Ladder Capital Corp (LADR)
Real Estate · NYQ · US
Fundamentals
Valuation and ratings
Ladder Capital Corp trades at USD10.04, close to the USD11.33 our discounted cash flow model puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 49 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 23.1 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Ladder Capital Corp
Ladder Capital Corp operates as an internally-managed real estate investment trust in the United States. It operates through three segments: Loans, Securities, and Real Estate. The Loans segment originates and acquires balance sheet loans that provide interim financing to borrowers seeking short-term capital for the acquisition or transition of commercial real estate; originates conduit loans, which are first mortgage loans on commercial real estate properties for sale in commercial mortgage-backed securities securitizations; and invests in note purchase financings, subordinated debt, mezzanine debt, and other structured finance products related to commercial real estate. Its Securities segment invests in CMBS, U.S. Agency securities, corporate bonds, equity securities, and U.S. Treasury securities that are not classified as cash and cash equivalents. The Real Estate segment engages in net leased properties, other diversified real estate, and investments in unconsolidated ventures. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Ladder Capital Corp was founded in 2008 and is headquartered in New York, New York.
LADR passes 1 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Super investor ownership
7 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Two Sigma, TWO SIGMA INVESTMENTS, LP$27.47M · 0.0% of book
- Ken Griffin, CITADEL ADVISORS LLC$2.61M · 0.0% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$1.59M · 0.0% of book
- Arrowstreet Capital, ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$791.3K · 0.0% of book
- Renaissance Technologies, RENAISSANCE TECHNOLOGIES LLC$702.9K · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Ladder Capital Corp (LADR) undervalued?
Against our discounted cash flow estimate of USD11.33, LADR at USD10.04 is 13% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own LADR?
7 of the institutions we track reported a position in LADR in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is LADR's P/E ratio?
LADR trades at 23.1 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.