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Seaport Entertainment Group Inc. (SEG)
:SEG
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Seaport Entertainment Group Inc.
(NYSE MKT:SEG)
44Neutral
Seaport Entertainment Group Inc. (SEG) vs. S&P 500 (SPY)
Market Cap
$243.36M
Dividend YieldN/A
Average Volume (3M)101.18K
Price to Earnings (P/E)―
Beta (1Y)1.05
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees180
SectorReal Estate
Sector Strength81
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-3.28
Shares Outstanding12,694,631
10 Day Avg. Volume58,613
30 Day Avg. Volume101,180
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.42
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit9.52
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Seaport Entertainment Group Inc. Business Overview & Revenue Model
Company DescriptionSeaport Entertainment Group Inc. owns, develops, and operates a portfolio of entertainment and real estate assets primarily in New York City and Las Vegas. The company operates through three segments: Landlord Operations; Hospitality; and Sponsorships, Events, and Entertainment. The Landlord Operations segment engages in the holding of ownership interests in and operation of physical real estate assets, such as restaurant, retail, office, and entertainment properties, as well as residential units. The Hospitality segment operates six fine dining and casual dining restaurants, cocktail bars, and nightlife and entertainment venues under The Fulton, Mister Dips, Carne Mare, Malibu Farm, Gitano, and The Lawn Club brands; and the Tin Building, which offers restaurants, bars, grocery markets, retail, and private dining experiences. The Sponsorships, Events, and Entertainment segment includes the Las Vegas Aviators Triple-A Minor League Baseball team, the Las Vegas Ballpark, the Fashion Show Mall Air Rights, Seaport events, and concerts, as well as various sponsorship agreements across the Seaport and the Las Vegas Ballpark. Seaport Entertainment Group Inc. was incorporated in 2024 and is headquartered in New York, New York.
How the Company Makes MoneySEG generates revenue through multiple streams, primarily by producing and distributing media content such as films and television shows, which are monetized through box office sales, licensing deals, and streaming agreements with various platforms. Additionally, the company earns income from organizing and managing live events, which include ticket sales, sponsorships, and merchandise. Digital content distribution also contributes to SEG's earnings, as the company partners with various online platforms to provide exclusive content, earning a share of subscription fees or advertising revenue. Strategic partnerships with other entertainment entities and brands further enhance SEG's revenue potential by expanding its reach and diversifying its offerings.
Seaport Entertainment Group Inc. Financial Statement Overview
Summary
Seaport Entertainment Group Inc. faces significant profitability and cash flow challenges. While their balance sheet is strong due to low leverage and high equity, persistent revenue decline and negative income undermine financial health. Positive cash flow trends are essential for future stability.Income Statement
Seaport Entertainment Group Inc. has faced declining revenues, with a revenue decrease of 3.93% from 2022 to 2023 and a further decline in 2024. The company has consistently reported negative net income, resulting in negative net profit margins. The EBIT and EBITDA margins are also negative, indicating operational challenges. Despite a gross profit margin of 100% in 2024, profitability remains elusive due to high operational costs.35
Negative
Balance Sheet
The company maintains a solid equity position, with an equity ratio of 76.85% in 2024, indicating strong financial stability. However, the debt-to-equity ratio of 0.08 suggests low leverage, which can be positive for risk but might limit growth potential. Return on equity is negative due to ongoing losses, which is a concern for shareholder value.55
Neutral
Cash Flow
Cash flow remains a significant concern, with operating cash flow at zero in 2024. Free cash flow has improved to zero from negative positions in previous years, but this is not sufficient for strong financial health. The inability to generate positive operating cash flow raises sustainability issues.40
Negative
| Breakdown | ||
| Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|
| Income Statement | Total Revenue | |
| 111.14M | 115.68M | 119.05M |
| Gross Profit | ||
| 36.38M | 36.78M | 42.24M |
| EBIT | ||
| -101.74M | -777.01M | -66.67M |
| EBITDA | ||
| -111.09M | -810.67M | -56.44M |
| Net Income Common Stockholders | ||
| -153.21M | -859.57M | -111.28M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |
| 165.67M | 1.83M | 16.45M |
| Total Assets | ||
| 743.56M | 616.81M | 1.31B |
| Total Debt | ||
| 149.06M | 203.78M | 190.53M |
| Net Debt | ||
| -16.60M | 201.95M | 174.08M |
| Total Liabilities | ||
| 172.17M | 231.92M | 218.33M |
| Stockholders Equity | ||
| 571.38M | 384.89M | 1.10B |
| Cash Flow | Free Cash Flow | |
| -59.42M | -69.53M | -41.76M |
| Operating Cash Flow | ||
| -52.22M | -50.78M | -29.55M |
| Investing Cash Flow | ||
| -102.88M | -108.30M | -198.03M |
| Financing Cash Flow | ||
| 279.58M | 136.21M | 237.41M |
Seaport Entertainment Group Inc. Risk Analysis
Seaport Entertainment Group Inc. disclosed 65 risk factors in its most recent earnings report. Seaport Entertainment Group Inc. reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Seaport Entertainment Group Inc. Peers Comparison
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $252.48M | 7.04 | 19.06% | 13.94% | 11.78% | 65.73% | |
60 Neutral | $2.81B | 11.04 | 0.20% | 8508.34% | 6.12% | -16.66% | |
59 Neutral | $217.28M | 165.26 | 0.47% | 7.38% | 14.71% | ― | |
58 Neutral | $254.17M | 43.36 | 0.95% | ― | -5.86% | 59.60% | |
46 Neutral | $193.37M | 127.13 | 4.96% | ― | ― | ― | |
44 Neutral | $243.36M | ― | -223.33% | ― | ― | ― |
* Real Estate Sector Average
Performance Comparison
SEG
Seaport Entertainment Group Inc.
