Property For Industry Ltd. (PYIYF) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of Property For Industry Ltd. $1.07, price $1.26, upside -15.1%, quality 73 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
20‑month range $0.7851 – $1.26 · fair‑value band $0.8000 – $1.45 · the $1.26 price screens above the $1.07 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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Property For Industry Limited engages in the property investment and management business in New Zealand. The company invests in industrial properties located in North Harbour, Avondale, Penrose, Mount Wellington, Manukau, Mangere, East Tamaki, Wellington, and Christchurch.
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Property For Industry Limited engages in the property investment and management business in New Zealand. The company invests in industrial properties located in North Harbour, Avondale, Penrose, Mount Wellington, Manukau, Mangere, East Tamaki, Wellington, and Christchurch. As of December 23, 2020, it operated a portfolio of 94 properties that are leased to 147 tenants. Property For Industry Limited was founded in 1994 and is based in Auckland, New Zealand.
Stock analysis
Property For Industry Ltd. (PYIYF) currently trades at $1.26, while our model-based Fair Value estimate is $1.07, implying the stock looks roughly 17.8% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $2.26 per share, and 5 of the 11 models we run sit above the $1.26 price.
Bear case: the Growth DCF group reads lowest at $0.7400, and 6 of the 11 models stay below the price. Evidence for this calculation is high.
Scenario range: $0.8000 (bear) to $1.45 (bull), the price of $1.26 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 73/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Property For Industry Ltd. reported revenue of 128M NZD in FY2024 versus 96.1M NZD in FY2020, a compound +7.3%/yr. Reported net income was 106M NZD in FY2024, compounding −1.7%/yr from FY2020.
Key figures
Market cap $633M · P/E ratio 10.5 · P/S ratio 8.73 · EPS (TTM) $0.1200 · Dividend yield 7.1% · Net margin 83.1% · Return on equity 7.6% · Return on assets (EBIT) 4.1%.
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 at its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at −15%, PYIYF screens richer than that median.
Fair Value models
Bear $0.8000Fair Value $1.07Bull $1.45
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 2024 figures (about 12 months old). Earnings retained since then ($0.0300 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.55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+10.9%
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.
+5.6%
’20
’21
’22
’23
’24
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−1.4%
Dividend (yield on the price)7.1%
Profit margin 2020 to 2024 ⓘ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.77% → 74%
Compare Property For Industry Ltd. with another stock
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 - Industrial · 55 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside−15% · Below median
Profitability
Return on equity (TTM)8% · Above median
Return on assets3% · Below median
Net margin (TTM)89% · Top 25%
Operating margin (TTM)75% · Above median
Growth and dividend
Revenue growth20% · Top 25%
Dividend yield (TTM)7.1% · Above median
Balance sheet
Debt / equity0.42× · Below median
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Property For Industry Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/PYIYF
Frequently asked questions
Is Property For Industry Ltd. (PYIYF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $1.07 versus a price of $1.26, about −15% upside (overvalued).
What is the fair value of PYIYF?
Our model-based fair value for Property For Industry Ltd. is $1.07 (as of Sep 23, 2026), built from audited fundamentals. The current price: $1.26.
What is the quality score of PYIYF?
Property For Industry Ltd. has a Quality Score of 73/100. 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 Property For Industry Ltd. (PYIYF)?
Our model-based price target is the fair value of $1.07 (as of Sep 23, 2026) from 11 valuation models. Cautious scenario $0.8000, optimistic scenario $1.45. It is a calculation from audited fundamentals, not an analyst target.
What is the Property For Industry Ltd. stock forecast for 2026?
Our models put fair value at $1.07, about −15% upside versus a price of $1.26 (overvalued). Cautious scenario $0.8000, optimistic scenario $1.45. The calculation is refreshed regularly with new filings.
What is the revenue of Property For Industry Ltd. (PYIYF)?
Property For Industry Ltd. reported trailing-twelve-month revenue of about 140M NZD (latest available figure, as of Sep 23, 2026).
Does Property For Industry Ltd. pay a dividend?
