STONEWEG EUROPE STAPLED TRUST (SET) Fair Value & Analysis
Real Estate · SG · Market cap €886M
Fair value as of: Aug 13, 2026
From 9 valuation models · updated 5 days ago
Share price −1.2% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The price is below even our cautious bear case (€1.71). The market is more pessimistic than our downside scenario.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- The models converge in a tight band (€1.71 to €1.77), unusually little disagreement for a valuation.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range €0.8856 – €1.76 · fair‑value band €1.71 – €1.77 · the €1.59 price screens below the €1.71 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
STONEWEG EUROPE STAPLED TRUST (SET) currently trades at €1.59, while our model-based Fair Value estimate is €1.71, implying the stock looks roughly 7.6% fairly valued today. The Quality Score stands at 59/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, STONEWEG EUROPE STAPLED TRUST generated revenue of €215M at a net margin of 36.8%. Revenue grew 0.5% year over year. It earns a return on equity of 6.6%. Net debt stands at €877M. Fundamentals as of Aug 13, 2026
Our scenario range runs from €1.71 (bear case) to €1.77 (bull case); at €1.59, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 15% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -23% fair-value upside, at 8%, SET screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 9 models by family
Widest divergence: Multiples (€2.41) versus DCF Models (€0.3900). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 63
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Stoneweg Europe Stapled Trust is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust. SERT is a growth-ready European logistics and data center platform with resilient income and a clear path to long-term value creation, backed by a well-aligned sponsor ecosystem.
Full company description
Stoneweg Europe Stapled Trust is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust. SERT is a growth-ready European logistics and data center platform with resilient income and a clear path to long-term value creation, backed by a well-aligned sponsor ecosystem. SERT aims to provide sustainable distributions through active asset management and a disciplined approach to portfolio construction. SERT has a principal means to invest, directly or indirectly, in income-producing commercial real estate assets across Europe. SERT is strategically focused on its highest-conviction sectors - logistics and data centres - while selectively pursuing value add redevelopment opportunities to enhance portfolio quality and earnings resilience. At present, SERT has approximately 90% exposure to Western Europe and approximately 60% exposure to the logistics, light industrial and data center sectors, with a medium-term goal of increasing its exposure to these sectors to a vast majority weighting SERT's portfolio is valued at approximately 2.2 billion euros and comprises over 90 predominantly freehold properties located in or near major gateway cities in the Netherlands, France, Italy, Poland, Germany, Finland, Denmark, the Czech Republic and the United Kingdom. The portfolio spans approximately 1.6 million sqm of lettable area and serves more than 700 tenant customers, providing a diversified income base that supports sustainable distributions. SERT is an early investor with 6.6% stake in Sponsor's data center development platform, which is expected to drive long-term valuation and earnings upside, subject to development execution and market conditions. SERT is listed on the Singapore Exchange Limited and is managed by Stoneweg EREIT Management Pte. Ltd. and Stoneweg EBT Management Pte. Ltd. (collectively the Manager). SERT's sponsor is SWI Group (SWICH, listed on Amsterdam Euronext Stock exchange), comprising Stoneweg, Icona Capital, its subsidiaries and associates. SWI G
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2025 · reported fiscal years
STONEWEG EUROPE STAPLED TRUST reported revenue of €215M in FY2025 versus €222M in FY2022, a compound −1.1%/yr. Reported net income was €79.0M in FY2025, compounding +23.5%/yr from FY2022.
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Peer Group
REIT - Diversified · 169 stocks
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.
Valuation Multiples vs REIT - Diversified median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Goodman Group GMG | A$30.05 | A$7.37 | -75% |
| VICI Properties Inc VICI | $26.07 | $41.74 | +60% |
| W. P. Carey Inc WPC | $70.69 | $34.80 | -51% |
| Charter Hall Group CHC | A$23.56 | A$10.99 | -53% |
| Stockland SGP | A$4.27 | A$3.70 | -13% |
| Fibra Uno FUNO11 | 31.10 MXN | 54.87 MXN | +76% |
| The GPT Group GPT | A$5.19 | A$3.49 | -33% |
| Mirvac Group MGR | A$1.77 | A$0.5700 | -68% |
| KLCC Property Holdings 5235SS | 8.70 MYR | 6.66 MYR | -23% |
| Fibra Danhos DANHOS13 | 28.26 MXN | 49.89 MXN | +77% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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