2/28/2024 0 Comments Steward connect semc![]() Assuming our initial estimate of ~$1.4 billion of potential impairments from bridge loan restructurings in present value terms, combined with a 1x P/BV multiple = an equity value of ~$5/share today, or more than ~50% downside from here before dividends and borrowing costs.Given that ~20% of ABR's equity capital buffer is preferred stock, it has a HUGE impact on the residual value available to common when using a P/BV framework.We had this on our to-do checklist, but in focusing on underwriting the asset side of the balance sheet we candidly forgot to tack it on at the end. ![]()
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