Forestar Group Inc. (FOR)

Real Estate

Latest Price

$28.15

TTM P/E

8.45

Normalized P/E

8.42

Div Yield

Book Value

36.32

P/B Ratio

0.77

Valuation metrics

EPS: $3.29

Book value / share: $34.78

Formula: √(22.5 × EPS × BVPS)

Graham Number

$50.74

+80% upside

Norm. op. income: $219M (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$24.38

13% downside

Base FCF: $234M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$334.26

+1087% upside

EPS: $3.29

Target P/E: 8×

Formula: EPS × P/E

P/E Fair Value

$26.32

7% downside

34.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
DIMENSIONAL FUND ADVISORS LP	2.81M	$68.0M	5.50%	+30.3K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	1.81M	$44.0M	3.55%	--	2026-03-31
BlackRock, Inc.	1.64M	$39.0M	3.21%	+55.0K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	880.4K	$21.0M	1.73%	--	2026-03-31
AMERICAN CENTURY COMPANIES INC	809.6K	$19.0M	1.59%	+71.8K	2026-03-31
GOLDMAN SACHS GROUP INC	562.7K	$13.0M	1.10%	+125.1K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	516.8K	$12.0M	1.01%	+8.0K	2026-03-31
HEARTLAND ADVISORS INC	505.1K	$12.0M	0.99%	-1.4K	2026-03-31
AMERIPRISE FINANCIAL INC	504.4K	$12.0M	0.99%	-3.3K	2026-03-31
STATE STREET CORP	451.1K	$11.0M	0.88%	-2.5K	2026-03-31