John Leonard, CFA
Special situations, micro-cap, contrarian, CFA

Reis Has An Attractive Business Model, Strong Growth Prospects And Low Relative Valuation

Investment thesis

Reis (NASDAQ:REIS) generates a high margin, recurring revenue stream that should continue to rise due to favorable industry growth prospects. The significant discount to the peer group and M&A multiples presents an asymmetric opportunity.

Company overview

REIS provides commercial real estate market information and analytical tools used by lenders and real estate professionals in the buying, selling and financing decision making process. This information is also used by debt and equity investors to manage risks associated with individual mortgages, properties, portfolios and real estate backed securities.

REIS maintains a proprietary database containing detailed information on commercial properties (apartment, office, retail, warehouse/distribution, flex/R&D, self storage) in 275 metropolitan markets and over 6,800 market segments. In the last...

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