CoStar Group (CSGP) — Equity Analysis & Strategic M&A

01Investment thesis

Five pillars behind an asymmetric setup

The swing factor is the residential segment turning profitable in Q2 2026 (guided) — the first hard proof Homes.com can monetize.

Category-defining data moat

2,000+ field researchers power the world's largest professionally-researched CRE database — ~79% gross margin, ~90% recurring revenue, and 60 consecutive quarters of double-digit revenue growth.

Profitability inflection underway

Adjusted EBITDA doubled YoY to $132mm in Q1'26; FY26E guidance of $780–820mm implies margins recovering from a ~9% trough (FY24) toward the mid-20s% by 2028.

Homes.com optionality vs. Zillow

A #2 U.S. residential portal — 35k paying agents (+205% YoY) and +119% organic traffic — with net investment cut >$300mm in 2026 en route to profitability by 2030.

Global platform build-out

Domain (Australia, ~A$3bn) and Matterport (~$1.6bn) extend CoStar into international residential and 3D spatial data; the pending Zonda deal ($800mm) adds new-home construction data.

Deep valuation dislocation

At a seven-year low the stock trades ~3.2x FY26E revenue — roughly 70% below its own history and a discount to information-services peers — with the Street's mean target implying ~55% upside.

02Company overview

CoStar Group at a glance

Profile

Founded / IPO	1986 / 1998
Headquarters	Arlington, Virginia
Employees	~8,000 (20 countries)
Listing	Nasdaq: CSGP · S&P 500 member
Fiscal year end	December 31
Recurring revenue	~90% subscription
Growth streak	60 consecutive DD-growth quarters
Acquisitions	40+ since IPO

Management

Andy Florance	Founder & Chief Executive Officer
Robin Rossmann	Chief Financial Officer (eff. Jul 2026)
Frank Simuro	Chief Technology Officer
Fred Saint	President, Marketplaces
Source: CoStar IR ↗ & press releases (2026).

Financial summary & trading multiples

ƒx live

Line item ($mm)	FY23A	FY24A	FY25A	FY26E	FY27E	FY28E
Revenue	2,455	2,736	3,247	3,800	4,270	4,910
% growth		+11%	+19%	+17%	+12%	+15%
Gross profit	1,963	2,178	2,561	3,020	3,400	3,930
% margin	80%	80%	79%	79%	80%	80%
Adj. EBITDA	492	241	442	800	1,025	1,250
% margin	20%	9%	14%	21%	24%	25%
Adj. EPS ($)	—	0.73	0.87	1.36	1.78	2.40
EV / Revenue	4.9x	4.4x	3.7x	3.2x	2.8x	2.5x
EV / Adj. EBITDA	24.6x	50.1x	27.3x	15.1x	11.8x	9.7x
Source: CoStar IR ↗ & SEC filings. Growth, margin & multiple rows are live formulas; EV held at $12.1bn. Paste at cell A1.

Firm-value build

ƒx live

Closing price (7/17/26)	$29.78
52-week high	$97.43
% of 52-week high	31%
Shares outstanding (mm)	408
Market capitalization	12,160
Plus: total debt	1,140
Less: cash & investments	(1,215)
Firm value / EV	12,085
Firm value = market cap + debt − cash ≈ $12.1bn. Balance sheet is modest net cash (~$0.2bn). Live formulas — paste at cell A1.

03Business model

Two engines: a durable data franchise and fast-growing marketplaces

FY2025 revenue by segment

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Segment (FY2025, $mm)	Revenue	% mix
CoStar — CRE info & analytics	1,259	39%
LoopNet	312	10%
Other Commercial (Ten-X, Matterport, Domain-comm.)	216	7%
Residential (Apartments.com, Homes.com)	1,460	45%
Total revenue (FY25A)	3,247	100%
Source: CoStar FY2025 release / SEC 8-K (two-segment reporting). % mix is live. Paste at cell A1.

Model highlights

~90% of revenue is recurring subscription; annual CRE contracts renew in the high-90s%.
60 consecutive quarters of double-digit revenue growth through Q1 2026.
Record $308mm net new bookings in FY2025 (+23% YoY); Homes.com a growing contributor.
Balance sheet near net-cash-neutral after funding Domain + Matterport; $1.5bn buyback authorized.

