Keystone Reit Ltd (KSTN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Keystone Reit Ltd ILS 17.07, price ILS 21.45, upside -20.4%, quality 53 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 23, 2026.
How to read this chart
60‑month range 3.54 ILA – 26.13 ILA · fair‑value band 7.70 ILA – 34.72 ILA · the 21.45 ILA price screens above the 17.07 ILA fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Keystone REIT Ltd. operates in the asset management and custody banks industry. The company was incorporated in 2022 and is based in Israel.
Stock analysis
Keystone Reit Ltd (KSTN) currently trades at 21.45 ILA, while our model-based Fair Value estimate is 17.07 ILA, implying the stock looks roughly 25.7% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 53.35 ILA per share, and 6 of the 16 models we run sit above the 21.45 ILA price.
Bear case: the Dividend Discount group reads lowest at 5.97 ILA, and 10 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: 7.70 ILA (bear) to 34.72 ILA (bull), the price of 21.45 ILA 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 53/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Keystone Reit Ltd reported revenue of 237M ILS in FY2025 versus 826K ILS in FY2021, a compound +311.4%/yr. Reported net income was 942M ILS in FY2025, compounding +97.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 4.1B ILA · P/E ratio 4.5 · P/S ratio 17.8 · EPS (TTM) 4.80 ILA · Net margin 74.0% · Return on equity 35.0% · Return on assets (EBIT) 12.7% · Operating margin 76.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 150% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −18% fair-value upside, at −20%, KSTN screens richer than that median.
Fair Value models
Bear 7.70 ILAFair Value 17.07 ILABull 34.72 ILA
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 (3.51 ILS 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.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+65.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.8%
Dividend (yield on the price)0.0%
Profit margin 2021 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.10,659% → 511%
2025 sits 362% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less 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).
+26.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Israel: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +23.5% 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.REIT - Specialty · 33 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−21% · Below median
Profitability
Return on equity (TTM)35% · Top 25%
Return on assets17% · Top 25%
Net margin (TTM)74% · Top 25%
Operating margin (TTM)77% · Top 25%
Growth and dividend
Revenue growth−20% · Bottom 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.48× · Below median
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
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Is Keystone Reit Ltd (KSTN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 17.07 ILA versus a price of 21.45 ILA, about −20% upside (overvalued).
What is the fair value of KSTN?
Our model-based fair value for Keystone Reit Ltd is 17.07 ILA (as of Sep 23, 2026), built from audited fundamentals. The current price: 21.45 ILA.
What is the quality score of KSTN?
Keystone Reit Ltd has a Quality Score of 53/100. 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 Keystone Reit Ltd (KSTN)?
Our model-based price target is the fair value of 17.07 ILA (as of Sep 23, 2026) from 16 valuation models. Cautious scenario 7.70 ILA, optimistic scenario 34.72 ILA. It is a calculation from audited fundamentals, not an analyst target.
What is the Keystone Reit Ltd stock forecast for 2026?
Our models put fair value at 17.07 ILA, about −20% upside versus a price of 21.45 ILA (overvalued). Cautious scenario 7.70 ILA, optimistic scenario 34.72 ILA. The calculation is refreshed regularly with new filings.
What growth is priced into Keystone Reit Ltd (KSTN)?
For today's price to be fair in a discounted-cash-flow model, Keystone Reit Ltd would have to grow free cash flow by +26.0 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +233.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of KSTN use?
Our models discount Keystone Reit Ltd at 10.1 %: a base by market capitalisation (mid), damped by beta 0.46, country premium for Israel. 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 Keystone Reit Ltd that is +26.0 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Keystone Reit Ltd (KSTN) delivered so far?
Over the past 5 years revenue at Keystone Reit Ltd grew +233.7 % a year. The price currently implies +26.0 % 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.
How fast is the sector of Keystone Reit Ltd (KSTN) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Keystone Reit Ltd (+26.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Keystone Reit Ltd (KSTN)?
