Fundamenta Real Estate AG (FREN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Fundamenta Real Estate AG stock CHF 7.69, price CHF 17.10, that is 55.0% below the price, quality 54 out of 100. Rating: strongly overvalued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range CHF 12.55 – CHF 18.51 · fair‑value band CHF 5.13 – CHF 11.53 · the CHF 17.10 price screens above the CHF 7.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
Follow Fundamenta Real Estate in your weekly email
Every Wednesday you see whether Fundamenta Real Estate is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Fundamenta Real Estate AG engages in the acquisition, development, and holding of residential properties in Switzerland. The company was incorporated in 2006 and is headquartered in Zug, Switzerland.
Stock analysis
Fundamenta Real Estate AG (FREN) currently trades at CHF 17.10, while our model-based Fair Value estimate is CHF 7.69, 55% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Economic Profit group reads highest at a median of CHF 15.20 per share, and 1 of the 7 models we run sit above the CHF 17.10 price.
Bear case: the Multiples group reads lowest at CHF 8.06, and 6 of the 7 models stay below the price. Data coverage for this calculation is medium.
Scenario range: CHF 5.13 (bear) to CHF 11.53 (bull), the price of CHF 17.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Fundamenta Real Estate AG reported revenue of CHF 42.4M in FY2025 versus CHF 37.3M in FY2021, a compound +3.3%/yr. Reported net income was CHF 46.1M in FY2025, compounding +12.3%/yr from FY2021.
Key figures
Market cap CHF 585M Small · P/E ratio 13.8 · P/S ratio 13.5 · EPS (TTM) CHF 1.24 · Dividend yield 3.5% · Net margin 94.8% · Return on equity 7.2% · Return on assets (EBIT) 2.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −55%, FREN screens richer than that median.
Fair Value models
BearCHF 5.13Fair Value CHF 7.69BullCHF 11.53
Price CHF 17.10 · Downside -55.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 0.5471 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFn/an/aCHF 5.4177
Residual IncomeCHF 14.39CHF 15.20CHF 16.8476
Growth DCFn/an/aCHF 4.6375
All 10 models by family
DCF Models
FCF DCFn/an/aCHF 5.4177
10Y Revenue Exitn/an/aCHF 0.130064
Dividend Discount
Gordon GGMCHF 4.58CHF 9.05CHF 13.5667
DDM Multi-StageCHF 4.58CHF 7.86CHF 9.5667
Multiples
P/S MultipleCHF 6.04CHF 8.06CHF 10.0758
P/B MultipleCHF 13.24CHF 17.65CHF 22.0755
EV/EBITn/aCHF 2.09CHF 6.8961
Asset-Based
NCAV (Graham)CHF 8.88CHF 11.90CHF 17.7654
Growth DCF
Growth DCFn/an/aCHF 4.6375
Economic Profit
Residual IncomeCHF 14.39CHF 15.20CHF 16.8476
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.64/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.3%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Start year 2020 (pandemic). Over 10 years: +9.5% a year
Revenue growth 13 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.1%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +5.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.8%
Dividend (yield on the price)3.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.1% vs 5.8%, steady
Profit margin 2020 to 2025 ⓘ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.67% → 70%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 103% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+28.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +27.5% a year for the price.
Compare Fundamenta Real Estate AG with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer Groupⓘ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.Real Estate Services · 472 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−55.0% · Bottom 25%
Profitability
Return on equity (12 months)7.2% · Above median
Return on assets3.6% · Above median
Net margin (12 months)94.8% · Top 25%
Operating margin (12 months)71.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.6% · Above median
Dividend yield (12 months)3.5% · Above median
Balance sheet
Debt / equity0.92× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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). "Fundamenta Real Estate AG Fair Value". https://www.fairvalue-calculator.com/stock/FREN
Frequently asked questions
Is Fundamenta Real Estate AG (FREN) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of CHF 7.69 versus a price of CHF 17.10, about 55% lower (overvalued).
What is the fair value of FREN?
Our model-based fair value for Fundamenta Real Estate AG is CHF 7.69 (as of Nov 7, 2026), built from audited fundamentals. The current price: CHF 17.10.
What is the quality score of FREN?
Fundamenta Real Estate AG has a Quality Score of 54/100. 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 Fundamenta Real Estate AG (FREN)?
Our model-based price target is the fair value of CHF 7.69 (as of Nov 7, 2026) from 10 valuation models. Cautious scenario CHF 5.13, optimistic scenario CHF 11.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Fundamenta Real Estate AG stock forecast for 2026?
Our models put fair value at CHF 7.69, about 55% lower versus a price of CHF 17.10 (overvalued). Cautious scenario CHF 5.13, optimistic scenario CHF 11.53. The calculation is refreshed regularly with new filings.
What is the revenue of Fundamenta Real Estate AG (FREN)?
Fundamenta Real Estate AG reported trailing-twelve-month revenue of about CHF 43.3M (latest available figure, as of Nov 7, 2026).
Does Fundamenta Real Estate AG pay a dividend?
Fundamenta Real Estate AG currently shows a dividend yield of 3.51% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Fundamenta Real Estate AG (FREN) and when is the ex-dividend date?