04Trading comparables

CoStar screens cheap on both frameworks

CoStar trades ~3.2x FY26E revenue — a steep discount to the ~9x information-services median while growing ~3x faster. The tables carry the underlying build (FV, revenue, EBITDA); the growth, margin and multiple columns copy as live Excel formulas. Subject row highlighted.

Information & analytics

ƒx live

Company	FV ($bn)	Mkt cap	Rev 25A	Rev 26E	Rev 27E	EBITDA 26E	EBITDA 27E	Gross mgn	Rev gr 26E	Rev gr 27E	EBITDA mgn 26E	EV/Rev 26E	EV/Rev 27E	EV/EBITDA 26E	EV/EBITDA 27E
CoStar Group	12.1	12.2	3.25	3.80	4.27	0.80	1.02	79%	+17%	+12%	21%	3.2x	2.8x	15.1x	11.8x
S&P Global¹	145.5	133.4	15.18	15.48	15.82	8.13	8.36	70%	+2%	+2%	53%	9.4x	9.2x	17.9x	17.4x
Moody's	95.1	89.2	7.73	8.27	8.89	4.32	4.73	74%	+7%	+7%	52%	11.5x	10.7x	22.0x	20.1x
MSCI	52.0	45.8	3.14	3.51	3.82	2.19	2.42	83%	+12%	+9%	62%	14.8x	13.6x	23.7x	21.5x
Verisk	30.4	26.3	3.08	3.23	3.45	1.82	1.96	70%	+5%	+7%	56%	9.4x	8.8x	16.7x	15.5x
FactSet	10.5	9.2	2.36	2.50	2.62	0.93	1.00	51%	+6%	+5%	37%	4.2x	4.0x	11.3x	10.5x
Gartner	11.1	9.4	6.60	6.53	6.53	1.59	1.63	69%	(1%)	+0%	24%	1.7x	1.7x	7.0x	6.8x
Morningstar	7.9	6.6	2.46	2.63	2.72	0.81	0.89	62%	+7%	+3%	31%	3.0x	2.9x	9.8x	8.9x
Median — Info									+6%	+5%	52%	9.4x	8.8x	16.7x	15.5x
Source: stockanalysis.com ↗ / MarketScreener consensus (~7/20/26). ¹ S&P Global's low growth reflects the 2026 "Mobility" spin-off. Build columns + live multiples; paste at cell A1.

Online real-estate marketplaces

ƒx live

Company	FV ($bn)	Mkt cap	Rev 25A	Rev 26E	Rev 27E	EBITDA 26E	EBITDA 27E	Gross mgn	Rev gr 26E	Rev gr 27E	EBITDA mgn 26E	EV/Rev 26E	EV/Rev 27E	EV/EBITDA 26E	EV/EBITDA 27E
Zillow Group	7.4	7.8	2.57	2.96	3.36	0.76	0.95	73%	+15%	+14%	26%	2.5x	2.2x	9.8x	7.8x
REA Group	14.5	14.7	1.18	1.26	1.36	0.63	0.68	63%	+7%	+7%	50%	11.5x	10.7x	23.1x	21.4x
Rightmove	4.4	4.5	0.57	0.61	0.67	0.45	0.49	93%	+8%	+9%	73%	7.2x	6.6x	9.8x	9.0x
Auto Trader	5.5	5.3	0.80	0.83	0.87	0.54	0.57	79%	+4%	+5%	65%	6.6x	6.3x	10.1x	9.6x
CarGurus	3.3	3.2	0.92	1.03	1.14	0.34	0.37	92%	+12%	+10%	33%	3.2x	2.9x	9.6x	8.9x
Cars.com	1.1	0.7	0.73	0.73	0.79	0.22	0.23	67%	+1%	+7%	31%	1.5x	1.4x	4.9x	4.8x
Median — Marketplaces									+8%	+8%	42%	4.9x	4.6x	9.8x	8.9x
Source: stockanalysis.com ↗ / MarketScreener consensus (~7/20/26). Build columns + live multiples; paste at cell A1.

05Valuation

Multiple lenses converge on ~$40–55

Every lens except the depressed spot price converges on roughly $40–55/share — around the $44 consensus median and ~35–85% above the $29.78 current.

