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Alexander & Baldwin, Inc. Message Board

  • Steadyhand Steadyhand Dec 22, 1997 12:55 PM Flag

    Analysis

    Currently a part owner, wondering if anyone has new information or an opinion other than that this company has very bright
    prospects. Marty Witman (Third Ave Value Fund) recommends it in latest issue of Networth, highlighting the fact that it's extensive
    landholdings on the island of Maui are still carried on the books at the purchase price of more than a hundred years ago - and still P/B
    is only about l.75. Other ratios look great too, with price/sales at less than l.0, PE at 15.7, and debt/equity of 0.5. Doesn't
    seem bad for a stock that is yeilding 3 1/4 % in dividends, and is forcast to increase earnings by 11% next year. What do you
    think?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • One used to be able to own CTO by buying Baker
      Fentress, a deeply discounted closed end fund. In essence
      Baker Fentress controlled CTO, and was itself
      controlled by one of its founders families.

      The
      discount used to be something like 20%, maybe even more.
      Nobody could open end it because of the family
      interest.

      I think it still trades.

      Bluepointer...ain't
      no oyster

    • CTO should be added to any list that includes large long time exposure to real estate. Much smaller than SJP but similiar exposures - if anyone is interested.

    • In gauging management effectiveness, ALEX indicates a return on assets of 4.15%.
      However, if their main asset of land is carried at its historical value of $150 per acre,
      set 100 years ago, the effective return on assets must be dismal.

      Probably the main reason to own this stock is Maui is a beautiful place.

    • The pineapple guy may want to look (with much caution) at NUT.

      I have been looking at ALEX for a bit. I worry whetehr asian slkup will carry over into
      -Hawaii real estate
      -less shipping accross the pacific.
      Currenly all teh bankrupt asian companies still function (see Hanbo steel), but eventually they will have to shut down- then we will see the actual impact on those that deal with them. Am I way off base?

      POSEN

    • is there a compelling reason to buy this stock at this price?
      developement of the land is a slow process. demand for residential lots just isn't there. If you give a good reason to buy, I will. I owned it years ago at the same price. gone nowhere in this 8 year old bull market.

      • 2 Replies to marq88
      • There may not be a compelling reason to buy this stock, but here are two good reasons.

        Last year Mart Whitman (Third Ave Value Fund), purchased and talked up Tejon Ranch with the same argument here is using here for owning ALEX. A short time later the market seemed to
        "discover" the company, and the price went from 16 to 45 (now at 24). I believe a similar occurance could happen here - although the asian contagion may be able to subdue it somewhat

        Second, this company seems like an excellant place to "park" money, while waiting for some of the excess in the market place to dissipate

      • I agree. I have been holding the stock since 91...talk about lost opportunity! Isn't revenue tied to A&B's shipping segment called Matson. With the current depressed Hawaii economy, I can't see it making any money right now.

 
ALEX
40.50+2.08(+5.41%)Dec 19 4:03 PMEST

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