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LEG Immobilien SE (LGMMY) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of LEG Immobilien SE $22.01, price $13.00, upside +69.3%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 23, 2026
Broad data
Sep 23, 2026
LEG Immobilien SE
LGMMY · USClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value $22.01 · Strongly undervalued (+69.3%)
✓Quality 65/100
!Mixed Growth (revenue 5y +9.9 %/yr)
✓Highly profitable · 87.9% net margin (TTM)
✓Moderate debt · generates free cash flow
✓5.2% dividend yield · Well covered
✓Wide moat 68/100
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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 23, 2026.
How to read this chart
51‑month range $8.42 – $19.13 · fair‑value band $22.01 – $32.85 · the $13.00 price screens below the $22.01 fair value. Dashed = 300-day average. As of Sep 23, 2026.
Company profile
LEG Immobilien SE, together with its subsidiaries, operates as an integrated property company in Germany. It engages in the performance of services and management of equity investments; property management and location development; performance of services for third parties and housing industry services; and generation of electricity and heat.
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LEG Immobilien SE, together with its subsidiaries, operates as an integrated property company in Germany. It engages in the performance of services and management of equity investments; property management and location development; performance of services for third parties and housing industry services; and generation of electricity and heat. The company also provides information technology (IT) services for third parties and management services for third-party properties. Additionally, it offers residential and commercial units, as well as garages and parking spaces. LEG Immobilien SE was founded in 1970 and is headquartered in Düsseldorf, Germany.
Stock analysis
LEG Immobilien SE (LGMMY) currently trades at $13.00, while our model-based Fair Value estimate is $22.01, implying the stock looks roughly 40.9% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $43.29 per share, and 8 of the 14 models we run sit above the $13.00 price.
Bear case: the Growth DCF group reads lowest at $7.55, and 6 of the 14 models stay below the price. Evidence for this calculation is high.
Scenario range: $22.01 (bear) to $32.85 (bull), the price of $13.00 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 65/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
LEG Immobilien SE reported revenue of €1.4B in FY2025 versus €962M in FY2021, a compound +9.4%/yr. Reported net income was €1.5B in FY2025, compounding −4.1%/yr from FY2021.
Key figures
Market cap $4.9B · P/E ratio 2.9 · P/S ratio 3.06 · EPS (TTM) $4.50 · Dividend yield 5.2% · Net margin 106% · Return on equity 15.7% · Return on assets (EBIT) 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 54% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at 69%, LGMMY screens cheaper than that median.
Fair Value models
Bear $22.01
Fair Value $22.01
Bull $32.85
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 ($1.19 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.
Highest evidence
FCF DCF
n/a
$8.94
$27.36
77
Growth DCF
n/a
$7.55
$22.48
75
Residual Income
$33.87
$43.29
$65.50
75
All 14 models by family
DCF Models
FCF DCF
n/a
$8.94
$27.36
77
5Y Revenue Exit
n/a
$10.11
$27.65
69
5Y EBITDA Exit
$1.42
$19.53
$40.86
67
10Y Revenue Exit
n/a
$7.97
$24.83
64
10Y EBITDA Exit
n/a
$14.41
$34.82
65
Multiples
P/S Multiple
$24.78
$33.04
$41.30
58
P/B Multiple
$48.49
$64.66
$80.82
55
EV/EBIT
$16.02
$29.88
$43.74
63
EV/EBITDA
$7.67
$18.75
$29.82
63
EV/Revenue
n/a
$7.20
$17.03
50
Asset-Based
NCAV (Graham)
$16.16
$21.66
$32.33
54
Growth DCF
Growth DCF
n/a
$7.55
$22.48
75
Rev-Margin DCF
n/a
$10.07
$26.00
69
Economic Profit
Residual Income
$33.87
$43.29
$65.50
75
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Set up alert →Quality Score breakdown
Overall quality
65/100
Of which business quality 60 · Market factors (momentum, volatility) 27
Profitability
44
Margins and returns on capital today
Quality Growth
59
Are margins and returns improving?
Cashflow
75
Earnings quality: real cash, not paper profit
Fin. Strength
34
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
16
Calm price path (market factor)
Momentum
38
Price trend over the last 3–12 months (market factor)
52W Momentum
21
Distance to the 52-week high (market factor)
Net Issuance
71
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.
82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.7%
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.
+6.2%
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.
+9.9%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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. Basis: EBIT basis.
≈ +16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.7%
Dividend (yield on the price)5.2%
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.42% → 50%
⚠ Rate on operating basis: 2025 sits 854% above its own trend.
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Earlier news
News mood ⓘNews mood, the average tone of recent news (18 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.
Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
- LEG Immobilien SE (LEGIF) (H1 2026) Earnings Call Highlights: Resilient Rent Growth and ...
- LEG Immobilien reports steady rental growth amid FFO pressure
- Is It Worth Considering LEG Immobilien SE (ETR:LEG) For Its Upcoming Dividend?
- There Are Some Holes In LEG Immobilien's (ETR:LEG) Solid Earnings Release
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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 · 529 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Real Estate Services 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 Real Estate Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vingroup Joint Stock Company VIC | 232,000 VND | 25,731 VND | −89% |
| CBRE Group CBRE | $134.55 | $91.06 | −32% |
| KE Holdings 2423 | HK$42.92 | HK$17.16 | −60% |
| Swire Properties Limited 1972 | HK$24.32 | HK$13.39 | −45% |
| Cellnex Telecom, S.A CLNX | €23.99 | €23.94 | +0% |
| Vonovia SE VNA | €16.82 | €36.55 | +117% |
| Jones Lang LaSalle Incorporated JLL | $308.07 | $540.65 | +75% |
| Wharf Real Estate Investment Company 1997 | HK$30.54 | HK$27.42 | −10% |
| CoStar Group CSGP | $26.95 | $6.19 | −77% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$37.00 | HK$56.36 | +52% |
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Frequently asked questions
Is LEG Immobilien SE (LGMMY) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $22.01 versus the last price from Sep 25, 2026 of $13.00, about +69% upside (undervalued).