Valuation football field

Current $29.78

52-week trading range

$27$97

Broker price targets

$26$70

DCF (9.5% WACC ± g)

$35$55

EV / Revenue (3.0–5.0x FY27E)

$31$52

EV / EBITDA (14–20x FY27E)

$35$50

$20$40$60$80$100

Methodology	Low	High	Midpoint / mark
52-week trading range	$27	$97	—
Broker price targets	$26	$70	$44
DCF (9.5% WACC ± g)	$35	$55	$43
EV / Revenue (3.0–5.0x FY27E)	$31	$52	—
EV / EBITDA (14–20x FY27E)	$35	$50	—

Discounted cash flow — fully live model

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Line item ($mm)	CY26E	CY27E	CY28E	CY29E	CY30E
Revenue	3,800	4,270	4,910	5,600	6,350
% growth		+12%	+15%	+14%	+13%
Adj. EBITDA	800	1,025	1,250	1,600	2,000
% margin	21%	24%	25%	29%	31%
Less: D&A	(115)	(128)	(147)	(168)	(190)
EBIT	685	897	1,103	1,432	1,810
Less: taxes	(164)	(215)	(265)	(344)	(434)
EBIAT	521	682	838	1,088	1,376
Plus: D&A	115	128	147	168	190
Less: capex	(300)	(280)	(250)	(230)	(220)
(Inc.)/dec. in NWC	40	45	55	60	65
Unlevered FCF	376	575	790	1,086	1,411
Discount period (mid-yr)	0.5	1.5	2.5	3.5	4.5
Discount factor	0.956	0.873	0.797	0.728	0.665
PV of FCF	359	502	630	791	938

ASSUMPTIONS & VALUATION ($mm)
Terminal growth (g)	3.0%
WACC	9.5%
Tax rate	24%
PV of forecast FCF	3,219
Terminal value	22,353
PV of terminal value	14,199
Enterprise value	17,418
Plus: net cash (ex-leases)	215
Equity value	17,633
÷ Diluted shares (mm)	414
Implied value / share	$42.59
Current price	$29.78
Implied upside	+43%
Fully live DCF — change any blue input (revenue, EBITDA, WACC, g) and it recomputes. Mid-year convention; illustrative. Paste the whole block at cell A1.

06Broker perspectives

Street targets & consensus

Broker	Date	Rating	Target	Methodology
Robert W. Baird	Jul '26	Neutral	$34	Relative comps (cut on CFO departure)
RBC Capital	Jul '26	Sector Perform	$34	~18x CY27E P/E
Keefe Bruyette	Jul '26	Outperform	$41	Sum-of-parts / EV-EBITDA on residential inflection
Goldman Sachs	Jun '26	Buy	$46	EV / EBITDA
Wells Fargo	Jun '26	Underweight	$26	Valuation reset until agent base scales
Benchmark	Jun '26	Buy	$45	18x 2027E adj. EBITDA (~$806mm)
BofA Securities	May '26	Neutral	$37	EV / EBITDA
Stephens	May '26	Overweight	$42	EV / EBITDA on CY27E
J.P. Morgan	Apr '26	Overweight	$70	EV / EBITDA
Citigroup	Apr '26	Buy	$70	EV / EBITDA
BTIG	Apr '26	Buy	$55	EV / EBITDA
Jefferies	Feb '26	Buy	$67	<15x normalized EV / EBITDA
Source: stockanalysis.com forecast ↗, MarketBeat, TipRanks, Investing.com — actual public 2026 actions. Targets vs. $29.78.

Consensus

ƒx live

Buy / Hold / Sell	15 / 5 / 1
Mean target	$46
Median target	$44
High / Low	$70 / $26
Upside to mean	+54%
~15 Buy / 5 Hold / 1 Sell across all covering analysts — stockanalysis.com ↗.

07Share-price performance

A seven-year de-rating

Indexed to 100 (Jul-2023). CoStar de-rated to a seven-year low even as info-services peers and the S&P 500 advanced — see the annotated chart on slide 7.

Date	Catalyst
Feb-24	Homes.com $1bn+ brand blitz (4 Super Bowl ads); paid agent 'memberships' launch
Feb-25	Q4'24 miss & soft FY25 guide; Homes.com net investment peaks near $850mm
Aug-25	Completes Domain (Australia, ~$1.9bn) & Matterport; shares near 52-wk high $97
Oct-25	Q3'25 net-new bookings +92% — yet shares gap down ~12% on margin worries
Feb–Mar-26	Third Point / D.E. Shaw activist push; shares fall ~34% Jan→Mar
Apr–Jul-26	Q1'26 rev +23% & EBITDA doubles, guide raised; CFO exit drives fresh 7-yr low
Source: month-end closes (stockanalysis.com); peer/S&P indices are reconstructions.

