회사 개요
New England Realty Associates Limited Partnership (NEN) is a real estate entity focused on the acquisition, development, holding, operation, and sale of properties throughout the United States. The firm manages a diverse portfolio that includes residential buildings, mixed-use developments combining residential and retail spaces, as well as office properties. Operating within the Real Estate sector and specifically the Real Estate Services industry, the company functions as an investment vehicle for capitalizing on property value appreciation and rental income. The enterprise currently holds a market capitalization of $210.00M and generates annual revenue of $90.67M, reflecting its position as a mid-sized player in the commercial real estate services landscape. These valuation and revenue figures indicate that the company maintains a significant but not dominant market footprint, positioning it as a specialized participant rather than a broad-market leader in the real estate sector.
재무 건전성
The company reported a revenue of $90.67M over the trailing twelve months, resulting in a net income of $6.03M and an EBITDA of $46.49M. The substantial gap between revenue and net income highlights a significant cost structure where operating expenses, including interest payments on substantial debt, consume a large portion of gross profits before arriving at the bottom line. The firm generated free cash flow of $23.55M, which provides a buffer for operational needs and potential capital expenditures, though the scale of this cash generation must be weighed against the company's total debt obligations. Profitability is analyzed through three key margins: a gross margin of 67.6%, an operating margin of 17.4%, and a profit margin of 6.7%. The high gross margin suggests efficient property acquisition or leasing terms, while the lower operating and profit margins indicate heavy overhead costs or significant interest burdens impacting the final return. Regarding liquidity and solvency, the company holds cash of $26.88M against total debt of $527.60M, resulting in a debt-to-equity ratio that is listed as N/A in available data, suggesting a highly leveraged balance sheet where debt significantly outweighs equity. The current ratio stands at 0.86, which indicates that the company's current assets are insufficient to cover its current liabilities without relying on external financing or asset liquidation. Return on Equity is listed as N/A due to the negative equity position implied by the negative price-to-book ratio, while the Return on Assets is 3.2%, revealing that management generates a modest return on the total asset base employed.
밸류에이션 평가
The trailing twelve-month P/E ratio is 35.16, whereas the forward P/E is not available in current filings, a discrepancy that implies uncertainty regarding future earnings trajectories or a potential lack of analyst consensus on forward projections. The price-to-book ratio is -2.86, indicating that the market values the company at a significant discount relative to its book value, a phenomenon often associated with real estate firms carrying substantial debt or operating with negative equity on their balance sheets. Alternative valuation metrics include a price-to-sales ratio of 2.32 and an EV/EBITDA of 10.90, which suggest the market is pricing the company based on its earnings potential before interest and taxes rather than just net income or book value. The stock has traded between a 52-week low of $56.00 and a 52-week high of $80.01, placing the current market price in a range that reflects recent volatility within the broader real estate sector. The beta value is 0.17, which signifies that the stock exhibits very low volatility relative to the broader market, behaving more like a defensive asset that moves independently of general equity market swings.
Growth & Income
Revenue growth for the trailing twelve months is 15.9%, while earnings growth is not available in the current data, making it impossible to determine if earnings are growing faster or slower than revenue without historical comparative income figures. As a dividend payer, the company offers a dividend yield of 2.7% but maintains a payout ratio of 93.7%, which suggests that the majority of net income is distributed to shareholders. Such a high payout ratio implies that the company relies heavily on its current earnings to fund dividends, potentially leaving limited internal capital for reinvestment or debt reduction given the existing leverage levels. The overall growth and income profile for New England Realty Associates is characterized by strong revenue expansion supported by a high-yield dividend strategy, though investors must consider the sustainability of the payout ratio in the context of the company's high debt load and limited earnings growth visibility.