Intrinsic value of Alexander&Baldwin - ALEX

Previous Close

$43.28

  Intrinsic Value

$5.80

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

-15%

Previous close

$43.28

 
Intrinsic value

$5.80

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

-15%

Our model is not good at valuating stocks of financial companies, such as ALEX.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ALEX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -17.97
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  388
  397
  406
  417
  430
  443
  458
  474
  492
  510
  530
  552
  574
  599
  624
  652
  680
  711
  743
  777
  813
  851
  891
  933
  977
  1,024
  1,073
  1,125
  1,179
  1,236
  1,297
Variable operating expenses, $m
 
  173
  177
  181
  186
  192
  198
  205
  212
  219
  227
  226
  235
  245
  256
  267
  279
  291
  304
  318
  333
  349
  365
  382
  400
  419
  440
  461
  483
  507
  531
Fixed operating expenses, $m
 
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  237
  243
  250
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  336
  344
  353
  361
  370
  380
Total operating expenses, $m
  346
  359
  367
  376
  386
  397
  408
  420
  433
  445
  459
  463
  478
  495
  512
  529
  548
  566
  586
  607
  630
  653
  677
  701
  727
  755
  784
  814
  844
  877
  911
Operating income, $m
  42
  38
  40
  41
  44
  47
  50
  55
  60
  65
  71
  88
  96
  104
  113
  122
  133
  144
  156
  169
  183
  198
  214
  231
  249
  269
  289
  311
  335
  359
  386
EBITDA, $m
  162
  117
  120
  124
  128
  134
  140
  147
  155
  163
  173
  183
  195
  207
  221
  235
  250
  267
  285
  304
  324
  345
  368
  392
  418
  446
  475
  506
  538
  573
  610
Interest expense (income), $m
  26
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  43
  46
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
Earnings before tax, $m
  35
  14
  14
  15
  16
  18
  20
  22
  25
  29
  33
  48
  53
  58
  64
  71
  79
  86
  95
  104
  115
  125
  137
  149
  163
  177
  192
  209
  226
  245
  264
Tax expense, $m
  2
  4
  4
  4
  4
  5
  5
  6
  7
  8
  9
  13
  14
  16
  17
  19
  21
  23
  26
  28
  31
  34
  37
  40
  44
  48
  52
  56
  61
  66
  71
Net income, $m
  -10
  10
  10
  11
  12
  13
  15
  16
  19
  21
  24
  35
  38
  43
  47
  52
  57
  63
  69
  76
  84
  92
  100
  109
  119
  129
  140
  152
  165
  179
  193