08Multiple history

The de-rating

CoStar’s NTM EV/Revenue compressed from an ~11–13x peak to ~3.2x — roughly a 70% de-rating; normalized P/E ~22x vs a ~76x historical mean. Series are best-effort reconstructions.

Multiple	'21–'23 avg	'24–'25 avg	Current (Jul-26)
CoStar EV / EBITDA (NTM)	30x	22x	15.1x
CoStar EV / Revenue (NTM)	8.5x	6.5x	3.2x
Info & analytics EV / EBITDA	18x	17x	16.7x
Marketplaces EV / EBITDA	10.5x	10x	9.7x
Reconstructed from public prices & consensus (illustrative).

09Cost of capital

WACC & bottom-up beta

Cost of capital

ƒx live

Risk-free rate (10Y UST)	4.55%
Equity risk premium	5.0%
Levered beta (selected)	1.00
Cost of equity (CAPM)	9.55%
Pre-tax cost of debt	5.40%
Tax rate	24%
After-tax cost of debt	4.10%
WACC (net-cash basis, used)	9.55%
Net-cash company → WACC ≈ cost of equity. Bottom-up β ~0.9; CoStar 5Y 0.74. Baa3 (Moody's) / BBB (Fitch). Live formulas — paste at cell A1.

Bottom-up beta

ƒx live

Company	Levered β	Net debt ($bn)	Mkt cap ($bn)	D/E	Unlevered β
CoStar (CSGP)	0.74	-0.1	12.2	-1%	0.74
S&P Global	1.08	12.1	133.4	9%	1.01
Moody's	1.33	5.9	89.2	7%	1.27
MSCI	1.24	6.2	45.8	14%	1.12
Verisk	0.69	4.1	26.3	16%	0.62
FactSet	0.72	1.3	9.2	14%	0.65
Gartner	0.96	1.7	9.4	18%	0.84
Morningstar	1.01	1.3	6.6	20%	0.88
Zillow	1.95	-0.4	7.8	-5%	2.03
REA Group	0.65	-0.2	14.7	-1%	0.66
Rightmove	0.90	-0.1	4.5	-2%	0.92
Auto Trader	0.69	0.2	5.3	4%	0.67
CarGurus	1.18	0.1	3.2	3%	1.15
Cars.com	1.59	0.4	0.7	57%	1.11
Levered β = stockanalysis.com ↗ 5Y-monthly (Jul-2026); D/E and unlevered β are live (Hamada, 24% tax). Paste at cell A1.

10Industry trends

Four forces shaping the story

The residential portal wars intensify

Homes.com's agent-centric model is scaling fast — 35k paying agents (+205% YoY), $106mm exit ARR (+92%) and +119% organic traffic — with the residential segment guided to turn profitable in Q2'26; comScore still ranks it #4 behind Zillow and Realtor.com.

Implication: The single most-watched catalyst: converting traffic into paid agents is the whole bull/bear debate.

Multifamily oversupply fuels ad demand

U.S. apartment vacancy hit ~8.6% — the highest since the post-GFC recovery — as a record supply wave leases up. Apartments.com grew +10% (its 15th straight double-digit quarter), the profitable engine that funds the residential build-out.

Implication: Peak landlord competition for renters = peak advertising demand for Apartments.com.

AI raises the value of proprietary data

The Feb-2026 Homes AI launch (on Azure OpenAI) lifted organic traffic +119% and ~4x on-site engagement; Matterport adds 14mm+ 3D spaces on top of 2,000+ researchers and $5bn+ of data investment.

Implication: Positions CoStar as an AI beneficiary and the clearest differentiator vs. Zillow.

Commercial real estate cycle recovers

CRE transaction volume was +40% YoY in late 2025 with brokers guiding +15–20% for 2026 as rates ease — a direct tailwind to LoopNet (+16%) and Ten-X, though the mature CoStar Suite (+8.5%) is the group's slowest grower.

Implication: A cyclical call option on 2026–27 re-acceleration in the core CRE franchise.

11TAM

A >$100bn stated global opportunity

Segment	TAM	CoStar position
Homes.com — residential	~$56bn	#2 U.S. portal; <2% penetrated
Apartments.com — multifamily ads	~$24bn	#1 network; the profit engine
CoStar Suite — CRE data	~$10bn	Mature, high-margin core (~10% pen.)
LoopNet — CRE marketplace	~$7bn	Leading CRE listing platform
Total stated global TAM	$100bn+	CoStar captures only ~3% today
Source: CoStar Jan-2026 Investor Presentation ↗; NAR/JCHS/NMHC unit counts.

