DOC Healthpeak Properties
too hard · 45
Owner-earnings value$23.89
Price$18.52
Margin of safety
+29.0%
Quality gate · 45/100
⚠ sub-hurdle returns (median roic 4% < 9%) · over-levered (net debt/EBITDA 5.3x > 4x)
Median ROIC3.5%
Gross margin58.1%
Net debt / EBITDA5.2x
FCF conversion373%
Share count / yr+8.3%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 1.23B |
| Owner-earnings yield | 9.4% |
| Free-cash-flow yield | 9.4% |
| Growth used (normalized) | -0.4% |
| Market-implied growth (reverse DCF) | -6.4% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.7% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 1.23B | -0.4% | 1.12B |
| 2 | 1.23B | -0.0% | 1.02B |
| 3 | 1.23B | 0.3% | 932.16M |
| 4 | 1.24B | 0.7% | 856.08M |
| 5 | 1.25B | 1.1% | 789.17M |
| 6 | 1.27B | 1.5% | 730.22M |
| 7 | 1.29B | 1.9% | 678.19M |
| 8 | 1.32B | 2.2% | 632.22M |
| 9 | 1.36B | 2.6% | 591.54M |
| 10 | 1.40B | 3.0% | 555.53M |
⚠ owner earnings approximated by free cash flow · Price pays for ~-6%/yr owner-earnings growth over 10y (reverse DCF); model credits -0%. Capped at market + 6pts.