<- Go home

Added to YB: 2026-08-12

Pitch date: 2026-08-10

MRP [neutral]

Millrose Properties, Inc.

+2.34%

current return

Author Info

Granular Capital is a London based equity manager that was founded in 2018. Our aim is to pursue a concentrated strategy in small and mid-capitalisation stocks in Europe. Our strategy to invest in companies is based off strategic cornerstones. Deep fundamental research allows us to develop conviction in strong businesses with proven quality and long term growth trajectories. This long term approach leads us to partner with aligned management teams, resulting in a low portfolio turnover which supports deep fundamental research. Sign up for the newsletter.

Company Info

Millrose Properties, Inc. is the premier permanent capital solution for residential homebuilders and developers.

Market Cap

$4.8B

Pitch Price

$29.05

Price Target

35.24 (+19%)

Dividend

10.63%

EV/EBITDA

N/A

P/E

10.11

EV/Sales

9.56

Sector

Specialized REITs

Category

dividend

Show full summary:
Results: Millrose 2q26

MRP (earnings): Land-banking REIT for homebuilders trades 18% below BVPS $35.24. Q2: NI $0.76/sh, AFFO $0.77 (100% payout), run-rate $1.60/yr, invested capital $8.8bn, 19 counterparties, zero option terminations. Flawed model: can't retain profits, only losses, so BV must fall; can't grow w/o lifting debt cap. ROE doesn't justify >1x P/BV. Works until it doesn't. No thesis change.

Read full article (2 min)