12Bull vs. bear

An asymmetric setup hinging on Homes.com

▲ Bull

Unrivaled data moat — 2,000+ researchers, ~90% recurring revenue, 60 straight double-digit-growth quarters and high-90s% renewals — a franchise with real pricing power.
Profitability inflection — Adj. EBITDA doubled YoY in Q1'26; guided to ~$800mm (FY26E) → ~$1.25bn (FY28) → ~$2.3bn (2030) at a ~35% margin.
Homes.com optionality, near-free — #2 U.S. portal, 35k agents (+205%), residential guided to profitability in Q2'26 — the same Apartments.com playbook skeptics once dismissed.
Deep valuation dislocation — ~3x FY26E revenue (~70% below its own history); the market values the whole company near the CRE core alone (~$35bn). Street mean ~$46 (+54%).
Cleaner story, capital return — Third Point exited and management prevailed at the June-2026 proxy; a first-ever $1.5bn buyback is underway.

▼ Bear

Homes.com unproven — >$3bn invested for only ~$100mm revenue and ~$2bn cumulative losses; breakeven pushed to ~2030; comScore still ranks it #4 behind Zillow and Realtor.com.
Core decelerating — CoStar Suite (+8.5%) is the slowest segment; net-new bookings have missed expectations in some recent quarters.
Multiple overhang — Information-services multiples are de-rating on GenAI uncertainty; several brokers cut targets in 2026 on 'tougher comps.'
Capital-allocation scrutiny — ~$3.5bn of 2025 M&A plus continued Homes.com burn spent the cash war-chest; the $500mm ASR was executed at ~$44 — ~50% above today's price.
Governance / key-man — Founder-CEO concentration; activists argue ~$11bn of value was destroyed; 2026 say-on-pay passed with only ~71% support.

Why now: The swing factor is the residential segment turning profitable in Q2 2026 (guided) — the first hard proof that Homes.com can monetize. Paired with adj. EBITDA doubling, a resolved activist fight and a maiden buyback, the risk/reward at a seven-year low is asymmetric — provided execution holds.

13M&A history

Ten deals building the platform

Year	Target	Deal value	Strategic rationale
2012	LoopNet	~$0.9bn	CRE marketplace entry
2014	Apartments.com	$0.6bn	Multifamily marketplace entry
2019	STR	$0.4bn	Global hospitality data
2020	Ten-X (CRE)	$0.2bn	Online CRE transactions
2021	Homes.com	$0.2bn	Residential portal foundation
2023	OnTheMarket	~£0.1bn	UK residential portal
2024	Visual Lease	$0.3bn	Lease-accounting SaaS
2025	Matterport	~$1.6bn	3D digital twins & spatial data
2025	Domain (Australia)	~A$3.0bn	Australia's #2 residential portal
2026	Zonda (pending)	$0.8bn	New-home construction data
Approximate announced deal values. Matterport ~$1.6bn announced (GAAP consideration ~$1.9bn at close). Source: CoStar press room ↗; SEC filings.

14Strategic M&A targets

Three acquisition avenues

Three avenues could compound CoStar’s data moat and marketplace reach. The outside-the-box call is Procore — pairing the #1 construction-management platform with Zonda + LoopNet to own the built-world lifecycle.

International residential portals

Repeat the OnTheMarket / Domain playbook — buy #1/#2 portals and reprice, adding ~80% EBITDA-margin non-USD growth.

Rightmove

UK #1 (~85% traffic share); public (LSE: RMV), mkt cap ~£3.1bn.

Strategic prize — consolidates with OnTheMarket into a ~70% EBITDA-margin UK #1; REA's rejected ~£5.8bn bid proves it is in play.

Idealista

#1 portal in Spain/Italy/Portugal; PE-owned (Cinven/EQT), EV ~€3.1bn.

Southern-European leader whose PE owners are natural sellers — a digestible, margin-accretive bolt-on.

Hemnet

#1 Swedish portal; public (STO: HEM), mkt cap ~$0.8bn.

The most digestible portal — Nordic #1 with monopoly economics and a clean tuck-in size.

US residential agent software

Monetize Homes.com's +119% traffic by owning the agent CRM / lead-gen OS and converting eyeballs into recurring SaaS.

