Seaport Entertainment Group Inc.

SEG

Real EstateReal Estate - ServicesNYSE

$22.24

Market Cap: $284.59M

Seaport Entertainment Group Inc. (SEG) Valuation Summary

Updated May 10, 2026 20:40

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.71 – $341.42	$4.41	-80.2%
Revenue DCF 10Y	$1.75 – $443.72	$23.08	+3.8%
▸ Trading Multiples
EV/Revenue	$21.39 – $101.13	$37.86	+70.2%

Valuation History

DCF Analysis

Seaport Entertainment Group Inc. (SEG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$23.08

Market Price

$22.24

Upside / Downside

+3.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -80.0% to a target of 28.4% over 5 years, discounted at a WACC of 5.3%, Seaport Entertainment Group Inc. (SEG) has an intrinsic value of $23.08 per share (range: $1.75 – $443.72).

Key Assumptions

Current Operating Margin

-80.0%

Target Operating Margin

28.4%

WACC

5.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.7%

Target CapEx/Rev

55.5%

D&A/Revenue

37.0%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	127	-2.8%	-58.3%	-74	-74	47	(17)	2	-46	-45
2027	143	12.4%	-36.7%	-52	-52	53	(26)	0	-26	-24
2028	160	12.1%	-15.0%	-24	-24	59	(36)	0	-2	-1
2029	177	10.9%	6.7%	12	9	66	(49)	1	26	22
2030	195	9.8%	28.4%	55	44	72	(63)	0	53	42
2031	212	8.7%	28.4%	60	47	78	(78)	0	47	36
2032	228	7.5%	28.4%	64	51	84	(94)	0	40	29
2033	242	6.4%	28.4%	69	54	90	(112)	0	32	21
2034	255	5.3%	28.4%	72	57	94	(130)	0	21	14
2035	265	4.1%	28.4%	75	59	98	(147)	0	10	6

Enterprise Value Bridge

Sum of PV(FCFF)99

Terminal Value (Gordon Growth at 3.0%)446

PV of Terminal Value273

Enterprise Value372

(–) Net Debt78

Equity Value294

(÷) Shares Outstanding13

Fair Value per Share$23.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
3.3%	$-2	$72	$196	$320	$444
4.3%	$-3	$15	$44	$72	$101
5.3%	$-3	$7	$23	$39	$55
6.3%	$-4	$4	$15	$26	$36
7.3%	$-4	$2	$10	$18	$26

Current price: $22.24. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 2.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Seaport Entertainment Group Inc. (SEG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.41

Market Price

$22.24

Upside / Downside

-80.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-80.0%

Target Operating Margin

28.4%

WACC

5.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.7%

Target CapEx/Rev

55.5%

D&A/Revenue

37.0%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	127	-2.8%	-58.3%	-74	-74	47	(23)	2	-52	-51
2027	143	12.4%	-36.7%	-52	-52	53	(39)	0	-39	-36
2028	160	12.1%	-15.0%	-24	-24	59	(59)	0	-24	-21
2029	174	9.1%	6.7%	12	9	64	(80)	0	-7	-6
2030	185	6.0%	28.4%	52	41	68	(103)	0	7	5

Enterprise Value Bridge

Sum of PV(FCFF)-109

Terminal Value (Gordon Growth at 3.0%)307

PV of Terminal Value243

Enterprise Value134

(–) Net Debt78

Equity Value56

(÷) Shares Outstanding13

Fair Value per Share$4.41

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
3.3%	$-17	$41	$141	$241	$341
4.3%	$-17	$-3	$20	$44	$67
5.3%	$-16	$-9	$4	$17	$30
6.3%	$-16	$-11	$-2	$7	$16
7.3%	$-16	$-12	$-5	$2	$9

Current price: $22.24. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 2.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$37.86

Market Price

$22.24

Upside / Downside

+70.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Seaport Entertainment Group Inc. (SEG) has a fair value of $37.86 based on 7 comparable companies in the Real Estate - Services industry.

