CPI Europe AG (CPI) fair value: what the stock is really worth
We calculate from audited financials what CPI Europe AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
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Real Estate · AT · Market cap €2.1B · ISIN AT0000A21KS2
At a glance
CECPI Europe AGCPI · VI
Price€15.32
Fair Value€33.60
Upside+119.3%
Quality65/100
A solid business, trading 54% below our fair value of €33.60.
As of Aug 14, 2026, the fair value of CPI Europe AG is €33.60 per share against a price of €15.32, so the fair value sits 119% above the price. A model estimate from reported figures, not an analyst target.
!Mixed Growth (revenue 3y +24.7 %/yr)
✓Highly profitable · 74.2% net margin
✓Moderate debt · generates free cash flow
!Mixed vs. peers (8/14)
✓Wide moat 70/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 6 out of 100
!Weak on dividend: 13 out of 100
Evidence: MediumRange €28.96 to €62.73
Fair value as of: Aug 14, 2026
From 11 valuation models · updated 27 days ago
Fair value updated Aug 14, 2026, revised from €34.98 to €33.60 (−3.9%) since Jul 16, 2026. Share price −0.9% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case (€28.96). The market is more pessimistic than our downside scenario.
Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (€28.96 to €62.73) 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 14, 2026.
How to read this chart
60‑month range €10.84 – €32.35 · fair‑value band €28.96 – €62.73 · the €15.32 price screens below the €33.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.
CPI Europe AG (CPI) currently trades at €15.32, while our model-based Fair Value estimate is €33.60, implying the stock looks roughly 54.4% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of €38.62 per share, and 11 of the 11 models we run sit above the €15.32 price. Bear case: the Asset-Based group reads lowest at €21.65, and 0 of the 11 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, CPI Europe AG generated revenue of €765M at a net margin of 74.1%. Revenue grew 1.5% year over year. It earns a return on equity of 13.4%. Net debt stands at €3.3B. Fundamentals as of Aug 14, 2026
Scenario range: €28.96 (bear) to €62.73 (bull), the price of €15.32 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 22% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −20% fair-value upside, at 119%, CPI screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (€2.58 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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
Residual Income€29.11€33.41€61.9770
Growth DCF€12.67€43.66€89.6469
FCF DCF€13.53€43.07€104.3168
All 11 models by family
DCF Models
FCF DCF€13.53€43.07€104.3168
5Y Revenue Exit€8.68€33.35€67.9763
10Y Revenue Exit€9.05€33.36€73.1557
Multiples
P/S Multiple€28.96€38.62€48.2758
P/B Multiple€47.50€63.33€79.1655
EV/EBIT€28.41€44.90€61.3864
EV/Revenue€6.22€17.91€29.6150
Asset-Based
NCAV (Graham)€16.15€21.65€32.3154
Growth DCF
Growth DCF€12.67€43.66€89.6469
Rev-Margin DCF€8.68€32.49€65.1764
Economic Profit
Residual Income€29.11€33.41€61.9770
Widest divergence: Multiples (€38.62) versus Asset-Based (€21.65). Highest evidence: Residual Income (70).
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Key figures & financial health
P/E ratio3.7
P/S ratio2.34P/E × margin
EPS (TTM)€4.11price ÷ EPS = P/E 3.7
Dividend yield0.6%payout 2.3%
Net margin62.7%FY2025
Return on equity13.4%TTM
More key figures
Profitability
Return on assets (EBIT)3.3%avg 5y
Operating margin54.3%TTM
Growth
Revenue (TTM)€764MTTM
Revenue growth (YoY)+1.2%3y avg +24.7%
EPS growth (YoY)+100%
Balance sheet & cash flow
Free cash flow€361MFY2025
Net debt€3.3BFY2025 · ≈ 9.2 yrs of FCF
Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality65/100
Of which business quality 61
· Market factors (momentum, volatility) 44
Profitability41
Margins and returns on capital today
Quality Growth53
Are margins and returns improving?
Cashflow78
Earnings quality: real cash, not paper profit
Fin. Strength38
Balance sheet, leverage, solvency risk
Investment91
Disciplined investing over empire-building
Low Volatility85
Calm price path (market factor)
Momentum34
Price trend over the last 3–12 months (market factor)
52W Momentum14
Distance to the 52-week high (market factor)
Net Issuance82
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
CPI Europe AG, together with its subsidiaries, engages in the purchasing, leasing, realization, acquisition, and developing of properties in Austria, Germany, Poland, the Czech Republic, Hungary, Romania, Slovakia, Croatia, Serbia, Slovenia, and Italy. The company manages and develops retail and office properties under the myhive, STOP SHOP, and VIVO!
Full company description
CPI Europe AG, together with its subsidiaries, engages in the purchasing, leasing, realization, acquisition, and developing of properties in Austria, Germany, Poland, the Czech Republic, Hungary, Romania, Slovakia, Croatia, Serbia, Slovenia, and Italy. The company manages and develops retail and office properties under the myhive, STOP SHOP, and VIVO! Brands. Its portfolio includes office buildings, retail and residential properties, and hotels. In addition, the company owns and operates hotels. The company was formerly known as IMMOFINANZ AG and changed its name to CPI Europe AG in March 2025. CPI Europe AG was founded in 1990 and is headquartered in Vienna, Austria.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
CPI Europe AG reported revenue of €820M in FY2025 versus €375M in FY2021, a compound +21.6%/yr. Reported net income was €514M in FY2025, compounding +10.3%/yr from FY2021.
Growth Quality 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€820M
Latest YoY
−7.4%
Avg. revenue 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.
