AMREP Corporation (AXR) vs Belpointe PREP, LLC (OZ)

AMREP Corporation and Belpointe PREP, LLC are both Real Estate Development companies. Belpointe PREP, LLC is the larger, with a market value of $178.4M against $120.5M — 1.5× the size. Belpointe PREP, LLC has negative trailing earnings, so its P/E is not meaningful; AMREP Corporation trades at 20.3×. Belpointe PREP, LLC grew revenue faster over the last twelve months: 164.2% against −15.3%. AMREP Corporation has the higher net margin (14.3% vs −290.5%) and the higher return on invested capital (4.13% vs −5.01%). Across the 19 metrics below, AMREP Corporation leads on 15 and Belpointe PREP, LLC on 4.

Valuation

Metric AXR OZ Real Estate Development median
P/E 20.34 n/m 7.17
P/S 2.91 11.49 1.63
P/B 0.85 0.67 0.70
Price to free cash flow n/m n/m 7.76
EV/EBITDA 11.00 n/m 11.00
EV/Sales 1.71 29.17 2.43
Earnings yield 4.92% (25.76%) 7.33%
Free cash flow yield (0.31%) (31.80%) (1.59%)

Profitability

Metric AXR OZ Real Estate Development median
Gross margin 38.17% (21.25%) 29.60%
Operating margin 14.82% (277.35%) (2.67%)
Net margin 14.31% (290.46%) 3.36%
Free cash flow margin (0.89%) (365.36%) (0.89%)
Return on equity 4.26% (15.92%) 0.56%
Return on assets 4.10% (7.81%) 1.11%
Return on invested capital 4.13% (5.01%) 0.00%

Growth

Metric AXR OZ Real Estate Development median
Revenue growth (TTM) (15.29%) 164.23% 11.77%
EPS growth (last fiscal year) (19.41%) (63.41%) —
Revenue growth, 5-year CAGR 5.69% 146.47% 5.69%
Net income growth, 5-year CAGR 6.84% 0.00% 0.00%

Health

Metric AXR OZ Real Estate Development median
Debt to equity 0.00 1.08 0.37
Current ratio 11.04 1.45 0.63
Net debt to EBITDA (4.15) (8.65) 1.81

Dividend

Metric AXR OZ Real Estate Development median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric AXR OZ Real Estate Development median
Market cap 120.50m 178.40m 178.40m

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