Elite Commercial REIT (MXNU) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Elite Commercial REIT £0.60, price £0.32, upside +87.5%, quality 55 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 27, 2026.
How to read this chart
60‑month range £0.1591 – £0.4281 · fair‑value band £0.4500 – £0.7500 · the £0.3200 price screens below the £0.6000 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Elite UK REIT operates as a real estate investment trust. It primarily invests in commercial assets and real estate-related assets in the United Kingdom. The company's investment properties comprise freehold properties located in London and South East, North West, Midlands, North East, South West, Yorkshire and Humber, East, Scotland, and Wales.
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Elite UK REIT operates as a real estate investment trust. It primarily invests in commercial assets and real estate-related assets in the United Kingdom. The company's investment properties comprise freehold properties located in London and South East, North West, Midlands, North East, South West, Yorkshire and Humber, East, Scotland, and Wales. It qualifies as a real estate investment trust for federal income tax purposes. The company was formerly known as Elite Commercial REIT and changed its name to Elite UK REIT in May 2024. Elite Commercial REIT Management Pte. Ltd. operates as the manager of Elite UK REIT. Elite UK REIT was founded in 2018 and is based in Singapore.
Stock analysis
Elite Commercial REIT (MXNU) currently trades at £0.3200, while our model-based Fair Value estimate is £0.6000, implying the stock looks roughly 46.7% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of £1.06 per share, and 11 of the 12 models we run sit above the £0.3200 price.
Bear case: the Asset-Based group reads lowest at £0.4100, and 1 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: £0.4500 (bear) to £0.7500 (bull), the price of £0.3200 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 55/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Elite Commercial REIT reported revenue of £38.3M in FY2025 versus £34.7M in FY2021, a compound +2.5%/yr. Reported net income was £13.9M in FY2025.
Key figures
Market cap £195M · P/E ratio 3.6 · P/S ratio 1.29 · EPS (TTM) £0.0900 · Dividend yield 9.4% · Net margin 36.2% · Return on equity 22.2% · Return on assets (EBIT) 6.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at 88%, MXNU screens cheaper than that median.
Fair Value models
Bear £0.4500Fair Value £0.6000Bull £0.7500
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 (£0.0454 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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.0%
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.
+1.1%
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.
+10.5%
Start year 2020 (pandemic)
Revenue growth 7 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.
+34.1%
’18
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’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.
−5.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.6%
Dividend (yield on the price)9.4%
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.66% → 79%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−3.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in GBP, UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −6.0% a year for the price and +0.9% for the forecasts.
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 - Office · 69 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+87.5% · Top 25%
Profitability
Return on equity (TTM)22.2% · Top 25%
Return on assets4.2% · Top 25%
Net margin (TTM)154.6% · Top 25%
Operating margin (TTM)82.5% · Top 25%
Growth and dividend
Revenue growth−7.5% · Bottom 25%
Dividend yield (TTM)9.4% · Top 25%
Balance sheet
Debt / equity0.77× · Above median
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Is Elite Commercial REIT (MXNU) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of £0.6000 versus a price of £0.3200, about +88% upside (undervalued).
What is the fair value of MXNU?
Our model-based fair value for Elite Commercial REIT is £0.6000 (as of Sep 27, 2026), built from audited fundamentals. The current price: £0.3200.
What is the quality score of MXNU?
Elite Commercial REIT 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 Elite Commercial REIT (MXNU)?
Our model-based price target is the fair value of £0.6000 (as of Sep 27, 2026) from 12 valuation models. Cautious scenario £0.4500, optimistic scenario £0.7500. It is a calculation from audited fundamentals, not an analyst target.
What is the Elite Commercial REIT stock forecast for 2026?
Our models put fair value at £0.6000, about +88% upside versus a price of £0.3200 (undervalued). Cautious scenario £0.4500, optimistic scenario £0.7500. The calculation is refreshed regularly with new filings.
What is the revenue of Elite Commercial REIT (MXNU)?
Elite Commercial REIT reported trailing-twelve-month revenue of about £36.8M (latest available figure, as of Sep 27, 2026).
Does Elite Commercial REIT pay a dividend?
Elite Commercial REIT currently shows a dividend yield of about 9.38% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Elite Commercial REIT (MXNU)?
For today's price to be fair in a discounted-cash-flow model, Elite Commercial REIT would have to grow free cash flow by -3.8 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.5 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of MXNU use?
