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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 6.7x - 7.4x | 7.0x |
| Selected Fwd Ps Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | $73.99 - $81.78 | $77.89 |
| Upside | 42.8% - 57.9% | 50.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| NewLake Capital Partners, Inc. | - | OTCPK:NLCP |
| Plymouth Industrial REIT, Inc. | - | NYSE:PLYM |
| Rexford Industrial Realty, Inc. | - | NYSE:REXR |
| LXP Industrial Trust | - | NYSE:LXP |
| Industrial Logistics Properties Trust | - | NasdaqGS:ILPT |
| Innovative Industrial Properties, Inc. | - | NYSE:IIPR |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| NLCP | PLYM | REXR | LXP | ILPT | IIPR | |||
| OTCPK:NLCP | NYSE:PLYM | NYSE:REXR | NYSE:LXP | NasdaqGS:ILPT | NYSE:IIPR | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 112.2% | 20.7% | 28.5% | 1.9% | 14.0% | 47.2% | ||
| 3Y CAGR | 21.3% | 11.4% | 27.5% | 1.4% | 26.2% | 14.7% | ||
| Latest Twelve Months | 6.0% | -3.3% | 17.4% | 5.3% | 1.1% | -0.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 29.4% | -2.5% | 28.8% | 52.9% | -8.5% | 55.0% | ||
| Prior Fiscal Year | 52.0% | 4.4% | 28.5% | 7.0% | -24.7% | 52.6% | ||
| Latest Fiscal Year | 52.1% | 71.4% | 28.1% | 10.6% | -21.6% | 51.1% | ||
| Latest Twelve Months | 52.1% | 71.4% | 28.1% | 10.6% | -21.6% | 51.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.2x | 10.1x | 17.8x | 15.2x | 15.2x | 6.8x | ||
| Price / LTM Sales | 5.4x | 3.1x | 7.8x | 6.3x | 0.4x | 4.8x | ||
| LTM P/E Ratio | 10.2x | 4.4x | 26.8x | 60.0x | -1.8x | 9.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 5.4x | 7.8x | |||||
| Historical LTM P/S Ratio | 4.8x | 10.7x | 41.7x | |||||
| Selected Price / Sales Multiple | 6.7x | 7.0x | 7.4x | |||||
| (x) LTM Sales | 309 | 309 | 309 | |||||
| (=) Equity Value | 2,058 | 2,167 | 2,275 | |||||
| (/) Shares Outstanding | 28.3 | 28.3 | 28.3 | |||||
| Implied Value Range | 72.65 | 76.47 | 80.29 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 72.65 | 76.47 | 80.29 | 51.80 | ||||
| Upside / (Downside) | 40.2% | 47.6% | 55.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | NLCP | PLYM | REXR | LXP | ILPT | IIPR | |
| Value of Common Equity | 267 | 651 | 7,728 | 2,274 | 197 | 1,468 | |
| (/) Shares Outstanding | 20.5 | 45.6 | 227.5 | 295.7 | 66.1 | 28.3 | |
| Implied Stock Price | 12.99 | 14.29 | 33.96 | 7.69 | 2.98 | 51.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.99 | 14.29 | 33.96 | 7.69 | 2.98 | 51.80 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |