Nam Tai Property Inc. (NTPIF)
Market price: $4.40
2 valuation methods
- Price / FFO: $0.56 to $1.85 (midpoint $0.85)
- P / B: $1.20 to $3.30 (midpoint $2.43)
How each method works
Price / FFO: $0.56 to $1.85 (midpoint $0.85)
Values a REIT at a peer multiple of funds from operations (FFO) — the real-estate cash-flow measure that adds back property depreciation, the sector-standard earnings proxy.
- How it’s calculated
- We compute funds from operations (FFO) — net income with the large non-cash property depreciation charge added back — per share, and apply the range of price-to-FFO multiples comparable REITs trade at.
- Why it fits this industry
- Accounting depreciation writes buildings down on a schedule even when the properties hold or gain value, so plain earnings understate a REIT's cash generation; FFO is the real-estate sector's standard earnings measure.
- Reading this bar
- The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. Our FFO uses reported depreciation add-backs; any adjustments we could not make from the filings are noted on the bar.
Price / FFO = (7.20/10.93/23.76)× ffo_per_share 0.08 ≈ 0.56/0.85/1.85 (per_share)
P / B: $1.20 to $3.30 (midpoint $2.43)
Values the stock at a peer multiple of its book (net asset) value — most meaningful for asset-heavy and financial companies whose balance sheet drives value.
- How it’s calculated
- We take book value per share (total assets minus total liabilities, from the latest balance sheet, divided by shares outstanding) and multiply it by the range of price-to-book multiples the peer group trades at.
- Why it fits this industry
- Property companies are valued on what their assets are worth; price-to-book asks how the market prices the portfolio relative to its carrying value.
- Reading this bar
- The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. Asset-light companies (brands, software) legitimately trade far above book value, so for them a P/B bar well below the price is usually structure, not signal.
P / B = (0.40/0.81/1.10)× book_value_per_share 3.00 ≈ 1.20/2.43/3.30 (per_share)
5 methods not shown
- EV / EBITDA: EBITDA is non-positive — an EBITDA multiple yields no meaningful enterprise value (loss-making at the EBITDA line)
- EV / Revenue: net debt unavailable — cannot bridge enterprise value to equity
- EV / Gross Profit: gross profit is not a valuation metric for this sector (financial / rental revenue has no cost-of-goods concept) — EV/Gross-Profit not applied
- P / E: the market prices this company far outside its sector's P / E range (its own multiple is 2,421.91 vs a sector band of 11.55–37.33) — a sector-average bar would be misleading here, so it is withheld
- DCF (FCFF): DCF input(s) unavailable (capex) — cannot build FCFF
Pre-profit company — earnings-based methods not meaningful.
Limited data — fewer than three valuation methods could be formed for this company; showing every method we can stand behind.