CTO Realty Growth Inc (CTO) is undervalued and Safehold Inc (SAFE) is undervalued.
Against our estimates of intrinsic value, CTO trades at the wider discount: a margin of safety of +64%, against +45% for SAFE.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.7% values the shares at $24.34; the price of $13.45 is 45% below that value, and 80% of that value comes from beyond year five.
Leak Score 54/100 on 8 of 12 signals
| Metric | CTO | SAFE |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $20.38 | $13.45 |
| Intrinsic value | $57.09 | $24.34 |
| Margin of safety | +64% | +45% |
| Leak Score | 57/100 (9/12) | 54/100 (8/12) |
| Market cap | $764M | $952M |
| Revenue growth, 5 years | 21.5% | 3.6% |
| Operating margin | 24.6% | 75.8% |
| Net margin | 28.0% | 28.1% |
| Return on equity | 8.5% | 4.8% |
| Debt to equity | 1.04 | 1.94 |
| P/E | 14.9x | 8.3x |
| Forward P/E | 22.6x | 7.9x |
| P/B | 1.1x | 0.4x |
| Dividend yield | 7.5% | 5.3% |