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SCD fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of SCD stock ZAR 12.80, price ZAR 12.20, upside +4.9%, quality 75 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Some data
Oct 21, 2026
Some data
Oct 21, 2026
SCD
SCD · JSEQuality Watchlist
The stock costs about what our calculation considers fair.
Quality 75/100
Solidly profitable · 17.3% net margin (TTM)
Low debt
Generates free cash flow
Fair value R12.80 · Fairly valued (+4.9%)
Moderate moat 47/100
Some data
Weak Growth (revenue 5y −27.7 %/yr in ZAR)
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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. As of Oct 21, 2026.
How to read this chart
60‑month range R12.20 – R19.94 · fair‑value band R7.44 – R21.20 · the R12.20 price screens below the R12.80 fair value. As of Oct 21, 2026.
Company profile
Schroder European Real Estate Investment Trust Plc invests in European growth cities and regions. It is a UK closed ended real estate investment company incorporated on 9 January 2015. Since 9 December 2015, the Company has been listed on the Main Market of the London Stock Exchange.
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It also has a secondary listing on the Main Board of the Johannesburg Stock Exchange. Schroder European Real Estate Investment Trust Plc was incorporated in 2015 in United Kingdom.
Stock analysis
SCD (SCD) currently trades at R12.20, while our model-based Fair Value estimate is R12.80, so the stock looks roughly fairly valued today (gap 4.7%).
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Valuation
Bull case: the Asset-Based group reads highest at a median of R14.90 per share, and 5 of the 12 models we run sit above the R12.20 price.
Bear case: the Multiples group reads lowest at R5.38, and 7 of the 12 models stay below the price. Data coverage for this calculation is medium.
Scenario range: R7.44 (bear) to R21.20 (bull), the price of R12.20 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 75/100 (high quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
SCD reported revenue of €6.8M in FY2025 versus €28.4M in FY2021, a compound −30.1%/yr. Reported net income was €2.2M in FY2025, compounding −22.7%/yr from FY2021.
Key figures
Market cap 1.6B ZAR Micro · P/E ratio 30.5 · P/S ratio 10.0 · EPS (TTM) R0.4000 · Dividend yield 0.5% · Net margin 32.9% · Return on equity 2.2% · Return on assets (EBIT) 3.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 39% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 6% fair-value upside, at 5%, SCD screens richer than that median.
Fair Value models
Bear R7.44
Fair Value R12.80
Bull R21.20
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 12 months old). Earnings retained since then (0.3410 ZAR 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.
Best data coverage
FCF DCF
R8.27
R12.17
R23.35
75
Growth DCF
R7.55
R12.98
R21.50
74
Residual Income
R13.04
R11.87
R11.01
74
All 12 models by family
DCF Models
FCF DCF
R8.27
R12.17
R23.35
75
5Y Revenue Exit
R4.29
R8.07
R15.85
66
10Y Revenue Exit
R5.75
R12.37
R15.44
64
Dividend Discount
Gordon GGM
R6.67
R10.27
R12.58
67
DDM Multi-Stage
R6.67
R10.14
R11.12
65
Multiples
P/S Multiple
R4.04
R5.38
R6.73
58
P/B Multiple
R33.36
R44.49
R55.61
55
EV/EBIT
R24.64
R34.54
R44.44
66
EV/Revenue
n/a
R1.67
R3.69
50
Asset-Based
NCAV (Graham)
R11.12
R14.90
R22.24
54
Growth DCF
Growth DCF
R7.55
R12.98
R21.50
74
Economic Profit
Residual Income
R13.04
R11.87
R11.01
74
Quality Score breakdown
Overall quality
75/100
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Profitability
31
How much profit the company makes from its sales and capital
Quality Growth
53
Are margins and returns getting better?
Cashflow
100
Do the profits arrive as real cash?
Financial strength
64
Debt, balance sheet and risk of trouble
Investment
100
Does it invest with discipline instead of growing at any price?
Low Volatility
69
How calm the share price moves, does not count
Momentum
12
Price trend of the last 3 to 12 months, does not count
Near the 52-week high
0
Distance to the 52-week high, does not count
New shares
93
Buys back shares or issues new ones?
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.
40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+51.4%
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.
−42.2%
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.
−27.7%
Start year 2020 (pandemic)
Revenue growth 8 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.
−8.1%
’17
’18
’19
’20
’21
’22
’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.
−20.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.2%
Dividend (yield on the price)0.5%
⚠ Revenue per share shrinking 16.6%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+80.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +74.3% a year for the price.
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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 - Diversified · 151 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation Multiplesvs REIT - Diversified 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)
- PEG ratio by industry
- Revenue growth by industry
- Undervalued stocks: Real Estate
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 REIT - Diversified stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| VICI Properties Inc VICI | $23.52 | $58.80 | +150% | vs SCD |
| Stoneweg Europe Stapled Trust SET | €1.42 | €1.84 | +30% | vs SCD |
| Mirvac Group MGR | A$1.81 | A$2.09 | +15% | vs SCD |
| W. P. Carey Inc WPC | $64.89 | $69.27 | +7% | vs SCD |
| Broadstone Net Lease, Inc BNL | $17.40 | $18.46 | +6% | vs SCD |
| T82U T82U | 1.33 SGD | 0.9700 SGD | −27% | vs SCD |
| The GPT Group GPT | A$4.79 | A$3.49 | −27% | vs SCD |
| Goodman Group GMG | A$26.68 | A$16.58 | −38% | vs SCD |
| KLCC Property Holdings 5235SS | 8.20 MYR | 4.22 MYR | −49% | vs SCD |
| Charter Hall Group CHC | A$19.80 | A$3.26 | −84% | vs SCD |
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Frequently asked questions
Is SCD overvalued or undervalued?
