventures, BXP's portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. BXP's portfolio consists of 143 office properties, 14 retail properties, six residential properties (including three residential properties under construction) and one hotel. BXP is well known for its in-house building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a fourteenth consecutive GRESB (Green Star) recognition and the highest GRESB 5-star Rating and was named one of the world's most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997. BXP, Inc. was incorporated in 1970 in Delaware and is based in Massachusetts, Boston.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Boston Properties Inc. reported revenue of R$3.5B in FY2025 versus R$2.9B in FY2021, a compound +4.8%/yr. Reported net income was R$277M in FY2025, compounding −14.0%/yr from FY2021.

BOXP34 screens 19% overvalued. Compare with MERLIN Properties SOCIMI, S.A →

Peer Group

REIT - Office · 73 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.

Valuation Multiples vs REIT - Office median · lower = cheaper

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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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Frequently asked questions

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.