<p>最近对位于博尼塔斯普林斯的 195,000 平方英尺的 Springs Plaza 中心的合资收购使 Phillips Edison (PECO) 重新成为焦点，并突显其在高增长、必需品零售市场的倾斜。</p>
<p>查看我们对 Phillips Edison 的最新分析。</p>
<p>这笔 Springs Plaza 交易恰好适应了一个势头稳定而非惊人的年份，股价在几个月内 modestly 正增长，三年总股东回报率为 25%，表明长期信心依然存在。</p>
<p>如果这种稳定、以收入为导向的增长故事吸引你，可能值得看看其他房地产相关公司的比较，或者是否有其他快速增长、内部持股比例高的股票更符合你的回报预期。</p>
<p>由于股票仍以低于分析师目标价的价格交易，并且长期收入增长的记录良好，关键问题是 PECO 是否仍被低估，或者市场是否已经在定价未来的扩张。</p>
<h2>最受欢迎的叙述：8% 被低估</h2>
<p>最受关注的叙述将公允价值略微高于最近的 36.05 收盘价，这一差距基于特定的长期增长逻辑。</p>
<blockquote>
<p><em>积极的投资组合回收和对高增长、以杂货为主的物业的严格收购，通常低于替代成本，且资本化率超过 6%，目标内部收益率超过 9%，提升了资产质量和收益潜力。同时，现金收购和低杠杆（5.4 倍 EBITDAre，5.7 年加权平均到期，95% 固定利率债务）允许在不需要稀释股本发行的情况下进行机会性外部增长，支持长期的 FFO/EPS 扩张。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>想了解这种信心背后的数学，从收入和利润扩张到通常只适用于更快增长故事的未来收益倍数？深入完整叙述，揭示推动该估值差距的假设。</p>
<p><strong>结果：公允价值为 39.18 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，持续的电子商务压力或对关键杂货主力的冲击可能会削弱入住率、租金增长和乐观的长期收益叙述。</p>
<p>了解对 Phillips Edison 叙述的关键风险。</p>
<h2>另一种观点：倍数描绘更丰富的画面</h2>
<p>远离叙述公允价值，PECO 看起来要严苛得多。其当前的市盈率为 55.3 倍，远高于美国零售 REITs 的平均市盈率 27.2 倍和公允比率 33.2 倍，表明如果市场情绪降温，存在真正的下行风险。</p>
<p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d29092df-3e26-4be7-bb69-ad0431d6883d/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d29092df-3e26-4be7-bb69-ad0431d6883d/chart/pe-multiple-vs-industry"/></p>
<p>纳斯达克 GS:PECO 截至 2025 年 12 月的市盈率</p>
<h2>自建 Phillips Edison 叙述</h2>
<p>如果这种观点不太符合你的看法，或者你更愿意自己深入数字，你可以在几分钟内构建一个自定义的数据驱动分析，按你的方式进行。</p>
<p>你对 Phillips Edison 研究的一个很好的起点是我们的分析，强调 3 个关键回报和 1 个重要警示信号，这可能会影响你的投资决策。</p>
<h2>寻找更多投资想法？</h2>
<p>在下一个机会从你身边溜走之前，利用 Simply Wall Street 的筛选器，排列出符合你策略的新鲜、数据支持的候选股票。</p>
<ul>
<li>通过筛选这些 913 只被低估的股票，捕捉潜在价值和未来上行空间，这些股票基于现金流，市场可能今天忽视了。</li>
<li>利用这些 24 只处于人工智能和自动化前沿的 AI 便士股票，抓住强大的创新趋势。</li>
<li>通过关注这些 12 只收益率超过 3% 的股息股票，锁定更稳定的现金回报，这些股票可以支持随着时间推移的收入增长。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，性质为一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是人形的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

PECO

<p>Phillips Edison (PECO) 收购了 Springs Plaza，专注于高增长的零售市场。尽管稳步增长，股价仍低于分析师目标，暗示被低估。PECO 的稳健收购和低杠杆支持长期增长。然而，其高市盈率表明潜在的下行风险。分析师估计公允价值为 39.18 美元，但风险包括电子商务压力和超市主力店的冲击。投资者可以探索定制叙事和其他被低估的股票，以寻找潜在机会</p>

