SA Transcripts • Wed, Nov. 5
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Ladder Capital Corp. Lockup Expiration: A Step-By-Step Short Opportunity
- The 180-day lockup period on LADR will conclude on August 21, allowing LADR's major pre-IPO shareholders to sell their outstanding shares numbering over 35 million.
- LADR is a commercial real estate finance firm, with the largest pre-IPO shareholders currently private equity firms GI Partners and Towerbrook.
- Evidence suggests that LADR's stock price could decline ~2% surrounding the lockup expiration event.
- While LADR's market performance has been inconsistent, it has still seen growth, along with its business; we note a temporary short opportunity.
Ladder Capital: A Potential Record-Breaking Quarter Coming Up Should Lead To A Record-Breaking Full Year For This Growing CMBS Player
- LADR has an interesting, evolving business model that I believe is just beginning to take shape.
- LADR originated $950mm in loans during April alone - more than they did in the entire first quarter.
- LADR has been the beneficiary of a recovering CMBS market that should hit $100 billion in aggregate during FY14.
Wed, Nov. 5, 4:56 PM
Tue, Aug. 5, 4:59 PM
Mon, May. 5, 6:37 PM
Fri, Mar. 7, 7:34 AM
- "We expect Ladder Capital (LADR) to generate attractive returns given the improved operating environment and the supply-demand imbalance for CRE debt," says analyst Stephen Laws, starting the stock with a Buy and $22.25 price target.
- "We believe LADR is well-positioned for a range of different market conditions given the three complementary business lines: 1) loan origination and securitization, 2) CMBS investments, and 3) net lease and other real estate assets. Our target of $22.25 per share is based on a 50% premium to our post-IPO adjusted BVPS estimate."
Mon, Mar. 3, 7:56 AM| Comment!
Mon, Mar. 3, 7:04 AM
- "While the 'bread and butter' conduit and balance sheet lending segment clearly stands to benefit when market conditions are favorable, the 'opportunistic' securities and real estate business can turn on to take advantage of market dislocation and buoy earnings," says analyst Daniel Altscher, starting Ladder Capital (LADR) at Outperform with $21 price target.
- He notes the C-Corp structure rather than a REIT should make the company appeal to those looking for growth as opposed to dividends, not to mention the elimination of the need for serial capital raises.
- "Ladder is supported by a high-quality management team not only with a long-term track record but significant experience across bulge-bracket Wall Street real estate and commercial mortgage-backed security desks."
- Ladder is about flat since its IPO in early February.
Dec. 24, 2013, 9:50 AM
- Ladder Capital (LADR) files for an IPO of no more than $200M worth of stock. The company's primary business is originating first mortgage loans (conduit loans) secured by income-producing commercial real estate. Founded in October 2008, the company has originated $5.4B worth since, $5.1B of which were sold into 16 securitizations.
- SEC Form S-1
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