Inside Real Estate (BoldTrail)

#1 independent U.S. brokerage software (~500k pros); PE-owned (Genstar).

The cleanest 'own the agent OS' bolt-on — instantly gives Homes.com CRM, websites and transaction tooling.

HomeLight

Agent-matching marketplace + fintech; ~$1.6bn (2022 mark).

Adds lead-gen and embedded mortgage/closing fintech — likely a down-round entry vs. the 2022 mark.

Ylopo

AI digital-marketing / lead-gen serving 75k+ pros; founder-run.

The cheapest way to bolt AI lead-gen and an 'AI ISA' onto Homes.com — a small, high-fit tuck-in.

CRE transactions, construction & fintech

Neutralize LoopNet's #1 threat (Crexi) and own the built-world lifecycle: pre-construction (Zonda) → workflow (Procore) → lease-up (LoopNet).

Crexi

Fastest-growing CRE marketplace ($816bn active listings, 3mm+ MAU); ~$110mm raised.

The direct LoopNet challenger — buying it removes CoStar's #1 CRE-marketplace threat.

VTS

#1 CRE leasing / asset-management platform + demand data; $1.7bn (2022).

Owns the landlord/leasing workflow and demand data CoStar lacks; strategic holder CBRE a natural seller.

Procore

#1 construction-management platform (~$1.4bn rev, +15%); public (NYSE: PCOR), ~$6.9bn.

Outside-the-box, transformative: with Zonda + LoopNet, own the built-world from ground-break to lease-up — and, like CSGP, trades ~50% below its 10-yr multiple.

▦The deck

Full pitchbook — 23 slides

The visual deck for reference. Click any slide to enlarge. (The numbers and text above are the copyable versions of this content.)

Slide 2: Executive summary — 2 Executive summary

Slide 4: Section 1 — Company Overview — 4 Section 1 — Company Overview

Slide 5: Company overview — 5 Company overview

Slide 6: Business model & segments — 6 Business model & segments

Slide 7: Share-price performance — 7 Share-price performance

Slide 8: Financial summary (PMO) — 8 Financial summary (PMO)

Slide 9: NTM multiple evolution — 9 NTM multiple evolution

Slide 10: Trading comparables — 10 Trading comparables

Slide 11: Broker perspectives — 11 Broker perspectives

Slide 12: Industry trends — 12 Industry trends

Slide 13: Total addressable market — 13 Total addressable market

Slide 14: Discounted cash flow — 14 Discounted cash flow

Slide 15: Valuation football field — 15 Valuation football field

Slide 16: Bull vs. bear — 16 Bull vs. bear

Slide 17: Section 2 — M&A Targets — 17 Section 2 — M&A Targets

Slide 19: Strategic opportunity — 19 Strategic opportunity

Slide 20: Targets — international portals — 20 Targets — international portals

Slide 21: Targets — US agent software — 21 Targets — US agent software

Slide 22: Targets — CRE & construction — 22 Targets — CRE & construction

Slide 23: Appendix & sources — 23 Appendix & sources

＋Sources & disclaimer

Sources & methodology

CoStar Group Q1 2026 earnings release & 8-K, FY2025 results and FY2025 10-K (SEC / investors.costargroup.com)
CoStar 2026 Outlook and earnings-call transcripts (2025–2026)
Share price & multiples: stockanalysis.com, macrotrends, gurufocus, valueinvesting.io, Nasdaq (as of ~7/17–20/2026)
Consensus estimates & price targets: stockanalysis.com, MarketBeat, TipRanks, public sell-side notes (2026)
Peer & beta data: stockanalysis.com and MarketScreener consensus (13 information-services and marketplace peers)
WACC inputs: TradingEconomics (10Y UST), Damodaran (ERP), Moody's/Fitch (rating), FINRA (2030 notes YTM)
Industry, TAM & M&A: company disclosures and press reports (HousingWire, Inman, Real Estate News)

Independent educational project by a 2026 J.P. Morgan summer analyst, using only publicly available information (no material non-public information / MNPI). Not a J.P. Morgan work product and not affiliated with, authorized by, or endorsed by J.P. Morgan. Figures compiled from public sources as of ~July 17–20, 2026; historical multiple and indexed-price series are best-effort reconstructions and the DCF is illustrative. Broker ratings, targets and dates are actual public 2026 actions. Not investment advice or a recommendation. All trademarks and logos are the property of their respective owners.