Forestar Group Inc (FOR) vs Belpointe PREP, LLC (OZ)

Forestar Group Inc and Belpointe PREP, LLC are both Real Estate Development companies. Forestar Group Inc is the larger, with a market value of $1.3B against $132.2M — 9.5× the size. Belpointe PREP, LLC has negative trailing earnings, so its P/E is not meaningful; Forestar Group Inc trades at 8.6×. Belpointe PREP, LLC grew revenue faster over the last twelve months: 163.2% against −1.64%. Forestar Group Inc has the higher net margin (8.72% vs −212.1%) and the higher return on invested capital (5.51% vs −4.98%). Across the 19 metrics below, Forestar Group Inc leads on 15 and Belpointe PREP, LLC on 4.

Valuation

Metric FOR OZ Real Estate Development median
P/E 8.56 n/m 10.37
P/S 0.75 6.98 1.32
P/B 0.64 0.53 0.43
Price to free cash flow 4.25 n/m —
EV/EBITDA 6.14 n/m 8.13
EV/Sales 0.83 21.12 1.59
Earnings yield 11.68% (31.00%) 6.19%
Free cash flow yield 23.53% (29.94%) (5.70%)

Profitability

Metric FOR OZ Real Estate Development median
Gross margin 19.72% (2.74%) 29.02%
Operating margin 11.09% (216.93%) 0.00%
Net margin 8.72% (212.07%) 2.80%
Free cash flow margin 0.00% (209.10%) (1.94%)
Return on equity 7.74% (15.05%) 0.85%
Return on assets 4.42% (7.11%) 0.47%
Return on invested capital 5.51% (4.98%) 0.00%

Growth

Metric FOR OZ Real Estate Development median
Revenue growth (TTM) (1.64%) 163.17% (0.61%)
EPS growth (last fiscal year) (15.11%) (63.41%) (17.26%)
Revenue growth, 5-year CAGR 4.28% 146.47% 4.28%
Net income growth, 5-year CAGR 5.29% 0.00% 0.00%

Health

Metric FOR OZ Real Estate Development median
Debt to equity 0.41 1.13 0.52
Current ratio 2.22 1.45 0.53
Net debt to EBITDA 0.76 (8.65) 0.30

Dividend

Metric FOR OZ Real Estate Development median
Dividend yield — — —
Payout ratio — — —

Size

Metric FOR OZ Real Estate Development median
Market cap 1.25b 132.23m 122.35m

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