iStar, Inc. - A Sharpened Focus Should Finally Unlock Large Embedded Value [Seeking Alpha]
iStar Inc. (STAR)
Last istar inc. earnings: 4/30 07:30 am
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US:NASDAQ Investor Relations:
ir.istar.com
Company Research
Source: Seeking Alpha
Summary The Thesis iStar, Inc. (NYSE: STAR ) currently trades at a price of about $11 per share, which significantly underestimates the embedded value in their legacy portfolio of net lease assets and non-income producing land assets. Despite solid earnings more recently and significant progress with legacy assets, the lack of focus in their business model seems to be the reason investors are not seeing the true value. Recognizing this, they are now implementing an accelerated monetization of these assets which will allow them to deploy these proceeds into their core lending, net lease, and ground lease business. When this transition is complete, we estimate cash flow per share will be $2.47 and an estimated value of $32.92 per share, representing significant upside from the current stock price. Background iStar, Inc. is coming full circle back to its core business. After the financial crisis of 2008, the company’s asset profile shifted from that of a lender to tha
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