Global Net Lease Inc (GNL) is overvalued and Safehold Inc (SAFE) is undervalued.
Against our estimates of intrinsic value, SAFE trades at the wider discount: a margin of safety of +45%, against -119% for GNL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.5% (average of 2 methods) values the shares at $3.98; the price of $8.71 is 119% above that value, and 82% of that value comes from beyond year five.
Leak Score 0/100 on 2 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 | GNL | SAFE |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $8.71 | $13.45 |
| Intrinsic value | $3.98 | $24.34 |
| Margin of safety | -119% | +45% |
| Leak Score | 0/100 (2/12) | 54/100 (8/12) |
| Market cap | $2.0B | $952M |
| Revenue growth, 5 years | 8.6% | 3.6% |
| Operating margin | 34.9% | 75.8% |
| Net margin | -13.3% | 28.1% |
| Return on equity | -1.0% | 4.8% |
| Debt to equity | 1.63 | 1.94 |
| P/E | — | 8.3x |
| Forward P/E | — | 7.9x |
| P/B | 1.2x | 0.4x |
| Dividend yield | 8.7% | 5.3% |