Kalkulacja wyceny (mln)
Wartość firmy (EV)	-
Dług netto	-
Gotówka	-
Udziały mniejszościowe	-
Ilość akcji	-
Wartość godziwa firmy	-
Wartość godziwa akcji	Brak danych

Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka	-
Premia rynkowa	-
Beta	-
Udział kapitału własnego	-
Udział długu	-
Koszt kapitału własnego	-
Koszt długu	-
WACC	-

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	6.6	16.7	0.8
Stockland	12.2	40.9	1.3
Mediana / Stockland	0.5	0.4	0.7

---

Pozostałe spółki z branży REIT - Diversified

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Cathay No.1 REIT	01002T.TW	700	34.2	37.8	0.8	Taiwan
Yuexiu Real Estate Investment Trust	0405.HK	491	-13.3	-10.5	0.2	HKSE
Sunlight Real Estate Investment Trust	0435.HK	470	-2.1	22.7	0.3	HKSE
Prosperity Real Estate Investment Trust	0808.HK	269	-17.7	-28.0	0.3	HKSE
KOREIT	034830.KS	187	3.0	-16.8	0.3	KSE
E Kocref Cr-Reit	088260.KS	216	-2.6	22.2	1.3	KSE
Mitsui Fudosan Logistics Park Inc.	3471.T	2,247	10.5	7.0	0.3	Tokyo
Mori Hills REIT Investment Corporation	3234.T	1,733	13.3	40.7	1.2	Tokyo
Takara Leben Real Estate Investment Corporation	3492.T	555	-0.2	16.7	0.9	Tokyo
Nippon Accommodations Fund Inc.	3226.T	2,020	8.8	5.2	0.4	Tokyo
XYMAX REIT Investment Corporation	3488.T	191	4.9	15.7	1.0	Tokyo
Activia Properties Inc.	3279.T	1,934	1.7	9.0	0.3	Tokyo
Star Asia Investment Corporation	3468.T	1,059	1.5	18.4	1.0	Tokyo
Industrial & Infrastructure Fund Investment Corporation	3249.T	2,098	2.0	17.3	1.2	Tokyo
Marimo Regional Revitalization REIT, Inc.	3470.T	211	-0.5	20.1	1.2	Tokyo
Tokaido REIT, Inc.	2989.T	235	4.1	16.3	1.0	Tokyo
Spring Real Estate Investment Trust	1426.HK	319	-15.2	-48.3	0.4	HKSE
Sekisui House Reit, Inc.	3309.T	2,335	3.0	20.1	1.1	Tokyo
NIPPON REIT Investment Corporation	3296.T	1,074	2.8	4.1	0.3	Tokyo
Tosei Reit Investment Corporation	3451.T	338	1.8	23.2	1.2	Tokyo
Koramco Energy Plus Reit	357120.KS	316	7.8	12.0	0.9	KSE
JR Global REIT	348950.KS	403	-7.3	12.0	0.7	KSE
MIRAI Corporation	3476.T	571	-0.8	17.8	0.9	Tokyo
CRE Logistics REIT, Inc.	3487.T	654	7.8	42.8	1.1	Tokyo
China Merchants Commercial Real Estate Investment Trust	1503.HK	172	-3.4	-6.7	0.4	HKSE
NH Prime REIT Co., Ltd.	338100.KS	61	9.9	8.4	0.8	KSE
Korea Asset In Trust Co., Ltd.	123890.KS	220	4.9	8.2	0.3	KSE
Alahli Capital - Al-Ahli Reit Fund	4338.SR	256	2.3	36.0	0.8	Saudi
Riyad REIT Fund	4330.SR	260	23.5	-5.2	0.8	Saudi
Alkhabeer REIT Fund	4348.SR	215	1.0	13.6	0.8	Saudi
SEDCO Capital REIT Fund	4344.SR	343	1.3	16.3	0.9	Saudi
Muscat Capital - Al Masha'ar REIT Fund	4337.SR	67	6.6	-2.2	1.0	Saudi
Taleem REIT Fund	4333.SR	135	2.2	9.6	0.9	Saudi
Al Rajhi REIT Fund	4340.SR	607	4.5	7.7	1.0	Saudi
KLCC Property Holdings Berhad	5235SS.KL	3,814	9.4	22.3	1.2	Kuala Lumpur
Middle East Financial Investment Company	4346.SR	74	-6.8	-12.1	0.5	Saudi
