IVT
InvenTrust Properties Corp.
$32.82
Real Estate Investment Trust
85%
P/FFO × Retail REIT Multiple
Strong
·
Conviction
Undervalued
Trading 80.6% below fair value
You pay
$32.82
Bear
$142.11
Fair
$169.15
Bull
$196.19
Bear
$142.11
+333.0%
$3.08 FFO × 12x
Fair
$169.15
+415.4%
$3.08 FFO × 15x
Bull
$196.19
+497.8%
$3.08 FFO × 19x
Adjust Assumptions
15.5x
$
Key Value Driver
FFO/share ($3.08) × retail P/FFO multiple
Implied Market Multiple
10.7x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (5 analysts)
$38.00
Divergence from AlphaVal
345%
Summary
At $3.08 FFO/share with a 15x retail REIT multiple, the base-case value is $169.15 per share. Dividend yield: 3.0%. DDM cross-check: $452.72.
Warnings
Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.
Dividend-based valuation: $452.72 (168% above our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.
Wall Street's average price target is $38.00 (from 5 analysts). Our estimate is 345% above the consensus -- consider that gap carefully.
Key Risks
- P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
- Interest rate sensitivity: REIT multiples compress when rates rise
- FFO approximation (NI + D&A) may include gains on property sales — verify