2024-07-05 18:26:53 ET
Summary
- Realty income has strong growth and diversification that should power long-term results, and management has been shrewd in opportunistically allocating capital.
- At the same time, O shares are trading at multi-decade lows on the all-important AFFO multiple, which we believe represents an opportunity.
- There are risks around dilution, which have likely caused this temporary dislocation, but they should ease by the end of 2024.
- We reiterate our 'Strong Buy' rating on O.
Earlier this year, we covered Realty Income ( O ) in an article titled: " Realty Income: Over 30%+ Upside To Fair Value ".
The main thrust of that article was that the company was significantly undervalued vs. cash flows on a straightforward basis....
Read the full article on Seeking Alpha
For further details see:
Realty Income: Best In Class Growth, A Multi-Decade Discount, And A 6% Yield