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Msg  14145 of 14247  at  3/1/2021 1:58:29 PM  by

lumpygravy


 In response to msg 14144 by  Zver1
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Re: PLYM-industrial REIT

D.A. Davidson....
 
Valuation remains compelling. PLYM is still one of the most attractive stocks in the
industrial peer group at 10.4x 2021E FFO versus the peer group at 30.1x. While a discount
is warranted given the risks inherent in smaller companies with a heavy acquisition strategy,
the magnitude remains too steep given the fact the company has delivered on its strategy of
quickly building a portfolio of quality assets, de-levering the balance sheet and a strong JV
partner. Plymouth continues to grow its asset base through acquisitions, which will eventually
increase its cash flow and act as a catalyst for the stock. We reiterate our
BUY rating and
increase our price target of $18 (up $1) based on 10.2x 2021E FFO.

JMP Securities....
 
We reiterate our Market Outperform rating and $17 price target (FTM NAV) on
shares of Plymouth Industrial REIT, Inc. (PLYM) after the company reported
4Q20 results.
PLYM reported core FFO of $0.42 per share, which matched our
expectation. Results overall were solid, with 96.4% occupancy at year-end, 99.6%
of 4Q20 rents collected, and S.S. cash NOI up 3.7% yr/yr. 2021 guidance for
core FFO of $1.72 per share matched our previous estimate. We like PLYM’s
differentiated, multi-tenant business model, which is focused on higher cap rate
industrial properties and the fact that leverage has come down from 9.3x (4Q19)
to 8.7x (4Q20) on a net debt + preferred to adjusted EBITDA basis. We believe
shares of PLYM are currently undervalued, trading at a 7% FTM NAV discount
versus industrial peers at a 4% premium, particularly in light of secular tailwinds
including; (i) accelerating e-commerce demand for industrial space and (ii) a
renewed government focus on domestic supply chain independence. Our $17 price
target implies 13.9% capital appreciation plus a 5.4% yield for a 20.1% total implied
return.

 
 


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Msg # Subject Author Recs Date Posted
14147 Re: PLYM-industrial REIT Zver1 10 3/1/2021 2:37:24 PM








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