+24.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
≈ +15.8%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+15.2%
Dividend yield0.6%
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.48.5% (2021) → 50.5% (2025) · rising
Worst earnings drop146% (2023) (loss year, drop beyond 100%) · in EUR
⚠ Final year 2025 sits 272% above trend (one-off), rate on operating basis
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CPI Europe AG Fair Value". https://www.fairvalue-calculator.com/stock/CPI
Peer Group
Real Estate Services · 529 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
Quality Score66 · Top 25%
Fair Value upside+117% · Top 25%
Profitability
Return on equity (TTM)13% · Top 25%
Return on assets3% · Above median
Net margin (TTM)74% · Top 25%
Operating margin (TTM)54% · Top 25%
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)0.6% · Bottom 25%
Balance sheet
Debt / equity0.72× · Above median
Valuation Multiples vs Real Estate Services median · lower = cheaper
P/E (TTM)3.7× · Cheapest 25%
P/B0.55× · Cheaper than median
P/S (TTM)3.18× · Pricier than median
P/FCF6.7× · Pricier than median
PEG59.44× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must CPI Europe AG deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+3.3 % per year
Achieved revenue growth, 4 years+21.6 % p.a.
Sector median revenue growth+1.5 %
FCF yield on price17.09 %
Discount rate (WACC) in the models9.4 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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.
This stockSector peers
VALUE100· sector 31
FUTURE6· sector 10
PAST53· sector 17
HEALTH64· sector 84
DIVIDEND13· sector 64
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
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).
As of Aug 14, 2026, our model estimates a fair value of €33.60 versus a price of €15.32, about +119% upside (undervalued).
What is the fair value of CPI?
Our model-based fair value for CPI Europe AG is €33.60 (as of Aug 14, 2026), built from audited fundamentals. The current price: €15.32.
What is the quality score of CPI?
CPI Europe AG has a Quality Score of 65/100. 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 price target for CPI Europe AG (CPI)?
Our model-based price target is the fair value of €33.60 (as of Aug 14, 2026) from 11 valuation models. Cautious scenario €28.96, optimistic scenario €62.73. It is a calculation from audited fundamentals, not an analyst target.
What is the CPI Europe AG stock forecast for 2026?
Our models put fair value at €33.60, about +119% upside versus a price of €15.32 (undervalued). Cautious scenario €28.96, optimistic scenario €62.73. The calculation is refreshed regularly with new filings.
What is the revenue of CPI Europe AG (CPI)?
CPI Europe AG reported trailing-twelve-month revenue of about €765M (latest available figure, as of Aug 14, 2026).
What is the net profit margin of CPI?
The net profit margin of CPI Europe AG is about 74.1%, meaning it keeps roughly 74.1% of revenue as net income. Based on the latest reported figures.
Does CPI Europe AG pay a dividend?
CPI Europe AG currently shows a dividend yield of about 0.63% relative to its recent price (as of Aug 14, 2026).
What growth is priced into CPI Europe AG (CPI)?
For today's price to be fair in a discounted-cash-flow model, CPI Europe AG would have to grow free cash flow by +3.3 % per year for ten years (discount rate 9.4 %, then 2 % perpetual growth). Over the last 4 years revenue grew +21.6 % per year. As of Aug 14, 2026.
What discount rate (WACC) does the fair value of CPI use?
Our models discount CPI Europe AG at 9.4 %: a base by market capitalisation (mid), damped by beta 0.83, country premium for Austria. The same rate applies in all 26 models.
What is the intrinsic value of CPI Europe AG (CPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CPI Europe AG it is €33.60 per share (as of Aug 14, 2026), against a price of €15.32. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is CPI Europe AG stock overvalued or undervalued in 2026?
As of Aug 14, 2026, CPI trades below its calculated fair value: price €15.32, fair value €33.60, a gap of about +119% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CPI?
No. The price is what the market pays today (€15.32); the fair value is what the company's own numbers justify (€33.60). For CPI Europe AG the two are €18.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is CPI Europe AG worth?
The market values CPI Europe AG at about €2.1B (market capitalisation, as of Aug 14, 2026). Per share that is €15.32; our models calculate a fair value of €33.60 per share.
What do the bullish and bearish scenarios say about CPI?
Our models span a range for CPI Europe AG: cautious scenario €28.96, base €33.60, optimistic €62.73 per share (as of Aug 14, 2026, price €15.32). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CPI?
CPI Europe AG trades at a price-to-earnings ratio of 3.7 (as of Aug 14, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €33.60 is built from several models across several years. Other multiples: PEG 59.4, P/B 0.6, P/S 3.2.
What is the PEG ratio of CPI?
The PEG ratio of CPI Europe AG is 59.44 (P/E divided by earnings growth, as of Aug 14, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of CPI Europe AG (CPI)?
Balance-sheet figures for CPI Europe AG (as of Aug 14, 2026): return on equity 13.4%, debt of 0.72 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is CPI from its 52-week high?
CPI Europe AG trades at €15.32, about 22% below its 52-week high of €19.75 and 4% above the low of €14.67 (as of Aug 14, 2026). Distance from the high says nothing about value: that is what the fair value of €33.60 is for.
Which stocks are comparable to CPI Europe AG?
From the same area (Real Estate) we also value CBRE Group, Vonovia SE, Cellnex Telecom, S.A, KE Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CPI Europe AG stock attractive at the current price?
The data as of Aug 14, 2026: price €15.32, calculated fair value €33.60 (+119%), Quality Score 65/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CPI calculated?
We run CPI Europe AG through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €33.60, with the spread shown as a cautious and an optimistic scenario.
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