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Arbor Realty Trust Inc. Message Board

  • bombardierge bombardierge Nov 3, 2009 2:38 PM Flag

    ABR trades at 12% of Adj. Book Value

    At the current price of $1.88, ABR trades at a little more than 12% of the company's adjusted book value of $15.18 as of June 30, 2009.

    The adjusted book value has declined for 5 quarters in a row, directionally consistent with the overall market for commercial real-estate, so until there are clear signs of stabilization, it's hard to make a compelling valuation argument based on book value alone.

    Still, if the slight increase in the 3rd quarter TBI Index, referenced by kabtb:

    is reflective of the possibility that ABR's business might be stabilizing, then perhaps a discount of almost 88% from adjusted book value is too much.

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