DigitalBridge Group, Inc. (DBRG)

Industry: REIT - Diversified Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
5235SS.KL	40	KLCC Property Hold	418	20.81	20.65	13.27	12.67	16.95	16.80
3279.T	41	Activia Properties	417	10.52	9.53	12.94	11.36	16.12	13.48
STAR-PG	42	iStar Inc.	404	7.18	7.48	3.62	3.68	27.21	25.86
DANHOS13.MX	43	Fibra Danhos	401	8.34	7.98	6.85	6.45	7.84	7.99
SAFE	44	Safehold Inc.	380	9.91	8.59	16.46	13.58	54.81	49.91
8956.T	45	NTT UD REIT Invest	376	10.88	9.52	11.97	10.87	15.66	14.34
CRR-UN.TO	46	Crombie Real Estat	355	16.86	15.43	14.84	13.88	22.78	23.57
DBRG	47	DigitalBridge Grou	348	29.05	29.05	15.08	15.08	-	15.01
SAC.JO	48	S.A. Corporate Rea	346	4.41	4.47	4.66	3.55	5.52	4.20
AFIN	49	American Finance T	335	-	-	17.45	15.61	-	72.17
TRGYO.IS	50	Torunlar Gayrimenk	332	4.61	2.28	3.35	1.93	9.28	2.52
ATT.JO	51	Attacq Limited	332	4.02	3.83	5.00	4.08	6.09	7.41
JYEU.SI	52	Lendlease Global C	331	9.78	9.78	11.00	11.00	14.21	11.09
3226.T	53	Mitsui Fudosan Acc	328	13.53	13.53	14.52	14.52	18.51	19.03
BRSP	54	BrightSpire Capita	327	-	-	24.74	24.74	61.19	11.69
3471.T	55	Mitsui Fudosan Log	309	11.55	11.55	11.36	11.36	18.95	19.03

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.78	8.59	11.36	11.00	15.89	13.48
Full Range Median Multiple	9.91	9.52	11.97	11.36	16.54	14.34
Industry Multiple	10.18	9.59	11.47	10.62	21.08	19.94
Market Implied Multiple	38.11	38.11	20.76	20.76	-	20.67
Company (DBRG) Multiple	29.05	29.05	15.08	15.08	-	15.01
(*) Net Income / EBITDA / Revenue	72	72	114	114	-55	115
Winsorized Enterprise Value	N/A	N/A	1,300	1,259	-874	1,550
Full Range Median Enterprise Value	N/A	N/A	1,370	1,300	-909	1,649
(-) Net Debt	-358	-358	-358	-358	-358	-358
Winsorized Equity Value	702	617	1,658	1,618	-515	1,909
Full Range Median Equity Value	711	683	1,728	1,658	-551	2,007
(/) Shares Outstanding	178	178	178	178	178	178
Winsorized Fair Value	$3.94	$3.46	$9.31	$9.08	$-2.89	$10.71
Full Range Median Fair Value	$3.99	$3.83	$9.70	$9.31	$-3.09	$11.27
Current Price	$15.35	$15.35	$15.35	$15.35	$15.35	$15.35
Upside / Downside	-74.35%	-77.46%	-39.37%	-40.86%	-118.84%	-30.21%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.76	$2.42	$6.52	$6.35	$-2.02	$7.50
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy