Keystone Reit Ltd (KSTN) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Keystone Reit Ltd stock ILS 3.25, price ILS 16.75, that is 80.6% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 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 7, 2026.
How to read this chart
60‑month range 3.52 ILS – 25.96 ILS · fair‑value band 2.79 ILS – 6.24 ILS · the 16.75 ILS price screens above the 3.25 ILS fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 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 16.75 ILS, while our model-based Fair Value estimate is 3.25 ILS, 81% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 28.27 ILS per share, and 6 of the 16 models we run sit above the 16.75 ILS price.
Bear case: the Growth DCF group reads lowest at 2.72 ILS, and 10 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.79 ILS (bear) to 6.24 ILS (bull), the price of 16.75 ILS 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 55/100 (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 3.7B ILS Small · P/E ratio 4.0 · P/S ratio 3.27 · EPS (TTM) 4.20 ILS · Dividend yield 1.4% · Net margin 72.8% · Return on equity 30.0% · Return on assets (EBIT) 12.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 89 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 87% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −81%, KSTN screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (1.98 ILS to 117.80 ILS). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear2.79 ILSFair Value 3.25 ILSBull6.24 ILS
Price 16.75 ILS · Downside -80.6%
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 (3.39 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. 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.
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.
+67.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.8%
Dividend (yield on the price)1.4%
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).
+27.1%
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 +24.5% 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 · 29 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside−80.6% · Bottom 25%
Profitability
Return on equity (12 months)30.0% · Top 25%
Return on assets18.9% · Top 25%
Net margin (12 months)72.8% · Top 25%
Operating margin (12 months)73.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−64.0% · Bottom 25%
Dividend yield (12 months)1.4% · 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 Nov 7, 2026, our model estimates a fair value of 3.25 ILS versus a price of 16.75 ILS, about 81% lower (overvalued).
What is the fair value of KSTN?
Our model-based fair value for Keystone Reit Ltd is 3.25 ILS (as of Nov 7, 2026), built from audited fundamentals. The current price: 16.75 ILS.
What is the quality score of KSTN?
Keystone Reit Ltd has a Quality Score of 55/100. 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 3.25 ILS (as of Nov 7, 2026) from 16 valuation models. Cautious scenario 2.79 ILS, optimistic scenario 6.24 ILS. 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 3.25 ILS, about 81% lower versus a price of 16.75 ILS (overvalued). Cautious scenario 2.79 ILS, optimistic scenario 6.24 ILS. The calculation is refreshed regularly with new filings.
Does Keystone Reit Ltd pay a dividend?
Keystone Reit Ltd currently shows a dividend yield of 1.39% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Keystone Reit Ltd (KSTN) and when is the ex-dividend date?
Keystone Reit Ltd pays a dividend of 0.233 ILS per share a year, a dividend yield of 1.4%. The last ex-dividend date was Oct 16, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 5.5% of earnings. Free cash flow covers the dividend 2.39 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
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 +27.1 % 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 +233.7 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of KSTN use?
Our models discount Keystone Reit Ltd at 11.6 %: a base by market capitalisation (small), 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 +27.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) 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 free-cash-flow growth of +27.1 % 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 Keystone Reit Ltd (KSTN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Keystone Reit Ltd (+27.1 % per 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 3.50 %: that much free cash flow Keystone Reit Ltd 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 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 3.25 ILS per share (as of Nov 7, 2026), against a price of 16.75 ILS. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Keystone Reit Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, KSTN trades above its calculated fair value: price 16.75 ILS, fair value 3.25 ILS, a gap of about −81% (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 (16.75 ILS); the fair value is what the company's own numbers justify (3.25 ILS). For Keystone Reit Ltd the two are 13.50 ILS 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 3.7B ILS (market capitalisation, as of Nov 7, 2026). Per share that is 16.75 ILS; our models calculate a fair value of 3.25 ILS per share.
What do the bullish and bearish scenarios say about KSTN?
Our models span a range for Keystone Reit Ltd: cautious scenario 2.79 ILS, base 3.25 ILS, optimistic 6.24 ILS per share (as of Nov 7, 2026, price 16.75 ILS). 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 4.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.25 ILS is built from several models across several years. Other multiples: P/B 1.2, P/S 3.3, EV/EBITDA 20.6.
How solid is the balance sheet of Keystone Reit Ltd (KSTN)?
Balance-sheet figures for Keystone Reit Ltd (as of Nov 7, 2026): return on equity 30.0%, debt of 0.48 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is KSTN from its 52-week high?
Keystone Reit Ltd trades at 16.75 ILS, about 35% below its 52-week high of 25.96 ILS and 87% above the low of 8.97 ILS (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 3.25 ILS 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, Crown Castle 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 Keystone Reit Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price 16.75 ILS, calculated fair value 3.25 ILS (−81%), Quality Score 55/100, 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 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 3.25 ILS 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. 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 Nov 5, 2026 was 16.75 ILS. Our model-based fair value is 3.25 ILS, about 81% lower (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 price sits above even our optimistic bull case (6.24 ILS). The favourable scenario is already priced in. 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 (55/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (2.79 ILS to 6.24 ILS) leaves room in how you read the outcome.
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 3.7B ILS. 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 3.27 (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 Keystone Reit Ltd (KSTN)?
Earnings per share at Keystone Reit Ltd are 4.20 ILS (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Keystone Reit Ltd (KSTN)?
The dividend yield of Keystone Reit Ltd is 1.4% (payout 5.5%). 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 Keystone Reit Ltd (KSTN)?
The net margin of Keystone Reit Ltd is 72.8% (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 30.0% (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 73.9% (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 −64.0% 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 −81.3% 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 ILS (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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Thin data
Nov 7, 2026