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,156
  2,203
  2,258
  2,319
  2,388
  2,463
  2,546
  2,635
  2,732
  2,835
  2,946
  3,065
  3,191
  3,326
  3,468
  3,619
  3,780
  3,949
  4,128
  4,317
  4,517
  4,727
  4,949
  5,183
  5,429
  5,688
  5,961
  6,248
  6,551
  6,869
  7,203
Adjusted assets (=assets-cash), $m
  2,154
  2,203
  2,258
  2,319
  2,388
  2,463
  2,546
  2,635
  2,732
  2,835
  2,946
  3,065
  3,191
  3,326
  3,468
  3,619
  3,780
  3,949
  4,128
  4,317
  4,517
  4,727
  4,949
  5,183
  5,429
  5,688
  5,961
  6,248
  6,551
  6,869
  7,203
Revenue / Adjusted assets
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
Average production assets, $m
  670
  685
  702
  721
  742
  766
  791
  819
  849
  881
  916
  953
  992
  1,034
  1,078
  1,125
  1,175
  1,228
  1,283
  1,342
  1,404
  1,469
  1,538
  1,611
  1,688
  1,768
  1,853
  1,942
  2,036
  2,135
  2,239
Working capital, $m
  -27
  13
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
Total debt, $m
  515
  535
  559
  586
  616
  649
  686
  725
  767
  813
  861
  914
  969
  1,028
  1,091
  1,157
  1,227
  1,302
  1,380
  1,463
  1,551
  1,643
  1,741
  1,843
  1,951
  2,065
  2,185
  2,311
  2,444
  2,583
  2,730
Total liabilities, $m
  947
  967
  991
  1,018
  1,048
  1,081
  1,118
  1,157
  1,199
  1,245
  1,293
  1,346
  1,401
  1,460
  1,523
  1,589
  1,659
  1,734
  1,812
  1,895
  1,983
  2,075
  2,173
  2,275
  2,383
  2,497
  2,617
  2,743
  2,876
  3,015
  3,162
Total equity, $m
  1,209
  1,236
  1,267
  1,301
  1,340
  1,382
  1,428
  1,478
  1,533
  1,591
  1,653
  1,719
  1,790
  1,866
  1,946
  2,031
  2,120
  2,215
  2,316
  2,422
  2,534
  2,652
  2,776
  2,907
  3,046
  3,191
  3,344
  3,505
  3,675
  3,853
  4,041
Total liabilities and equity, $m
  2,156
  2,203
  2,258
  2,319
  2,388
  2,463
  2,546
  2,635
  2,732
  2,836
  2,946
  3,065
  3,191
  3,326
  3,469
  3,620
  3,779
  3,949
  4,128
  4,317
  4,517
  4,727
  4,949
  5,182
  5,429
  5,688
  5,961
  6,248
  6,551
  6,868
  7,203
Debt-to-equity ratio
  0.426
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.680
Adjusted equity ratio
  0.560
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  10
  10
  11
  12
  13
  15
  16
  19
  21
  24
  35
  38
  43
  47
  52
  57
  63
  69
  76
  84
  92
  100
  109
  119
  129
  140
  152
  165
  179
  193
Depreciation, amort., depletion, $m
  120
  79
  80
  82
  84
  87
  89
  92
  95
  98
  102
  95
  99
  103
  108
  113
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  204
  214
  224
Funds from operations, $m
  137
  89
  91
  93
  96
  100
  104
  108
  114
  119
  126
  130
  138
  146
  155
  164
  175
  186
  198
  210
  224
  238
  254
  270
  288
  306
  326
  347
  369
  392
  417
Change in working capital, $m
  26
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  111
  89
  91
  93
  96
  99
  103
  108
  113
  119
  125
  129
  137
  145
  154
  164
  174
  185
  197
  209
  223
  237
  252
  269
  286
  305
  324
  345
  367
  390
  415
Maintenance CAPEX, $m
  0
  -67
  -68
  -70
  -72
  -74
  -77
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
  -214
New CAPEX, $m
  -116
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
Cash from investing activities, $m
  -26
  -82
  -85
  -89
  -93
  -97
  -103
  -107
  -112
  -117
  -123
  -129
  -134
  -141
  -147
  -155
  -163
  -170
  -179
  -187
  -196
  -205
  -216
  -227
  -238
  -250
  -262
  -274
  -288
  -303
  -318
Free cash flow, $m
  85
  7
  5
  4
  2
  2
  1
  1
  1
  2
  3
  1
  2
  4
  6
  9
  12
  15
  18
  22
  27
  31
  37
  42
  48
  55
  62
  70
  79
  88
  97
Issuance/(repayment) of debt, $m
  -72
  22
  24
  27
  30
  33
  36
  39
  42
  46
  49
  52
  55
  59
  63
  66
  70
  74
  79
  83
  88
  92
  97
  103
  108
  114
  120
  126
  133
  140
  147
Issuance/(repurchase) of shares, $m
  1
  16
  20
  24
  27
  29
  32
  34
  36
  37
  38
  32
  32
  33
  33
  33
  33
  32
  31
  30
  28
  27
  24
  22
  19
  16
  13
  9
  5
  0
  0
Cash from financing (excl. dividends), $m  
  -73
  38
  44
  51
  57
  62
  68
  73
  78
  83
  87
  84
  87
  92
  96
  99
  103
  106
  110
  113
  116
  119
  121
  125
  127
  130
  133
  135
  138
  140
  147
Total cash flow (excl. dividends), $m
  13
  46
  49
  54
  59
  64
  69
  74
  79
  84
  89
  85
  90
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  227
  244
Retained Cash Flow (-), $m
  15
  -27
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -67
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -170
  -178
  -188
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  18
  19
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  57
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  18
  16
  16
  15
  15
  14
  13
  12
  11
  10
  6
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.2
  98.3
  97.2
  96.1
  94.8
  93.6
  92.3
  91.0
  89.8
  88.5
  87.5
  86.6
  85.7
  84.8
  83.9
  83.2
  82.4
  81.8
  81.2
  80.6
  80.1
  79.7
  79.3
  79.0
  78.8
  78.6
  78.5
  78.4
  78.4
  78.4

Alexander & Baldwin, Inc. engages in the real estate development and leasing, materials and construction, and agribusiness in Hawaii. The company operates in four segments: Real Estate Development and Sales, Real Estate Leasing, Materials and Construction, and Agribusiness. The Real Estate Development and Sales segment is involved in the stewardship, planning, entitlement, development, investments, and sale of land, and commercial and residential properties principally in Hawaii. The Real Estate Leasing segment owns, operates, and manages a portfolio of 58 retail, office, and industrial properties in Hawaii and on the Mainland, as well as leases land in Hawaii to third-party. The Materials and Construction segment performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes, and sells basalt aggregate; produces and sells asphaltic and ready-mix concrete; provides and markets various construction- and traffic-control-related products; and manufactures and sells precast concrete products. The Agribusiness segment produces bulk raw sugar, specialty food grade sugars, and molasses; markets and distributes specialty food-grade sugars; provides general trucking, and mobile equipment maintenance and repair services; leases agricultural land to third parties; and generates and sells electricity. The company was formerly known as A & B II, Inc. and changed its name to Alexander & Baldwin, Inc. in June 2012. Alexander & Baldwin, Inc. was founded in 1870 and is headquartered in Honolulu, Hawaii.