Property For Industry Ltd. currently shows a dividend yield of about 7.14% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Property For Industry Ltd. (PYIYF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Property For Industry Ltd. it is $1.07 per share (as of Sep 23, 2026), against a price of $1.26. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Property For Industry Ltd. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PYIYF trades above its calculated fair value: price $1.26, fair value $1.07, a gap of about −15% (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 PYIYF?
No. The price is what the market pays today ($1.26); the fair value is what the company's own numbers justify ($1.07). For Property For Industry Ltd. the two are $0.1900 per share apart. That gap is exactly why we show both numbers side by side.
How much is Property For Industry Ltd. worth?
The market values Property For Industry Ltd. at about $633M (market capitalisation, as of Sep 23, 2026). Per share that is $1.26; our models calculate a fair value of $1.07 per share.
What do the bullish and bearish scenarios say about PYIYF?
Our models span a range for Property For Industry Ltd.: cautious scenario $0.8000, base $1.07, optimistic $1.45 per share (as of Sep 23, 2026, price $1.26). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PYIYF?
Property For Industry Ltd. trades at a price-to-earnings ratio of 10.5 (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 $1.07 is built from several models across several years. Other multiples: P/B 0.4, P/S 4.5, EV/EBITDA 11.7.
How solid is the balance sheet of Property For Industry Ltd. (PYIYF)?
Balance-sheet figures for Property For Industry Ltd. (as of Sep 23, 2026): return on equity 7.6%, debt of 0.42 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is PYIYF from its 52-week high?
Property For Industry Ltd. trades at $1.26, at its 52-week high of $1.26 and 49% above the low of $0.8481 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $1.07 is for.
Which stocks are comparable to Property For Industry Ltd.?
From the same area (Real Estate) we also value Public Storage, a member of the S&P 500,, Prologis, Inc, Extra Space Storage Inc, EastGroup Properties, 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 Property For Industry Ltd. stock attractive at the current price?
The data as of Sep 23, 2026: price $1.26, calculated fair value $1.07 (−15%), Quality Score 73/100, from 11 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 PYIYF calculated?
We run Property For Industry Ltd. through 11 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 $1.07, 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. Property For Industry 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 Property For Industry Ltd. (PYIYF)?
The closing price on Sep 18, 2026 was $1.26. Our model-based fair value is $1.07, about −15% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Property For Industry Ltd. right now?
A high-quality business (quality 73/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range ($0.8000 to $1.45) 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.
Key figures of Property For Industry Ltd.
How large is the market capitalisation of Property For Industry Ltd. (PYIYF)?
The market capitalisation of Property For Industry Ltd. is $633M. 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 Property For Industry Ltd. (PYIYF)?
The price-to-sales ratio of Property For Industry Ltd. is 8.73 (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 Property For Industry Ltd. (PYIYF)?
Earnings per share at Property For Industry Ltd. are $0.1200 (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Property For Industry Ltd. (PYIYF)?
The dividend yield of Property For Industry Ltd. is 7.1% (payout 75.0%). 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 Property For Industry Ltd. (PYIYF)?
The net margin of Property For Industry Ltd. is 83.1% (fiscal year 2024). 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 Property For Industry Ltd. (PYIYF)?
The return on equity (ROE) of Property For Industry Ltd. is 7.6% (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 Property For Industry Ltd. (PYIYF)?
On an EBIT basis the return on assets of Property For Industry Ltd. is 4.1% (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 Property For Industry Ltd. (PYIYF)?
The operating margin of Property For Industry Ltd. is 75.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Property For Industry Ltd. (PYIYF)?
Revenue at Property For Industry Ltd. is growing +20.2% versus a year earlier (3y avg +5.6%). 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 Property For Industry Ltd. (PYIYF)?
Earnings per share at Property For Industry Ltd. are growing +63.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Property For Industry Ltd. (PYIYF) generate?
The free cash flow of Property For Industry Ltd. is 60.6M NZD (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Property For Industry Ltd. (PYIYF) carry?
The net debt of Property For Industry Ltd. is 702M NZD (fiscal year 2024, ≈ 11.6 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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Broad data
Sep 23, 2026