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Lübke Kelber AG (SZ50) Fair Value & Analysis

Real Estate · DE · Market cap €10.6M · ISIN DE000A35JR33

LK Lübke Kelber AG SZ50 · XETRA
Price€9.70
Fair Value€1.42
Upside-85.4%
Quality36/100

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.

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Strengths

Solidly profitable · 15.5% net margin

Risks

!Trades 583% ABOVE our fair value of €1.42
!Weak Growth (revenue YoY −39.4 %/yr)
!Trails peers (2/9)
!Narrow moat 36/100
Weak Growth (revenue YoY −39.4 %/yr)
Solidly profitable · 15.5% net margin
Trails peers (2/9)
Narrow moat 36/100
Evidence: Medium Range €1.07 – €1.78 Share as image

Fair value as of: Aug 28, 2026

From 6 valuation models · updated today

Fair value updated Aug 28, 2026, revised from €0.0300 to €1.42 (+4,633.3%) since Aug 13, 2026. Share price −0.5% over the past month.

Below-average quality, and trading another 583% above our fair value.

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What matters now

  • The price sits above even our optimistic bull case (€1.78). The favourable scenario is already priced in.
  • Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (2 years)

€11.50 €9.20 Fair Value €1.42 May 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

28‑month range €9.20 – €11.50 · fair‑value band €1.07 – €1.78 · the €9.70 price screens above the €1.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Lübke Kelber AG (SZ50) currently trades at €9.70, while our model-based Fair Value estimate is €1.42, implying the stock looks roughly 85.4% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Lübke Kelber AG generated revenue of €1.3M at a net margin of 48.8%. Revenue declined 89.2% year over year. It earns a return on equity of -5.0%. The stock trades on a trailing P/E of 121.3. Fundamentals as of Aug 28, 2026

Our scenario range runs from €1.07 (bear case) to €1.78 (bull case); at €9.70, the current price sits above 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 8% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -25% fair-value upside, at -85%, SZ50 screens richer 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.

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. Evidence
Highest evidence
Residual Income €9.94 €8.74 €5.23 61
P/S Multiple €1.07 €1.42 €1.78 58
P/B Multiple €1.07 €1.42 €1.78 55
All 6 models by family
Multiples
P/S Multiple €1.07 €1.42 €1.78 58
P/B Multiple €1.07 €1.42 €1.78 55
EV/EBIT €2.23 €2.96 €3.69 53
EV/Revenue €1.25 €1.76 €2.28 43
Asset-Based
NCAV (Graham) €8.24 €11.04 €16.47 50
Economic Profit
Residual Income €9.94 €8.74 €5.23 61

Widest divergence: Asset-Based (€11.04) versus Multiples (€1.42). Highest evidence: Residual Income (61).

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Key figures & financial health

P/E ratio 121.3
P/S ratio 18.8 P/E × margin
EPS (TTM) €0.0800 price ÷ EPS = P/E 121.3
Net margin 15.5% FY2025
Return on equity 0.5% TTM
Return on assets (EBIT) -4.3% avg 5y
More key figures
Profitability
Operating margin -364% TTM
Growth
Revenue (TTM) €587K TTM
Revenue growth (YoY) -73.1%

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 40 · Market factors (momentum, volatility) 55

Profitability 26
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Lübke Kelber AG acquires and operates residential properties in Germany. Its residential real estate properties include apartments. It also supplies geothermal energy to residential properties. The company was incorporated in 2015 and is based in Frankfurt am Main, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lübke Kelber AG reported revenue of €587K in FY2025 versus €0 in FY2021. Reported net income was €91.0K in FY2025.

Growth Quality 10/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€587K
Latest YoY
−39.4%
Value creation/yr We only publish this rate when it is defensible. Reason: no profitable base year
not computed
Revenue
FY21 €0
FY22 €0
FY23 €0
FY24 €970K
FY25 €587K
Net income
FY21 −€986K
FY22 −€632K
FY23 −€444K
FY24 €2.2K
FY25 €91.0K

SZ50 screens 85% overvalued. Compare with CBRE Group →

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Cite: Fair Value Calculator (2026). "Lübke Kelber AG Fair Value". https://www.fairvalue-calculator.com/stock/SZ50

Peer Group

Real Estate Services · 547 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.

Quality Score 38 · Bottom 25%
Fair Value upside −85% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets -1% · Bottom 25%
Net margin (TTM) 15% · Above median
Revenue growth -73% · Bottom 25%

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 121.3× · Pricier than 75% of peers
P/B 0.69× · Cheaper than median
P/S (TTM) 20.96× · Pricier than 75% of peers

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 33
FUTURE0 · sector 10
PAST2 · sector 17
HEALTH0 · sector 84
DIVIDEND0 · sector 59

VALUE 0: the price sits above our fair-value range.

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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $147.40 $69.47 -53%
Vonovia SE VNA €19.95 €36.67 +84%
Cellnex Telecom, S.A CLNX €27.47 €25.46 -7%
KE Holdings BEKE $17.42 $6.57 -62%
Jones Lang LaSalle Incorporated JLL $386.08 $290.25 -25%
Swire Properties Limited 1972 HK$24.84 HK$5.12 -79%
CoStar Group CSGP $32.14 $4.64 -86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 -12%
CapitaLand Investment Limited 9CI 2.73 SGD 0.4900 SGD -82%
Plaza S.A MALLPLAZA 3,989 CLP 4,571 CLP +15%

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Frequently asked questions

Is Lübke Kelber AG (SZ50) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of €1.42 versus a price of €9.70, about −85% (overvalued).
What is the fair value of SZ50?
Our model-based fair value for Lübke Kelber AG is €1.42 (as of Aug 28, 2026), built from audited fundamentals. The current price: €9.70.
What is the quality score of SZ50?
Lübke Kelber AG has a Quality Score of 36/100. 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 revenue of Lübke Kelber AG (SZ50)?
Lübke Kelber AG reported trailing-twelve-month revenue of about €1.3M (latest available figure, as of Aug 28, 2026).
What is the net profit margin of SZ50?
The net profit margin of Lübke Kelber AG is about 48.8%, meaning it keeps roughly 48.8% of revenue as net income. Based on the latest reported figures.

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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