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Fibra UNO (FUNO11) Fair Value & Analysis

Real Estate · MX · Market cap 116B MXN (≈ $6.9B) · ISIN MXCFFU000001

What is Fibra UNO really worth?

FU Fibra UNO FUNO11 · MX
Price29.49 MXN
Fair Value54.87 MXN
Upside+86.1%
Quality63/100

A solid business, trading 46% below our fair value of 54.87 MXN.

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Strengths

Healthy Growth (revenue 5y +7.6 %/yr)
Highly profitable · 78.5% net margin
Moderate debt · generates free cash flow
Ranks above peers (12/14)
Wide moat 69/100

Risks

!Evidence only medium, so the estimate is less certain
!Weak on future: 27 out of 100
Evidence: Medium Range 38.65 MXN – 92.40 MXN

Fair value as of: Aug 13, 2026

From 16 valuation models · updated 21 days ago

Fair value updated Aug 13, 2026, revised from 63.56 MXN to 54.87 MXN (−13.7%) since Jul 17, 2026.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (38.65 MXN). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (38.65 MXN to 92.40 MXN) 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)

31.43 MXN 13.04 MXN Fair Value 54.87 MXN May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 13.04 MXN – 31.43 MXN · fair‑value band 38.65 MXN – 92.40 MXN · the 29.49 MXN price screens below the 54.87 MXN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Fibra UNO (FUNO11) currently trades at 29.49 MXN, while our model-based Fair Value estimate is 54.87 MXN, implying the stock looks roughly 46.3% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of 66.69 MXN per share, and 15 of the 16 models we run sit above the 29.49 MXN price. Bear case: the Asset-Based group reads lowest at 35.59 MXN, and 1 of the 16 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Fibra UNO generated revenue of 30.9B MXN at a net margin of 78.5%. Revenue grew 5.3% year over year. It earns a return on equity of 12.9%. Net debt stands at 139B MXN. Fundamentals as of Aug 13, 2026

Our scenario range runs from 38.65 MXN (bear case) to 92.40 MXN (bull case); at 29.49 MXN, 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 8% 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 −25% fair-value upside, at 86%, FUNO11 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 3.49 MXN per share, which is 6.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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
FCF DCF best evidence 26.21 MXN 64.89 MXN 127.06 MXN 75
Growth DCF 26.67 MXN 64.36 MXN 124.58 MXN 73
5Y EBITDA Exit 31.62 MXN 76.81 MXN 131.01 MXN 72
All 16 models by family
DCF Models
FCF DCF best evidence 26.21 MXN 64.89 MXN 127.06 MXN 75
5Y Revenue Exit 11.70 MXN 38.09 MXN 72.11 MXN 67
5Y EBITDA Exit 31.62 MXN 76.81 MXN 131.01 MXN 72
10Y Revenue Exit 15.02 MXN 40.91 MXN 76.78 MXN 62
10Y EBITDA Exit 29.16 MXN 68.37 MXN 123.39 MXN 65
Dividend Discount
Gordon GGM 20.85 MXN 43.35 MXN 68.76 MXN 66
DDM Multi-Stage 20.85 MXN 36.55 MXN 45.49 MXN 66
Multiples
P/S Multiple 38.65 MXN 51.53 MXN 64.42 MXN 58
P/B Multiple 79.68 MXN 106.24 MXN 132.80 MXN 55
EV/EBIT 56.72 MXN 86.70 MXN 116.69 MXN 65
EV/EBITDA 41.71 MXN 66.69 MXN 91.68 MXN 66
EV/Revenue 5.61 MXN 22.26 MXN 38.91 MXN 49
Asset-Based
NCAV (Graham) 26.56 MXN 35.59 MXN 53.12 MXN 54
Growth DCF
Growth DCF 26.67 MXN 64.36 MXN 124.58 MXN 73
Rev-Margin DCF 11.17 MXN 36.23 MXN 65.70 MXN 68
Economic Profit
Residual Income 49.34 MXN 58.51 MXN 117.59 MXN 72

