WallStSmart

Armada Hflr Pr (AHH)vsBroadstone Net Lease Inc (BNL)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Broadstone Net Lease Inc generates 68% more annual revenue ($476.17M vs $283.06M). BNL leads profitability with a 30.6% profit margin vs 0.0%. BNL trades at a lower P/E of 27.6x. BNL earns a higher WallStSmart Score of 60/100 (C+).

AHH

Buy

55

out of 100

Grade: C

Growth: 3.3Profit: 3.5Value: 5.3Quality: 5.0

BNL

Buy

60

out of 100

Grade: C+

Growth: 6.7Profit: 7.0Value: 4.3Quality: 6.5
Piotroski: 3/9Altman Z: 1.75
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

AHHUndervalued (+25.1%)

Margin of Safety

+25.1%

Fair Value

$9.29

Current Price

$6.25

$3.04 discount

UndervaluedFair: $9.29Overvalued
BNLSignificantly Overvalued (-36.9%)

Margin of Safety

-36.9%

Fair Value

$14.22

Current Price

$20.42

$6.20 premium

UndervaluedFair: $14.22Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

AHH1 strengths · Avg: 10.0/10
Price/BookValuation
1.1x10/10

Reasonable price relative to book value

BNL4 strengths · Avg: 10.0/10
Price/BookValuation
1.4x10/10

Reasonable price relative to book value

Profit MarginProfitability
30.6%10/10

Keeps 31 of every $100 in revenue as profit

Operating MarginProfitability
46.2%10/10

Strong operational efficiency at 46.2%

EPS GrowthGrowth
95.7%10/10

Earnings expanding 95.7% YoY

Areas to Watch

AHH4 concerns · Avg: 3.3/10
P/E RatioValuation
28.4x4/10

Moderate valuation

Market CapQuality
$647.90M3/10

Smaller company, higher risk/reward

Profit MarginProfitability
0.0%3/10

0.0% margin — thin

Operating MarginProfitability
0.3%3/10

Operating margin of 0.3%

BNL4 concerns · Avg: 3.5/10
P/E RatioValuation
27.6x4/10

Moderate valuation

Altman Z-ScoreHealth
1.754/10

Distress zone — elevated risk

Return on EquityProfitability
4.4%3/10

ROE of 4.4% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Comparative Analysis Report

WallStSmart Research

Bull Case : AHH

The strongest argument for AHH centers on Price/Book.

Bull Case : BNL

The strongest argument for BNL centers on Price/Book, Profit Margin, Operating Margin. Profitability is solid with margins at 30.6% and operating margin at 46.2%.

Bear Case : AHH

The primary concerns for AHH are P/E Ratio, Market Cap, Profit Margin. Thin 0.0% margins leave little buffer for downturns.

Bear Case : BNL

The primary concerns for BNL are P/E Ratio, Altman Z-Score, Return on Equity.

Key Dynamics to Monitor

AHH profiles as a value stock while BNL is a mature play — different risk/reward profiles.

AHH carries more volatility with a beta of 1.06 — expect wider price swings.

BNL is growing revenue faster at 8.3% — sustainability is the question.

BNL generates stronger free cash flow (57M), providing more financial flexibility.

Bottom Line

BNL scores higher overall (60/100 vs 55/100), backed by strong 30.6% margins. AHH offers better value entry with a 25.1% margin of safety. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Armada Hflr Pr

REAL ESTATE · REIT - DIVERSIFIED · USA

Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust (REIT) with four decades of experience in the development, construction, acquisition and management of high-end office, retail and institutional grade quality. and multi-family properties located primarily in the mid-Atlantic and southeastern United States.

Broadstone Net Lease Inc

REAL ESTATE · REIT - DIVERSIFIED · USA

BNL is an internally managed REIT that primarily acquires, owns and manages single-tenant commercial real estate that is rented out on a long-term basis to a diversified group of tenants.

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