RE:At First GlanceThe parking industry is going through (and will continue to go through) a major shift. Parkit is obviously cheap on traditional metrics, but it's possible that the business deserves to be cheap. I've been waitching PKT for a long time, and at a certain point the price makes sense regardless of the business, but I'm not bullish on the long term economics of parking operators.
As they say, when cars were increasing in popularity, the automakers weren't the best investments. The best investment was being short horses.
“What we’re seeing is more and more people putting together the pieces of mobility based on these choices that didn’t exist before,” said Susan Shaheen, co-director of the research center. “How is this going to affect the automobile market as well as the demand for parking in our cities?” She noted that some airports are already seeing sharp declines in parking proceeds—a key source of their revenue—as more customers use e-hails or public transportation. The shortfalls have been significant enough for one aviation consultant to write recently in a trade journal that if the trend continues or accelerates, it could “pose serious trouble to most modern airport financing models.”
https://www.crainsnewyork.com/article/20180221/FEATURES/180219923