Real Brokerage Positioned for Growth with Strong Performance and Innovative AI SolutionsWe discuss the announcements in more detail in the note. Overall, we see Real as the best way on our coverage list for investors to be positioned for an eventual housing recovery, and the conference reinforced our confidence in this.We include more detail in the full note. Stock Thoughts and Risks. Shares trade at an enterprise value of 5 times our current 2026 gross profit estimate (including revenue share payments to agents as a cost of services). These metrics are in line with the residential real estate peer group, which currently trades at an average multiple of 5 times 2026 gross profit. It also compares with eXp (EXPI $9.84; Market Perform), one of its most direct comparisons, trading at 4 times our 2026 gross profit estimate.