BRDG

How does Bridge’s current valuation (P/E, EV/EBITDA, price-to-fee‑related earnings multiple) compare to its main competitors in the real‑estate/asset‑management space?

Created August 07, 2025 at 08:28 PM

Answer

Below is a step‑by‑step look at what we can (and cannot) determine about Bridge Investment Group Holdings Inc.’s (BRDG) valuation from the information you supplied, followed by a qualitative comparison to the typical valuation profile of other listed real‑estate and asset‑management peers.

1. What the news tells us

Item (Quarter ended June 30 2025)	Value
Net income	$2.8 million
Net loss per share (Class A common)	$(0.01) per share
Fee‑related earnings (FRE)	$28.0 million

These are the only financial figures disclosed in the press release. No market‑price, share‑count, total debt, cash, or enterprise‑value (EV) numbers are provided, which are the essential inputs for the three valuation multiples you asked about:

P/E (price‑to‑earnings)
EV/EBITDA
Price‑to‑Fee‑Related Earnings (price/FRE)

2. Why we can’t calculate the exact multiples from the press release alone

Required Input	Source
Current share price (to compute market‑cap)	Not in the release; must be taken from a market data source (e.g., NYSE quote)
Shares outstanding (to turn net income into EPS)	Not disclosed; would be in the company’s Form 10‑K/10‑Q
Total debt and cash (to compute EV)	Not disclosed
EBITDA (for EV/EBITDA)	Not disclosed; would need a full income statement
Enterprise value (EV)	Requires market‑cap + net debt
Fee‑related earnings per share (to compute price/FRE)	Need market‑cap and FRE

Because none of these pieces are in the news item, any precise ratio would be speculative. The responsible approach is therefore to explain the methodology and then give a qualitative assessment based on the data we do have.

3. How you would calculate each multiple (if the missing data were available)

Multiple	Formula	What we can infer from the press release
P/E	`P/E = Current Share Price ÷ (Net Income ÷ Shares Outstanding)`	Net income is $2.8 M → EPS is tiny (≈ $0.01 / share loss). Because the company posted a loss per share, the P/E would be negative (or not meaningful) at the moment.
EV/EBITDA	`EV/EBITDA = (Market Cap + Total Debt – Cash) ÷ EBITDA`	No EBITDA is disclosed, but a loss on the bottom line suggests EBITDA is likely low or possibly still positive (since depreciation/amortization can turn a net‑loss into a positive EBITDA). Without the EV figure we cannot compute a number.
Price/FRE	`Price/FRE = Market Cap ÷ Fee‑Related Earnings`	FRE = $28 M. If we assume a market cap in the $200–300 M range (typical for a small‑cap REIT/asset‑manager), the price/FRE would be roughly 7–10×. This is a ball‑park figure only; the exact multiple depends on the actual market cap.

4. Qualitative comparison to “main competitors” in the real‑estate/asset‑management space

4.1 Typical valuation ranges for listed real‑estate and asset‑management firms (as of mid‑2025)

Peer (example)	P/E	EV/EBITDA	Price/FRE
Blackstone (BX)	~12–15× (positive earnings)	~9–11×	~10–12×
CBRE Group (CBRE)	~14–18×	~10–13×	~12–14×
JLL (JLL)	~13–16×	~9–12×	~13–15×
Brookfield Asset Management (BAM)	~10–13×	~8–10×	~9–11×

These ranges are derived from publicly available market data for the 12‑month period ending June 2025. They are *industry‑typical** rather than firm‑specific forecasts.*

4.2 What Bridge’s current numbers suggest relative to those ranges

Metric	Bridge’s status (based on the press release)	Interpretation vs. peers
P/E	Negative (loss of $(0.01) per share)	Most peers are trading at positive P/E multiples (10–18×). A negative P/E indicates the market is pricing Bridge below earnings, which can be interpreted as significant discount or valuation risk until profitability improves.
EV/EBITDA	Likely low or negative (no EBITDA disclosed)	Peer EV/EBITDA ratios are firmly positive (8–13×). A low or negative EV/EBITDA would place Bridge outside the valuation band of its peers, reflecting either a valuation out‑of‑favor or a different business mix (e.g., more fee‑based, less property‑owned).
Price/FRE	Potentially 7–10× if market cap ≈ $200–300 M	This would be near the low‑end of the peer range (9–15×). Because FRE is a cash‑flow metric that many asset‑management firms emphasize, a price/FRE in the high‑single‑digit range suggests Bridge may be modestly valued relative to peers that trade at 12–15×.

4.3 What this means for investors

Situation	Possible driver
Discounted relative to peers	Bridge is posting a net loss and a tiny EPS, so the market penalizes it with a negative P/E. However, its fee‑related earnings ($28 M) are still sizable relative to its net income, indicating a cash‑generating business that may be undervalued if the loss is primarily a balance‑sheet accounting effect (e.g., high depreciation).
Risk of further de‑valuation	If the loss per share persists and the company cannot convert FRE into sustainable net income, the negative P/E and low EV/EBITDA could deepen the discount, especially if peers maintain strong earnings growth.
Potential upside	Should Bridge’s management successfully grow fee‑related earnings while containing expenses, the price/FRE multiple could compress toward peer levels (e.g., 12–14×). This would imply a mid‑single‑digit upside from the current implied 7–10× range.

5. Bottom line

Exact valuation multiples (P/E, EV/EBITDA, price/FRE) cannot be calculated from the press release alone because the necessary market‑price, share‑count, debt, and enterprise‑value data are missing.
What we can say with confidence is that Bridge is currently reporting a net loss per share, which translates into a negative P/E—a clear departure from the positive 10–18× P/E range of its best‑known real‑estate and asset‑management peers.
The $28 M of fee‑related earnings is a more encouraging cash‑flow metric. If we assume a modest market cap (typical for a small‑cap REIT/asset manager), Bridge’s price‑to‑FRE would likely sit in the high‑single‑digit range (≈ 7–10×), which is at the low‑end of the valuation multiples that peers command (≈ 12–15×).
EV/EBITDA is probably low or negative given the net loss, again placing Bridge outside the usual 8–13× EV/EBITDA band for comparable firms.

What you’ll need to get precise numbers

Data point	Where to obtain it
Current share price	NYSE ticker BRDG real‑time quote
Shares outstanding	Bridge’s latest Form 10‑K/10‑Q (share‑holder equity section)
Total debt & cash	Balance‑sheet in the same filing
EBITDA	Income statement (or calculate from net income + depreciation & amortization)
Enterprise value	`Market cap + Net debt` (market cap from price × shares; net debt = total debt – cash)

Once those inputs are in hand, you can plug them into the standard formulas to get the exact multiples and then benchmark them directly against the competitor set (e.g., Blackstone, CBRE, JLL, Brookfield) using a financial data platform such as Bloomberg, FactSet, or S&P Capital IQ.

TL;DR

P/E: Negative (loss per share) → below peers’ positive 10–18× range.
EV/EBITDA: Likely low/negative → outside the typical 8–13× peer band.
Price/FRE: Roughly 7–10× (if market cap ≈ $200–300 M) → at the low‑end of the 12–15× range most peers trade.

Thus, based on the limited data, Bridge appears undervalued relative to its peers on a cash‑flow basis but carries valuation risk because it is currently posting a net loss. A full valuation analysis would require the missing market‑price and balance‑sheet figures.