FrontView REIT, Inc. (NYSE: FVR)

Sector: Real Estate Industry: REIT - Diversified CIK: 0001988494
ROIC (Qtr) 0.00
Rev 1y % (Qtr) 214.37
Total Debt (Qtr) 307.07 Mn
Debt/Equity (Qtr) 0.80
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About

Investment thesis

Bull case

  • Operating cash flow of 28.30M provides strong 13.02x coverage of stock compensation 2.17M, indicating sustainable incentive practices.
  • Free cash flow of (156.51M) provides excellent 13.05x coverage of dividends (12M), indicating sustainable shareholder returns.
  • Strong tangible asset base of 745.11M provides 7.33x coverage of intangibles 101.69M, indicating robust asset quality.

Bear case

  • Operating cash flow of 28.30M barely covers its investment activities of (137.95M), with a coverage ratio of -0.21, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 28.30M provides thin coverage of dividend payments of (12M) with a -2.36 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Free cash flow of (156.51M) provides weak coverage of capital expenditures of 184.81M, with a -0.85 ratio suggesting additional external financing needs for growth initiatives.
  • High depreciation of 31.99M relative to operating cash flow of 28.30M, which is 1.13x suggests significant maintenance capital requirements affecting free cash flow.
  • Operating earnings of 0 show weak coverage of depreciation charges of 31.99M, with a 0 ratio indicating high capital intensity and potential reinvestment needs.

Peer comparison

Companies in the REIT - Diversified
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 VICI Vici Properties Inc. 30.39 Bn 11.76 8.24 16.76 Bn
2 WPC W. P. Carey Inc. 16.39 Bn 35.15 9.55 8.72 Bn
3 BNL Broadstone Net Lease, Inc. 2.77 Bn 40.51 8.39 2.34 Bn
4 SAFE Safehold Inc. 1.15 Bn 10.07 2.99 4.59 Bn
5 AAT American Assets Trust, Inc. 1.13 Bn 20.37 2.60 1.69 Bn
6 ESRT Empire State Realty Trust, Inc. 0.91 Bn 16.82 1.33 2.06 Bn
7 CTO CTO Realty Growth, Inc. 0.60 Bn 6,383.33 35.13 0.60 Bn
8 GNL Global Net Lease, Inc. 0.57 Bn 11.86 2.57 2.93 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 0.68
EV to Cash from Ops. EV to Cash from Ops. 0.00 -30.44
EV to Debt EV to Debt 0.00 1.31
EV to EBIT EV to EBIT 0.00 52.23
EV to EBITDA EV to EBITDA 0.00 6.51
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 21.01
EV to Market Cap EV to Market Cap 0.00 6.71
EV to Revenue EV to Revenue 0.00 9.65
Price to Book Value [P/B] Price to Book Value [P/B] 0.00 0.98
Price to Earnings [P/E] Price to Earnings [P/E] 0.00 385.22
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -1.16
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 90.61
Dividend per Basic Share Div per Share (Qtr) 0.86 1.00
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) -11.39 -0.65
Interest Coverage Int. cover (Qtr) 0.00 0.73
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -246.98
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 98.03 49.26
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 2.40
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -20.77
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 -2.00
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -20.80
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -13.26
EPS Growth (1y) % EPS Growth (1y) % 0.00 -38.39
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 -62.73
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 -1.85
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.11
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.34
Cash Ratio Cash Ratio 0.00 0.00
Current Ratio Current Ratio 0.00 0.00
Debt to Equity Ratio Debt/Equity (Qtr) 0.80 0.82
Interest Cover Ratio Int Coverage (Qtr) 0.00 0.73
Times Interest Earned Times Interest Earned (Qtr) 0.00 0.73
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 38.58
EBIT Margin % EBIT Margin % (Qtr) 0.00 10.26
EBT Margin % EBT Margin % (Qtr) 0.00 -13.89
Gross Margin % Gross Margin % (Qtr) 0.00 59.91
Net Profit Margin % Net Margin % (Qtr) 0.00 -17.09