Belpointe PREP, LLC (OZ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-64.1%

$12.13

vs $33.75 price

Levered DCF

-$84.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.21

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-6.07×	-11.82×	-19.12×	-44.44×	-74.13×	-0×
P/B	0.89×	0.93×	0.85×	1.04×	0.72×	0×
P/S	26.44×	105.27×	121.78×	245.62×	232.45×	0×
EV / EBITDA	-19.41×	-52.51×	-22.72×	-24.99×	-21.36×	-424.21×
Gross margin	-252.5%	-155.7%	-85.4%	-173.8%	-14.3%	52.5%
Operating margin	-225.1%	-504.3%	-458.2%	-683.5%	-366.6%	-102.0%
Net margin	-435.9%	-891.8%	-636.7%	-552.3%	-314.4%	-110.9%
Current ratio	1.97×	0.7×	0.56×	10.09×	0×	0.18×
Debt / equity	0.04×	0.6×	0.08×	0.02×	0.04×	-343.14×
Interest coverage	-1.19×	-1.35×	0×	0×	0×	-11.44×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-14.7%	-7.9%	-4.4%	-2.3%	-1.0%	109.8%
Return on invested capital	-68.6%	-2.8%	-3.0%	-2.8%	0.0%	-0.3%
Return on assets	-7.1%	-4.6%	-3.8%	-2.2%	-0.9%	-0.3%
Free cash flow yield	-10.4%	-4.9%	-2.5%	16.6%	24.9%	0.0%
Earnings yield	-16.5%	-8.5%	-5.2%	-2.2%	-1.4%	0.0%
Enterprise value	$228.6M	$437.7M	$279.4M	$205.3M	$52.4M	$28.4M
Net debt / EBITDA	1.22×	-18.73×	-0.4×	16.59×	73.08×	-424.21×
Cash conversion cycle (days)	-140	-711	-1,099	-162	8,697	14,600