회사 개요
Cohen & Steers REIT and Preferred Income Fund, Inc. operates as a closed-ended balanced mutual fund launched by Cohen & Steers Inc., designed to provide exposure to the public equity and fixed income markets of the United States. The company is managed by Cohen & Steers Capital Management, Inc., and its investment strategy focuses on selecting stocks within these specific market sectors. Operating within the Financial Services sector and the Asset Management industry, the firm functions as an intermediary that pools investor capital to generate returns through diversified asset allocation. The company currently maintains a market capitalization of $966.72M, which reflects its standing as a mid-sized entity in the asset management landscape, while its annual revenue stands at $70.41M. The absence of reported employee count data suggests the operational structure may be lean or integrated within the broader Cohen & Steers organization. These financial figures indicate that the fund manages a substantial portfolio relative to its revenue base, typical for asset managers where fees are a primary income source. The valuation metrics further contextualize the company's position, showing a price-to-book ratio of 0.98, which implies the market values the company's equity at slightly less than its book value.
재무 건전성
The company reported a trailing twelve-month revenue of $70.41M and a net income of $57.30M, resulting in an EBITDA figure that is not disclosed in the available data. The significant gap between revenue and net income, with a profit margin of 81.4%, indicates a highly efficient cost structure where operating expenses are minimal relative to total sales. This high profitability is further supported by an operating margin of 83.6%, suggesting that the core business activities generate substantial earnings before interest and taxes. The fund generated $23.88M in free cash flow, which provides a measure of financial flexibility for potential redemptions or capital allocations without relying on external financing. However, the balance sheet shows a debt obligation of $450.00M against cash reserves of only $1.33M, highlighting a leveraged position. The debt-to-equity ratio of 45.45% quantifies this leverage, indicating that the company utilizes a moderate amount of debt financing relative to its shareholder equity. Despite the leverage, the current ratio stands at 0.04, which indicates limited short-term liquidity relative to current liabilities, a common characteristic for funds with specific liability structures. Return on equity is calculated at 5.7%, while return on assets is 2.5%, revealing the efficiency with which management utilizes shareholder capital to generate profits. These return metrics suggest that while the company is profitable on an equity basis, the asset base generates returns at a lower rate, reflecting the capital-intensive nature of managing large debt positions or the specific asset mix of the fund.
밸류에이션 평가
The trailing twelve-month P/E ratio is 16.78, whereas the forward P/E ratio is not available in the provided data. The lack of a forward P/E figure prevents a direct comparison with trailing earnings, implying that future earnings expectations are either not priced in or not sufficiently modeled to generate a forward multiple. The price-to-book ratio of 0.98 suggests that the market is valuing the company at approximately 98% of its book value, indicating no significant premium or discount relative to the net asset value per share. Alternative valuation metrics such as the price-to-sales ratio of 13.73 provide insight into revenue quality, while the EV/EBITDA metric is not available for comparison. The stock has traded between a 52-week high of $22.99 and a 52-week low of $19.00, defining the recent trading range. Although the exact current price is not listed, the price-to-book and P/E metrics suggest the stock is trading within a reasonable valuation band relative to historical norms. The beta value of 1.28 indicates that the stock's price volatility is 28% higher than the broader market, meaning it tends to amplify market movements. This higher beta suggests that investors should expect greater price swings during periods of market stress or rallies compared to the S&P 500 index.
Growth & Income
Revenue growth year-over-year was -0.2%, while earnings growth year-over-year was -82.1%, indicating that earnings are contracting at a significantly faster rate than revenue. This divergence implies that costs or one-time charges may be impacting the bottom line disproportionately to the top line, or that the revenue base is stabilizing while earnings face headwinds. The fund offers a dividend yield of 8.1%, making it attractive to income-focused investors seeking high current returns. However, the payout ratio is 136.0%, which exceeds 100% and indicates that the company is distributing more in dividends than it generates in net income. This unsustainable payout ratio suggests that dividends are likely being funded by reserves, debt proceeds, or other non-operating cash flows rather than current earnings. Consequently, the dividend yield may be at risk if the company cannot maintain this distribution level without eroding its capital base. The overall growth and income profile presents a trade-off between high current income and negative earnings growth, requiring careful scrutiny of the fund's capital preservation capabilities.