Cousins Properties Incorporated logo CUZ - Cousins Properties Incorporated

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 11
HOLD 4
SELL 1
STRONG
SELL
0
| PRICE TARGET: $31.00 DETAILS
HIGH: $34.00
LOW: $27.00
MEDIAN: $33.00
CONSENSUS: $31.00
UPSIDE: 2.45%
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 1.8% below fair value
Current Price $30.26
Bear Case $24.15 20.2% downside ($24.15 - $30.26) / $30.26 = -20.2% $2.77 FFO × 10x
Fair Value $30.81 1.8% upside ($30.81 - $30.26) / $30.26 = 1.8% $2.77 FFO × 13x
Bull Case $37.48 23.8% upside ($37.48 - $30.26) / $30.26 = 23.8% $2.77 FFO × 16x

Adjust Assumptions

13.0x
2.77$

Key Value Driver

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

Implied Market Multiple 10.9x

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 $31.00 from 16 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $30.81 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