SAFE Stock Overview
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$26.46|
|52 Week High||US$80.66|
|52 Week Low||US$24.88|
|1 Month Change||-30.42%|
|3 Month Change||-29.16%|
|1 Year Change||-63.59%|
|3 Year Change||-21.23%|
|5 Year Change||41.88%|
|Change since IPO||39.26%|
Recent News & Updates
Safehold: Earnings Contraction In 2023 Should Be The Final Nail
Summary Safehold has struggled for traction since the bubble has burst. The last fig leaf is the "growth story". Earnings contraction is dead ahead and we are lowering our price target to $16-$17 per share.
Here's Why We Think Safehold (NYSE:SAFE) Is Well Worth Watching
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
|SAFE||US REITs||US Market|
Return vs Industry: SAFE underperformed the US REITs industry which returned -20.3% over the past year.
Return vs Market: SAFE underperformed the US Market which returned -21.5% over the past year.
|SAFE Average Weekly Movement||6.9%|
|REITs Industry Average Movement||4.1%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.6%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: SAFE is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.
Volatility Over Time: SAFE's weekly volatility (7%) has been stable over the past year.
About the Company
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders.
Safehold Fundamentals Summary
|SAFE fundamental statistics|
Is SAFE overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|SAFE income statement (TTM)|
|Cost of Revenue||US$2.75m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||1.43|
|Net Profit Margin||38.12%|
How did SAFE perform over the long term?See historical performance and comparison
2.7%Current Dividend Yield
Is SAFE undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 4/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for SAFE?
Other financial metrics that can be useful for relative valuation.
|What is SAFE's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does SAFE's PE Ratio compare to its peers?
|SAFE PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
FCPT Four Corners Property Trust
UNIT Uniti Group
OUT Outfront Media
Price-To-Earnings vs Peers: SAFE is expensive based on its Price-To-Earnings Ratio (18.5x) compared to the peer average (14.3x).
Price to Earnings Ratio vs Industry
How does SAFE's PE Ratio compare vs other companies in the US REITs Industry?
Price-To-Earnings vs Industry: SAFE is good value based on its Price-To-Earnings Ratio (18.5x) compared to the US REITs industry average (25.5x)
Price to Earnings Ratio vs Fair Ratio
What is SAFE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||18.5x|
|Fair PE Ratio||37.9x|
Price-To-Earnings vs Fair Ratio: SAFE is good value based on its Price-To-Earnings Ratio (18.5x) compared to the estimated Fair Price-To-Earnings Ratio (37.9x).
Share Price vs Fair Value
What is the Fair Price of SAFE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: SAFE ($26.46) is trading below our estimate of fair value ($53.12)
Significantly Below Fair Value: SAFE is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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How is Safehold forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
Future Growth Score5/6
Future Growth Score 5/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SAFE's forecast earnings growth (21.5% per year) is above the savings rate (1.9%).
Earnings vs Market: SAFE's earnings (21.5% per year) are forecast to grow faster than the US market (14.7% per year).
High Growth Earnings: SAFE's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: SAFE's revenue (21.3% per year) is forecast to grow faster than the US market (7.6% per year).
High Growth Revenue: SAFE's revenue (21.3% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SAFE's Return on Equity is forecast to be low in 3 years time (4.9%).
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How has Safehold performed over the past 5 years?
Past Performance Score3/6
Past Performance Score 3/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SAFE has high quality earnings.
Growing Profit Margin: SAFE's current net profit margins (38.1%) are higher than last year (36.1%).
Past Earnings Growth Analysis
Earnings Trend: SAFE's earnings have grown significantly by 54% per year over the past 5 years.
Accelerating Growth: SAFE's earnings growth over the past year (45.8%) is below its 5-year average (54% per year).
Earnings vs Industry: SAFE earnings growth over the past year (45.8%) underperformed the REITs industry 45.8%.
Return on Equity
High ROE: SAFE's Return on Equity (4.4%) is considered low.
Discover strong past performing companies
How is Safehold's financial position?
Financial Health Score2/6
Financial Health Score 2/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: SAFE's short term assets ($4.4B) exceed its short term liabilities ($142.2M).
Long Term Liabilities: SAFE's short term assets ($4.4B) exceed its long term liabilities ($3.4B).
Debt to Equity History and Analysis
Debt Level: SAFE's net debt to equity ratio (159.4%) is considered high.
Reducing Debt: SAFE's debt to equity ratio has increased from 63.4% to 160.7% over the past 5 years.
Debt Coverage: SAFE's debt is not well covered by operating cash flow (2.2%).
Interest Coverage: SAFE's interest payments on its debt are not well covered by EBIT (1.9x coverage).
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What is Safehold current dividend yield, its reliability and sustainability?
Dividend Score 3/6
Cash Flow Coverage
Current Dividend Yield
Dividend Yield vs Market
|Safehold Dividend Yield vs Market|
|Market Bottom 25% (US)||1.7%|
|Market Top 25% (US)||4.7%|
|Industry Average (REITs)||4.1%|
|Analyst forecast in 3 Years (Safehold)||2.7%|
Notable Dividend: SAFE's dividend (2.68%) is higher than the bottom 25% of dividend payers in the US market (1.66%).
High Dividend: SAFE's dividend (2.68%) is low compared to the top 25% of dividend payers in the US market (4.7%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, SAFE has been paying a dividend for less than 10 years.
Growing Dividend: SAFE's dividend payments have increased, but the company has only paid a dividend for 5 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonable payout ratio (53.6%), SAFE's dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its reasonable cash payout ratio (60.7%), SAFE's dividend payments are covered by cash flows.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jay Sugarman (59 yo)
Mr. Jay S. Sugarman has been the Executive Chairman of the Board and Chief Executive Officer of iStar Inc. since founded in 1997. Mr. Sugarman serves as Chief Executive Officer of iStar Marlin LLC. He has...
Experienced Management: SAFE's management team is considered experienced (3.5 years average tenure).
Experienced Board: SAFE's board of directors are considered experienced (5.3 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
|07 Mar 22||BuyUS$191,160,000||iStar Inc.||Company||3,240,000||US$59.00|
|19 Jan 22||BuyUS$499,854||iStar Inc.||Company||7,340||US$68.10|
|12 Nov 21||BuyUS$1,780,111||iStar Inc.||Company||24,108||US$73.94|
|26 Oct 21||BuyUS$999,879||iStar Inc.||Company||13,589||US$73.58|
|22 Oct 21||BuyUS$999,907||iStar Inc.||Company||13,174||US$75.90|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.6%.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Safehold Inc.'s employee growth, exchange listings and data sources
- Name: Safehold Inc.
- Ticker: SAFE
- Exchange: NYSE
- Founded: 2016
- Industry: Specialized REITs
- Sector: Real Estate
- Implied Market Cap: US$1.645b
- Shares outstanding: 62.19m
- Website: https://www.safeholdinc.com
- Safehold Inc.
- 1114 Avenue of the Americas
- 39th Floor
- New York
- New York
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|SAFE||NYSE (New York Stock Exchange)||Yes||Common Stock||US||USD||Jun 2017|
|2T3||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Jun 2017|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/30 00:00|
|End of Day Share Price||2022/09/30 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.