Frey SA (FREY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Frey SA stock €30.38, price €34.40, that is 11.7% below the price, quality 46 out of 100. Rating: overvalued. Calculated from audited financials with 9 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 5, 2026.
How to read this chart
60‑month range €21.97 – €35.80 · fair‑value band €28.46 – €43.42 · the €34.40 price screens above the €30.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Frey SA engages in developing, owning, and managing commercial real estate assets primarily located in France. The company primarily operates environmental retail parks. As of December 31, 2010, its assets included 62,000 square meters.
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The company was formerly known as Immobiliere Frey SA and changed its name to Frey SA in June 2009. Frey SA was founded in 1983 and is based in Reims, France.
Stock analysis
Frey SA (FREY) currently trades at €34.40, while our model-based Fair Value estimate is €30.38, 12% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €34.79 per share, and 2 of the 8 models we run sit above the €34.40 price.
Bear case: the Asset-Based group reads lowest at €24.14, and 6 of the 8 models stay below the price. Data coverage for this calculation is high.
Scenario range: €28.46 (bear) to €43.42 (bull), the price of €34.40 sits inside 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 46/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Frey SA reported revenue of €232M in FY2025 versus €101M in FY2021, a compound +23.0%/yr. Reported net income was €77.4M in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap €1.1B Small · P/E ratio 8.9 · P/S ratio 3.93 · EPS (TTM) €3.85 · Dividend yield 5.8% · Net margin 44.2% · Return on equity 11.3% · Return on assets (EBIT) 3.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −30% fair-value upside, at −12%, FREY screens cheaper than that median.
Fair Value models
Bear€28.46Fair Value €30.38Bull€43.42
Price €34.40 · Downside -11.7%
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 (€1.58 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.
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.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
≈ +26.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.0%
Dividend (yield on the price)5.8%
Per share before 2023divided by the spin-off factor 1.0234
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.−0.2% vs 1.1%, 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.31% → 48%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 91% above its own trend.
Price, fair value, quality and upside side by side.
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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.REIT - Retail · 88 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Bottom 25%
Fair Value upside−11.7% · Above median
Profitability
Return on equity (12 months)11.3% · Above median
Return on assets2.4% · Below median
Net margin (12 months)44.2% · Above median
Operating margin (12 months)54.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)45.8% · Top 25%
Dividend yield (12 months)5.8% · Below median
Balance sheet
Debt / equity1.17× · Highest 25%
Valuation Multiplesvs REIT - Retail 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). "Frey SA Fair Value". https://www.fairvalue-calculator.com/stock/FREY
Frequently asked questions
Is Frey SA (FREY) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €30.38 versus a price of €34.40, about 12% lower (overvalued).
What is the fair value of FREY?
Our model-based fair value for Frey SA is €30.38 (as of Nov 5, 2026), built from audited fundamentals. The current price: €34.40.
What is the quality score of FREY?
Frey SA has a Quality Score of 46/100. 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 Frey SA (FREY)?
Our model-based price target is the fair value of €30.38 (as of Nov 5, 2026) from 9 valuation models. Cautious scenario €28.46, optimistic scenario €43.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Frey SA stock forecast for 2026?
Our models put fair value at €30.38, about 12% lower versus a price of €34.40 (overvalued). Cautious scenario €28.46, optimistic scenario €43.42. The calculation is refreshed regularly with new filings.
What is the revenue of Frey SA (FREY)?
Frey SA reported trailing-twelve-month revenue of about €276M (latest available figure, as of Nov 5, 2026).
Does Frey SA pay a dividend?
Frey SA currently shows a dividend yield of 5.81% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Frey SA (FREY) and when is the ex-dividend date?
Frey SA pays a dividend of €2.00 per share a year, a dividend yield of 5.8%. The last ex-dividend date was Jul 1, 2026. A dividend has been paid every year since at least 2009. The payout ratio is 51.9% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Frey SA (FREY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Frey SA it is €30.38 per share (as of Nov 5, 2026), against a price of €34.40. It is the blended result of 9 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Frey SA stock overvalued or undervalued in 2026?
As of Nov 5, 2026, FREY trades above its calculated fair value: price €34.40, fair value €30.38, a gap of about −12% (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 FREY?
No. The price is what the market pays today (€34.40); the fair value is what the company's own numbers justify (€30.38). For Frey SA the two are €4.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is Frey SA worth?
The market values Frey SA at about €1.1B (market capitalisation, as of Nov 5, 2026). Per share that is €34.40; our models calculate a fair value of €30.38 per share.
What do the bullish and bearish scenarios say about FREY?
Our models span a range for Frey SA: cautious scenario €28.46, base €30.38, optimistic €43.42 per share (as of Nov 5, 2026, price €34.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FREY?
Frey SA trades at a price-to-earnings ratio of 8.9 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €30.38 is built from several models across several years. Other multiples: P/B 1.0, P/S 3.9, EV/EBITDA 14.6.
How solid is the balance sheet of Frey SA (FREY)?
Balance-sheet figures for Frey SA (as of Nov 5, 2026): return on equity 11.3%, debt of 1.17 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is FREY from its 52-week high?
Frey SA trades at €34.40, about 4% below its 52-week high of €35.80 and 27% above the low of €27.19 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €30.38 is for.
Which stocks are comparable to Frey SA?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, 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 Frey SA stock attractive at the current price?
The data as of Nov 5, 2026: price €34.40, calculated fair value €30.38 (−12%), Quality Score 46/100, from 9 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 FREY calculated?
We run Frey SA through 9 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €30.38 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. Frey SA 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 Frey SA (FREY)?
The closing price on Nov 6, 2026 was €34.40. Our model-based fair value is €30.38, about 12% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Frey SA right now?
As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Frey SA (FREY) come from?
Earnings per share at Frey SA grew −5.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.4 %, EBIT margin +5.3 %, tax rate −3.1 %, residual (interest, one-offs) −12.7 %. 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 Frey SA
How large is the market capitalisation of Frey SA (FREY)?
The market capitalisation of Frey SA is €1.1B. 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 Frey SA (FREY)?
The price-to-sales ratio of Frey SA is 3.93 (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 Frey SA (FREY)?
Earnings per share at Frey SA are €3.85 (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Frey SA (FREY)?
The dividend yield of Frey SA is 5.8% (payout 51.9%). 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 Frey SA (FREY)?
The net margin of Frey SA is 44.2% (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 Frey SA (FREY)?
The return on equity (ROE) of Frey SA is 11.3% (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 Frey SA (FREY)?
On an EBIT basis the return on assets of Frey SA is 3.6% (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 Frey SA (FREY)?
The operating margin of Frey SA is 54.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Frey SA (FREY)?
Revenue at Frey SA is growing +45.8% versus a year earlier (3y avg +22.1%). 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 Frey SA (FREY)?
Earnings per share at Frey SA are growing +356% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Frey SA (FREY) generate?
The free cash flow of Frey SA is −€203M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Frey SA (FREY) carry?
The net debt of Frey SA is €1.6B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026