19.11
-10.66
-35.81%
TCI
Transcontinental Realty Investors
33.00
5.31
19.18%
PINE
Alpine Income Property Trust Inc
15.18
0.53
3.62%
NREF
NexPoint Real Estate ate Finance
14.35
2.54
21.51%
LPA
Logistic Properties of the Americas
6.12
-3.43
-35.92%
OZ
Belpointe PREP
63.74
4.70
7.96%
Seaport Entertainment Group Inc. Earnings Call Summary
Earnings Call Date:Mar 10, 2025
(Q4-2024)
| % Change Since: -13.57%|
Next Earnings Date:May 12, 2025
Earnings Call Sentiment Neutral
Seaport Entertainment Group's earnings call highlighted significant achievements such as a successful separation, a highly subscribed rights offering, and strategic partnerships including Meow Wolf and Live Nation. However, challenges such as the underperformance of the Tin Building and an increased net loss were also noted. Despite these challenges, the company's positive developments and strategic initiatives suggest a cautiously optimistic outlook.Q4-2024 Updates
Positive Updates
Successful Separation and Establishment
Seaport Entertainment Group successfully separated from Howard Hughes Holdings, became an independent public company, and began trading on the NYSE American under the ticker symbol SEG on August 1, 2024.
Rights Offering Success
Seaport Entertainment Group fortified its balance sheet through a $175 million rights offering, which was more than two times oversubscribed.
Meow Wolf Lease at Pier 17
Seaport signed a long-term 20-year lease with Meow Wolf, expected to drive more than 1 million people to the Seaport annually.
Hospitality Revenue Growth
Overall hospitality revenue grew 12.8% in the fourth quarter, driven by non-comparable concepts and standalone restaurants.
Rental Revenue Increase
Rental revenues increased by nearly 15%, primarily due to the Alexander Wang lease in the Fulton Market Building.
Partnership with Live Nation
Partnership with Live Nation extended for another five years for The Rooftop at Pier 17 concert venue.
Strong Cash Position
Seaport ended the year with cash and cash equivalents of approximately $168 million.
Negative Updates
Tin Building Underperformance
The Tin Building, despite its acclaim, has not been profitable. The company is focusing on consolidating underperforming concepts to reduce cash burn.
Overall Net Loss Increase
Fourth quarter net loss attributable to common stockholders was $41.6 million, an increased loss of $5.6 million or 16% compared to the previous year.
Same-Store Hospitality Revenue Decline
Same-store hospitality revenues were down 3.5% in the fourth quarter.
Write-Off of Jean-Georges Warrants
Seaport wrote off $10 million in warrants related to its investment in Jean-Georges Restaurants.
Company Guidance
During Seaport Entertainment Group's inaugural earnings call for the fourth quarter of 2024, several key metrics were highlighted. The company reported total consolidated revenues of $22.8 million, which remained largely flat year-over-year. Hospitality revenue grew by 12.8%, although same-store hospitality revenues experienced a slight decline of 3.5%. The rental revenues saw an increase of nearly 15%, driven primarily by new leases. Operational improvements led to a 20% increase in profitability for the business segments. The net loss attributable to common stockholders was $41.6 million, a 16% increase from the previous year, translating to a net loss per share of $3.63, which was an improvement of 44% compared to the fourth quarter of 2023. The company successfully completed a $175 million rights offering, ending the year with $168 million in cash and cash equivalents. Seaport's strategic initiatives include leasing and programming the Seaport's existing vacancies, with a focus on enhancing hospitality and entertainment offerings.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.