New Concept Energy, Inc. (NYSE: GBR)

Sector: Real Estate Industry: Real Estate Services CIK: 0000105744
Market Cap 1.42 Mn
P/B 0.32
P/E -18.50
P/S 9.31
ROIC (Qtr) -5.77
Div Yield % 0.00
Rev 1y % (Qtr) 5.41
Total Debt (Qtr) 0.00
Debt/Equity (Qtr) 0.00
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About

Investment thesis

Bull case

  • Robust tangible asset base of 4.54M provides 16.76x coverage of working capital 271000, indicating strong operational backing.
  • Tangible assets of 4.54M provide robust 126.17x coverage of other current liabilities 36000, indicating strong asset backing.
  • Long-term investments of 3.58M provide solid 13.22x backing of working capital 271000, showing strategic capital allocation.
  • Cash reserves of 307000 provide robust 4.87x coverage of current liabilities 63000, indicating strong short-term solvency.
  • Strong cash position of 307000 provides 8.53x coverage of other current liabilities 36000, indicating excellent liquidity.

Bear case

  • Free cash flow of (123000) provides weak coverage of capital expenditures of 20000, with a -6.15 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (77000) show weak coverage of depreciation charges of 13000, with a -5.92 ratio indicating high capital intensity and potential reinvestment needs.
  • Long-term investments of 3.58M represent a high 5.72x of fixed assets 626000, indicating potential overexposure to financial assets versus operational capabilities.
  • R&D investment of 0 represents just 0x of SG&A expenses of 362000, indicating potential underinvestment in innovation relative to administrative overhead.
  • R&D spending of 0 represents just 0x of capital expenditure 20000, indicating potential underinvestment in innovation relative to physical assets.

Product and Service Breakdown of Revenue (2024)

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Real Estate Services
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 CBRE Cbre Group, Inc. 42.12 Bn 36.40 1.04 9.99 Bn
2 BEKE KE Holdings Inc. 19.37 Bn 39.77 1.33 2.96 Bn
3 CSGP Costar Group, Inc. 18.57 Bn 914.80 6.08 1.18 Bn
4 JLL Jones Lang Lasalle Inc 13.60 Bn 21.53 0.54 3.48 Bn
5 FSV FirstService Corp 7.02 Bn 48.37 1.28 1.38 Bn
6 CIGI Colliers International Group Inc. 5.59 Bn 54.27 1.01 2.29 Bn
7 COMP Compass, Inc. 5.18 Bn -91.82 0.78 0.48 Bn
8 OPEN Opendoor Technologies Inc. 3.12 Bn -9.84 0.66 1.79 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.24 1.18
EV to Cash from Ops. EV/CFO -10.37 -6.57
EV to Debt EV to Debt 0.00 5.19
EV to EBIT EV/EBIT -13.88 4.86
EV to EBITDA EV/EBITDA -4.34 13.56
EV to Free Cash Flow [EV/FCF] EV/FCF -8.69 -11.14
EV to Market Cap EV to Market Cap 0.75 7.70
EV to Revenue EV/Rev 6.98 3.49
Price to Book Value [P/B] P/B 0.32 1.76
Price to Earnings [P/E] P/E -18.50 40.59
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.36
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -7.05
Dividend per Basic Share Div per Share (Qtr) 0.00 0.22
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 0.46
Interest Coverage Int. cover (Qtr) 0.00 -2.20
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -12,527.01
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -28.60 24.62
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.26
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -102.63 10.86
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 1.20 33.08
EBIT Growth (1y) % EBIT 1y % (Qtr) -102.63 19.37
EBT Growth (1y) % EBT 1y % (Qtr) -102.63 28.48
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 29.29
FCF Growth (1y) % FCF 1y % (Qtr) -310.00 67.74
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 11.96 33.25
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.03 1.44
Cash Payout Ratio Cash Payout (Qtr) 0.00 -0.01
Cash Ratio Cash Ratio (Qtr) 4.87 1.45
Current Ratio Curr Ratio (Qtr) 5.30 2.16
Debt to Equity Ratio Debt/Equity (Qtr) 0.00 -0.07
Interest Cover Ratio Int Coverage (Qtr) 0.00 -2.20
Times Interest Earned Times Interest Earned (Qtr) 0.00 -2.20
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -41.80 -120.34
EBIT Margin % EBIT Margin % (Qtr) -50.33 -135.17
EBT Margin % EBT Margin % (Qtr) -50.33 -142.98
Gross Margin % Gross Margin % (Qtr) 67.30 32.99
Net Profit Margin % Net Margin % (Qtr) -50.30 -138.31