B.Riley FBR analyst Mike Crawford maintained a Buy rating on BBX Capital Corporation (BBX) yesterday and set a price target of $14. The company’s shares opened today at $5.99, close to its 52-week low of $5.54.
Crawford wrote:
“We have a follow-up call with the company the morning of 11/7 and expect to update our model including sum-of parts analysis after this time. It will be interesting to see how much of BXG’s weakness was discounted by the market given its 50% decline in market cap in a little over three months. We continue to believe BXG is a healthy business that remains positioned to grow in the long term, supporting our underlying 10x EV/EBITDA methodology we use as a base case for the asset. Our FY19 BXG EBITDA estimate has been $137M, which would be consistent with a near $17 BXG price vs. BXG’s $13.60 close on 11/5 and the near $12 BXG price we correlate with a 7x EV/EBITDA valuation as assigned in our Bear Case analysis.”
According to TipRanks.com, Crawford is a 4-star analyst with an average return of 8.1% and a 58.2% success rate. Crawford covers the Consumer Goods sector, focusing on stocks such as CPI Aerostructures, Finjan Holdings, and Kratos Defense.
Currently, the analyst consensus on BBX Capital Corporation is a Moderate Buy with an average price target of $14.
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BBX Capital Corporation’s market cap is currently $574.1M and has a P/E ratio of 8.93. The company has a Price to Book ratio of 1.05.
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BBX Capital Corp. is a holding company, which engages in the real estate, real estate joint ventures, and middle market operating businesses. It operates through the following segments: Bluegreen, BBX Capital Real Estate, Renin, and BBX Sweet Holdings.
