FRT Federal Realty Investment Trust
too hard · 49
Owner-earnings value$69.43
Price$104.94
Margin of safety
-33.8%
Quality gate · 49/100
⚠ sub-hurdle returns (median roic 5% < 9%) · over-levered (net debt/EBITDA 4.8x > 4x)
Median ROIC5.5%
Gross margin67.5%
Net debt / EBITDA4.8x
FCF conversion76%
Share count / yr+2.0%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 329.22M |
| Owner-earnings yield | 3.6% |
| Free-cash-flow yield | 3.6% |
| Growth used (normalized) | 6.0% |
| Market-implied growth (reverse DCF) | 16.2% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.4% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 348.92M | 6.0% | 318.94M |
| 2 | 368.64M | 5.7% | 308.02M |
| 3 | 388.25M | 5.3% | 296.54M |
| 4 | 407.61M | 5.0% | 284.59M |
| 5 | 426.60M | 4.7% | 272.26M |
| 6 | 445.05M | 4.3% | 259.64M |
| 7 | 462.83M | 4.0% | 246.81M |
| 8 | 479.78M | 3.7% | 233.87M |
| 9 | 495.76M | 3.3% | 220.91M |
| 10 | 510.64M | 3.0% | 207.99M |
⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~16%/yr owner-earnings growth over 10y (reverse DCF); model credits 6%.