NorthStar flies on spinoff plan

• NorthStar Realty (NRF) is now ahead 16.7% in the premarket following its plan to spin off its asset management business.
• The conference call is set for 10 ET, but the presentation slides are currently available.
• Certainly working at the moment is page 14 of the presentation which compares NRF's P/E multiple (8.3x) with that of what it picks out as competitors - Real Estate Managers (19.4x), Small Traditional Asset Managers (19.9x), MLP GPs (35.1x), and Altisource Asset Management (NYSEMKT:AAMC) at 50.1x.
• The comps may or may not make sense, but if NorthStar Asset Management is anything like the Altisource Asset Management spinoff, investors would be wise to get in early ... in size. AAMC's more than a 10-bagger since being spun off from Altisource Portfolio Solutions (NASDAQ:ASPS) one year ago.