The free-cash-flow yield on the price is 2.89 %: that much free cash flow Keystone Reit Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Keystone Reit Ltd (KSTN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Keystone Reit Ltd it is 17.07 ILA per share (as of Sep 23, 2026), against a price of 21.45 ILA. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Keystone Reit Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, KSTN trades above its calculated fair value: price 21.45 ILA, fair value 17.07 ILA, a gap of about −20% (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 KSTN?
No. The price is what the market pays today (21.45 ILA); the fair value is what the company's own numbers justify (17.07 ILA). For Keystone Reit Ltd the two are 4.38 ILA per share apart. That gap is exactly why we show both numbers side by side.
How much is Keystone Reit Ltd worth?
The market values Keystone Reit Ltd at about 4.1B ILA (market capitalisation, as of Sep 23, 2026). Per share that is 21.45 ILA; our models calculate a fair value of 17.07 ILA per share.
What do the bullish and bearish scenarios say about KSTN?
Our models span a range for Keystone Reit Ltd: cautious scenario 7.70 ILA, base 17.07 ILA, optimistic 34.72 ILA per share (as of Sep 23, 2026, price 21.45 ILA). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KSTN?
Keystone Reit Ltd trades at a price-to-earnings ratio of 4.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 17.07 ILA is built from several models across several years. Other multiples: P/B 0.5, P/S 1.1, EV/EBITDA 10.9.
How solid is the balance sheet of Keystone Reit Ltd (KSTN)?
Balance-sheet figures for Keystone Reit Ltd (as of Sep 23, 2026): return on equity 35.0%, debt of 0.48 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is KSTN from its 52-week high?
Keystone Reit Ltd trades at 21.45 ILA, about 18% below its 52-week high of 26.13 ILA and 150% above the low of 8.57 ILA (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 17.07 ILA is for.
Which stocks are comparable to Keystone Reit Ltd?
From the same area (Real Estate) we also value Equinix, Inc, American Tower Corporation, Digital Realty Trust, Inc, Iron Mountain Incorporated, 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 Keystone Reit Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 21.45 ILA, calculated fair value 17.07 ILA (−20%), Quality Score 53/100, from 16 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 KSTN calculated?
We run Keystone Reit Ltd through 16 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 17.07 ILA, 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 14.1 % above its aggregate fair value. Keystone Reit Ltd 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 Keystone Reit Ltd (KSTN)?
The closing price on Sep 23, 2026 was 21.45 ILA. Our model-based fair value is 17.07 ILA, about −20% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Keystone Reit Ltd right now?
The model range is unusually wide (7.70 ILA to 34.72 ILA). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Keystone Reit Ltd
How large is the market capitalisation of Keystone Reit Ltd (KSTN)?
The market capitalisation of Keystone Reit Ltd is 4.1B ILA. 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 Keystone Reit Ltd (KSTN)?
The price-to-sales ratio of Keystone Reit Ltd is 17.8 (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 Keystone Reit Ltd (KSTN)?
Earnings per share at Keystone Reit Ltd are 4.80 ILA (price ÷ EPS = P/E 4.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Keystone Reit Ltd (KSTN)?
The net margin of Keystone Reit Ltd is 74.0% (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 Keystone Reit Ltd (KSTN)?
The return on equity (ROE) of Keystone Reit Ltd is 35.0% (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 Keystone Reit Ltd (KSTN)?
On an EBIT basis the return on assets of Keystone Reit Ltd is 12.7% (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 Keystone Reit Ltd (KSTN)?
The operating margin of Keystone Reit Ltd is 76.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Keystone Reit Ltd (KSTN)?
Revenue at Keystone Reit Ltd is growing −20.2% versus a year earlier (3y avg +547%). 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 Keystone Reit Ltd (KSTN)?
Earnings per share at Keystone Reit Ltd are growing −33.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Keystone Reit Ltd (KSTN) carry?
The net debt of Keystone Reit Ltd is 1.2B ILA (fiscal year 2025, ≈ 10.3 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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