Sedlmayr Grund und Immobilien AG (SPB) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Sedlmayr Grund und Immobilien AG €194, price €1,080, upside -82.0%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value €194.46 · Strongly overvalued (−82.0%)
!Quality 47/100
!Expensive Growth(revenue 5y +2.8 %/yr)
!Thin margins · 6.8% net margin (TTM)
!High debt · generates free cash flow
✓2.7% dividend yield · Sustainable
!Trails peers(5/14)
!Moderate moat51/100
!Evidence only low, so the estimate is less certain
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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 €1,028 – €2,966 · fair‑value band €106.84 – €346.46 · the €1,080 price screens above the €194.46 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Sedlmayr Grund und Immobilien AG, together with its subsidiaries, develops and manages real estate properties in Germany. It owns and rents apartments, commercial real estate properties, and parking spaces. The company was formerly known as Sedlmayr Grund und Immobilien KGaA and changed its name to Sedlmayr Grund und Immobilien AG in October 2018.
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Sedlmayr Grund und Immobilien AG, together with its subsidiaries, develops and manages real estate properties in Germany. It owns and rents apartments, commercial real estate properties, and parking spaces. The company was formerly known as Sedlmayr Grund und Immobilien KGaA and changed its name to Sedlmayr Grund und Immobilien AG in October 2018. The company was founded in 1397 and is headquartered in Munich, Germany. Sedlmayr Grund und Immobilien AG operates as a subsidiary of Sedlmayr Treuhandgesellschaft mbH.
Stock analysis
Sedlmayr Grund und Immobilien AG (SPB) currently trades at €1,080, while our model-based Fair Value estimate is €194.46, implying the stock looks roughly 455.2% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €272.30 per share, and 0 of the 16 models we run sit above the €1,080 price.
Bear case: the Growth DCF group reads lowest at €39.39, and 16 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: €106.84 (bear) to €346.46 (bull), the price of €1,080 sits above 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 47/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Sedlmayr Grund und Immobilien AG reported revenue of €145M in FY2025 versus €113M in FY2021, a compound +6.5%/yr. Reported net income was €4.3M in FY2025, compounding −44.5%/yr from FY2021.
Key figures
Market cap €793M · P/E ratio 74.5 · P/S ratio 2.22 · EPS (TTM) €14.50 · Dividend yield 2.7% · Net margin 3.0% · Return on equity 4.8% · Return on assets (EBIT) 5.6%.
What moves the price
The share trades about 27% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −82%, SPB screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (€39.39 to €766.75). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear €106.84Fair Value €194.46Bull €346.46
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.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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.6%
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.
+8.1%
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.
+2.8%
Start year 2020 (pandemic). Over 10 years: +3.5% 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.
+4.5%
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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. Basis: EBIT basis.
+5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.9%
Dividend (yield on the price)2.7%
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.44% → 46%
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).
+29.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +26.6% a year for the price.
Compare Sedlmayr Grund und Immobilien AG 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.Real Estate - Development · 575 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−82.0% · Bottom 25%
Profitability
Return on equity (TTM)4.8% · Above median
Return on assets3.1% · Above median
Net margin (TTM)11.4% · Above median
Operating margin (TTM)52.1% · Top 25%
Growth and dividend
Revenue growth17.8% · Above median
Dividend yield (TTM)2.7% · Below median
Balance sheet
Debt / equity2.64× · Highest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (TTM)74.5× · Priciest 25%
P/B4.23× · Priciest 25%
P/S (TTM)9.64× · Priciest 25%
P/FCF51.8× · Priciest 25%
EV/EBITDA42.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 47
FUTURE (revenue growth)89· sector 0
PAST (return on equity)19· sector 12
HEALTH (low debt)0· sector 83
DIVIDEND (yield)54· sector 55
VALUE 0: the price sits above our fair-value range.
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). "Sedlmayr Grund und Immobilien AG Fair Value". https://www.fairvalue-calculator.com/stock/SPB.F
Frequently asked questions
Is Sedlmayr Grund und Immobilien AG (SPB) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of €194.46 versus a price of €1,080, about −82% upside (overvalued).
What is the fair value of SPB?
Our model-based fair value for Sedlmayr Grund und Immobilien AG is €194.46 (as of Sep 27, 2026), built from audited fundamentals. The current price: €1,080.
What is the quality score of SPB?
Sedlmayr Grund und Immobilien AG has a Quality Score of 47/100. 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 Sedlmayr Grund und Immobilien AG (SPB)?
Our model-based price target is the fair value of €194.46 (as of Sep 27, 2026) from 16 valuation models. Cautious scenario €106.84, optimistic scenario €346.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Sedlmayr Grund und Immobilien AG stock forecast for 2026?
Our models put fair value at €194.46, about −82% upside versus a price of €1,080 (overvalued). Cautious scenario €106.84, optimistic scenario €346.46. The calculation is refreshed regularly with new filings.
What is the revenue of Sedlmayr Grund und Immobilien AG (SPB)?
Sedlmayr Grund und Immobilien AG reported trailing-twelve-month revenue of about €157M (latest available figure, as of Sep 27, 2026).
Does Sedlmayr Grund und Immobilien AG pay a dividend?
Sedlmayr Grund und Immobilien AG currently shows a dividend yield of about 2.69% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Sedlmayr Grund und Immobilien AG (SPB)?
