Issara Real Estate Investment Trust (ISSARA) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Issara Real Estate Investment Trust THB 9.13, price THB 5.15, upside +77.3%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
21‑month range 5.15 THB – 8.55 THB · fair‑value band 6.81 THB – 9.13 THB · the 5.15 THB price screens below the 9.13 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Issara Real Estate Investment Trust (ISSARA) currently trades at 5.15 THB, while our model-based Fair Value estimate is 9.13 THB, implying the stock looks roughly 43.6% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 10.00 THB per share, and 11 of the 11 models we run sit above the 5.15 THB price.
Bear case: the Growth DCF group reads lowest at 5.71 THB, and 0 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 6.81 THB (bear) to 9.13 THB (bull), the price of 5.15 THB sits below 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 66/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Issara Real Estate Investment Trust reported revenue of 121M THB in FY2025 versus 125M THB in FY2020, a compound −0.6%/yr. Reported net income was 59.1M THB in FY2025, compounding −2.9%/yr from FY2020.
Key figures
Market cap 587M THB (≈ $17.6M) · P/E ratio 10.4 · P/S ratio 5.06 · EPS (TTM) 0.4900 THB · Net margin 48.7% · Return on assets (EBIT) 4.9% · Free cash flow 46.3M THB · Net debt 152M THB.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 77%, ISSARA screens cheaper than that median.
Fair Value models
Bear 6.81 THBFair Value 9.13 THBBull 9.13 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.3625 THB 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.Evidence ⓘEvidence = 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.40/100
Revenue growth is weak: less than 2 % a year.
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.
+2.9%
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.
−0.6%
Start year 2020 (pandemic)
’20
’21
’22
’23
’25
What shareholders gained per year (last 5 years), in THB ⓘ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. Measured in THB: 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.
−5.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.9%
Dividend (yield on the price)0.0%
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.65% → 56%
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).
+7.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +6.3% a year for the price.
Compare Issara Real Estate Investment Trust with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “REITs” was too small, so the broader sector is used.)Real Estate · 1866 stocks
Beats the sector median on 6/10 measures
Overall it ranks above its sector peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+77.3% · Top 25%
Profitability
Return on assets0.0% · Below median
Net margin (TTM)48.7% · Top 25%
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth0.0% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.10× · Lowest 25%
Valuation Multiplesvs Real Estate 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). "Issara Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/ISSARA
Frequently asked questions
Is Issara Real Estate Investment Trust (ISSARA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 9.13 THB versus a price of 5.15 THB, about +77% upside (undervalued).
What is the fair value of ISSARA?
Our model-based fair value for Issara Real Estate Investment Trust is 9.13 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 5.15 THB.
What is the quality score of ISSARA?
Issara Real Estate Investment Trust has a Quality Score of 66/100. 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 Issara Real Estate Investment Trust (ISSARA)?
Our model-based price target is the fair value of 9.13 THB (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 6.81 THB, optimistic scenario 9.13 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Issara Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at 9.13 THB, about +77% upside versus a price of 5.15 THB (undervalued). Cautious scenario 6.81 THB, optimistic scenario 9.13 THB. The calculation is refreshed regularly with new filings.
What growth is priced into Issara Real Estate Investment Trust (ISSARA)?
For today's price to be fair in a discounted-cash-flow model, Issara Real Estate Investment Trust would have to grow free cash flow by +7.6 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ISSARA use?
Our models discount Issara Real Estate Investment Trust at 11.6 %: a base by market capitalisation (nano), country premium for Thailand. 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 Issara Real Estate Investment Trust that is +7.6 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Issara Real Estate Investment Trust (ISSARA) delivered so far?
Over the past 5 years revenue at Issara Real Estate Investment Trust grew -0.6 % a year. The price currently implies +7.6 % per year free-cash-flow growth a 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.
What is the free cash flow yield of Issara Real Estate Investment Trust (ISSARA)?
The free-cash-flow yield on the price is 8.99 %: that much free cash flow Issara Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Issara Real Estate Investment Trust (ISSARA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Issara Real Estate Investment Trust it is 9.13 THB per share (as of Sep 24, 2026), against a price of 5.15 THB. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Issara Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ISSARA trades below its calculated fair value: price 5.15 THB, fair value 9.13 THB, a gap of about +77% (undervalued). 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 ISSARA?
No. The price is what the market pays today (5.15 THB); the fair value is what the company's own numbers justify (9.13 THB). For Issara Real Estate Investment Trust the two are 3.98 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Issara Real Estate Investment Trust worth?
The market values Issara Real Estate Investment Trust at about 587M THB (market capitalisation, as of Sep 24, 2026). Per share that is 5.15 THB; our models calculate a fair value of 9.13 THB per share.
What do the bullish and bearish scenarios say about ISSARA?
Our models span a range for Issara Real Estate Investment Trust: cautious scenario 6.81 THB, base 9.13 THB, optimistic 9.13 THB per share (as of Sep 24, 2026, price 5.15 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ISSARA?
Issara Real Estate Investment Trust trades at a price-to-earnings ratio of 10.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.13 THB is built from several models across several years.
How solid is the balance sheet of Issara Real Estate Investment Trust (ISSARA)?
Balance-sheet figures for Issara Real Estate Investment Trust (as of Sep 24, 2026): debt of 0.10 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is ISSARA from its 52-week high?
Issara Real Estate Investment Trust trades at 5.15 THB, about 30% below its 52-week high of 7.35 THB and at the low of 5.15 THB (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 9.13 THB is for.
Which stocks are comparable to Issara Real Estate Investment Trust?
From the same area (Real Estate) we also value YKTS, MFC-Nichada Thani Property Fund 2, Welltower Inc, Equinix, Inc, 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 Issara Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 24, 2026: price 5.15 THB, calculated fair value 9.13 THB (+77%), Quality Score 66/100, from 11 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 ISSARA calculated?
We run Issara Real Estate Investment Trust through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 9.13 THB, 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 13.9 % above its aggregate fair value. Issara Real Estate Investment Trust currently trades 77 % below its own fair value, and the market average says nothing about that. 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 Issara Real Estate Investment Trust (ISSARA)?
The closing price on Sep 25, 2026 was 5.15 THB. Our model-based fair value is 9.13 THB, about +77% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Issara Real Estate Investment Trust right now?
The price is below even our cautious bear case (6.81 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Issara Real Estate Investment Trust
How large is the market capitalisation of Issara Real Estate Investment Trust (ISSARA)?
The market capitalisation of Issara Real Estate Investment Trust is 587M THB (≈ $17.6M). 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 Issara Real Estate Investment Trust (ISSARA)?
The price-to-sales ratio of Issara Real Estate Investment Trust is 5.06 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Issara Real Estate Investment Trust (ISSARA)?
Earnings per share at Issara Real Estate Investment Trust are 0.4900 THB (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Issara Real Estate Investment Trust (ISSARA)?
The net margin of Issara Real Estate Investment Trust is 48.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Issara Real Estate Investment Trust (ISSARA)?
On an EBIT basis the return on assets of Issara Real Estate Investment Trust is 4.9% (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.
How much net debt does Issara Real Estate Investment Trust (ISSARA) carry?
The net debt of Issara Real Estate Investment Trust is 152M THB (fiscal year 2025, ≈ 3.3 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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