Vornado Realty Trust (VNO)
ValueMarkers Composite Index
77% below intrinsic value ($108)
Vornado Realty Trust (VNO) — VMCI valuation read
Headline read on VNO: VMCI of 60/100 versus a Real Estate sector median of 50. The 10-point above-median position is what makes Vornado Realty Trust a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on VNO: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on VNO: value (VNO trades at 17.0x earnings, 6% below the Real Estate median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of 0.3x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.
VNO fell 0.2% over the trailing 7 days, with a -7.0% read on a 30-day basis.
Vornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2019. In 2012, Vornado commemorated 50 years on the NYSE.
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