<p>The latest joint venture acquisition of the 195,000 square foot Springs Plaza center in Bonita Springs puts Phillips Edison (PECO) back in focus and highlights how it is leaning into high growth, necessity retail markets.</p>
<div class="lb-trans"><p>最近对位于博尼塔斯普林斯的 195,000 平方英尺的 Springs Plaza 中心的合资收购使 Phillips Edison (PECO) 重新成为焦点，并突显其在高增长、必需品零售市场的倾斜。</p>
</div><p>See our latest analysis for Phillips Edison.</p>
<div class="lb-trans"><p>查看我们对 Phillips Edison 的最新分析。</p>
</div><p>That Springs Plaza deal slots neatly into a year where momentum has been steady rather than spectacular, with a modest positive multi month share price return and a solid three year total shareholder return of 25 percent suggesting longer term confidence is intact.</p>
<div class="lb-trans"><p>这笔 Springs Plaza 交易恰好适应了一个势头稳定而非惊人的年份，股价在几个月内 modestly 正增长，三年总股东回报率为 25%，表明长期信心依然存在。</p>
</div><p>If this kind of steady, income oriented growth story appeals, it might be worth seeing how other real estate focused names compare or whether something different in fast growing stocks with high insider ownership better matches your return expectations.</p>
<div class="lb-trans"><p>如果这种稳定、以收入为导向的增长故事吸引你，可能值得看看其他房地产相关公司的比较，或者是否有其他快速增长、内部持股比例高的股票更符合你的回报预期。</p>
</div><p>With shares still trading at a discount to analyst targets and a longer term track record of income growth, the key question now is whether PECO remains undervalued or if the market is already pricing in future expansion.</p>
<div class="lb-trans"><p>由于股票仍以低于分析师目标价的价格交易，并且长期收入增长的记录良好，关键问题是 PECO 是否仍被低估，或者市场是否已经在定价未来的扩张。</p>
</div><h2>Most Popular Narrative: 8% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：8% 被低估</h2>
</div><p>With the most followed narrative placing fair value modestly above the recent 36.05 close, the gap rests on a specific long term growth logic.</p>
<div class="lb-trans"><p>最受关注的叙述将公允价值略微高于最近的 36.05 收盘价，这一差距基于特定的长期增长逻辑。</p>
</div><blockquote>
<p><em>Active portfolio recycling and disciplined acquisitions of high-growth, grocery-anchored properties, often below replacement cost and at 6%+ cap rates with 9%+ target IRRs, enhance asset quality and earnings potential. At the same time, cash acquisitions and low leverage (5.4x EBITDAre, 5.7 years weighted avg. maturity, 95% fixed-rate debt) allow for opportunistic external growth without the need for dilutive equity issuance, supporting long-term FFO/EPS expansion.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>积极的投资组合回收和对高增长、以杂货为主的物业的严格收购，通常低于替代成本，且资本化率超过 6%，目标内部收益率超过 9%，提升了资产质量和收益潜力。同时，现金收购和低杠杆（5.4 倍 EBITDAre，5.7 年加权平均到期，95% 固定利率债务）允许在不需要稀释股本发行的情况下进行机会性外部增长，支持长期的 FFO/EPS 扩张。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Want to see the math behind this confidence, from revenue and margin expansion to a future earnings multiple usually reserved for faster growth stories? Dig into the full narrative to uncover the assumptions driving that valuation gap.</p>
<div class="lb-trans"><p>想了解这种信心背后的数学，从收入和利润扩张到通常只适用于更快增长故事的未来收益倍数？深入完整叙述，揭示推动该估值差距的假设。</p>
</div><p><strong>Result: Fair Value of $39.18 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 39.18 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, sustained e commerce pressure or a shock to key grocery anchors could undermine occupancy, rent growth, and the upbeat long term earnings narrative.</p>
<div class="lb-trans"><p>然而，持续的电子商务压力或对关键杂货主力的冲击可能会削弱入住率、租金增长和乐观的长期收益叙述。</p>
</div><p>Find out about the key risks to this Phillips Edison narrative.</p>
<div class="lb-trans"><p>了解对 Phillips Edison 叙述的关键风险。</p>
</div><h2>Another View: Multiples Paint a Richer Picture</h2>
<div class="lb-trans"><h2>另一种观点：倍数描绘更丰富的画面</h2>
</div><p>Step away from narrative fair value and PECO looks much less forgiving. Its current P/E of 55.3 times is far higher than both the US Retail REITs average of 27.2 times and a fair ratio of 33.2 times, pointing to real downside risk if sentiment cools.</p>
<div class="lb-trans"><p>远离叙述公允价值，PECO 看起来要严苛得多。其当前的市盈率为 55.3 倍，远高于美国零售 REITs 的平均市盈率 27.2 倍和公允比率 33.2 倍，表明如果市场情绪降温，存在真正的下行风险。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这一价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d29092df-3e26-4be7-bb69-ad0431d6883d/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/d29092df-3e26-4be7-bb69-ad0431d6883d/chart/pe-multiple-vs-industry"/></p>
<p>NasdaqGS:PECO PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>纳斯达克 GS:PECO 截至 2025 年 12 月的市盈率</p>
</div><h2>Build Your Own Phillips Edison Narrative</h2>
<div class="lb-trans"><h2>自建 Phillips Edison 叙述</h2>
</div><p>If this perspective does not quite fit your view, or you would rather dig into the numbers yourself, you can build a custom, data driven take in just a few minutes, Do it your way.</p>
<div class="lb-trans"><p>如果这种观点不太符合你的看法，或者你更愿意自己深入数字，你可以在几分钟内构建一个自定义的数据驱动分析，按你的方式进行。</p>
</div><p>A great starting point for your Phillips Edison research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>你对 Phillips Edison 研究的一个很好的起点是我们的分析，强调 3 个关键回报和 1 个重要警示信号，这可能会影响你的投资决策。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Before the next opportunity runs away from you, put Simply Wall Street’s Screener to work and line up fresh, data backed candidates that fit your strategy.</p>
<div class="lb-trans"><p>在下一个机会从你身边溜走之前，利用 Simply Wall Street 的筛选器，排列出符合你策略的新鲜、数据支持的候选股票。</p>
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<div class="lb-trans"><ul>
<li>通过筛选这些 913 只被低估的股票，捕捉潜在价值和未来上行空间，这些股票基于现金流，市场可能今天忽视了。</li>
<li>利用这些 24 只处于人工智能和自动化前沿的 AI 便士股票，抓住强大的创新趋势。</li>
<li>通过关注这些 12 只收益率超过 3% 的股息股票，锁定更稳定的现金回报，这些股票可以支持随着时间推移的收入增长。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，性质为一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
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<div class="lb-trans"><p>下一波机器人技术不是人形的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
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<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
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<div class="lb-trans"><p>由 CiTech 赞助</p>
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分析 Phillips Edison（PECO）在收购 Springs Plaza 合资企业后的估值