Sunday, December 30, 2007

Land Review 2007: Part II

There was quite a bit of interest in Part I of 2007's Land Review, so today, we give you Part II. For clarification, we are not suggesting that any or all of these companies are ripe for purchase. Value is in the eye of the beholder, and the companies I value are likely to be shorted by someone who has an opposing view. (See our8/7/07 column where Greenlight Capital's David Einhorn and I tangled over our repective opinions on St. Joes (JOE).

(Market Cap and EV are in $ millions)
Scheid Vineyards
Ticker: SVIN
Recent Price: $35.55
52 High/Low: $39/$32
Avg Volume: 50
Mkt Cap: 36
Ent Value: 70
Acres Owned: 1800
EV/Acre: $38,889
Location: California
Primary Use: Vineyards
Shares/Acre: 1094

Tejon Ranch
Ticker: TRC
Recent Price: $41.43
52 High/Low: $57.09/$35.8
Avg Volume: 50000
Mkt Cap: 700
Ent Value: 620
Acres Owned: 270000
EV/Acre: $2296
Location: California
Primary Use: Development/Ag
Shares/Acre: 55

St Joes
Ticker: JOE
Recent Price: $31.01
52 High/Low: $64.1/$26.7
Avg Volume: 863000
Mkt Cap: 2306
Ent Value: 2841
Acres Owned: 718240
EV/Acre: $3956
Location: Florida
Primary Use: Development/timber
Shares/Acre: 128

Texas Pacific Land
Ticker: TPL
Recent Price: $43.45
52 High/Low: $62.75/$32.01
Avg Volume: 17000
Mkt Cap: 457
Ent Value: 448
Acres Owned: 966392
EV/Acre: $464
Location: Texas
Primary Use: Leased for grazing/oil
Shares/Acre: 11

Ticker: CDZI
Recent Price: $19.13
52 High/Low: $27/$16.06
Avg Volume: 37000
Mkt Cap: 228
Ent Value: 245
Acres Owned: 45000
EV/Acre: $5444
Location: California
Primary Use: Water/ag
Shares/Acre: 285

Ticker: AVTR
Recent Price: $38.06
52 High/Low: $86.52/$37.71
Avg Volume: 116000
Mkt Cap: 315
Ent Value: 259
Acres Owned: 32000
EV/Acre: $8094
Location: Florida, Arizona
Primary Use: Development
Shares/Acre: 213

Pope Resources
Ticker: POPEZ
Recent Price: $41.78
52 High/Low: $50.01/$34
Avg Volume: 6000
Mkt Cap: 196
Ent Value: 242
Acres Owned: 118000
EV/Acre: $2051
Location: Washington
Primary Use: Timber/Development
Shares/Acre: 49

Potlach Corp
Ticker: PCH
Recent Price: $45.76
51 High/Low: $49.98/$38.99
Avg Volume: 364000
Mkt Cap: 1793
Ent Value: 2191
Acres Owned: 1500000
EV/Acre: $1461
Location: Arizona, Idaho, Minnesota
Primary Use: Timber
Shares/Acre: 32

Mauna Loa
Ticker: NUT
Recent Price: $3.55
52 High/Low: $6.27/$3.5
Avg Volume: 17400
Mkt Cap: 27
Ent Value: 30
Acres Owned: 2242
EV/Acre: $13381
Location: Hawaii
Primary Use: Agriculture
Shares/Acre: 3769

Keenawaw Land
Ticker: KEWL
Recent Price: $217
52 High/Low: $222.25/$171
Avg Volume: 500
Mkt Cap: 139.1
Ent Value: 139.1 (est)
Acres Owned: 150000 (est)
EV/Acre: $927 (est)
Location: Michigan
Primary Use: Timber
Shares/Acre: 4

This is not intended to be an exhaustive list of all companies that hold substantial amounts of land. There are many, and perhaps we'll profile others in future postings. Happy New Year!

*The author holds positions in JOE and TRC. This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only. The author will not trade any of the securities mentioned (buy, sell, short) for at least two weeks following the date of this post.


Eric J. Fox said...

There is one you forgot. It is the CKX Land Company trading under the symbol CKX on the AMEX. Maybe put this one in Part III. CKX owns land all over Louisiana and makes money from oil/gas royalties and Timber sales. No debt, great dividend.

Clyde said...

Eric, thanks for the suggestion. This was not an all inclusive list, and by popular demand, there may be a Part III to this piece.