Novavest Real Estate Ag (NREN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Novavest Real Estate Ag stock CHF 27.39, price CHF 37.80, that is 27.5% below the price, quality 48 out of 100. Rating: overvalued. Calculated from audited financials with 15 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 6, 2026.
How to read this chart
60‑month range CHF 29.53 – CHF 42.12 · fair‑value band CHF 20.54 – CHF 52.65 · the CHF 37.80 price screens above the CHF 27.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Novavest Real Estate AG engages in the real estate activities in Switzerland. The company manages, rents, and develops properties for residential, as well as office and commercial uses.
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It also offers activities on the management and development of living space for life in the third age, such as retirement homes and care facilities, as well as office and commercial use, and new construction projects.
Novavest Real Estate AG was incorporated in 2013 and is based in Zurich, Switzerland.
Stock analysis
Novavest Real Estate Ag (NREN) currently trades at CHF 37.80, while our model-based Fair Value estimate is CHF 27.39, 28% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of CHF 67.59 per share, and 5 of the 15 models we run sit above the CHF 37.80 price.
Bear case: the Growth DCF group reads lowest at CHF 18.79, and 10 of the 15 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 20.54 (bear) to CHF 52.65 (bull), the price of CHF 37.80 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 48/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Novavest Real Estate Ag reported revenue of CHF 42.9M in FY2025 versus CHF 26.7M in FY2021, a compound +12.5%/yr. Reported net income was CHF 30.5M in FY2025, compounding +1.0%/yr from FY2021.
Key figures
Market cap CHF 384M Small · P/E ratio 11.2 · P/S ratio 9.10 · EPS (TTM) CHF 3.38 · Dividend yield 3.8% · Net margin 82.0% · Return on equity 8.0% · Return on assets (EBIT) 3.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −51% fair-value upside, at −28%, NREN screens cheaper than that median.
Fair Value models
BearCHF 20.54Fair Value CHF 27.39BullCHF 52.65
Price CHF 37.80 · Downside -27.5%
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 (CHF 1.65 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.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+16.2%
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.
+13.7%
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.
+12.0%
Start year 2020 (pandemic). Over 10 years: +18.3% a year
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.
+69.0%
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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.
+5.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.9%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1.9% vs 4.0%, steady
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.57% → 66%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+30.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +29.9% a year for the price.
Compare Novavest Real Estate Ag 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.Real Estate - Diversified · 114 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−27.5% · Below median
Profitability
Return on equity (12 months)8.0% · Above median
Return on assets3.0% · Above median
Net margin (12 months)82.0% · Top 25%
Operating margin (12 months)68.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−2.1% · Below median
Dividend yield (12 months)3.8% · Above median
Balance sheet
Debt / equity0.53× · Above median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Novavest Real Estate Ag Fair Value". https://www.fairvalue-calculator.com/stock/NREN
Frequently asked questions
Is Novavest Real Estate Ag (NREN) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of CHF 27.39 versus a price of CHF 37.80, about 28% lower (overvalued).
What is the fair value of NREN?
Our model-based fair value for Novavest Real Estate Ag is CHF 27.39 (as of Nov 6, 2026), built from audited fundamentals. The current price: CHF 37.80.
What is the quality score of NREN?
Novavest Real Estate Ag has a Quality Score of 48/100. 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 Novavest Real Estate Ag (NREN)?
Our model-based price target is the fair value of CHF 27.39 (as of Nov 6, 2026) from 15 valuation models. Cautious scenario CHF 20.54, optimistic scenario CHF 52.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Novavest Real Estate Ag stock forecast for 2026?
Our models put fair value at CHF 27.39, about 28% lower versus a price of CHF 37.80 (overvalued). Cautious scenario CHF 20.54, optimistic scenario CHF 52.65. The calculation is refreshed regularly with new filings.
What is the revenue of Novavest Real Estate Ag (NREN)?
Novavest Real Estate Ag reported trailing-twelve-month revenue of about CHF 42.2M (latest available figure, as of Nov 6, 2026).
Does Novavest Real Estate Ag pay a dividend?
Novavest Real Estate Ag currently shows a dividend yield of 3.84% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Novavest Real Estate Ag (NREN) and when is the ex-dividend date?
Novavest Real Estate Ag pays a dividend of CHF 1.45 per share a year, a dividend yield of 3.8%. The last ex-dividend date was Jun 10, 2026. A dividend has been paid every year since at least 2020. The payout ratio is 53.4% of earnings (on adjusted earnings, reported 42.9%). Free cash flow covers the dividend 0.99 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Novavest Real Estate Ag (NREN)?
For today's price to be fair in a discounted-cash-flow model, Novavest Real Estate Ag would have to grow free cash flow by +30.7 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of NREN use?
Our models discount Novavest Real Estate Ag at 9.6 %: a base by market capitalisation (small), damped by beta 0.06, country premium for Switzerland. 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 Novavest Real Estate Ag that is +30.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Novavest Real Estate Ag (NREN) delivered so far?