Fundamenta Real Estate AG pays a dividend of CHF 0.6 per share a year, a dividend yield of 3.5%. The last ex-dividend date was Apr 7, 2026. A dividend has been paid every year since at least 2012. The payout ratio is 48.4% of earnings. Free cash flow covers the dividend 1.05 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Fundamenta Real Estate AG (FREN)?
For today's price to be fair in a discounted-cash-flow model, Fundamenta Real Estate AG would have to grow free cash flow by +28.3 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of FREN use?
Our models discount Fundamenta Real Estate AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.14, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fundamenta Real Estate AG that is +28.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Fundamenta Real Estate AG (FREN) delivered so far?
Over the past 5 years revenue at Fundamenta Real Estate AG grew +4.8 % a year. The price currently implies free-cash-flow growth of +28.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fundamenta Real Estate AG (FREN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Fundamenta Real Estate AG (+28.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fundamenta Real Estate AG (FREN)?
The free-cash-flow yield on the price is 3.69 %: that much free cash flow Fundamenta Real Estate AG produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fundamenta Real Estate AG (FREN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fundamenta Real Estate AG it is CHF 7.69 per share (as of Nov 7, 2026), against a price of CHF 17.10. It is the blended result of 10 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Fundamenta Real Estate AG stock overvalued or undervalued in 2026?
As of Nov 7, 2026, FREN trades above its calculated fair value: price CHF 17.10, fair value CHF 7.69, a gap of about −55% (overvalued). 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 FREN?
No. The price is what the market pays today (CHF 17.10); the fair value is what the company's own numbers justify (CHF 7.69). For Fundamenta Real Estate AG the two are CHF 9.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fundamenta Real Estate AG worth?
The market values Fundamenta Real Estate AG at about CHF 585M (market capitalisation, as of Nov 7, 2026). Per share that is CHF 17.10; our models calculate a fair value of CHF 7.69 per share.
What do the bullish and bearish scenarios say about FREN?
Our models span a range for Fundamenta Real Estate AG: cautious scenario CHF 5.13, base CHF 7.69, optimistic CHF 11.53 per share (as of Nov 7, 2026, price CHF 17.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FREN?
Fundamenta Real Estate AG trades at a price-to-earnings ratio of 13.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 7.69 is built from several models across several years. Other multiples: P/B 1.0, P/S 13.5, EV/EBITDA 17.8.
How solid is the balance sheet of Fundamenta Real Estate AG (FREN)?
Balance-sheet figures for Fundamenta Real Estate AG (as of Nov 7, 2026): return on equity 7.2%, debt of 0.92 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is FREN from its 52-week high?
Fundamenta Real Estate AG trades at CHF 17.10, about 8% below its 52-week high of CHF 18.51 and 3% above the low of CHF 16.55 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 7.69 is for.
Which stocks are comparable to Fundamenta Real Estate AG?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Fundamenta Real Estate AG stock attractive at the current price?
The data as of Nov 7, 2026: price CHF 17.10, calculated fair value CHF 7.69 (−55%), Quality Score 54/100, from 10 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 FREN calculated?
We run Fundamenta Real Estate AG through 10 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 7.69 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Fundamenta Real Estate AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fundamenta Real Estate AG (FREN)?
The closing price on Nov 6, 2026 was CHF 17.10. Our model-based fair value is CHF 7.69, about 55% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fundamenta Real Estate AG right now?
The price sits above even our optimistic bull case (CHF 11.53). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 5.13 to CHF 11.53) 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.
Where does the earnings growth of Fundamenta Real Estate AG (FREN) come from?
Earnings per share at Fundamenta Real Estate AG grew +1.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.2 %, EBIT margin +2.4 %, tax rate +0.1 %, residual (interest, one-offs) −1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Fundamenta Real Estate AG
How large is the market capitalisation of Fundamenta Real Estate AG (FREN)?
The market capitalisation of Fundamenta Real Estate AG is CHF 585M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fundamenta Real Estate AG (FREN)?
The price-to-sales ratio of Fundamenta Real Estate AG is 13.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fundamenta Real Estate AG (FREN)?
Earnings per share at Fundamenta Real Estate AG are CHF 1.24 (price ÷ EPS = P/E 13.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fundamenta Real Estate AG (FREN)?
The dividend yield of Fundamenta Real Estate AG is 3.5% (payout 48.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Fundamenta Real Estate AG (FREN)?
The net margin of Fundamenta Real Estate AG is 94.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fundamenta Real Estate AG (FREN)?
The return on equity (ROE) of Fundamenta Real Estate AG is 7.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fundamenta Real Estate AG (FREN)?
On an EBIT basis the return on assets of Fundamenta Real Estate AG is 2.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fundamenta Real Estate AG (FREN)?
The operating margin of Fundamenta Real Estate AG is 71.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fundamenta Real Estate AG (FREN)?
Revenue at Fundamenta Real Estate AG is growing +4.6% versus a year earlier (3y avg +1.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fundamenta Real Estate AG (FREN)?
Earnings per share at Fundamenta Real Estate AG are growing −27.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fundamenta Real Estate AG (FREN) carry?
The net debt of Fundamenta Real Estate AG is CHF 585M (fiscal year 2025, ≈ 27.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Fundamenta Real Estate AG in the live analysis
One click puts Fundamenta Real Estate AG on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 7, 2026