Invests in public equity markets within the United States. Focuses on companies operating in the real estate sector. Now — the numbers.
The company closed last year at a loss: costs ran above sales. The picture changes only if spending is reined in.
An average decline of 18% a year over the last 4 years — the most striking risk in this picture. Red columns mark years that ended in a loss.
Before the clock runs out, either sales must climb sharply or new money must come in. This is the most critical line in the whole picture.
This company is not turning a profit, so the market is pricing its sales instead: 9.7× for every dollar of annual revenue.
No analyst target is on record for this company.
The stock trades 37% below its peak. The market has trimmed its expectations for the company.
The company sells $24.3M a year; the problem isn’t sales — it’s costs running above that number.
It pays out $0.70 per share each year — regular cash for whoever holds the stock.
A loss of $4.3M against $24.3M in annual sales.
At the current pace of spending, the cash lasts about 1.4 years. After that, the company needs to find new money.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.