Colony Capital, Inc. (CLNY)

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
CLNY	1	Colony Capital, In	-239	2.21	1.59	3.12	3.69	-	3.95
SGP.AX	1	Stockland	4,035	11.32	11.86	11.85	11.03	8.11	11.23
VICI	2	VICI Properties In	3,977	12.50	9.49	14.34	11.08	13.42	10.50
COV.PA	3	Covivio	2,939	-	-	11.17	8.76	11.30	13.14
GMG.AX	4	Goodman Group	2,753	43.52	45.07	38.01	35.08	-	60.88
WPC	5	W. P. Carey Inc.	1,902	40.82	42.57	18.18	17.51	25.98	20.19
GRT.JO	6	Growthpoint Proper	1,667	6.95	7.91	5.69	5.12	6.04	5.51
FUNO11.MX	7	Fibra UNO	1,635	9.97	9.15	10.49	9.41	11.60	11.28
DXS.AX	8	Dexus	1,365	11.61	12.85	29.76	37.02	53.77	-
STOR	9	STORE Capital Corp	1,326	60.51	69.58	10.43	9.08	-	-
RDF.JO	10	Redefine Propertie	1,261	4.99	5.49	4.89	4.35	6.22	5.66
GPT.AX	11	The GPT Group	1,145	-	-	32.08	36.07	20.41	13.66
LMP.L	12	LondonMetric Prope	974	7.27	6.55	8.93	6.27	7.31	5.27
8972.T	13	KDX Realty Investm	857	6.84	4.76	11.08	8.79	14.12	14.00
CHC.AX	14	Charter Hall Group	854	15.47	12.48	13.06	10.45	9.03	19.69
8984.T	15	Daiwa House REIT I	808	12.09	9.08	10.80	8.12	14.25	14.11
MGP	16	MGM Growth Propert	790	20.43	14.11	12.14	10.60	19.52	18.92

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.46	9.32	11.08	9.08	11.45	12.21
Full Range Median Multiple	11.85	10.67	11.51	9.93	12.51	13.40
Industry Multiple	18.88	18.64	15.18	14.30	15.79	16.00
Market Implied Multiple	2.21	1.59	3.12	3.69	-	3.95
Company (CLNY) Multiple	2.21	1.59	3.12	3.69	-	3.95
(*) Net Income / EBITDA / Revenue	686	952	371	313	-51	292
Winsorized Enterprise Value	N/A	N/A	4,113	2,842	-582	3,571
Full Range Median Enterprise Value	N/A	N/A	4,270	3,107	-636	3,918
(-) Net Debt	-358	-358	-358	-358	-358	-358
Winsorized Equity Value	7,869	8,864	4,471	3,201	-224	3,929
Full Range Median Equity Value	8,135	10,156	4,628	3,466	-278	4,277
(/) Shares Outstanding	178	178	178	178	178	178
Winsorized Fair Value	$44.16	$49.75	$25.09	$17.96	$-1.26	$22.05
Full Range Median Fair Value	$45.66	$57.00	$25.98	$19.45	$-1.56	$24.00
Current Price	$8.50	$8.50	$8.50	$8.50	$8.50	$8.50
Upside / Downside	419.56%	485.27%	195.21%	111.33%	-114.79%	159.43%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$30.91	$34.82	$17.57	$12.57	$-0.88	$15.44
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY