Irish Residential Properties REIT plc (IRES.IR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-108.3%

-€0.11

vs €1.31 price

Levered DCF

€0.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.2

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.9×	-72.22×	-4.95×	-49.78×	12.92×	13.64×	8.83×	4.82×
P/B	0.71×	0.72×	0.83×	0.69×	1.01×	0.93×	0.94×	0.93×
P/S	5.18×	5.65×	6.57×	6.93×	11.11×	10.48×	12.25×	11.39×
EV / EBITDA	11.18×	48.27×	-13.58×	184.69×	18×	18.21×	13.36×	25.41×
Gross margin	78.9%	76.8%	77.3%	77.5%	79.1%	80.0%	81.4%	81.3%
Operating margin	66.8%	61.7%	63.1%	56.5%	57.5%	63.9%	158.1%	251.2%
Net margin	52.2%	-7.8%	-132.1%	-13.9%	84.7%	78.0%	138.9%	236.7%
Current ratio	26.36×	0.76×	0.73×	0.7×	1.1×	1.43×	1.08×	1.4×
Debt / equity	0.81×	0.85×	0.83×	0.78×	0.7×	0.65×	0.69×	0.5×
Interest coverage	1.48×	1.9×	1.87×	2.66×	3.05×	3.67×	8.16×	18.96×
Dividend yield	4.9%	4.3%	4.8%	4.8%	3.6%	3.9%	3.6%	3.9%
Payout ratio	48.3%	-307.8%	-24.0%	-241.0%	47.8%	52.4%	31.4%	18.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	-1.0%	-16.6%	-1.4%	7.7%	6.9%	10.6%	19.4%
Return on invested capital	5.0%	4.2%	4.3%	3.2%	3.0%	3.4%	7.2%	13.6%
Return on assets	3.9%	-0.5%	-8.9%	-0.8%	4.4%	4.1%	6.2%	12.7%
Free cash flow yield	7.0%	10.5%	9.9%	7.9%	6.0%	6.2%	5.8%	-8.5%
Earnings yield	10.1%	-1.4%	-20.1%	-2.0%	7.6%	7.4%	11.3%	20.8%
Enterprise value	€1B	€1B	€1.1B	€1.2B	€1.5B	€1.3B	€1.3B	€876.5M
Net debt / EBITDA	5.89×	25.92×	-6.73×	97.25×	7.33×	7.41×	5.62×	8.69×
Cash conversion cycle (days)	-39	-12	-11	-7	-10	-4	-3	-76