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Seaport Entertainment Group Inc.SEG	283	2.8x	2.8x
Chatham Lodging TrustCLDT	467	2.7x	2.5x
Transcontinental Realty Investors, Inc.TCI	317	10.5x	—
Maui Land & Pineapple Company, Inc.MLP	311	16.0x	0.3x
Service Properties TrustSVC	259	3.0x	2.9x
American Realty Investors, Inc.ARL	223	8.5x	0.0x
Douglas Elliman Inc.DOUG	184	0.2x	0.1x
Seritage Growth PropertiesSRG	151	8.3x	—
Industry Median		8.3x	0.3x
(*) Revenue		130	130
= Enterprise Value		1,078	41
(-) Net Debt		78	78
Equity Value		1,000	-37
(/) Outstanding shares		13	13
Fair Price		$79	$-3

Selected Fair Value (avg of trailing + forward)

$37.86

+70.2%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.71 – $341.42

$4.41

-80.2%

Revenue DCF 10Y

$1.75 – $443.72

$23.08

+3.8%

▸ Trading Multiples

EV/Revenue

$21.39 – $101.13

$37.86

+70.2%

DCF Analysis

Seaport Entertainment Group Inc. (SEG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$23.08

Market Price

$22.24

Upside / Downside

+3.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-80.0%

Target Operating Margin

28.4%

WACC

5.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.7%

Target CapEx/Rev

55.5%

D&A/Revenue

37.0%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	127	-2.8%	-58.3%	-74	-74	47	(17)	2	-46	-45
2027	143	12.4%	-36.7%	-52	-52	53	(26)	0	-26	-24
2028	160	12.1%	-15.0%	-24	-24	59	(36)	0	-2	-1
2029	177	10.9%	6.7%	12	9	66	(49)	1	26	22
2030	195	9.8%	28.4%	55	44	72	(63)	0	53	42
2031	212	8.7%	28.4%	60	47	78	(78)	0	47	36
2032	228	7.5%	28.4%	64	51	84	(94)	0	40	29
2033	242	6.4%	28.4%	69	54	90	(112)	0	32	21
2034	255	5.3%	28.4%	72	57	94	(130)	0	21	14
2035	265	4.1%	28.4%	75	59	98	(147)	0	10	6

Enterprise Value Bridge

Sum of PV(FCFF)99

Terminal Value (Gordon Growth at 3.0%)446

PV of Terminal Value273

Enterprise Value372

(–) Net Debt78

Equity Value294

(÷) Shares Outstanding13

Fair Value per Share$23.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
3.3%	$-2	$72	$196	$320	$444
4.3%	$-3	$15	$44	$72	$101
5.3%	$-3	$7	$23	$39	$55
6.3%	$-4	$4	$15	$26	$36
7.3%	$-4	$2	$10	$18	$26

Current price: $22.24. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 2.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$37.86

Market Price

$22.24

Upside / Downside

+70.2%

Verdict

Undervalued

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Seaport Entertainment Group Inc.SEG	283	2.8x	2.8x
Chatham Lodging TrustCLDT	467	2.7x	2.5x
Transcontinental Realty Investors, Inc.TCI	317	10.5x	—
Maui Land & Pineapple Company, Inc.MLP	311	16.0x	0.3x
Service Properties TrustSVC	259	3.0x	2.9x
American Realty Investors, Inc.ARL	223	8.5x	0.0x
Douglas Elliman Inc.DOUG	184	0.2x	0.1x
Seritage Growth PropertiesSRG	151	8.3x	—
Industry Median		8.3x	0.3x
(*) Revenue		130	130
= Enterprise Value		1,078	41
(-) Net Debt		78	78
Equity Value		1,000	-37
(/) Outstanding shares		13	13
Fair Price		$79	$-3

Selected Fair Value (avg of trailing + forward)

$37.86

+70.2%