Note: Seeking Alpha declined to publish this article in this form because the editor thought it was too provocative. Colony Credit delivered a disappointing 2Q19 GAAP loss of -$111mm and non-GAAP "Core Earnings" of $36mm ($0.28/share) Share price is at a wide 38% discount to book value while peers trade at an average premium … Continue reading Colony Credit On Death Row
The company remains under-owned and undervalued (31% discount to BVPS compared to average premium of 8% for large cap peers) Earnings expected to cover dividend rate by 2H19 Portfolio return currently below peers due to lower yielding non core assets (real estate and Private equity) and low leverage Colony Credit Real Estate (CLNC) 3Q results … Continue reading Colony Credit: Satisfactory Progress & Bargain Valuation
Target level of leverage and earnings now expected in 2H19 Asset level performance is satisfactory with unlevered yields in line with expectations Portfolio return below peers due to lower yielding non core assets (real estate and Private equity) and low leverage The company remains under-owned (held by only 6 ETFs) and undervalued (12% discount to … Continue reading Colony Credit Needs More Time To Reach Targets
Net Asset Value rose 32% since 12/31/16 to $20.95/share at 6/30/18 Property Operating Expense declined from 24% of revenue in 2016 to 21% of revenue in 1H18 Overhead Expense declined from 6.0% of Net Assets in 2016 to 3.4% of Net Assets in 1H18 Discount to NAV of 37% for NRE compared to an average … Continue reading Northstar Realty Europe: Rising Asset Value and Falling Expenses
Koneko Research 