One-glance verdict
Undervalued
$0.43 our estimate vs market $0.03
93% below our estimate, below the bear case
Fundamentals snapshot
Trinity Place Holdings Inc.
TPHS · PNK · Real Estate · Real Estate - Development
Current price
$0.03
52-week range
$0.02 - $0.05
Market cap
$1.93M
Balance sheet
Distressed
-1.18x Concerning
Net debt $1.48M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Free cash flow was positive in 1/10 years.
- Risk Insider ownership is only 1.5% (peer median: 37.8%).
What this company does
Trinity Place Holdings Inc.
Trinity Place Holdings Inc. is a company that owns and manages real estate, like a building at 77 Greenwich Street in New York City and a retail property in New Jersey. It also owns rights to consumer brands and websites, meaning its income comes from renting out space and from its brand-related businesses. This diversification is important because it means the company has multiple ways to make money, not just relying on one source.
How the company got here
Trinity Place Holdings Inc. has a history rooted in the retail industry, emerging from the bankruptcy of Syms Corp., a discount clothing chain. The company was incorporated in 2012 and initially focused on leveraging Syms' significant net operating losses (NOLs) – which are essentially tax credits that can reduce future tax bills – and its remaining real estate assets. A key early project involved developing a condominium tower at 77 Greenwich Street in Lower Manhattan. However, the company's journey has seen significant shifts, including divesting its interest in the condominium project and selling off other properties, like the one in Paramus, New Jersey. It has also undergone changes in control, with entities like Steel Partners becoming involved. This evolution has transformed Trinity Place Holdings from its retail origins into a company primarily focused on intellectual property and real estate asset management.
What it actually does
Trinity Place Holdings Inc. operates as a holding company with a focus on real estate and intellectual property. Think of it like a parent company that owns and manages various assets. Its primary activities involve owning, investing in, managing, developing, or redeveloping real estate. Additionally, it controls a portfolio of intellectual property (IP) assets related to the consumer sector. These IP assets are like the company's collection of brand names and trademarks that can be licensed or used to generate revenue.
Intellectual Property Assets
This segment represents Trinity Place Holdings' collection of brands and digital properties. It includes the online marketplace FilenesBasement.com, rights to the Stanley Blacker brand, and intellectual property associated with events like 'The Running of the Brides.' The company generates revenue from these assets through various means, potentially including licensing the brands to other companies or operating the e-commerce site. This part of the business is a legacy from its predecessor, Syms Corp.
Real Estate Holdings
This segment encompasses the company's direct ownership and management of physical properties. Historically, this included assets like the 77 Greenwich Street property in Lower Manhattan, which was developed into a mixed-use project with residential condominiums, retail space, and a school. It also previously owned a property in Paramus, New Jersey, occupied by a retail tenant. The company's strategy in this area involves managing and potentially redeveloping these assets to create value and generate rental income.
What management is betting on now
Trinity Place Holdings is currently focused on its intellectual property assets and exploring strategic and financing alternatives. Following significant divestitures of its real estate holdings, the company is unencumbered by those related liabilities. Management is looking at ways to maximize the value of its remaining assets, particularly its intellectual property portfolio, and considering various options for the company's future direction. This includes leveraging its net operating losses (NOLs) as a potential strategic advantage.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$415.00K
Net income
$340.00K
Diluted EPS
-0.02
Operating cash flow
$-845.00K
Free cash flow
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Sources
Revenue
$397.00K
Net income
$-1.07M
Diluted EPS
-0.02
Operating cash flow
$-1.25M
Free cash flow
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Sources
Revenue
$373.00K
Net income
$-1.73M
Diluted EPS
-0.03
Operating cash flow
$-1.39M
Free cash flow
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Sources
Revenue
$2.36M
Net income
$8.06M
Diluted EPS
0.16
Operating cash flow
$-4.45M
Free cash flow
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Sources
Revenue
$1.55M
Net income
$-9.97M
Diluted EPS
-0.26
Operating cash flow
$-4.45M
Free cash flow
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Sources
Revenue
$10.65M
Net income
$-11.89M
Diluted EPS
-0.30
Operating cash flow
$-2.85M
Free cash flow
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Revenue
$6.67M
Net income
$-10.92M
Diluted EPS
-0.29
Operating cash flow
$-2.26M
Free cash flow
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Sources
Revenue
$14.73M
Net income
$-6.24M
Diluted EPS
-0.17
Operating cash flow
$4.08M
Free cash flow
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Is it cheap or expensive?
Fair value $0.43 vs current price $0.03
Our most-likely fair value is $0.43 a share — about 1,382.2% above today's price of $0.03, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $1.5M. Interest coverage -1.2x.
Net debt
$1.48M
Interest coverage
-1.18x
Trinity Place Holdings Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
TPHS
BASELINE
Trinity Place Holdings Inc.
Total debt $1.66M Interest coverage -1.18x This is the baseline the peer rows are being compared against.
Total debt $50.26M Interest coverage -1.80x Neither company has much profit cushion over interest right now.
Total debt $467.39M Interest coverage -0.43x Neither company has much profit cushion over interest right now.
Total debt $9.30M Interest coverage -8.22x Neither company has much profit cushion over interest right now.
Total debt $0.00 Interest coverage 0.25x This peer still has a real interest-payment cushion, while TPHS does not.
What you should know
The case for and against TPHS
1 Reward
1 Risk
Rewards
-
Free cash flow was positive in 1/10 years.
Risks
-
Insider ownership is only 1.5% (peer median: 37.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
—
P/B
-1.12x
P/S
—
EV/EBITDA
1.41x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
—
ROA
247.9%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
0.94x
Quick ratio
0.62x
Total debt
$1.66M
Total cash
$180.00K
Growth
How the business has been compounding
Revenue TTM
$3.54M
Revenue 5Y CAGR
18.0%
EPS TTM
-0.12
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-7.94M
Free CF TTM
$-7.94M
FCF margin
-224.2%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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