What is the fair value of LGMMY?
Our model-based fair value for LEG Immobilien SE is $22.01 (as of Sep 23, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $13.00.
What is the quality score of LGMMY?
LEG Immobilien SE has a Quality Score of 65/100. 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 LEG Immobilien SE (LGMMY)?
Our model-based price target is the fair value of $22.01 (as of Sep 23, 2026) from 14 valuation models. Cautious scenario $22.01, optimistic scenario $32.85. It is a calculation from audited fundamentals, not an analyst target.
What is the LEG Immobilien SE stock forecast for 2026?
Our models put fair value at $22.01, about +69% upside versus the last price from Sep 25, 2026 of $13.00 (undervalued). Cautious scenario $22.01, optimistic scenario $32.85. The calculation is refreshed regularly with new filings.
What is the revenue of LEG Immobilien SE (LGMMY)?
LEG Immobilien SE reported trailing-twelve-month revenue of about €1.5B (latest available figure, as of Sep 23, 2026).
Does LEG Immobilien SE pay a dividend?
LEG Immobilien SE currently shows a dividend yield of about 5.23% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of LEG Immobilien SE (LGMMY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For LEG Immobilien SE it is $22.01 per share (as of Sep 23, 2026), against a price of $13.00. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is LEG Immobilien SE stock overvalued or undervalued in 2026?
As of Sep 23, 2026, LGMMY trades below its calculated fair value: price $13.00, fair value $22.01, a gap of about +69% (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 LGMMY?
No. The price is what the market pays today ($13.00); the fair value is what the company's own numbers justify ($22.01). For LEG Immobilien SE the two are $9.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is LEG Immobilien SE worth?
The market values LEG Immobilien SE at about $4.9B (market capitalisation, as of Sep 23, 2026). Per share that is $13.00; our models calculate a fair value of $22.01 per share.
What do the bullish and bearish scenarios say about LGMMY?
Our models span a range for LEG Immobilien SE: cautious scenario $22.01, base $22.01, optimistic $32.85 per share (as of Sep 23, 2026, price $13.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LGMMY?
LEG Immobilien SE trades at a price-to-earnings ratio of 2.9 (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 $22.01 is built from several models across several years. Other multiples: P/B 0.6, P/S 3.4, EV/EBITDA 23.7.
How solid is the balance sheet of LEG Immobilien SE (LGMMY)?
Balance-sheet figures for LEG Immobilien SE (as of Sep 23, 2026): return on equity 15.7%, debt of 0.88 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is LGMMY from its 52-week high?
LEG Immobilien SE trades at $13.00, about 32% below its 52-week high of $19.13 and 54% above the low of $8.42 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $22.01 is for.
Which stocks are comparable to LEG Immobilien SE?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, 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 LEG Immobilien SE stock attractive at the current price?
The data as of Sep 23, 2026: price $13.00, calculated fair value $22.01 (+69%), Quality Score 65/100, from 14 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 LGMMY calculated?
We run LEG Immobilien SE through 14 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 $22.01, 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 14.5 % above its aggregate fair value. LEG Immobilien SE currently trades 41 % 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 LEG Immobilien SE (LGMMY)?
The latest price we hold is from Sep 25, 2026 and stands at $13.00. Our model-based fair value is $22.01, about +69% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with LEG Immobilien SE right now?
The price is below even our cautious bear case ($22.01). The market is more pessimistic than our downside scenario. Solid quality (65/100) 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 LEG Immobilien SE
How large is the market capitalisation of LEG Immobilien SE (LGMMY)?
The market capitalisation of LEG Immobilien SE is $4.9B. 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 LEG Immobilien SE (LGMMY)?
The price-to-sales ratio of LEG Immobilien SE is 3.06 (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 LEG Immobilien SE (LGMMY)?
Earnings per share at LEG Immobilien SE are $4.50 (price ÷ EPS = P/E 2.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of LEG Immobilien SE (LGMMY)?
The dividend yield of LEG Immobilien SE is 5.2% (payout 15.1%). 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 LEG Immobilien SE (LGMMY)?
The net margin of LEG Immobilien SE is 106% (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 return on equity of LEG Immobilien SE (LGMMY)?
The return on equity (ROE) of LEG Immobilien SE is 15.7% (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 LEG Immobilien SE (LGMMY)?
On an EBIT basis the return on assets of LEG Immobilien SE is 2.4% (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 LEG Immobilien SE (LGMMY)?
The operating margin of LEG Immobilien SE is 41.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at LEG Immobilien SE (LGMMY)?
Revenue at LEG Immobilien SE is growing −21.5% versus a year earlier (3y avg +6.2%). 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 LEG Immobilien SE (LGMMY)?
Earnings per share at LEG Immobilien SE are growing −63.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does LEG Immobilien SE (LGMMY) generate?
The free cash flow of LEG Immobilien SE is €443M (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 LEG Immobilien SE (LGMMY) carry?
The net debt of LEG Immobilien SE is €9.3B (fiscal year 2025, ≈ 20.9 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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