Our models discount Elite Commercial REIT at 11.7 %: a base by market capitalisation (micro), damped by beta 0.74, country premium for Singapore. 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 Elite Commercial REIT that is -3.8 % per year a year over ten years, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has Elite Commercial REIT (MXNU) delivered so far?
Over the past 5 years revenue at Elite Commercial REIT grew +10.5 % a year. The price currently implies -3.8 % 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 Elite Commercial REIT (MXNU) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Elite Commercial REIT (-3.8 % 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 Elite Commercial REIT (MXNU)?
The free-cash-flow yield on the price is 31.81 %: that much free cash flow Elite Commercial REIT produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Elite Commercial REIT (MXNU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elite Commercial REIT it is £0.6000 per share (as of Sep 27, 2026), against a price of £0.3200. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Elite Commercial REIT stock overvalued or undervalued in 2026?
As of Sep 27, 2026, MXNU trades below its calculated fair value: price £0.3200, fair value £0.6000, a gap of about +88% (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 MXNU?
No. The price is what the market pays today (£0.3200); the fair value is what the company's own numbers justify (£0.6000). For Elite Commercial REIT the two are £0.2800 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elite Commercial REIT worth?
The market values Elite Commercial REIT at about £195M (market capitalisation, as of Sep 27, 2026). Per share that is £0.3200; our models calculate a fair value of £0.6000 per share.
What do the bullish and bearish scenarios say about MXNU?
Our models span a range for Elite Commercial REIT: cautious scenario £0.4500, base £0.6000, optimistic £0.7500 per share (as of Sep 27, 2026, price £0.3200). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MXNU?
Elite Commercial REIT trades at a price-to-earnings ratio of 3.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £0.6000 is built from several models across several years. Other multiples: P/B 0.8, P/S 5.3.
How solid is the balance sheet of Elite Commercial REIT (MXNU)?
Balance-sheet figures for Elite Commercial REIT (as of Sep 27, 2026): return on equity 22.2%, debt of 0.77 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is MXNU from its 52-week high?
Elite Commercial REIT trades at £0.3200, about 7% below its 52-week high of £0.3445 and 5% above the low of £0.3050 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £0.6000 is for.
Which stocks are comparable to Elite Commercial REIT?
From the same area (Real Estate) we also value BXP, Inc, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, MERLIN Properties SOCIMI, S.A, 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 Elite Commercial REIT stock attractive at the current price?
The data as of Sep 27, 2026: price £0.3200, calculated fair value £0.6000 (+88%), Quality Score 55/100, from 12 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 MXNU calculated?
We run Elite Commercial REIT through 12 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 £0.6000, 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. Elite Commercial REIT currently trades 47 % 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 Elite Commercial REIT (MXNU)?
The closing price on Oct 2, 2026 was £0.3200. Our model-based fair value is £0.6000, about +88% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elite Commercial REIT right now?
The price is below even our cautious bear case (£0.4500). 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 (55/100) 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 Elite Commercial REIT
How large is the market capitalisation of Elite Commercial REIT (MXNU)?
The market capitalisation of Elite Commercial REIT is £195M. 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 Elite Commercial REIT (MXNU)?
The price-to-sales ratio of Elite Commercial REIT is 1.29 (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 Elite Commercial REIT (MXNU)?
Earnings per share at Elite Commercial REIT are £0.0900 (price ÷ EPS = P/E 3.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Elite Commercial REIT (MXNU)?
The dividend yield of Elite Commercial REIT is 9.4% (payout 33.3%). 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 Elite Commercial REIT (MXNU)?
The net margin of Elite Commercial REIT is 36.2% (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 Elite Commercial REIT (MXNU)?
The return on equity (ROE) of Elite Commercial REIT is 22.2% (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 Elite Commercial REIT (MXNU)?
On an EBIT basis the return on assets of Elite Commercial REIT is 6.9% (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.
What is the operating margin of Elite Commercial REIT (MXNU)?
The operating margin of Elite Commercial REIT is 82.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elite Commercial REIT (MXNU)?
Revenue at Elite Commercial REIT is growing −7.5% versus a year earlier (3y avg +1.1%). 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 Elite Commercial REIT (MXNU)?
Earnings per share at Elite Commercial REIT are growing +816% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Elite Commercial REIT (MXNU) carry?
The net debt of Elite Commercial REIT is £169M (fiscal year 2025, ≈ 4.6 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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