FINANCIAL RATIOS  of  Alexander&Baldwin (ALEX)

Valuation Ratios
P/E Ratio -212.1
Price to Sales 5.5
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 19.1
Price to Free Cash Flow -424.1
Growth Rates
Sales Growth Rate -18%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 157.8%
Cap. Spend. - 3 Yr. Gr. Rate -25.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 39.1%
Total Debt to Equity 42.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital -0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.4%
Return On Equity -0.8%
Return On Equity - 3 Yr. Avg. 2.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 30%
EBITDA Margin 46.6%
EBITDA Margin - 3 Yr. Avg. 37.4%
Operating Margin 10.8%
Oper. Margin - 3 Yr. Avg. 15.5%
Pre-Tax Margin 9%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin -2.6%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 5.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.5%
Payout Ratio -120%

ALEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALEX stock intrinsic value calculation we used $388 million for the last fiscal year's total revenue generated by Alexander&Baldwin. The default revenue input number comes from 2016 income statement of Alexander&Baldwin. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALEX stock valuation model: a) initial revenue growth rate of 2.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.7%, whose default value for ALEX is calculated based on our internal credit rating of Alexander&Baldwin, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Alexander&Baldwin.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALEX stock the variable cost ratio is equal to 43.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $181 million in the base year in the intrinsic value calculation for ALEX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for Alexander&Baldwin.

Corporate tax rate of 27% is the nominal tax rate for Alexander&Baldwin. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALEX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALEX are equal to 172.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Alexander&Baldwin operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALEX is equal to 3.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1209 million for Alexander&Baldwin - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 47.736 million for Alexander&Baldwin is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Alexander&Baldwin at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Alexander & Baldwin posts 2Q profit   [Aug-02-17 10:49PM  Associated Press]
▶ Alexander & Baldwin posts $4.8M profit in Q2   [09:05PM  American City Business Journals]
▶ Alexander & Baldwin to convert to a REIT, hires new CFO   [Jul-10-17 08:20PM  American City Business Journals]
▶ Alexander & Baldwin to convert to a REIT, hires new CFO   [05:40PM  American City Business Journals]
▶ A&B, Carbon Lighthouse to reduce energy use at 3 Oahu commercial buildings   [Jun-30-17 03:29PM  American City Business Journals]
▶ A&B's Lau Hala Shops in Kailua adding fitness to tenant mix   [06:50PM  American City Business Journals]
▶ Alexander & Baldwin to Present at REITWeek┬« 2017   [May-31-17 04:01PM  PR Newswire]
▶ Alexander & Baldwin to establish new grass-fed cattle operation on HC&S plantation   [May-17-17 02:43PM  American City Business Journals]
▶ Alexander & Baldwin posts $7M profit in Q1   [May-04-17 09:10PM  American City Business Journals]
▶ Alexander & Baldwin posts 1Q profit   [05:14PM  Associated Press]
▶ Alexander & Baldwin reports net income of $300,000 for Q4   [Feb-28-17 10:40PM  at bizjournals.com]
▶ Safeway to anchor new Ho`okele Shopping Center   [Feb-23-17 04:13PM  PR Newswire]
▶ Ruth's Chris Steak House expanding to Kauai   [Feb-09-17 08:00PM  at bizjournals.com]
▶ Hawaii yoga apparel retailer to close Kailua store   [Feb-07-17 12:30PM  at bizjournals.com]
▶ Chef Roy Yamaguchi to open new restaurant concept in Kailua   [Jan-14-17 09:46PM  at bizjournals.com]
▶ HC&S holds last sugar harvest on Maui: Slideshow   [Dec-13-16 05:50AM  at bizjournals.com]
▶ A&B chief hints at another large project coming soon   [Nov-01-16 01:40PM  at bizjournals.com]
▶ Hawaii developer may convert to real estate investment trust   [Oct-27-16 08:25PM  at bizjournals.com]
▶ Alexander & Baldwin Increases Dividend   [Oct-25-16 08:34PM  PR Newswire]
▶ Two retailers opening at Kailua Shopping Center   [Oct-24-16 09:21PM  at bizjournals.com]
Stock chart of ALEX Financial statements of ALEX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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