As of Oct 21, 2026, our model estimates a fair value of R12.80 versus a price of R12.20, about +5% upside (fairly valued).
What is the fair value of SCD?
Our model-based fair value for SCD is R12.80 (as of Oct 21, 2026), built from audited fundamentals. The current price: R12.20.
What is the quality score of SCD?
SCD has a Quality Score of 75/100. 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 SCD?
Our model-based price target is the fair value of R12.80 (as of Oct 21, 2026) from 12 valuation models. Cautious scenario R7.44, optimistic scenario R21.20. It is a calculation from audited fundamentals, not an analyst target.
What is the SCD stock forecast for 2026?
Our models put fair value at R12.80, about +5% upside versus a price of R12.20 (fairly valued). Cautious scenario R7.44, optimistic scenario R21.20. The calculation is refreshed regularly with new filings.
What is the revenue of SCD?
SCD reported trailing-twelve-month revenue of about 19.7M ZAR (latest available figure, as of Oct 21, 2026).
Does SCD pay a dividend?
SCD currently shows a dividend yield of 0.48% relative to its recent price (as of Oct 21, 2026).
What growth is priced into SCD?
For today's price to be fair in a discounted-cash-flow model, SCD would have to grow free cash flow by +80.0 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -27.7 % per year. As of Oct 21, 2026.
What discount rate (WACC) does the fair value of SCD use?
Our models discount SCD at 14.9 %: a base by market capitalisation (micro), damped by beta 0.32, country premium for South Africa. 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 SCD that is +80.0 % per year a year over ten years, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has SCD delivered so far?
Over the past 5 years revenue at SCD grew -27.7 % a year. The price currently implies +80.0 % 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 SCD growing?
The median revenue growth in the sector is +2.4 % a year. That is the yardstick for the growth priced into SCD (+80.0 % 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 SCD?
The free-cash-flow yield on the price is 0.39 %: that much free cash flow SCD produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SCD?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SCD it is R12.80 per share (as of Oct 21, 2026), against a price of R12.20. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is SCD stock overvalued or undervalued in 2026?
As of Oct 21, 2026, SCD trades below its calculated fair value: price R12.20, fair value R12.80, a gap of about +5% (fairly valued). 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 SCD?
No. The price is what the market pays today (R12.20); the fair value is what the company's own numbers justify (R12.80). For SCD the two are R0.6000 per share apart. That gap is exactly why we show both numbers side by side.
How much is SCD worth?
The market values SCD at about 1.6B ZAR (market capitalisation, as of Oct 21, 2026). Per share that is R12.20; our models calculate a fair value of R12.80 per share.
What do the bullish and bearish scenarios say about SCD?
Our models span a range for SCD: cautious scenario R7.44, base R12.80, optimistic R21.20 per share (as of Oct 21, 2026, price R12.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SCD?
SCD trades at a price-to-earnings ratio of 30.5 (as of Oct 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R12.80 is built from several models across several years. Other multiples: P/B 0.7, P/S 5.5.
How solid is the balance sheet of SCD?
Balance-sheet figures for SCD (as of Oct 21, 2026): return on equity 2.2%, debt of 0.33 per unit of equity. They feed the Quality Score of 75/100, which measures business quality independently of the share price.
How far is SCD from its 52-week high?
SCD trades at R12.20, about 39% below its 52-week high of R19.94 and at the low of R12.20 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of R12.80 is for.
Which stocks are comparable to SCD?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 SCD stock attractive at the current price?
The data as of Oct 21, 2026: price R12.20, calculated fair value R12.80 (+5%), Quality Score 75/100, 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 SCD calculated?
We run SCD 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 R12.80, 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 13.4 % above its aggregate fair value. SCD currently trades 5 % 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 SCD?
The closing price on Oct 30, 2026 was R12.20. Our model-based fair value is R12.80, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SCD right now?
The model range is unusually wide (R7.44 to R21.20). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of SCD
How large is the market capitalisation of SCD?
The market capitalisation of SCD is 1.6B ZAR. 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 SCD?
The price-to-sales ratio of SCD is 10.0 (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 SCD?
Earnings per share at SCD are R0.4000 (price ÷ EPS = P/E 30.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SCD?
The dividend yield of SCD is 0.5% (payout 14.8%). 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 SCD?
The net margin of SCD is 32.9% (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 SCD?
The return on equity (ROE) of SCD is 2.2% (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 SCD?
On an EBIT basis the return on assets of SCD is 3.1% (avg 3y). 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 SCD?
The operating margin of SCD is 50.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SCD?
Revenue at SCD is growing −4.0% versus a year earlier (3y avg −42.2%). 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 SCD?
Earnings per share at SCD are growing −12.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SCD carry?
The net debt of SCD is 35.7M ZAR (fiscal year 2025, ≈ 5.7 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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