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1. Company Snapshot

1.a. Company Description

Instone Real Estate Group SE, together with its subsidiaries, develops residential real estate properties in Germany.The company develops residential buildings and apartment complexes, as well as publicly subsidized residential properties; designs modern city districts; and renovates and refurbishes listed buildings.It serves owner-occupiers, private investors, and institutional investors.


As of December 31, 2021, the company had a portfolio of 54 development projects.Instone Real Estate Group SE was founded in 1991 and is headquartered in Essen, Germany.

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1.b. Last Insights on INS

Instone Real Estate Group SE faced scrutiny over its recent earnings, with concerns about profit quality. Despite robust earnings, investors remained unimpressed. The company's financials have raised questions about the sustainability of its growth. With European markets navigating modest economic growth and cautious investor sentiment, Instone's underwhelming earnings may have contributed to its recent struggles. A critical assessment of its earnings quality may have led to investor skepticism.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Instone Real Estate Group's (ETR:INS) Profits Appear To Have Quality Issues

Nov -14

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European Stocks That May Be Undervalued In September 2025

Sep -30

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Is There Now An Opportunity In Instone Real Estate Group SE (ETR:INS)?

Aug -30

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Instone Real Estate Group Reports Second Quarter 2025 Earnings

Aug -09

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Instone Real Estate Group (ETR:INS) investors are sitting on a loss of 44% if they invested five years ago

Jul -22

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Estimating The Intrinsic Value Of Instone Real Estate Group SE (ETR:INS)

Jun -29

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Solid Earnings May Not Tell The Whole Story For Instone Real Estate Group (ETR:INS)

May -16

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Instone Real Estate Group First Quarter 2025 Earnings: EPS: €0.23 (vs €0.19 in 1Q 2024)

May -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.06%)

6. Segments

Building Contracts

Expected Growth: 12%

Instone Real Estate Group SE's 12% growth in Building Contracts is driven by increasing demand for residential properties, strategic expansion into new regions, and a strong order book. Additionally, the company's focus on sustainable and energy-efficient buildings, as well as its ability to navigate regulatory changes, have contributed to its growth momentum.

Leases

Expected Growth: 18%

Instone Real Estate Group SE's 18% lease growth driven by increasing demand for residential properties in Germany, fueled by low interest rates, urbanization, and government incentives. Additionally, the company's strategic focus on affordable housing and partnerships with local authorities contribute to its rapid expansion.

Other Services

Expected Growth: 10%

Instone Real Estate Group SE's Other Services segment growth is driven by increasing demand for property management and consulting services, expansion into new regions, and strategic partnerships. Additionally, the company's focus on digitalization and process optimization has improved operational efficiency, leading to higher margins and revenue growth.

7. Detailed Products

Residential Real Estate

Instone Real Estate Group SE develops and sells residential properties, including apartments, houses, and condominiums, catering to individual buyers and investors.

Commercial Real Estate

The company offers commercial properties, including office buildings, retail spaces, and logistics centers, for rent or sale to businesses and investors.

Project Development

Instone develops and implements large-scale real estate projects, including urban development projects, from planning to completion.

Property Management

The company provides property management services, including rental and facility management, to property owners and investors.

Real Estate Services

Instone offers a range of real estate services, including brokerage, valuation, and consulting, to support clients in their real estate transactions.

8. Instone Real Estate Group SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Instone Real Estate Group SE is moderate due to the presence of alternative real estate companies and investment opportunities.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the real estate market and the lack of concentration among buyers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers of construction materials and services, but the company's scale and reputation give it some negotiating power.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the real estate development industry and the attractiveness of the German market.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the German real estate market, with multiple players competing for market share and limited opportunities for differentiation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.48%
Debt Cost 11.55%
Equity Weight 51.52%
Equity Cost 11.55%
WACC 11.55%
Leverage 94.11%

11. Quality Control: Instone Real Estate Group SE passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 8.8

Quality: 7.5

Yield: 10.0

Momentum: 9.0

Volatility: 4.0

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Emilshus

A-Score: 6.0/10

Value: 2.9

Growth: 7.1

Quality: 6.2

Yield: 5.6

Momentum: 4.0

Volatility: 10.0

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A-Score: 5.6/10

Value: 8.1

Growth: 4.6

Quality: 5.0

Yield: 5.0

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Volatility: 6.0

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Instone Real Estate

A-Score: 5.4/10

Value: 8.0

Growth: 5.0

Quality: 4.5

Yield: 8.1

Momentum: 2.5

Volatility: 4.3

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A-Score: 5.4/10

Value: 8.2

Growth: 6.8

Quality: 6.1

Yield: 1.2

Momentum: 3.0

Volatility: 7.0

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Archicom

A-Score: 4.8/10

Value: 3.3

Growth: 0.7

Quality: 4.7

Yield: 8.8

Momentum: 9.0

Volatility: 2.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.0$

Current Price

8$

Potential

-0.00%

Expected Cash-Flows