Mulkia Gulf Real Estate REIT	4336.SR	133	-1.9	23.4	0.6	Saudi
Musharaka REIT Fund	4335.SR	100	-6.3	-16.9	0.5	Saudi
Axis Real Estate Investment Trust	5106.KL	932	7.6	18.0	1.2	Kuala Lumpur
Tokyu REIT, Inc.	8957.T	1,264	6.5	19.4	1.5	Tokyo
American Assets Trust, Inc.	AAT	1,224	-1.2	15.3	1.1	New York Stock Exchange
United Urban Investment Corporation	8960.T	3,299	5.2	19.9	1.3	Tokyo
Hui Xian Real Estate Investment Trust	87001.HK	440	0.3	-4.3	0.1	HKSE
Fukuoka REIT Corporation	8968.T	1,002	6.3	20.1	1.3	Tokyo
Japan Prime Realty Investment Corporation	8955.T	2,520	7.7	22.4	1.3	Tokyo
Kenedix Office Investment Corporation	8972.T	4,312	2.0	12.7	1.0	Tokyo
Daiwa House REIT Investment Corporation	8984.T	3,806	4.3	23.7	1.1	Tokyo
Hankyu Hanshin REIT, Inc.	8977.T	713	3.1	24.2	1.2	Tokyo
NTT UD REIT Investment Corporation	8956.T	1,320	4.2	22.2	1.3	Tokyo
Heiwa Real Estate REIT, Inc.	8966.T	1,121	5.3	25.6	1.2	Tokyo
Alternative Income REIT PLC	AIRE.L	82	19.3	11.6	0.9	London Stock Exchange
AEW UK REIT plc	AEWU.L	219	8.6	18.0	1.0	London Stock Exchange
Argosy Property Limited	ARG.NZ	549	1.1	-362.3	0.7	NZSE
Alexander & Baldwin, Inc.	ALEX	1,319	7.4	21.3	1.3	New York Stock Exchange
Akis Gayrimenkul Yatirim Ortakligi A.S.	AKSGY.IS	389	2.1	4.3	0.4	Istanbul Stock Exchange
Artis Real Estate Investment Trust	AX-UN.TO	526	-4.5	-25.5	0.5	Toronto Stock Exchange
Armada Hoffler Properties, Inc.	AHH-PA	707	4.0	30.2	0.9	New York Stock Exchange
Armada Hoffler Properties, Inc.	AHH	719	4.0	30.2	0.9	New York Stock Exchange
Aims Property Securities Fund	APW.AX	83	-2,038.5	1.7	0.6	Australian Securities Exchange
Artis Real Estate Investment Trust	AX-PE.TO	1,526	-4.5	-25.5	0.5	Toronto Stock Exchange
Balanced Commercial Property Trust Ltd	BCPT.L	994	28.2	-15.3	1.0	London Stock Exchange
British Land Company Plc	BLND.L	5,201	5.4	21.1	0.7	London Stock Exchange
Broadstone Net Lease, Inc.	BNL	3,060	7.8	31.5	1.0	New York Stock Exchange
BrightSpire Capital, Inc.	BRSP	680	-22.4	-9.5	0.6	New York Stock Exchange
Société Centrale des Bois et des Scieries de la Manche S.A.	CBSM.PA	138	-3.6	8.4	0.5	Paris
BTB Real Estate Investment Trust	BTB-UN.TO	233	-5.4	8.2	0.6	Toronto Stock Exchange
Covivio	COV.PA	6,511	-5.1	83.4	0.7	Paris
Cofinimmo SA	COFB.BR	3,371	2.1	26.7	0.8	Brussels
Custodian REIT Plc	CREI.L	524	7.2	22.9	0.9	London Stock Exchange
Charter Hall Group	CHC.AX	5,929	31.3	-59.9	3.3	Australian Securities Exchange
Fibra Danhos	DANHOS13.MX	2,065	7.9	11.3	0.6	Mexico
DigitalBridge Group, Inc.	DBRG-PJ	3,654	8.7	16.4	1.0	New York Stock Exchange
Crombie Real Estate Investment Trust	CRR-UN.TO	1,993	1.0	17.5	1.5	Toronto Stock Exchange
CTO Realty Growth, Inc.	CTO-PA	603	15.3	-105.8	1.0	New York Stock Exchange
Charter Hall Long WALE REIT	CLW.AX	1,942	12.6	-15.0	0.9	Australian Securities Exchange
DigitalBridge Group, Inc.	DBRG	1,952	8.7	16.4	1.0	New York Stock Exchange
CPN Retail Growth Leasehold REIT	CPNREIT.BK	1,306	-0.4	24.9	1.0	Thailand
CTO Realty Growth, Inc.	CTO	608	15.3	-105.8	1.0	New York Stock Exchange
DigitalBridge Group, Inc.	DBRG-PH	3,670	8.7	16.4	1.0	New York Stock Exchange
Cromwell European Real Estate Investment Trust	CWBU.SI	1,036	0.4	-36.1	0.8	Stock Exchange of Singapore
DigitalBridge Group, Inc.	DBRG-PI	3,642	8.7	16.4	1.0	New York Stock Exchange
Fibra UNO	FUNO11.MX	5,323	-2.1	12.0	0.6	Mexico
Essential Properties Realty Trust, Inc.	EPRT	6,439	9.6	28.9	1.6	New York Stock Exchange
Dexus	DXS.AX	4,843	8.7	6.9	0.7	Australian Securities Exchange
Firm Capital Property Trust	FCD-UN.TO	163	-2.7	6.5	0.7	Toronto Stock Exchange
Empire State Realty Trust, Inc.	ESRT	1,399	-1.4	25.4	0.8	New York Stock Exchange
Immobiliare Grande Distribuzione SIIQ S.p.A.	IGD.MI	387	-5.2	-11.3	0.3	Milan
Hamborner REIT AG	HABA.DE	610	8.1	39.1	1.3	Frankfurt Stock Exchange
Gladstone Commercial Corporation	GOODN	1,062	-0.6	25.2	3.5	NASDAQ Global Select
HYDROGEN Freehold And Leasehold Real Estate Investment Trust	HYDROGEN.BK	55	5.3	12.2	1.0	Thailand
Gladstone Commercial Corporation	GOOD	669	-0.6	25.2	3.5	NASDAQ Global Select
Global Net Lease, Inc.	GNL-PA	1,690	-3.2	-6.0	0.9	New York Stock Exchange
Hotel Property Investments	HPI.AX	479	4.1	3.3	0.9	Australian Securities Exchange
Global Net Lease, Inc.	GNL-PD	5,056	-3.2	-6.0	0.9	New York Stock Exchange
H&R Real Estate Investment Trust	HR-UN.TO	2,043	-67.0	-23.4	0.5	Toronto Stock Exchange
Global Net Lease, Inc.	GNL	1,709	-3.2	-6.0	0.9	New York Stock Exchange
Global Net Lease, Inc.	GNL-PB	4,719	-3.2	-6.0	0.9	New York Stock Exchange
Hamborner REIT AG	HABA.HM	610	8.1	39.1	1.3	Hamburg
CapitaLand Ascott Trust	HMN.SI	2,578	1.7	14.5	0.7	Stock Exchange of Singapore
Growthpoint Properties Australia	GOZ.AX	1,223	0.3	2.9	0.8	Australian Securities Exchange
Goodman Group	GMG.AX	44,405	63.6	71.3	3.5	Australian Securities Exchange
The GPT Group	GPT.AX	6,098	8.4	-46.5	0.9	Australian Securities Exchange
Gladstone Commercial Corporation	GOODO	672	-0.6	25.2	3.5	NASDAQ Global Select
Land Securities Group plc	LAND.L	6,250	2.4	43.7	0.7	London Stock Exchange
Icade SA	ICAD.PA	2,070	-7.2	-6.5	0.4	Paris
Lendlease Global Commercial REIT	JYEU.SI	921	-2.5	22.7	0.8	Stock Exchange of Singapore
Immobiliere Dassault SA	IMDA.PA	414	4.1	13.4	0.6	Paris
KTBST Mixed Freehold and Leasehold Real Estate Investment Trust	KTBSTMR.BK	51	1.9	7.5	0.5	Thailand
Kiwi Property Group Limited	KPG.NZ	882	3.1	18.5	0.8	NZSE
Lar España Real Estate SOCIMI, S.A.	LRE.MC	790	5.8	79.5	0.8	Madrid Stock Exchange
LondonMetric Property Plc	LMP.L	5,498	6.5	20.1	1.0	London Stock Exchange
