Seaport Entertainment Group Inc. (NYSE:SEG ) Q4 2024 Earnings Conference Call March 11, 2025 8:30 AM ET Company Participants Matt Partridge - Chief Financial Officer Anton Nikodemus - Chairman, President and Chief Executive Officer Conference Call Participants Operator Greetings, and welcome to the Seaport Entertainment Group Fourth Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode.
Following recent market volatility, Seaport Entertainment Group shares have fallen to an even more opportune entry point. Reassessing the value of Seaport's New York and Las Vegas assets, SEG could have an underlying value as high as $67 per share. Although execution risk remains, even in a "worst case scenario," SEG stock could still double from current prices.
NEW YORK--(BUSINESS WIRE)--Seaport Entertainment Group Inc. announced today the preliminary results of its previously announced $175.0 million rights offering.
Seaport Entertainment Group, a spinout (with rights offering) from Howard Hughes Holdings, appears undervalued on a sum-of-the-parts basis given trophy property assets in New York and Las Vegas. Despite a loss-making history from a focus on high-end restaurants, there may be significant opportunities for new management to unlock value from a unique set of properties and property rights. Potential risks include Pershing Square holding potentially a majority stake, which could disadvantage minority shareholders.