Safehold Looks Like A Multi-Bagger

The only REIT focused exclusively on ground leases is Safehold Inc (SAFE). This article takes a close look at how they should be valued and what that value is.
Wall Street analysts have a price target for SAFE that is only 23% above the present price. This article argues that they undervalue SAFE by a factor of about two, if one does not account for growth. With reasonable growth expectations, the analysts appear to undervalue SAFE by a factor of about four.
To see why, we need to dig into gr…

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