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Inovalis Real Estate Investment Trust (IVREF) fair value: what the stock is really worth
We calculate from audited financials what Inovalis Real Estate Investment Trust is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Thin data
Sep 13, 2026
Thin data
Sep 13, 2026
Inovalis Real Estate Investment Trust
IVREF · USWeak valuationQuality is weak on top of the rich price.
!Fair value $0.3900 · Overvalued (−35%)
!Quality 45/100
!Weak Growth (revenue 5y −9.0 %/yr)
!Low debt · negative free cash flow
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range $0.3385 – $4.11 · fair‑value band $0.2400 – $0.5900 · the $0.5978 price screens above the $0.3900 fair value. Dashed = 300-day average. As of Sep 13, 2026.
Company profile
Inovalis Real Estate Investment Trust is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 10 assets.
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Inovalis Real Estate Investment Trust is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 10 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A. Inovalis Real Estate Investment Trust was established on February 03, 2013 and incorporated in Ontario, Canada.
Stock analysis
Inovalis Real Estate Investment Trust (IVREF) currently trades at $0.5978, while our model-based Fair Value estimate is $0.3900, implying the stock looks roughly 53.3% overvalued today.
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Valuation
How firm this estimate is: it rests on 6 models at a data quality of 94/100, which puts the evidence level at low.
Scenario range: $0.2400 (bear) to $0.5900 (bull), the price of $0.5978 sits above 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 45/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Inovalis Real Estate Investment Trust reported revenue of C$22.4M in FY2025 versus C$34.5M in FY2021, a compound −10.2%/yr. Reported net income was −C$55.9M in FY2025.
Key figures
Market cap $20.3M · P/S ratio 1.28 · EPS (TTM) $−0.9700 · Net margin −283% · Return on equity −26.5% · Return on assets (EBIT) 1.0% · Operating margin −31.8% · Revenue (TTM) $16.0M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 43% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −18% fair-value upside, at −35%, IVREF screens richer than that median.
Fair Value models
Bear $0.2400
Fair Value $0.3900
Bull $0.5900
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.
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 ⓘ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.
Highest evidence
EV/EBITDA
$2.83
$4.10
$5.38
67
EV/EBIT
$3.96
$5.60
$7.24
65
NCAV (Graham)
$2.07
$2.77
$4.14
54
All 4 models by family
Multiples
EV/EBIT
$3.96
$5.60
$7.24
65
EV/EBITDA
$2.83
$4.10
$5.38
67
EV/Revenue
$1.74
$2.91
$4.07
52
Asset-Based
NCAV (Graham)
$2.07
$2.77
$4.14
54
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Set up alert →Quality Score breakdown
Overall quality
45/100
Of which business quality 43 · Market factors (momentum, volatility) 31
Profitability
1
Margins and returns on capital today
Quality Growth
43
Are margins and returns improving?
Cashflow
25
Earnings quality: real cash, not paper profit
Fin. Strength
36
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
29
Calm price path (market factor)
Momentum
36
Price trend over the last 3–12 months (market factor)
52W Momentum
23
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
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.
0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−7.2%
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.
−10.4%
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.
−9.0%
Revenue growth 12 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.
+3.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
67.2% (2017) → 32.2% (2022)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
IVREF screens 53% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Compare Inovalis Real Estate Investment Trust with another stock
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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 - Office · 68 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs REIT - Office median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
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 - Office stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €13.12 | €5.66 | −57% |
| BXP, Inc BXP | $64.70 | $53.27 | −18% |
| Vornado Realty Trust VNORP | $70.25 | $62.34 | −11% |
| Alexandria Real Estate Equities, Inc ARE | $51.14 | $90.87 | +78% |
| Hudson Pacific Properties, Inc HPP | $12.23 | $3.21 | −74% |
| Gecina GFC | €65.95 | €75.35 | +14% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.20 SGD | 1.14 SGD | −5% |
| Cousins Properties Incorporated CUZ | $28.19 | $17.46 | −38% |
| EMBASSYRR EMBASSYRR | ₹439.07 | ₹148.53 | −66% |
| Keppel DC REIT AJBU | 2.14 SGD | 1.68 SGD | −21% |
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Frequently asked questions
Is Inovalis Real Estate Investment Trust (IVREF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $0.3900 versus a price of $0.5978, about −35% upside (overvalued).
What is the fair value of IVREF?
Our model-based fair value for Inovalis Real Estate Investment Trust is $0.3900 (as of Sep 13, 2026), built from audited fundamentals. The current price: $0.5978.
What is the quality score of IVREF?
