Inclusio Sca (INCLU) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Inclusio Sca stock €14.09, price €15.30, that is 7.9% below the price, quality 50 out of 100. Rating: fairly valued. Calculated from audited financials with 15 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 8, 2026.
How to read this chart
60‑month range €10.05 – €17.99 · fair‑value band €14.09 – €25.65 · the €15.30 price screens above the €14.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Inclusio SA operates as a real estate company in Belgium. It engages in the provision of affordable rental housing, housing for persons with disabilities, and social infrastructures. Inclusio SA was formerly known as Bon Pasteur, SA and changed its name to Inclusio SA in 2014.
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Inclusio SA was incorporated in 2011 and is based in Brussels, Belgium.
Stock analysis
Inclusio Sca (INCLU) currently trades at €15.30, while our model-based Fair Value estimate is €14.09, so the stock looks roughly fairly valued today (gap 8.6%).
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Valuation
Bull case: the Economic Profit group reads highest at a median of €22.48 per share, and 4 of the 13 models we run sit above the €15.30 price.
Bear case: the Growth DCF group reads lowest at €4.58, and 9 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: €14.09 (bear) to €25.65 (bull), the price of €15.30 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 50/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Inclusio Sca reported revenue of €16.9M in FY2025 versus €7.5M in FY2021, a compound +22.5%/yr. Reported net income was €15.4M in FY2025, compounding +1.3%/yr from FY2021.
Key figures
Market cap €119M Micro · P/E ratio 5.5 · P/S ratio 6.86 · EPS (TTM) €2.76 · Dividend yield 6.0% · Net margin 122% · Return on equity 8.9% · Return on assets (EBIT) 6.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 1% 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 −8%, INCLU screens cheaper than that median.
Fair Value models
Bear€14.09Fair Value €14.09Bull€25.65
Price €15.30 · Downside -7.9%
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 (€1.57 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.5%
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.
+15.1%
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.
+28.5%
Start year 2020 (pandemic)
Revenue growth 8 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.
+47.2%
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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.
+100.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+94.5%
Dividend (yield on the price)6.0%
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.−12% → 74%
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).
+45.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +42.3% a year for the price.
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.Real Estate Services · 472 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−7.9% · Below median
Profitability
Return on equity (12 months)8.9% · Above median
Return on assets3.8% · Above median
Net margin (12 months)121.7% · Top 25%
Operating margin (12 months)72.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)4.8% · Above median
Dividend yield (12 months)6.0% · Above median
Balance sheet
Debt / equity0.60× · Above median
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). "Inclusio Sca Fair Value". https://www.fairvalue-calculator.com/stock/INCLU
Frequently asked questions
Is Inclusio Sca (INCLU) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €14.09 versus a price of €15.30, about 8% lower (fairly valued).
What is the fair value of INCLU?
Our model-based fair value for Inclusio Sca is €14.09 (as of Nov 8, 2026), built from audited fundamentals. The current price: €15.30.
What is the quality score of INCLU?
Inclusio Sca has a Quality Score of 50/100. 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 Inclusio Sca (INCLU)?
Our model-based price target is the fair value of €14.09 (as of Nov 8, 2026) from 15 valuation models. Cautious scenario €14.09, optimistic scenario €25.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Inclusio Sca stock forecast for 2026?
Our models put fair value at €14.09, about 8% lower versus a price of €15.30 (fairly valued). Cautious scenario €14.09, optimistic scenario €25.65. The calculation is refreshed regularly with new filings.
What is the revenue of Inclusio Sca (INCLU)?
Inclusio Sca reported trailing-twelve-month revenue of about €17.4M (latest available figure, as of Nov 8, 2026).
Does Inclusio Sca pay a dividend?
Inclusio Sca currently shows a dividend yield of 6.01% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Inclusio Sca (INCLU) and when is the ex-dividend date?
Inclusio Sca pays a dividend of €0.92 per share a year, a dividend yield of 6.0%. The last ex-dividend date was May 25, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 59.2% of earnings (on adjusted earnings, reported 33.3%). Free cash flow covers the dividend 0.44 times. 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 growth is priced into Inclusio Sca (INCLU)?
For today's price to be fair in a discounted-cash-flow model, Inclusio Sca would have to grow free cash flow by +45.4 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.5 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of INCLU use?
