Professional
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
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.
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