Added to YB: 2026-05-20
Pitch date: 2026-03-11
SEG [bullish]
Seaport Entertainment Group Inc.
+10.74%
current return
Author Info
No bio for this author
Company Info
Seaport Entertainment Group Inc. owns, develops, and operates a portfolio of entertainment and real estate assets primarily in New York City and Las Vegas.
Market Cap
$291.5M
Pitch Price
$21.14
Price Target
40.00 (+71%)
Dividend
N/A
EV/EBITDA
-5.90
P/E
-2.25
EV/Sales
2.19
Sector
Real Estate Management and Development
Category
special_situation
Seaport Entertainment Group Inc. - $SEG
SEG: 2024 'bad bank' spin from HHH. $16.50/sh cash (>50% mkt cap) + $10/sh other assets (Vegas baseball team, LV Strip air rights worth $40-$65/sh but valued conservatively at $4/sh). Seaport turnaround ~85% leased w/ Meow Wolf (1M+ visitors in Vegas, opens H2 2027) & Balloon Museum (replaces $30M EBITDA-losing Tin Building, opens summer). Pro forma $50M rental income at 6.5% cap = $70/sh. 2028 PT $40/sh on 15x $2/sh FCF. Catalysts: FCF inflection as museums open, asset sales, excess G&A cut or sale for parts.
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