Our models discount Inclusio Sca at 11.8 %: a base by market capitalisation (micro), damped by beta 0.53, country premium for Belgium. 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 Inclusio Sca that is +45.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Inclusio Sca (INCLU) delivered so far?
Over the past 5 years revenue at Inclusio Sca grew +28.5 % a year. The price currently implies free-cash-flow growth of +45.4 % 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 Inclusio Sca (INCLU) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Inclusio Sca (+45.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Inclusio Sca (INCLU)?
The free-cash-flow yield on the price is 2.62 %: that much free cash flow Inclusio Sca produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Inclusio Sca (INCLU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Inclusio Sca it is €14.09 per share (as of Nov 8, 2026), against a price of €15.30. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Inclusio Sca stock overvalued or undervalued in 2026?
As of Nov 8, 2026, INCLU trades above its calculated fair value: price €15.30, fair value €14.09, a gap of about −8% (fairly valued). 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 INCLU?
No. The price is what the market pays today (€15.30); the fair value is what the company's own numbers justify (€14.09). For Inclusio Sca the two are €1.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is Inclusio Sca worth?
The market values Inclusio Sca at about €119M (market capitalisation, as of Nov 8, 2026). Per share that is €15.30; our models calculate a fair value of €14.09 per share.
What do the bullish and bearish scenarios say about INCLU?
Our models span a range for Inclusio Sca: cautious scenario €14.09, base €14.09, optimistic €25.65 per share (as of Nov 8, 2026, price €15.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INCLU?
Inclusio Sca trades at a price-to-earnings ratio of 5.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €14.09 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 13.4 (reported for FY2025: 7.6). Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings, FY2025 ex one-offs: 7.3. Other multiples: P/B 0.5, P/S 6.9, EV/EBITDA 20.1.
How solid is the balance sheet of Inclusio Sca (INCLU)?
Balance-sheet figures for Inclusio Sca (as of Nov 8, 2026): return on equity 8.9%, debt of 0.60 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is INCLU from its 52-week high?
Inclusio Sca trades at €15.30, about 15% below its 52-week high of €17.99 and 1% above the low of €15.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €14.09 is for.
Which stocks are comparable to Inclusio Sca?
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 Inclusio Sca stock attractive at the current price?
The data as of Nov 8, 2026: price €15.30, calculated fair value €14.09 (−8%), Quality Score 50/100, from 15 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 INCLU calculated?
We run Inclusio Sca through 15 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 €14.09 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. Inclusio Sca 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 Inclusio Sca (INCLU)?
The closing price on Nov 6, 2026 was €15.30. Our model-based fair value is €14.09, about 8% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Inclusio Sca right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€14.09 to €25.65) 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.
Key figures of Inclusio Sca
How large is the market capitalisation of Inclusio Sca (INCLU)?
The market capitalisation of Inclusio Sca is €119M. 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 Inclusio Sca (INCLU)?
The price-to-sales ratio of Inclusio Sca is 6.86 (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 Inclusio Sca (INCLU)?
Earnings per share at Inclusio Sca are €2.76 (price ÷ EPS = P/E 5.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Inclusio Sca (INCLU)?
The dividend yield of Inclusio Sca is 6.0% (payout 59.2%, on adjusted earnings, reported 33.3%). 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 Inclusio Sca (INCLU)?
The net margin of Inclusio Sca is 122% (last twelve months), excl. one-off gain FY2025 51.4%. 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 Inclusio Sca (INCLU)?
The return on equity (ROE) of Inclusio Sca is 8.9% (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 Inclusio Sca (INCLU)?
On an EBIT basis the return on assets of Inclusio Sca is 6.6% (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 Inclusio Sca (INCLU)?
The operating margin of Inclusio Sca is 72.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Inclusio Sca (INCLU)?
Revenue at Inclusio Sca is growing +4.8% versus a year earlier (3y avg +15.1%). 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 Inclusio Sca (INCLU)?
Earnings per share at Inclusio Sca are growing +91.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Inclusio Sca (INCLU) carry?
The net debt of Inclusio Sca is €162M (fiscal year 2025, ≈ 52.0 yrs of FCF). 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 8, 2026