Breakeven Date Change • Mar 24
Forecast breakeven date pushed back to 2025 The analyst covering iStar previously expected the company to break even in 2024. New forecast suggests losses will reduce by 93% per year to 2024. The company is expected to make a profit of US$17.0m in 2025. Average annual earnings growth of 127% is required to achieve expected profit on schedule. Reported Earnings • Feb 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: US$2.74 loss per share (further deteriorated from US$0.095 loss in FY 2021). Revenue: US$158.1m (down 59% from FY 2021). Net loss: US$220.8m (loss widened US$214.0m from FY 2021). Revenue missed analyst estimates by 8.2%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 6.1% growth forecast for the REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Feb 22
Forecast breakeven date moved forward to 2023 The analyst covering iStar previously expected the company to break even in 2024. New forecast suggests the company will make a profit of US$5.00m in 2023. Earnings growth of 126% is required to achieve expected profit on schedule. Announcement • Feb 03
iStar Inc. to Report Q4, 2022 Results on Feb 21, 2023 iStar Inc. announced that they will report Q4, 2022 results Pre-Market on Feb 21, 2023 Price Target Changed • Jan 31
Price target decreased by 21% to US$22.00 Down from US$27.92, the current price target is an average from 2 analysts. New target price is 140% above last closing price of US$9.15. The company is forecast to post earnings per share of US$7.13 next year compared to a net loss per share of US$0.095 last year. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2025 The analyst covering iStar previously expected the company to break even in 2022. New forecast suggests the company will make a profit of US$17.5m in 2025. Buying Opportunity • Dec 01
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 41%. The fair value is estimated to be US$11.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 05
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.14 (down from US$1.71 in 3Q 2021). Revenue: US$105.6m (down 51% from 3Q 2021). Net income: US$12.1m (down 90% from 3Q 2021). Profit margin: 12% (down from 57% in 3Q 2021). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the REITs industry in the US are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 15 September 2022. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.1%). In line with average of industry peers (3.4%). Reported Earnings • Aug 07
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: US$1.70 loss per share (down from US$0.58 loss in 2Q 2021). Revenue: US$67.5m (up 3.2% from 2Q 2021). Net loss: US$138.5m (loss widened 225% from 2Q 2021). Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is expected to shrink by 57% compared to a 8.0% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • May 24
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 15 June 2022. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.1%). Lower than average of industry peers (3.4%). Price Target Changed • May 11
Price target decreased to US$30.50 Down from US$35.00, the current price target is an average from 2 analysts. New target price is 90% above last closing price of US$16.06. Stock is down 6.4% over the past year. The company is forecast to post earnings per share of US$5.38 next year compared to a net loss per share of US$0.095 last year. Reported Earnings • May 06
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: US$0.11 loss per share (up from US$0.28 loss in 1Q 2021). Revenue: US$57.0m (down 21% from 1Q 2021). Net loss: US$7.74m (loss narrowed 62% from 1Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is expected to shrink by 55% compared to a 9.7% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Breakeven Date Change • Apr 27
Forecast breakeven date moved forward to 2022 The 2 analysts covering iStar previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of US$364.1m in 2022. Breakeven Date Change • Mar 03
Forecast breakeven date moved forward to 2022 The 2 analysts covering iStar previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of US$134.0m in 2022. Breakeven Date Change • Mar 01
Forecast to breakeven in 2024 The 3 analysts covering iStar expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 74% per year to 2023. The company is expected to make a profit of US$46.7m in 2024. Average annual earnings growth of 61% is required to achieve expected profit on schedule. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.095 loss per share (up from US$0.87 loss in FY 2020). Revenue: US$308.6m (down 44% from FY 2020). Net loss: US$6.85m (loss narrowed 90% from FY 2020). Revenue missed analyst estimates by 40%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 17%, compared to a 10% growth forecast for the reits industry in the US. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from US$1.17 to US$1.05. Revenue forecast unchanged from US$514.8m at last update. Net income forecast to shrink 97% next year vs 0.3% growth forecast for REITs industry in the US . Consensus price target of US$34.50 unchanged from last update. Share price rose 12% to US$23.77 over the past week. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 18% share price gain to US$24.94, the stock trades at a forward P/E ratio of 1474x. Average forward P/E is 49x in the REITs industry in the US. Total returns to shareholders of 182% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$17.23 per share. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 15 December 2021. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (3.5%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$1.71 (vs US$0.028 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$214.0m (up 76% from 3Q 2020). Net income: US$121.9m (up US$123.9m from 3Q 2020). Profit margin: 57% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 24
