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We were formed to continue and expand the commercial real estate business of the 50/53 JV LLC, a Delaware limited liability company, Renaissance Equity Holdings LLC, a Delaware limited liability company, Berkshire Equity LLC, a Delaware limited liability company, and Gunki Holdings LLC, a Delaware limited liability company (collectively referred to as, the "Predecessor or the "predecessor entit…
Operating margin is thin at 2.73%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 3.0%, essentially flat. Margins also contracted 24.5pp. This is a business that needs a catalyst.
ROIC dropped from 2.59% to 0.52%, capital efficiency is deteriorating. Operating margin contracted 24.5pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$152M
▲ +3.0% YoY
Net Income (TTM)
$11M
▼ -696.0% YoY
Op. Margin
21.17%
▼ -24.5pp YoY
ROIC
0.52%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$2M
▲ +104.1% YoY
Op. Cash Flow (TTM)
$19M
▼ -29.2% YoY
Net Debt
-$26M
Net Cash Position
Cash & Equiv.
$26M
5Y CAGR: +4.5%
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