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Citycon Oyj (CTY1S) Fair Value & Analysis

Real Estate · FI · Market cap €532M

CO Citycon Oyj CTY1S · HE
Price€2.91
Fair Value€5.91
Upside+103.1%
Quality61/100
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Weak Growth
Highly profitable · 37.3% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/15)
Wide moat 65/100
Evidence: High Range €5.91 – €6.16 Share as image

Fair value as of: Jul 14, 2026

From 12 valuation models · updated 26 days ago

Fair value updated Jul 14, 2026, revised from €5.89 to €5.91 (+0.3%) since Jun 26, 2026. Share price +0.5% over the past month.

A solid business, screening 103% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€5.91). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • The models converge in a tight band (€5.91 to €6.16), unusually little disagreement for a valuation.
  • 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)

€4.44 €2.14 Fair Value €5.91 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range €2.14 – €4.44 · fair‑value band €5.91 – €6.16 · the €2.91 price screens below the €5.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Citycon Oyj (CTY1S) currently trades at €2.91, while our model-based Fair Value estimate is €5.91, implying the stock looks roughly 103.1% undervalued today. The Quality Score stands at 61/100 (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, Citycon Oyj generated revenue of €305M at a net margin of 37.3%. Revenue grew 1.3% year over year. It earns a return on equity of 6.2%. Net debt stands at €2.3B. Fundamentals as of Jul 14, 2026

Our scenario range runs from €5.91 (bear case) to €6.16 (bull case); at €2.91, 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 18% below its 52-week high and 37% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -30% fair-value upside, at 103%, CTY1S 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
Residual Income €5.56 €5.72 €5.72 76
Rev-Margin DCF €0.8300 €4.34 74
P/S Multiple €6.59 €8.79 €10.99 58
All 12 models by family
DCF Models
5Y Revenue Exit €0.8000 €4.90 39
5Y EBITDA Exit €4.28 €9.63 41
10Y Revenue Exit €2.18 36
10Y EBITDA Exit €1.11 €5.29 37
Multiples
P/S Multiple €6.59 €8.79 €10.99 58
P/B Multiple €6.59 €8.79 €10.99 55
EV/EBIT €7.43 €12.74 €18.04 53
EV/EBITDA €3.98 €8.14 €12.29 54
EV/Revenue €2.88 €6.29 43
Asset-Based
NCAV (Graham) €3.64 €4.88 €7.28 50
Growth DCF
Rev-Margin DCF €0.8300 €4.34 74
Economic Profit
Residual Income €5.56 €5.72 €5.72 76

Widest divergence: Multiples (€8.79) versus Growth DCF (€0.8300). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) €305M
Revenue growth (YoY) +1.3%
Net margin 37.3%
Return on equity 6.2%
Free cash flow €82.5M FY2025
P/E ratio 2.1
More key figures
Operating margin 58.8%
EPS (TTM) €1.41
EPS growth (YoY) +90.0%
Net debt €2.3B FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 57 · Market factors (momentum, volatility) 51

Profitability 35
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 69
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

Citycon Oyj, a real estate investment company, owns and develops mixed-use centers in Finland, Norway, Sweden, Denmark, and Estonia. It develops mixed-use centers that include retail, offices, hotels, and housing, as well as for food and beverage, healthcare, culture, and leisure services.

Full company description

Citycon Oyj, a real estate investment company, owns and develops mixed-use centers in Finland, Norway, Sweden, Denmark, and Estonia. It develops mixed-use centers that include retail, offices, hotels, and housing, as well as for food and beverage, healthcare, culture, and leisure services. Citycon Oyj was incorporated in 1988 and is headquartered in Espoo, Finland. As of March 6, 2026, Citycon Oyj operates as a subsidiary of G City Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Citycon Oyj reported revenue of €298M in FY2025 versus €292M in FY2021, a compound +0.5%/yr. Reported net income was €94.9M in FY2025, compounding −5.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€298M
Latest YoY
−7.3%
Avg. growth/yr (3Y)
−0.4%
Avg. growth/yr (5Y)
+0.1%
Avg. growth/yr (25Y)
+5.7%
Revenue +0.5%/yr
FY21 €292M
FY22 €302M
FY23 €290M
FY24 €321M
FY25 €298M
Net income −5.9%/yr
FY21 €121M
FY22 €5.3M
FY23 −€115M
FY24 −€37.9M
FY25 €94.9M

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Cite: Fair Value Calculator (2026). "Citycon Oyj Fair Value". https://www.fairvalue-calculator.com/stock/CTY1S

Peer Group

Real Estate - Diversified · 138 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 · Top 25%
Fair Value upside +103% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 3% · Above median
Net margin (TTM) 37% · Top 25%
Operating margin (TTM) 59% · Top 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.23× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 2.1× · Cheaper than 75% of peers
P/B 0.46× · Cheaper than median
P/S (TTM) 2.02× · Pricier than median
P/FCF 7.5× · Pricier than median
EV/EBITDA 11.9× · Cheaper than median
PEG 2.73× · Pricier 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 100 · sector 46
FUTURE 7 · sector 33
PAST 25 · sector 17
HEALTH 38 · sector 75
DIVIDEND 0 · sector 45

Insider activity: 40/100

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.

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10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

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Frequently asked questions

Is Citycon Oyj (CTY1S) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of €5.91 versus a price of €2.91, about +103% (undervalued).
What is the fair value of CTY1S?
Our model-based fair value for Citycon Oyj is €5.91 (as of Jul 14, 2026), built from audited fundamentals. The current price is €2.91.
What is the quality score of CTY1S?
Citycon Oyj has a Quality Score of 61/100. 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 Citycon Oyj (CTY1S)?
Citycon Oyj reported trailing-twelve-month revenue of about €305M (latest available figure, as of Jul 14, 2026).
What is the net profit margin of CTY1S?
The net profit margin of Citycon Oyj is about 37.3%, meaning it keeps roughly 37.3% 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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