AlphaMadera

NTST NETSTREIT Corp.

$20.22

Real Estate Investment Trust 85%

P/FFO × Retail REIT Multiple

Mild · Conviction

Overvalued

Trading 14.5% above fair value

You pay $20.22

Bear $14.35

Fair $17.66

Bull $20.97

Bear $14.35 -29.0% $0.97 FFO × 16x

Fair $17.66 -12.7% $0.97 FFO × 20x

Bull $20.97 +3.7% $0.97 FFO × 23x

Adjust Assumptions

P/FFO Multiple

19.5x

FFO per Share

0.97$

Key Value Driver

FFO/share ($0.97) × retail P/FFO multiple

Terminal Value % of EV

Implied Market Multiple 20.9x

Market is pricing in (growth)

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above.

Average Target (19 analysts) $23.50

Divergence from AlphaVal 25%

Summary

At $0.97 FFO/share with a 20x retail REIT multiple, the base-case value is $17.66 per share. Dividend yield: 4.4%. DDM cross-check: $14.76.

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.

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