Widest divergence: Multiples (66.69 MXN) versus Asset-Based (35.59 MXN). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 5.7
P/S ratio 4.64 P/E × margin
EPS (TTM) 5.15 MXN price ÷ EPS = P/E 5.7
Net margin 81.0% FY2025
Return on equity 12.9% TTM
Return on assets (EBIT) 5.2% avg 5y
More key figures
Profitability
Operating margin 72.1% TTM
Growth
Revenue (TTM) 30.9B MXN TTM
Revenue growth (YoY) +5.3% 3y avg +8.6%
EPS growth (YoY) −12.7%
Balance sheet & cash flow
Free cash flow 19.0B MXN FY2025
Net debt 139B MXN FY2025 · ≈ 7.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 61 · Market factors (momentum, volatility) 65

Profitability 41
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 81
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

Fibra Uno is the first and largest REIT in the Mexican market. It operates and develops a wide range of real estate intended for leasing, primarily in the industrial, commercial, and office sectors.

Full company description

Fibra Uno is the first and largest REIT in the Mexican market. It operates and develops a wide range of real estate intended for leasing, primarily in the industrial, commercial, and office sectors. As of September 30, 2025, FUNO had a portfolio of 586 properties that totaled more than 11.2 million of 2 with presence in all the states of the Mexican Republic. The Fideicomiso Fibra Uno strategy. It focuses on having the best locations, the highest quality properties, and a diversification of segments, geographies, and tenants. Likewise, the team. FUNO's administrative team has over 35 years of experience in development and operation in all segments of the real estate sector. Fibra UNO was incorporated in 2011 in Mexico.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fibra UNO reported revenue of 30.2B MXN in FY2025 versus 21.9B MXN in FY2021, a compound +8.4%/yr. Reported net income was 24.5B MXN in FY2025, compounding +60.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
30.2B MXN
Latest YoY
+7.6%
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.
+8.6%
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.
+7.6%
Avg. revenue growth/yr (8Y) 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.
+9.5%
Value creation/yr (5Y, in MXN) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in MXN: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.1% (6.1 + 0.0)
Revenue +8.4%/yr
FY21 21.9B MXN
FY22 23.6B MXN
FY23 25.8B MXN
FY24 28.1B MXN
FY25 30.2B MXN
Net income +60.8%/yr
FY21 3.7B MXN
FY22 23.6B MXN
FY23 17.8B MXN
FY24 9.7B MXN
FY25 24.5B MXN

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Cite: Fair Value Calculator (2026). "Fibra UNO Fair Value". https://www.fairvalue-calculator.com/stock/FUNO11

Peer Group

REIT - Diversified · 168 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 64 · Top 25%
Fair Value upside +86% · Top 25%
Return on equity (TTM) 13% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 78% · Top 25%
Operating margin (TTM) 72% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.69× · Higher than median

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 5.7× · Cheaper than 75% of peers
P/B 0.57× · Cheaper than median
P/S (TTM) 3.76× · Cheaper than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 10.7× · Cheaper than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 15
FUTURE27 · sector 13
PAST52 · sector 18
HEALTH66 · sector 75
DIVIDEND0 · sector 100

Insider activity: 30/100

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

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$28.02 A$7.37 −74%
VICI Properties Inc VICI $25.87 $40.82 +58%
W. P. Carey Inc WPC $70.51 $34.80 −51%
Charter Hall Group CHC A$21.90 A$10.99 −50%
Stockland SGP A$4.59 A$3.70 −19%
COV COV €50.35 €62.39 +24%
The GPT Group GPT A$4.65 A$3.49 −25%
Mirvac Group MGR A$1.85 A$0.5700 −69%
Broadstone Net Lease, Inc BNL $21.55 $10.91 −49%
KLCC Property Holdings 5235SS 8.60 MYR 6.66 MYR −23%

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Frequently asked questions

Is Fibra UNO (FUNO11) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 54.87 MXN versus a price of 29.49 MXN, about +86% upside (undervalued).
What is the fair value of FUNO11?
Our model-based fair value for Fibra UNO is 54.87 MXN (as of Aug 13, 2026), built from audited fundamentals. The current price: 29.49 MXN.
What is the quality score of FUNO11?
Fibra UNO has a Quality Score of 63/100. 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 Fibra UNO (FUNO11)?
Fibra UNO reported trailing-twelve-month revenue of about 30.9B MXN (latest available figure, as of Aug 13, 2026).
What is the net profit margin of FUNO11?
The net profit margin of Fibra UNO is about 78.5%, meaning it keeps roughly 78.5% of revenue as net income. Based on the latest reported figures.
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