For today's price to be fair in a discounted-cash-flow model, Sedlmayr Grund und Immobilien AG would have to grow free cash flow by +29.3 % 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 +2.8 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of SPB use?
Our models discount Sedlmayr Grund und Immobilien AG at 9.6 %: a base by market capitalisation (small), damped by beta 0.41, country premium for Germany. 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 Sedlmayr Grund und Immobilien AG that is +29.3 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Sedlmayr Grund und Immobilien AG (SPB) delivered so far?
Over the past 5 years revenue at Sedlmayr Grund und Immobilien AG grew +2.8 % a year. The price currently implies +29.3 % 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 Sedlmayr Grund und Immobilien AG (SPB) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Sedlmayr Grund und Immobilien AG (+29.3 % 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 Sedlmayr Grund und Immobilien AG (SPB)?
The free-cash-flow yield on the price is 3.68 %: that much free cash flow Sedlmayr Grund und Immobilien 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 Sedlmayr Grund und Immobilien AG (SPB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sedlmayr Grund und Immobilien AG it is €194.46 per share (as of Sep 27, 2026), against a price of €1,080. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Sedlmayr Grund und Immobilien AG stock overvalued or undervalued in 2026?
As of Sep 27, 2026, SPB trades above its calculated fair value: price €1,080, fair value €194.46, a gap of about −82% (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 SPB?
No. The price is what the market pays today (€1,080); the fair value is what the company's own numbers justify (€194.46). For Sedlmayr Grund und Immobilien AG the two are €885.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sedlmayr Grund und Immobilien AG worth?
The market values Sedlmayr Grund und Immobilien AG at about €793M (market capitalisation, as of Sep 27, 2026). Per share that is €1,080; our models calculate a fair value of €194.46 per share.
What do the bullish and bearish scenarios say about SPB?
Our models span a range for Sedlmayr Grund und Immobilien AG: cautious scenario €106.84, base €194.46, optimistic €346.46 per share (as of Sep 27, 2026, price €1,080). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPB?
Sedlmayr Grund und Immobilien AG trades at a price-to-earnings ratio of 74.5 (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 €194.46 is built from several models across several years. Other multiples: P/B 4.2, P/S 9.6, EV/EBITDA 42.9.
How solid is the balance sheet of Sedlmayr Grund und Immobilien AG (SPB)?
Balance-sheet figures for Sedlmayr Grund und Immobilien AG (as of Sep 27, 2026): return on equity 4.8%, debt of 2.64 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is SPB from its 52-week high?
Sedlmayr Grund und Immobilien AG trades at €1,080, about 27% below its 52-week high of €1,476 and 1% above the low of €1,070 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of €194.46 is for.
Which stocks are comparable to Sedlmayr Grund und Immobilien AG?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, CK Asset Holdings, Hongkong Land Holdings, DLF Limited, 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 Sedlmayr Grund und Immobilien AG stock attractive at the current price?
The data as of Sep 27, 2026: price €1,080, calculated fair value €194.46 (−82%), Quality Score 47/100, from 16 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 SPB calculated?
We run Sedlmayr Grund und Immobilien AG through 16 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 €194.46, 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 16.1 % above its aggregate fair value. Sedlmayr Grund und Immobilien 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 Sedlmayr Grund und Immobilien AG (SPB)?
The closing price on Sep 25, 2026 was €1,080. Our model-based fair value is €194.46, about −82% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sedlmayr Grund und Immobilien AG right now?
The price sits above even our optimistic bull case (€346.46). The favourable scenario is already priced in. The model range is unusually wide (€106.84 to €346.46). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Sedlmayr Grund und Immobilien AG
How large is the market capitalisation of Sedlmayr Grund und Immobilien AG (SPB)?
The market capitalisation of Sedlmayr Grund und Immobilien AG is €793M. 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 Sedlmayr Grund und Immobilien AG (SPB)?
The price-to-sales ratio of Sedlmayr Grund und Immobilien AG is 2.22 (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 Sedlmayr Grund und Immobilien AG (SPB)?
Earnings per share at Sedlmayr Grund und Immobilien AG are €14.50 (price ÷ EPS = P/E 74.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sedlmayr Grund und Immobilien AG (SPB)?
The dividend yield of Sedlmayr Grund und Immobilien AG is 2.7% (payout 200%). 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 Sedlmayr Grund und Immobilien AG (SPB)?
The net margin of Sedlmayr Grund und Immobilien AG is 3.0% (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 Sedlmayr Grund und Immobilien AG (SPB)?
The return on equity (ROE) of Sedlmayr Grund und Immobilien AG is 4.8% (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 Sedlmayr Grund und Immobilien AG (SPB)?
On an EBIT basis the return on assets of Sedlmayr Grund und Immobilien AG is 5.6% (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 Sedlmayr Grund und Immobilien AG (SPB)?
The operating margin of Sedlmayr Grund und Immobilien AG is 52.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sedlmayr Grund und Immobilien AG (SPB)?
Revenue at Sedlmayr Grund und Immobilien AG is growing +17.8% versus a year earlier (3y avg +8.1%). 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 Sedlmayr Grund und Immobilien AG (SPB)?
Earnings per share at Sedlmayr Grund und Immobilien AG are growing +41.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sedlmayr Grund und Immobilien AG (SPB) carry?
The net debt of Sedlmayr Grund und Immobilien AG is €875M (fiscal year 2025, ≈ 30.0 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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