Broadstone Net Lease Inc (BNL) is slightly undervalued and Empire State Realty Trust Inc (ESRT) is undervalued.
Against our estimates of intrinsic value, ESRT trades at the wider discount: a margin of safety of +62%, against +19% for BNL.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 7.9% (average of 3 methods) values the shares at $21.69; the price of $17.66 is 19% below that value, and 80% of that value comes from beyond year five.
Leak Score 51/100 on 9 of 12 signals
Discounting its cash flows at 11.6% (average of 3 methods) values the shares at $12.06; the price of $4.61 is 62% below that value, and 67% of that value comes from beyond year five.
Leak Score 67/100 on 9 of 12 signals
| Metric | BNL | ESRT |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $17.66 | $4.61 |
| Intrinsic value | $21.69 | $12.06 |
| Margin of safety | +19% | +62% |
| Leak Score | 51/100 (9/12) | 67/100 (9/12) |
| Market cap | $3.4B | $815M |
| Revenue growth, 5 years | 7.2% | 4.8% |
| Operating margin | 49.7% | 16.8% |
| Net margin | 29.5% | 0.4% |
| Return on equity | 4.9% | 0.7% |
| Debt to equity | 0.95 | 2.18 |
| P/E | 23.7x | 261.7x |
| Forward P/E | 24.7x | — |
| P/B | 1.2x | 0.8x |
| Dividend yield | 6.6% | 3.0% |