CatchMark Timber Trust: GAAP Income Does Not Give An Accurate Picture, Focus On Cash Flow [Seeking Alpha]
CatchMark Timber Trust, Inc. Class A (CTT)
NASDAQ:AMEX Investor Relations:
catchmark.com
Company Research
Source: Seeking Alpha
Summary CatchMark Timber Trust is a small but rapidly growing timber REIT. Despite an increasingly bearish economy, the long-run fundamentals for timber are very strong due to new home development. While CatchMark has a negative EBIT, it is largely due to GAAP accounting and the structure of its "Triple T" joint venture deal. From an adjusted EBITDA, operating cash flow, and dividend standpoint, CatchMark is considerably undervalued compared to peers. If timber prices are depressed after 2025, when much of its "Triple T" trees mature, it could be problematic for the company. (Source: Pexels CatchMark Timber Trust ( CTT On paper, the company has been in a slightly difficult situation over the past year due to a substantial $55 million loss from its "Triple T" joint venture last year. While this loss drastically hurt the company's EBITDA, its more important cash flow from operations has been stable. While the company is in a risky situation regarding the leverage involved in the joint v
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