Professional
Added to YB: 2025-10-09
Pitch date: 2025-10-07
FPH [neutral]
Five Point Holdings, LLC
-7.79%
current return
Author Info
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Company Info
Five Point Holdings, LLC designs, owns, and develops mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County.
Market Cap
$447.3M
Pitch Price
$6.03
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.65
P/E
4.89
EV/Sales
11.15
Sector
Real Estate Management and Development
Category
value
ASB Partners Q325 Letter - Five Point Holdings, LLC
FPH (holding update): CA mixed-use developer w/ ~$1B EV. Great Park MPC provides downside protection via $600-800M FCF over 3-5yrs from 200 remaining acres. Recent 8% refi (from 10.5%) pushes maturities to 2030. Upside catalysts: Hearthstone JV for recurring fees, Valencia regulatory approvals for added homesites, Candlestick/SF Shipyard construction starting (90 acres at $25M/acre comps = $2-4B revenue potential), Dec 2025 Tetra Tech trial seeking $3-4B damages. Mgmt RSUs vest $11.50-22.50/share vs current price.
Read full article (4 min)