KIM Kimco Realty
too hard · 46
Owner-earnings value$29.58
Price$23.00
Margin of safety
+28.6%
Quality gate · 46/100
⚠ sub-hurdle returns (median roic 3% < 9%) · over-levered (net debt/EBITDA 5.7x > 4x)
Median ROIC3.1%
Gross margin273.7%
Net debt / EBITDA5.7x
FCF conversion229%
Share count / yr+2.9%
Profitable years4/4
Moat & management
Owner-earnings inputs
| Owner earnings (TTM) | 1.18B |
| Owner-earnings yield | 7.6% |
| Free-cash-flow yield | 7.6% |
| Growth used (normalized) | 4.3% |
| Market-implied growth (reverse DCF) | -1.7% |
| Terminal growth | 3.0% |
| Discount rate (hurdle) | 9.5% |
Projected owner earnings
| Yr | Owner earnings | Growth | PV |
|---|---|---|---|
| 1 | 1.23B | 4.3% | 1.12B |
| 2 | 1.28B | 4.1% | 1.07B |
| 3 | 1.33B | 4.0% | 1.02B |
| 4 | 1.38B | 3.9% | 963.75M |
| 5 | 1.43B | 3.7% | 913.20M |
| 6 | 1.49B | 3.6% | 864.11M |
| 7 | 1.54B | 3.4% | 816.52M |
| 8 | 1.59B | 3.3% | 770.48M |
| 9 | 1.64B | 3.1% | 726.02M |
| 10 | 1.69B | 3.0% | 683.18M |
⚠ owner earnings approximated by free cash flow · Price pays for ~-2%/yr owner-earnings growth over 10y (reverse DCF); model credits 4%. Capped at market + 6pts.