Cousins Properties Incorporated logo CUZ - Cousins Properties Incorporated

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 12
HOLD 3
SELL 1
STRONG
SELL
0
| PRICE TARGET: $29.50 DETAILS
HIGH: $34.00
LOW: $27.00
MEDIAN: $28.00
CONSENSUS: $29.50
UPSIDE: 11.32%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Real Estate Investment Trust 85% confidence

Primary model: P/FFO × Office REIT Multiple

Valuation Signal Fair Value Mild
Trading 12.9% below fair value
Current Price $26.50
Bear Case $23.86 10.0% downside ($23.86 - $26.50) / $26.50 = -10.0% $2.77 FFO × 10x
Fair Value $30.44 14.9% upside ($30.44 - $26.50) / $26.50 = 14.9% $2.77 FFO × 13x
Bull Case $37.02 39.7% upside ($37.02 - $26.50) / $26.50 = 39.7% $2.77 FFO × 16x

Adjust Assumptions

13.0x
2.77$

Key Value Driver

FFO/share ($2.77) × office P/FFO multiple

Implied Market Multiple 9.6x

Plain-Language Summary

Our base-case estimate uses P/FFO × Office REIT Multiple. We then blend that result with the average analyst price target of $29.50 from 16 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $30.44 per share.

Warnings

Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.
Dividend-based valuation: $18.47 (40% below our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.

Key Risks

  • P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
  • Interest rate sensitivity: REIT multiples compress when rates rise
  • FFO approximation (NI + D&A) may include gains on property sales — verify