4 models fit Instone Real Estate Group SE and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Bronze47
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionInstone Real Estate Group SE (INS.DE)
Fair value (4 models)
€11.17
ACCE price target
€7.30
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €5.92 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, Graham number, and Dividend discount.
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
Price vs fair value
47.0% below
+88.7% to fair value
ACCE score
56
out of 100
P/E
5.4x
forward 6.1x
1-year return
-32.3%
Dividend yield
7.17%
Instone Real Estate Group SE in four questions
Plain answers, details below
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Overview
ACCE thesis
Instone Real Estate develops and sells residential projects, mostly multi-family apartments and some built-to-rent schemes, concentrated in Germany's larger cities. The company's edge is local land banking and project execution in markets where new supply has thinned, which should support pricing and sales velocity. Revenue grew 8.9% and the stock trades at 5.4 times trailing earnings and 6.1 times forward, a steep discount for a developer posting 8.1% return on equity. The margin profile is thin, with a 17.8% gross margin and 5.2% operating margin, so the case rests on whether project completions and sales convert into earnings at the implied pace. At a 256M EUR market cap with no index membership, this is a small, under-followed name where the first question is whether the discount reflects cyclical rate exposure or a mispriced earnings stream.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow was $-31,839,000 against a EUR 260M market cap, so the earnings beat is not yet backed by cash. Debt/Equity of 0.82 leaves less room if development spending keeps running ahead of cash receipts.
moderate
Five-year revenue shrinking
Revenue has a 5y CAGR of -2.4% despite +8.9% growth this year, so the recent rise is one year against five years of decline. Earnings up +62.6% on a single year may not be a trend.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 8.9% year over year in the latest interim report, a clear turn after a weak multi-year trend.
The stock trades at a forward P/E of 6.9x against a sector median of 14.4x, a steep discount on earnings.
The dividend yield is 7.2%, and the model fair value of €11.17 sits 47.0% above the current €5.92.
Why it could disappoint
Free cash flow over the last twelve months was negative at -EUR 32M, so the business is consuming cash, not generating it.
Return on invested capital of 3.3% is thin, and return on equity of 8.1% offers little cushion for a business carrying debt.
The latest earnings per share came in at 0.01 against 0.09 expected, a miss of -88.9%, which weakens confidence in the forecasts behind the valuation.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 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 INS.DE's valuation models land
Price
€5.92
Model fair value
€11.17
Model range
€3.40 to €18.02
Fair value €11.17
Price €5.92
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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