Over the past 5 years revenue at Novavest Real Estate Ag grew +12.0 % a year. The price currently implies free-cash-flow growth of +30.7 % 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 Novavest Real Estate Ag (NREN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Novavest Real Estate Ag (+30.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Novavest Real Estate Ag (NREN)?
The free-cash-flow yield on the price is 3.81 %: that much free cash flow Novavest Real Estate Ag produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Novavest Real Estate Ag (NREN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Novavest Real Estate Ag it is CHF 27.39 per share (as of Nov 6, 2026), against a price of CHF 37.80. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Novavest Real Estate Ag stock overvalued or undervalued in 2026?
As of Nov 6, 2026, NREN trades above its calculated fair value: price CHF 37.80, fair value CHF 27.39, a gap of about −28% (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 NREN?
No. The price is what the market pays today (CHF 37.80); the fair value is what the company's own numbers justify (CHF 27.39). For Novavest Real Estate Ag the two are CHF 10.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is Novavest Real Estate Ag worth?
The market values Novavest Real Estate Ag at about CHF 384M (market capitalisation, as of Nov 6, 2026). Per share that is CHF 37.80; our models calculate a fair value of CHF 27.39 per share.
What do the bullish and bearish scenarios say about NREN?
Our models span a range for Novavest Real Estate Ag: cautious scenario CHF 20.54, base CHF 27.39, optimistic CHF 52.65 per share (as of Nov 6, 2026, price CHF 37.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NREN?
Novavest Real Estate Ag trades at a price-to-earnings ratio of 11.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 27.39 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 15.7 (reported for FY2025: 12.6). Other multiples: P/B 0.9, P/S 9.1, EV/EBITDA 12.7.
How solid is the balance sheet of Novavest Real Estate Ag (NREN)?
Balance-sheet figures for Novavest Real Estate Ag (as of Nov 6, 2026): return on equity 8.0%, debt of 0.53 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is NREN from its 52-week high?
Novavest Real Estate Ag trades at CHF 37.80, about 10% below its 52-week high of CHF 42.12 and 2% above the low of CHF 37.20 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 27.39 is for.
Which stocks are comparable to Novavest Real Estate Ag?
From the same area (Real Estate) we also value Swiss Prime Site AG, The Phoenix Mills Limited, Prestige Estates Projects Limited, Umm Al Qura for Development and Construction Company, 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 Novavest Real Estate Ag stock attractive at the current price?
The data as of Nov 6, 2026: price CHF 37.80, calculated fair value CHF 27.39 (−28%), Quality Score 48/100, from 15 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 NREN calculated?
We run Novavest Real Estate Ag through 15 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 CHF 27.39 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. Novavest Real Estate Ag 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 Novavest Real Estate Ag (NREN)?
The closing price on Nov 6, 2026 was CHF 37.80. Our model-based fair value is CHF 27.39, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Novavest Real Estate Ag right now?
Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (CHF 20.54 to CHF 52.65) 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.
Where does the earnings growth of Novavest Real Estate Ag (NREN) come from?
Earnings per share at Novavest Real Estate Ag grew +2.0 % a year from 2015 to 2025. Broken into its drivers: revenue per share −1.1 %, EBIT margin +2.9 %, tax rate +0.8 %, residual (interest, one-offs) −0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Novavest Real Estate Ag
How large is the market capitalisation of Novavest Real Estate Ag (NREN)?
The market capitalisation of Novavest Real Estate Ag is CHF 384M. 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 Novavest Real Estate Ag (NREN)?
The price-to-sales ratio of Novavest Real Estate Ag is 9.10 (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 Novavest Real Estate Ag (NREN)?
Earnings per share at Novavest Real Estate Ag are CHF 3.38 (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Novavest Real Estate Ag (NREN)?
The dividend yield of Novavest Real Estate Ag is 3.8% (payout 53.4%, on adjusted earnings, reported 42.9%). 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 Novavest Real Estate Ag (NREN)?
The net margin of Novavest Real Estate Ag is 82.0% (last twelve months), excl. one-off gain FY2025 57.2%. 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 Novavest Real Estate Ag (NREN)?
The return on equity (ROE) of Novavest Real Estate Ag is 8.0% (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 Novavest Real Estate Ag (NREN)?
On an EBIT basis the return on assets of Novavest Real Estate Ag is 3.0% (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 Novavest Real Estate Ag (NREN)?
The operating margin of Novavest Real Estate Ag is 68.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Novavest Real Estate Ag (NREN)?
Revenue at Novavest Real Estate Ag is growing −2.1% versus a year earlier (3y avg +13.7%). 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 Novavest Real Estate Ag (NREN)?
Earnings per share at Novavest Real Estate Ag are growing +25.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Novavest Real Estate Ag (NREN) carry?
The net debt of Novavest Real Estate Ag is CHF 513M (fiscal year 2025, ≈ 35.0 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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Broad data
Nov 6, 2026