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1. Company Snapshot

1.a. Company Description

Comstock Holding Companies, Inc.develops, operates, and manages of mixed-use and transit-oriented properties primarily in the Washington, D.C. metropolitan area.The company operates a portfolio of 34 operating assets, which include 14 commercial assets totaling approximately 2.2 million square feet; 6 multifamily assets totaling 1,636 units; and 14 commercial garages with approximately 11,000 parking spaces.


It also has 18 development pipeline assets consisting of approximately 2.0 million square feet of additional planned commercial development; approximately 1,900 multifamily units; and 2 hotel assets.In addition, the company provides real estate development and management services.It primarily serves private and institutional owners; investors in commercial, residential, and mixed-use real estate; and various governmental bodies.


The company was formerly known as Comstock Homebuilding Companies, Inc.and changed its name to Comstock Holding Companies, Inc.in June 2012.


Comstock Holding Companies, Inc.was founded in 1985 and is headquartered in Reston, Virginia.

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1.b. Last Insights on CHCI

The recent performance of Comstock Holding Companies, Inc. has been negatively driven by the ongoing controversy surrounding the proposed Tysons casino bill. The company's efforts to pass the legislation have been met with vocal opposition from the local community, with many residents and officials expressing concerns about the potential negative impacts of a casino on the area. The bill's passage through the Gaming Subcommittee of the Virginia Senate on a 5-2 vote has been a major setback for the company, and its long-term prospects remain uncertain. The company's lobbying efforts, which have included spending over $1.5 million since 2023 to influence state and local officials, have been criticized by opponents as a attempt to buy influence and override local concerns. The bill's sponsor, Senate Majority Leader Scott Surovell, has dismissed opponents from the Reston area, saying they are "miles from where the project would be built," but this has only fueled the debate and opposition to the proposal. The company's focus on pushing the casino bill through the legislature has also diverted attention from its core business and development activities, which may be impacting its overall performance. The company has not released any recent earnings reports, but its stock price has been under pressure due to the ongoing controversy surrounding the casino bill.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Comstock Holding Remains Attractively Valued, Despite Its Spectacular Rally

Nov -20

Source: seekingalpha.com

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Comstock's Q3 Earnings Decrease Y/Y on ParkX Expansion Costs

Nov -19

Source: zacks.com

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Comstock Reports Third Quarter 2025 Results

Nov -13

Source: businesswire.com

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Comstock Enters into Purchase Agreement for Rockville Multifamily Property

Sep -24

Source: businesswire.com

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JW Marriott Debuts in Northern Virginia, Redefining Hospitality with the Grand Unveiling of JW Marriott Reston Station

Sep -16

Source: prnewswire.com

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Comstock Soars 74% in 3 Months: What's Driving the Rally?

Sep -08

Source: zacks.com

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Comstock Q2 Earnings Surge Y/Y on Recurring Fee Growth

Aug -13

Source: zacks.com

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Comstock Reports Second Quarter 2025 Results

Aug -07

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Asset Management

Expected Growth: 4.5%

Comstock's Asset Management segment is poised for growth driven by increasing demand for third-party property management and leasing services, fueled by the rising trend of institutional investors seeking to outsource property management, and the company's expertise in managing a diverse portfolio of properties.

Property Management

Expected Growth: 4.5%

Growing demand for comprehensive property management services, increasing need for efficient financial management, and rising trend of outsourcing non-core functions drive growth in Comstock's property management segment.

Parking

Expected Growth: 4.5%

Growing demand for parking management services in the Washington D.C. metropolitan area, driven by increasing urbanization and a shortage of parking spaces, is expected to drive Comstock's Parking segment growth.

7. Detailed Products

Homebuilding

Comstock Holding Companies, Inc. offers homebuilding services, providing a range of new homes and communities to customers.

Asset Management

The company's asset management segment provides services to maximize the value of properties and investments.

Real Estate Services

Comstock Holding Companies, Inc. offers real estate services, including brokerage, property management, and title services.

Entitlement and Development

The company's entitlement and development segment focuses on acquiring, entitling, and developing land for future development.

Trammell Crow Residential

Comstock Holding Companies, Inc. offers multifamily development and investment services through its Trammell Crow Residential segment.

8. Comstock Holding Companies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Comstock Holding Companies, Inc. is medium due to the presence of alternative investment options for investors.

Bargaining Power Of Customers

The bargaining power of customers for Comstock Holding Companies, Inc. is low due to the company's diversified portfolio and lack of dependence on a single customer.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Comstock Holding Companies, Inc. is medium due to the company's reliance on a few key suppliers for its operations.

Threat Of New Entrants

The threat of new entrants for Comstock Holding Companies, Inc. is high due to the relatively low barriers to entry in the real estate industry.

Intensity Of Rivalry

The intensity of rivalry for Comstock Holding Companies, Inc. is high due to the competitive nature of the real estate industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.07%
Debt Cost 3.95%
Equity Weight 83.93%
Equity Cost 7.51%
WACC 6.94%
Leverage 19.15%

11. Quality Control: Comstock Holding Companies, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 3.1

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Quality: 5.8

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Comstock

A-Score: 5.1/10

Value: 5.8

Growth: 5.3

Quality: 8.2

Yield: 0.0

Momentum: 9.0

Volatility: 2.0

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A-Score: 4.2/10

Value: 8.0

Growth: 4.8

Quality: 3.9

Yield: 3.0

Momentum: 2.5

Volatility: 3.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.53$

Current Price

13.53$

Potential

-0.00%

Expected Cash-Flows