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Texaf S.A (TEXF) Fair Value & Analysis

Real Estate · BE · Market cap €153M

TS Texaf S.A TEXF · BR
Price€41.60
Fair Value€28.41
Upside-31.7%
Quality56/100
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Expensive Growth
Highly profitable · 25.5% net margin
Low debt · generates free cash flow
4.58% dividend yield
Ranks above peers (9/14)
Moderate moat 63/100
Evidence: High Range €24.31 – €48.92 Share as image

Fair value as of: Aug 6, 2026

From 16 valuation models · updated 4 days ago

Fair value updated Aug 6, 2026, revised from €29.54 to €28.41 (−3.8%) since Jul 27, 2026. Share price +0.5% over the past month.

A solid business, but screening 32% overvalued on our models.

What matters now

  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€24.31 to €48.92) 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.
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Price vs Fair Value (5 years)

€44.00 €26.63 Fair Value €28.41 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range €26.63 – €44.00 · fair‑value band €24.31 – €48.92 · the €41.60 price screens above the €28.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Texaf S.A (TEXF) currently trades at €41.60, while our model-based Fair Value estimate is €28.41, implying the stock looks roughly 31.7% overvalued today. The Quality Score stands at 56/100 (solid 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: high).

Over the trailing twelve months, Texaf S.A generated revenue of €35.2M at a net margin of 25.5%. Revenue grew 6.9% year over year. It earns a return on equity of 7.7%. Net debt stands at €26.9M. Fundamentals as of Aug 6, 2026

Our scenario range runs from €24.31 (bear case) to €48.92 (bull case); at €41.60, the current price sits within 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 6% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at -32%, TEXF 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
Growth DCF €1.25 80
Residual Income €23.82 €24.73 €24.62 76
Rev-Margin DCF €12.65 €26.84 €43.92 74
All 16 models by family
DCF Models
FCF DCF €1.63 38
5Y Revenue Exit €12.65 €27.41 €47.26 39
5Y EBITDA Exit €28.53 €58.37 €94.98 41
10Y Revenue Exit €5.78 €16.42 €32.26 36
10Y EBITDA Exit €15.24 €35.22 €64.61 37
Dividend Discount
Gordon GGM €12.24 €20.50 €26.61 70
DDM Multi-Stage €12.24 €19.44 €22.06 61
Multiples
P/S Multiple €31.20 €41.59 €51.99 58
P/B Multiple €31.20 €41.59 €51.99 55
EV/EBIT €46.83 €63.72 €80.60 53
EV/EBITDA €57.02 €77.30 €97.58 54
EV/Revenue €24.12 €36.09 €48.06 43
Asset-Based
NCAV (Graham) €15.80 €21.17 €31.60 50
Growth DCF
Growth DCF €1.25 80
Rev-Margin DCF €12.65 €26.84 €43.92 74
Economic Profit
Residual Income €23.82 €24.73 €24.62 76

Widest divergence: Multiples (€41.59) versus Dividend Discount (€19.44). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €35.2M
Revenue growth (YoY) +6.9%
Net margin 25.5%
Return on equity 7.7%
Free cash flow €1.1M FY2025
P/E ratio 17.1
More key figures
Operating margin 28.8%
EPS (TTM) €2.45
Dividend yield 4.4%
EPS growth (YoY) +48.9%
Net debt €26.9M FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 54 · Market factors (momentum, volatility) 71

Profitability 37
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 51
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 83
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.

About the company

Texaf S.A. develops, owns, and leases real estate properties in the Democratic Republic of Congo. It operates through Real Estate, Digital, and Quarries segments.

Full company description

Texaf S.A. develops, owns, and leases real estate properties in the Democratic Republic of Congo. It operates through Real Estate, Digital, and Quarries segments. The company's portfolio comprises 426 homes, including 53 villas and 373 flats with a residential area of 82,200 square meters; 26,300 square meters of office and retail premises; and 30,000 square meters of warehouses, as well as the TEXAF digital campus. It also provides crushed stone quarry for road infrastructure and construction; and 0/4 sand, gravel, chippings, rubble, and blocks for erosion control. The company was founded in 1925 and is headquartered in Brussels, Belgium. Texaf S.A. is a subsidiary of Société Financière Africaine.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Texaf S.A reported revenue of €37.5M in FY2025 versus €22.7M in FY2021, a compound +13.3%/yr. Reported net income was €9.0M in FY2025, compounding +14.6%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€37.5M
Latest YoY
+16.1%
Avg. growth/yr (3Y) 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.
+11.0%
Avg. growth/yr (5Y) 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.
+11.4%
Avg. growth/yr (21Y) 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.
+17.4%
Revenue +13.3%/yr
FY21 €22.7M
FY22 €27.4M
FY23 €29.3M
FY24 €32.3M
FY25 €37.5M
Net income +14.6%/yr
FY21 €5.2M
FY22 €8.4M
FY23 €11.6M
FY24 €7.4M
FY25 €9.0M
Character of growth · EPS growth decomposed (2014-2025) +6.5 % p.a.
Revenue per share +6.1 pp

of which total revenue +6.3 pp · buybacks/dilution −0.2 pp

EBIT margin +1.5 pp
Tax rate −1.4 pp
Residual (interest, one-offs) +0.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

TEXF screens 32% overvalued. Compare with Vingroup Joint Stock Company →

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Cite: Fair Value Calculator (2026). "Texaf S.A Fair Value". https://www.fairvalue-calculator.com/stock/TEXF

Peer Group

Real Estate Services · 520 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 56 · Above median
Fair Value upside −32% · Below median
Return on equity (TTM) 8% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 26% · Above median
Operating margin (TTM) 30% · Above median
Revenue growth 8% · Above median
Dividend yield (TTM) 4.6% · Above median
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 17.1× · Pricier than median
P/B 1.53× · Pricier than 75% of peers
P/S (TTM) 5.03× · Pricier than 75% of peers
P/FCF 163.2× · Pricier than 75% of peers
EV/EBITDA 10.6× · Cheaper than median

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.

VALUE 0 · sector 37
FUTURE 40 · sector 10
PAST 31 · sector 16
HEALTH 92 · sector 85
DIVIDEND 92 · sector 49

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

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Texaf S.A (TEXF) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of €28.41 versus a price of €41.60, about −32% (overvalued).
What is the fair value of TEXF?
Our model-based fair value for Texaf S.A is €28.41 (as of Aug 6, 2026), built from audited fundamentals. The current price is €41.60.
What is the quality score of TEXF?
Texaf S.A has a Quality Score of 56/100. 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 Texaf S.A (TEXF)?
Texaf S.A reported trailing-twelve-month revenue of about €35.2M (latest available figure, as of Aug 6, 2026).
What is the net profit margin of TEXF?
The net profit margin of Texaf S.A is about 25.5%, meaning it keeps roughly 25.5% of revenue as net income. Based on the latest reported figures.
Does Texaf S.A pay a dividend?
Texaf S.A currently shows a dividend yield of about 4.41% relative to its recent price (as of Aug 6, 2026).

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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