Comstock Holding Companies, Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage DCF on unlevered FCF from asset management + real estate services fee income: base year FCF $11.0M (normalized from FY2025 adjusted EBITDA of $13.4M, excluding lumpy real estate development/condo-sale gains), 15% annual growth years 1-5, 8% annual growth years 6-10, 3.0% terminal growth rate, 12.0% discount rate (company is debt-free so WACC = cost of equity), plus net cash of $25.3M, divided by 10.6M diluted shares outstanding.

Reasoning: Comstock's recurring asset-management and property-management fee revenue is a growing, contractual cash flow stream best valued with a DCF, while lumpy real estate development/condo-sale gains are excluded from the base cash flow to avoid overstating sustainable value; the elevated discount rate and tapering growth schedule reflect its micro-cap size and single-market concentration risk.