ETFMG Real Estate Tech ETF (: HHH)

Sector: Real Estate Industry: Real Estate - Diversified CIK: 0001467831
P/B 1.23
P/E 16.86
P/S 2.52
Market Cap 4.62 Bn
ROIC (Qtr) 4.37
Div Yield % 0.00
Rev 1y % (Qtr) 19.28
Total Debt (Qtr) 5.29 Bn
Debt/Equity (Qtr) 1.40

About

Stock Price Chart

Analysis

Pros

  • Operating cash flow of 439.20M provides strong 22.20x coverage of stock compensation 19.78M, indicating sustainable incentive practices.
  • Strong operating cash flow of 439.20M provides 4.06x coverage of SG&A expenses 108.09M, showing efficient operational cost management.
  • Operating cash flow of 439.20M provides strong 2.23x coverage of operating expenses 197.16M, showing operational efficiency.
  • Strong free cash flow of 228.49M provides 2.11x coverage of SG&A expenses 108.09M, indicating efficient cost management.
  • Cash reserves of 1.97B provide comfortable 11.57x coverage of tax obligations 170.53M, showing strong fiscal management.

Cons

  • Operating cash flow of 439.20M barely covers its investment activities of (216.55M), with a coverage ratio of -2.03, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 1.97B provide limited coverage of acquisition spending of (12.55M), which is -157.24x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • High depreciation of 181.18M relative to operating cash flow of 439.20M, which is 0.41x suggests significant maintenance capital requirements affecting free cash flow.
  • Free cash flow of 228.49M represents just -4.77x of debt issuance (47.85M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Operating cash flow of 439.20M shows concerning coverage of minority interest expenses of (147000), which is -2987.76x, suggesting complex corporate structure risks.

Peer Comparison

Companies in the Real Estate - Diversified
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 HHH Howard Hughes Holdings Inc. 4.62 Bn 16.86 2.52 5.29 Bn
2 JOE ST JOE Co 3.59 Bn 34.33 7.35 0.58 Bn
3 STRS Stratus Properties Inc 0.19 Bn -21.28 6.04 0.22 Bn

Industry Comparisons

Current Valuation

Metric Value Industry Percentile
EV to Assets 0.75 1.35
EV to Cash from Ops. 18.34 9.70
EV to Debt 1.52 3.40
EV to EBIT 14.73 4.63
EV to EBITDA 11.51 -3.38
EV to Free Cash Flow [EV/FCF] 35.25 18.22
EV to Market Cap 1.74 1.56
EV to Revenue 4.39 7.89
Price to Book Value [P/B] 1.23 2.33
Price to Earnings [P/E] 16.86 9.97

Dividend Metrics

Metric Value Industry Percentile
Dividend Coverage Ratio 0.00 1.56
Dividend Payout Ratio % 0.00 10.37
Dividend per Basic Share 0.00 0.19
FCF Dividend Payout Ratio % 0.00 7.28
Interest Coverage 3.20 -1.67

Growth Metrics

Metric Value Industry Percentile
Capex Growth (1y) % 16.83 44.53
Cash and Equivalents Growth (1y) % 114.37 113.25
Dividend Growth (1y) % 0.00 4.00
EBIAT Growth (1y) % 107.18 -138.40
EBITDA Growth (1y) % 45.19 -128.29
EBIT Growth (1y) % 98.24 -110.81
EBT Growth (1y) % 246.69 -69.63
EPS Growth (1y) % 240.13 -105.34
FCF Growth (1y) % 346.80 337.32
Gross Profit Growth (1y) % 40.51 -24.15

Liquidity Ratios

Metric Value Industry Percentile
Asset Utilization Ratio 0.17 0.18
Cash Payout Ratio 0.00 0.04
Cash Ratio 0.00 0.00
Current Ratio 0.00 0.00
Debt to Equity Ratio 1.40 1.11
Interest Cover Ratio 3.20 -1.67
Times Interest Earned 3.20 -1.67

Profitability

Metric Value Industry Percentile
EBITDA Margin % 39.70 20.07
EBIT Margin % 29.81 7.01
EBT Margin % 20.48 0.69
Gross Margin % 44.90 24.60
Net Profit Margin % 15.00 2.67