Immobel SA (IMMO) Fair Value & Analysis
Real Estate · BE · Market cap €220M
Fair value as of: Aug 6, 2026
From 16 valuation models · updated 4 days ago
Fair value updated Aug 6, 2026, revised from €54.00 to €53.50 (−0.9%) since Jul 26, 2026. Share price −3.6% over the past month.
A solid business, screening 152% undervalued on our models.
What matters now
- The price is below even our cautious bear case (€38.30). The market is more pessimistic than our downside scenario.
- Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (€38.30 to €69.76) 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)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.
How to read this chart
60‑month range €15.78 – €71.04 · fair‑value band €38.30 – €69.76 · the €21.20 price screens below the €53.50 fair value. Dashed = 300-day average. As of Aug 6, 2026.
Analysis
Immobel SA (IMMO) currently trades at €21.20, while our model-based Fair Value estimate is €53.50, implying the stock looks roughly 152.4% undervalued today. The Quality Score stands at 65/100 (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, Immobel SA generated revenue of €334M at a net margin of 14.5%. Revenue declined 30.2% year over year. It earns a return on equity of 11.5%. Net debt stands at €651M. Fundamentals as of Aug 6, 2026
Our scenario range runs from €38.30 (bear case) to €69.76 (bull case); at €21.20, 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 21% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 152%, IMMO 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.
All 16 models by family
Widest divergence: DCF Models (€80.14) versus Dividend Discount (€6.00). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 36
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
Immobel SA engages in the real estate development business in Belgium, France, Luxembourg, Germany, Poland, Spain, and the United Kingdom. Its portfolio consists of office, residential, mixed, and real estate projects. The company was formerly known as Allfin NV and changed its name to Immobel SA in June 2016.
Full company description
Immobel SA engages in the real estate development business in Belgium, France, Luxembourg, Germany, Poland, Spain, and the United Kingdom. Its portfolio consists of office, residential, mixed, and real estate projects. The company was formerly known as Allfin NV and changed its name to Immobel SA in June 2016. The company was incorporated in 1863 and is headquartered in Brussels, Belgium. Immobel SA is a subsidiary of A³ Capital NV.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Immobel SA reported revenue of €329M in FY2025 versus €389M in FY2021, a compound −4.1%/yr. Reported net income was €48.4M in FY2025, compounding −14.8%/yr from FY2021.
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Peer Group
Real Estate - Development · 588 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.
Valuation Multiples vs Real Estate - Development median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DLF Limited DLF | ₹657.75 | ₹159.49 | -76% |
| Lodha Developers Limited LODHA | ₹1,188 | ₹583.43 | -51% |
| PT Pantai Indah Kapuk Dua Tbk, PANI | 6,125 IDR | 1,330 IDR | -78% |
| Oberoi Realty Limited OBEROIRLTY | ₹1,925 | ₹1,183 | -39% |
| Godrej Properties Limited GODREJPROP | ₹2,102 | ₹1,044 | -50% |
| PT Jaya Real Property, Tbk., JRPT | 1,080 IDR | 1,674 IDR | +55% |
| PT Bumi Serpong Damai Tbk, BSDE | 555.00 IDR | 1,388 IDR | +150% |
| PT Sentul City Tbk, BKSL | 64.00 IDR | 84.16 IDR | +32% |
| PT Ciputra Development Tbk, CTRA | 555.00 IDR | 1,388 IDR | +150% |
| PT Duta Pertiwi Tbk DUTI | 4,100 IDR | 6,239 IDR | +52% |
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Frequently asked questions
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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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