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 15 September 2021. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (3.6%). Lower than average of industry peers (2.9%). Price Target Changed • Aug 07
Price target increased to US$29.33 Up from US$25.67, the current price target is an average from 3 analysts. New target price is 15% above last closing price of US$25.58. Stock is up 102% over the past year. Reported Earnings • Aug 04
Second quarter 2021 earnings released: US$0.19 loss per share (vs US$0.31 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$105.6m (up 6.7% from 2Q 2020). Net loss: US$13.7m (loss narrowed 41% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Upcoming Dividend • May 21
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 15 June 2021. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (3.4%). In line with average of industry peers (3.1%). Executive Departure • May 20
Independent Director has left the company On the 13th of May, Anita Sands' tenure as Independent Director ended after 1.2 years in the role. As of March 2021, Anita personally held 16.91k shares (US$301k worth at the time). Anita is the only executive to leave the company over the last 12 months. Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -US$0.47 to -US$0.53 per share. Revenue forecast unchanged at US$422.2m. REITs industry in the US expected to see average net income growth of 11% next year. Consensus price target of US$21.00 unchanged from last update. Share price fell 5.0% to US$17.51 over the past week. Reported Earnings • May 01
First quarter 2021 earnings released: US$0.005 loss per share (vs US$0.28 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: US$113.3m (down 38% from 1Q 2020). Net loss: US$405.0k (loss narrowed 98% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 10.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Over the next year, revenue is expected to shrink by 35% compared to a 3.6% growth forecast for the REITs industry in the US. Is New 90 Day High Low • Feb 23
New 90-day high: US$16.98 The company is up 16% from its price of US$14.67 on 24 November 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$3.88 per share. Is New 90 Day High Low • Feb 04
New 90-day high: US$15.81 The company is up 34% from its price of US$11.77 on 05 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$4.05 per share. Is New 90 Day High Low • Jan 13
New 90-day high: US$15.11 The company is up 26% from its price of US$11.96 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$3.83 per share. Is New 90 Day High Low • Dec 09
New 90-day high: US$14.69 The company is up 19% from its price of US$12.34 on 09 September 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$10.46 per share. Upcoming Dividend • Nov 23
Upcoming Dividend of US$0.11 Per Share Will be paid on the 15th of December to those who are registered shareholders by the 30th of November. The trailing yield of 3.1% is below the top quartile of American dividend payers (4.2%), but is in line with industry peers (3.4%). Is New 90 Day High Low • Nov 11
New 90-day high: US$13.13 The company is up 1.0% from its price of US$13.00 on 12 August 2020. The American market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$10.40 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) missed analyst estimates by 88%. Over the next year, revenue is expected to shrink by 25% compared to a 2.4% growth forecast for the REITs industry in the US. Reported Earnings • Nov 07
Third quarter 2020 earnings released: US$0.028 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: US$121.9m (down 16% from 3Q 2019). Net loss: US$2.07m (loss narrowed 72% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 04
Analysts increase EPS estimates to -US$0.97 The 2020 consensus revenue estimate increased from US$458.4m to US$468.4m. Analysts raised their EPS forecasts from -US$1.09 to -US$0.97 in 2020. The REITs industry in the US is expected to see a 18% decline in net income next year. The consensus price target of US$14.75 was unchanged from the last update. Share price stayed mostly flat at US$11.88 over the past week. Announcement • Oct 05
iStar Financial Inc. to Report Q4, 2009 Results on 02/17/2010 iStar Financial Inc. announced that they will report Q4, 2009 results on 02/17/2010 Is New 90 Day High Low • Sep 25
New 90-day low: US$11.28 The company is down 4.0% from its price of US$11.71 on 26 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$9.36 per share. 