Added to YB: 2025-04-15
Pitch date: 2025-02-27
MRP [bullish]
Millrose Properties, Inc.
+39.52%
current return
Author Info
No bio for this author
Company Info
Millrose purchases and develops residential land and sells finished homesites to homebuilders by way of option contracts with predetermined costs and takedown schedules.
Market Cap
$4.9B
Pitch Price
$20.00
Price Target
30.63 (+10%)
Dividend
10.17%
EV/EBITDA
N/A
P/E
12.10
EV/Sales
11.64
Sector
Specialized REITs
Category
dividend
Millrose Properties, Inc. - $MRP
MRP: Low-risk land REIT at 64% of book value post-spinoff. 11% yield, 100% payout. Lennar sole client, 8.5% fee. Plans to diversify, market rates 11-13%. Target 87.5% of book ($30.63), 38% upside. Potential 60-70% upside with capital deployment. Risks: land price decline, Lennar dependence. Catalysts: forced selling end, dividend start, diversification.
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