Inovalis Real Estate Investment Trust has a Quality Score of 45/100. 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 Inovalis Real Estate Investment Trust (IVREF)?
Our model-based price target is the fair value of $0.3900 (as of Sep 13, 2026) from 4 valuation models. Cautious scenario $0.2400, optimistic scenario $0.5900. It is a calculation from audited fundamentals, not an analyst target.
What is the Inovalis Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at $0.3900, about −35% upside versus a price of $0.5978 (overvalued). Cautious scenario $0.2400, optimistic scenario $0.5900. The calculation is refreshed regularly with new filings.
What is the revenue of Inovalis Real Estate Investment Trust (IVREF)?
Inovalis Real Estate Investment Trust reported trailing-twelve-month revenue of about $16.0M (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Inovalis Real Estate Investment Trust (IVREF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Inovalis Real Estate Investment Trust it is $0.3900 per share (as of Sep 13, 2026), against a price of $0.5978. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Inovalis Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 13, 2026, IVREF trades above its calculated fair value: price $0.5978, fair value $0.3900, a gap of about −35% (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 IVREF?
No. The price is what the market pays today ($0.5978); the fair value is what the company's own numbers justify ($0.3900). For Inovalis Real Estate Investment Trust the two are $0.2078 per share apart. That gap is exactly why we show both numbers side by side.
How much is Inovalis Real Estate Investment Trust worth?
The market values Inovalis Real Estate Investment Trust at about $20.3M (market capitalisation, as of Sep 13, 2026). Per share that is $0.5978; our models calculate a fair value of $0.3900 per share.
What do the bullish and bearish scenarios say about IVREF?
Our models span a range for Inovalis Real Estate Investment Trust: cautious scenario $0.2400, base $0.3900, optimistic $0.5900 per share (as of Sep 13, 2026, price $0.5978). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Inovalis Real Estate Investment Trust (IVREF)?
Balance-sheet figures for Inovalis Real Estate Investment Trust (as of Sep 13, 2026): return on equity −26.5%, debt of 0.42 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is IVREF from its 52-week high?
Inovalis Real Estate Investment Trust trades at $0.5978, about 25% below its 52-week high of $0.8020 and 43% above the low of $0.4189 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $0.3900 is for.
Which stocks are comparable to Inovalis Real Estate Investment Trust?
From the same area (Real Estate) we also value MERLIN Properties SOCIMI, S.A, BXP, Inc, Vornado Realty Trust, Alexandria Real Estate Equities, 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 Inovalis Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 13, 2026: price $0.5978, calculated fair value $0.3900 (−35%), Quality Score 45/100, from 4 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 IVREF calculated?
We run Inovalis Real Estate Investment Trust through 4 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 $0.3900, 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 15.8 % above its aggregate fair value. Inovalis Real Estate Investment Trust 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 should I pay attention to with Inovalis Real Estate Investment Trust right now?
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 but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.2400 to $0.5900) 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 Inovalis Real Estate Investment Trust
How large is the market capitalisation of Inovalis Real Estate Investment Trust (IVREF)?
The market capitalisation of Inovalis Real Estate Investment Trust is $20.3M. 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 Inovalis Real Estate Investment Trust (IVREF)?
The price-to-sales ratio of Inovalis Real Estate Investment Trust is 1.28 (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 Inovalis Real Estate Investment Trust (IVREF)?
Earnings per share at Inovalis Real Estate Investment Trust are $−0.9700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Inovalis Real Estate Investment Trust (IVREF)?
The net margin of Inovalis Real Estate Investment Trust is −283% (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 Inovalis Real Estate Investment Trust (IVREF)?
The return on equity (ROE) of Inovalis Real Estate Investment Trust is −26.5% (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 Inovalis Real Estate Investment Trust (IVREF)?
On an EBIT basis the return on assets of Inovalis Real Estate Investment Trust is 1.0% (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 Inovalis Real Estate Investment Trust (IVREF)?
The operating margin of Inovalis Real Estate Investment Trust is −31.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Inovalis Real Estate Investment Trust (IVREF)?
Revenue at Inovalis Real Estate Investment Trust is growing −25.0% versus a year earlier (3y avg −10.4%). 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 Inovalis Real Estate Investment Trust (IVREF)?
Earnings per share at Inovalis Real Estate Investment Trust are growing +559% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Inovalis Real Estate Investment Trust (IVREF) generate?
The free cash flow of Inovalis Real Estate Investment Trust is −$4.8M (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 Inovalis Real Estate Investment Trust (IVREF) carry?
The net debt of Inovalis Real Estate Investment Trust is $179M (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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