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Valued as a REIT (property company): Price to FFO and EV/EBITDA comparison.
ACCE opinionInmobiliaria Colonial (COL.MC)
Fair value
Not available
ACCE price target
€5.19
Rating
Not rated
Horizon
12 months
ACCE price target published on 17 Oct 2026, 00:00 CEST.
Price used: €5.08 at the close on 23 Oct 2026, 17:30 CEST.
Models: EV/EBITDA comparison and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
56
out of 100
P/E
9.5x
forward 13.2x
1-year return
-9.9%
Dividend yield
0.00%
Inmobiliaria Colonial in four questions
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Overview
ACCE thesis
Inmobiliaria Colonial is a Madrid-listed owner of prime office buildings, mainly in Paris, Barcelona and Madrid, and a shareholder in Colonial's Paris-based SFL-linked holdings. Its edge is an asset base concentrated in central, transport-linked business districts where tenant demand has held up better than in peripheral offices, though the data we have does not include occupancy or rent figures to size that advantage. The near-term catalyst to watch is asset recycling: sales of non-core buildings and any resulting cut in debt, which would show whether the balance sheet is improving. At a trailing P/E of 9.5 against a forward P/E of 13.6, the market is pricing earnings to fall, so the question for a deeper look is whether the discount reflects impairment risk on office values or an overly pessimistic view of the portfolio. We have no revenue, margin or return data for this name, and the 3.2B EUR market cap with no index membership means it deserves a full filing review before any position is considered.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings declining despite revenue growth
Revenue grew 3.7% year on year while earnings fell 11.0%, so the bottom line is moving the wrong way relative to the top line. Net margin of 74.6% is very high for the sector, which makes the decline worth checking.
moderate
Leverage is elevated
Debt to equity sits at 0.87, a meaningful level for a REIT dependent on refinancing. Return on equity of 5.4% offers thin compensation for that balance sheet risk.
AI research notes
AI-assisted·How I use AIWritten Oct 17, 2026 · figures from 2026-10-16 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of EUR 6.38 sits 26.6% above the current share price of €5.08.
Revenue grew 3.7% year over year, and the five-year average annual growth rate is 4.1%.
Free cash flow over the last twelve months reached EUR 182M, and the stock trades at a trailing P/E of 9.5x.
Why it could disappoint
Return on equity is only 5.4%, which is a weak return for shareholders' capital.
Forward P/E of 13.2x is well above the trailing 9.5x, suggesting analysts expect earnings to fall.
The diluted share count rose 6.7% last fiscal year, diluting existing shareholders' stake in the company.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where COL.MC's valuation models land
Price
€5.08
Model fair valueConfidence: medium
€8.81
Model
Fair value
Upside
EV/EBITDA comparison
Price to FFO
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Quality
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Analysts
Wall Street consensus
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Analyst intelligence INVESTOR FEATURE
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+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
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