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There (DWNI) Fair Value & Analysis

Real Estate · DE · Market cap €14.5B · ISIN DE000A0HN5C6

What is There really worth?

T There DWNI · HA
Price€17.18
Fair Value€15.68
Upside−8.7%
Quality65/100

A solid business, currently priced close to our fair value of €15.68.

As of Aug 19, 2026, the fair value of There is €15.68 per share against a price of €17.18, so the fair value sits 9% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −15.1 %/yr)
!Thin margins · 0.0% net margin
!Moderate moat 58/100
!Evidence only low, so the estimate is less certain

For context

·0.18% dividend yield
Evidence: Low Range €12.85 – €18.20

Fair value as of: Aug 19, 2026

From 11 valuation models · updated 17 days ago

Fair value updated Aug 19, 2026, revised from €15.89 to €15.68 (−1.3%) since Aug 13, 2026.

What runs behind every stock

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

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

€52.54 €16.50 Fair Value €15.68 May 2021 Sep 2026

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

How to read this chart

60‑month range €16.50 – €52.54 · fair‑value band €12.85 – €18.20 · the €17.18 price screens above the €15.68 fair value. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

There (DWNI) currently trades at €17.18, while our model-based Fair Value estimate is €15.68, implying the stock looks roughly 9.6% fairly valued today. The Quality Score stands at 65/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of €15.02 per share, and 1 of the 10 models we run sit above the €17.18 price. Bear case: the DCF Models group reads lowest at €4.00, and 9 of the 10 models stay below the price. Evidence for this calculation is low.

Net debt stands at €7.1B. Fundamentals as of Aug 19, 2026

Our scenario range runs from €12.85 (bear case) to €18.20 (bull case); at €17.18, 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 about 29% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −9%, DWNI screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
Residual Income best evidence €13.98 €15.02 €17.43 74
FCF DCF €1.80 €5.38 €12.01 70
Growth DCF €2.23 €5.70 €11.64 70
All 11 models by family
DCF Models
FCF DCF €1.80 €5.38 €12.01 70
5Y Revenue Exit €0.4900 67
5Y EBITDA Exit €1.15 €5.01 €10.12 66
10Y Revenue Exit €0.1300 €1.17 62
10Y EBITDA Exit €1.33 €4.00 €6.82 63
Multiples
P/S Multiple €6.90 €9.20 €11.50 58
P/B Multiple €17.28 €23.03 €28.79 55
EV/EBITDA €2.09 €5.23 €8.36 63
Asset-Based
NCAV (Graham) €8.37 €11.22 €16.74 54
Growth DCF
Growth DCF €2.23 €5.70 €11.64 70
Economic Profit
Residual Income best evidence €13.98 €15.02 €17.43 74

Widest divergence: Economic Profit (€15.02) versus DCF Models (€4.00). Highest evidence: Residual Income (74).

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Key figures & financial health

Dividend yield 0.2%
Net margin 95.7% FY2025
Return on assets (EBIT) 1.5% avg 5y
Free cash flow €794M FY2025
Net debt €7.1B FY2025 · ≈ 8.9 yrs of FCF

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

Quality Score breakdown

Overall quality 65/100

Of which business quality 62 · Market factors (momentum, volatility) 32

Profitability 36
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 2
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.

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

There is no Profile data available for DWNI.HA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

There reported revenue of €1.2B in FY2025 versus €1.1B in FY2021, a compound +1.4%/yr. Reported net income was €1.1B in FY2025, compounding +6.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€1.2B
Latest YoY
+1.6%
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.
+11.4%
Avg. revenue 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.
−15.1%
Avg. revenue growth/yr (7Y) 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.
−2.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−7.4% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−7.6%
Dividend yield0.2%
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.24.0% (2020) → 18.3% (2025) · falling
Worst earnings drop408% (2023) (loss year, drop beyond 100%) · in EUR
⚠ Revenue per share shrinking 13.8%/yr over ~5Y (margins intact) Structural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue +1.4%/yr
FY21 €1.1B
FY22 €866M
FY23 €1.1B
FY24 €1.2B
FY25 €1.2B
Net income +6.9%/yr
FY21 €877M
FY22 −€434M
FY23 −€2.7B
FY24 −€591M
FY25 €1.1B

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Cite: Fair Value Calculator (2026). "There Fair Value". https://www.fairvalue-calculator.com/stock/DWNI.HA

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Real Estate Services · 525 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 66 · Top 25%
Fair Value upside +28% · Above median
Return on assets 0% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.47× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/B 1.19× · Pricier than median
P/FCF 21.3× · Pricier than 75% of peers

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 19, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is There (DWNI) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of €15.68 versus a price of €17.18, about −9% upside (fairly valued).
What is the fair value of DWNI?
Our model-based fair value for There is €15.68 (as of Aug 19, 2026), built from audited fundamentals. The current price: €17.18.
What is the quality score of DWNI?
There 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 There (DWNI)?
Our model-based price target is the fair value of €15.68 (as of Aug 19, 2026) from 11 valuation models. Cautious scenario €12.85, optimistic scenario €18.20. It is a calculation from audited fundamentals, not an analyst target.
What is the There stock forecast for 2026?
Our models put fair value at €15.68, about −9% upside versus a price of €17.18 (fairly valued). Cautious scenario €12.85, optimistic scenario €18.20. The calculation is refreshed regularly with new filings.
What is the net profit margin of DWNI?
The net profit margin of There is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
Does There pay a dividend?
There currently shows a dividend yield of about 0.18% relative to its recent price (as of Aug 19, 2026).
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