Broadstone Net Lease Inc (BNL) is overvalued and CTO Realty Growth Inc (CTO) is undervalued.
Against our estimates of intrinsic value, CTO trades at the wider discount: a margin of safety of +64%, against -89% for BNL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.8% (average of 3 methods) values the shares at $10.11; the price of $19.12 is 89% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 7.2% (average of 3 methods) values the shares at $57.09; the price of $20.38 is 64% below that value, and 83% of that value comes from beyond year five.
Leak Score 57/100 on 9 of 12 signals
| Metric | BNL | CTO |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $19.12 | $20.38 |
| Intrinsic value | $10.11 | $57.09 |
| Margin of safety | -89% | +64% |
| Leak Score | 0/100 (2/12) | 57/100 (9/12) |
| Market cap | $3.7B | $764M |
| Revenue growth, 5 years | 7.2% | 21.5% |
| Operating margin | 49.7% | 24.6% |
| Net margin | 29.5% | 28.0% |
| Return on equity | 4.9% | 8.5% |
| Debt to equity | 0.95 | 1.04 |
| P/E | 25.5x | 14.9x |
| Forward P/E | 25.0x | 22.6x |
| P/B | 1.3x | 1.1x |
| Dividend yield | 6.1% | 7.5% |