MERLIN Properties SOCIMI, S.A.	MRL.MC	6,887	6.6	21.3	0.8	Madrid Stock Exchange
Melcor Real Estate Investment Trust	MR-UN.TO	117	-185.5	-2.3	0.4	Toronto Stock Exchange
LH Shopping Centers Leasehold Real Estate Investment Trust	LHSC.BK	276	10.3	11.5	1.0	Thailand
Modiv Inc.	MDV-PA	247	3.9	44.9	0.8	New York Stock Exchange
Morguard Real Estate Investment Trust	MRT-UN.TO	274	-18.3	-11.0	0.4	Toronto Stock Exchange
MERLIN Properties SOCIMI, S.A.	MRL.LS	6,861	6.6	21.3	0.8	Lisbon
Modiv Inc.	MDV	144	3.9	44.9	0.8	New York Stock Exchange
M.R.M. SA	MRM.PA	130	-0.2	-9.5	1.0	Paris
Picton Property Income Limited	PCTN.L	559	7.3	52.9	0.8	London Stock Exchange
Nextensa NV/SA	NEXTA.BR	494	-7.5	24.4	0.5	Brussels
Palace Capital Plc	PCA.L	90	37.0	-7.5	1.1	London Stock Exchange
Peakstone Realty Trust	PKST	472	-8.6	-7.3	0.5	New York Stock Exchange
Precinct Properties New Zealand Limited	PCT.NZ	1,147	2.3	-67.5	0.9	NZSE
Paref SA	PAR.PA	65	-1.9	-10.5	0.5	Paris
Canadian Net Real Estate Investment Trust	NET-UN.V	82	-3.5	15.7	0.9	Toronto Stock Exchange Ventures
One Liberty Properties, Inc.	OLP	536	1.0	17.6	1.7	New York Stock Exchange
Real Estate Investors plc	RLE.L	76	3.9	-24.3	0.6	London Stock Exchange
Reitir fasteignafélag hf.	REITIR.IC	652	-2.4	5.5	1.2	Iceland
Far East Hospitality Trust	Q5T.SI	894	11.2	9.8	0.6	Stock Exchange of Singapore
Pro Real Estate Investment Trust	PRV-UN.TO	236	-5.4	140.4	0.7	Toronto Stock Exchange
Safehold Inc.	SAFE	1,110	-10.0	10.5	0.5	New York Stock Exchange
Schroder Real Estate Investment Trust Limited	SREI.L	350	4.9	23.0	0.9	London Stock Exchange
Stockland	SGP.AX	8,502	12.3	29.3	1.3	Australian Securities Exchange
S Prime Growth Leasehold Real Estate Investment Trust	SPRIME.BK	51	1.5	7.9	0.4	Thailand
Unite Group Plc	UTG.L	5,541	13.5	9.3	0.9	London Stock Exchange
360 Capital REIT	TOT.AX	54	5.5	0.5	0.6	Australian Securities Exchange
VICI Properties Inc.	VICI	33,191	4.5	12.6	1.2	New York Stock Exchange
Urban Edge Properties	UE	2,337	8.7	30.0	1.8	New York Stock Exchange
Suntec Real Estate Investment Trust	T82U.SI	2,553	-3.0	18.4	0.6	Stock Exchange of Singapore
Town Centre Securities PLC	TOWN.L	84	-6.4	-186.4	0.5	London Stock Exchange
Warehouses Estates Belgium SCA	WEB.BR	149	-1.1	11.9	0.7	Brussels
Xior Student Housing NV	XIOR.BR	1,601	-2.9	14.8	0.8	Brussels
W. P. Carey Inc.	WPC	13,674	9.9	32.3	1.6	New York Stock Exchange
Global Net Lease, Inc.	GNL-PE	5,019	-3.2	-6.0	0.9	New York Stock Exchange
Atland SAS	ATLD.PA	243	23.9	490.6	1.4	Paris
Vitruvio Real Estate SOCIMI, S.A.	YVIT.MC	172	43.6	32.7	1.3	Madrid Stock Exchange
Frontier Real Estate Investment Corporation	8964.T	1,548	6.9	3.8	0.3	Tokyo
Wotso Property	WOT.AX	69	-6.7	0.3	0.5	Australian Securities Exchange
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust	WHART.BK	948	6.9	16.6	0.9	Thailand