High Potential Growth at an Attractive Multiple to Growth in our (Front)View - Initiate at OP

研报英文原文证据摘录

High Potential Growth at an Attractive Multiple to Growth in our (Front)View - Initiate at OP

REITs

Net Lease - Market Weight

FRONTVIEW REIT, INC. (FVR) June 29, 2026

High Potential Growth at an Attractive Multiple to Growth Rating:

in our (Front)View - Initiate at OP Outperform

Price:

$20.10

The Wolfe Byte Price Target:

We initiate coverage on FVR with an Outperform rating and $23 Price Target $23

% Upside:(~17% total return). The company has one of the highest total potential earnings 14.4%

growth in our net lease coverage and looks attractive on multiple to growth to

View FVR Model

both net lease and our overall coverage. View Comp Table

Company Information

We are initiating on FVR with an Outperform rating and $23 YE26 PT (~17% TR). 52-Week Range $11 - $20

Total potential and actual earnings growth ranks among the best in our net lease Market Cap. (MM) $591

coverage, and the stock screens attractive on multiple to growth as the company Enterprise Value (MM) $896 Shares Out. (MM) 29.4

continues to scale its portfolio. Avg. Value Traded (MM) $3.32

SI% of Float 9.8%

●Earnings Potential. We estimate FVR's long-term growth profile to be ~11%

(Exhibit 14), which is the second highest in our net lease coverage. With the 22

company's YTD share price appreciation, external growth now screens more 20

accretive (Exhibit 13), which bodes well for future growth. 18

16 ●Actual Earnings Growth. For 2026 and 2027, we forecast earnings growth

(Exhibit 15) to be ~5% and 7%, respectively. This results in a 2-year 2027/2025 14

CAGR of ~6%, which is below its total potential growth rate due to the 12

deployment of the 6.75% preferred capital in 2026 and G&A growth in both 10 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

2026/2027. FVR

●Valuation.