Intrinsic value of Alexander&Baldwin - ALEX

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$41.46

  Intrinsic Value

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  Value-price divergence*

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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 2.0

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  388
  582
  596
  611
  628
  647
  668
  691
  716
  742
  771
  801
  834
  868
  905
  944
  986
  1,029
  1,076
  1,125
  1,176
  1,231
  1,288
  1,349
  1,413
  1,480
  1,551
  1,625
  1,704
  1,786
  1,873
Variable operating expenses, $m
 
  515
  526
  540
  554
  571
  589
  609
  630
  653
  678
  694
  722
  752
  784
  818
  854
  892
  932
  974
  1,019
  1,066
  1,116
  1,168
  1,224
  1,282
  1,343
  1,408
  1,476
  1,547
  1,622
Fixed operating expenses, $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
Total operating expenses, $m
  346
  515
  526
  540
  554
  571
  589
  609
  630
  653
  678
  694
  722
  752
  784
  818
  854
  892
  932
  974
  1,019
  1,066
  1,116
  1,168
  1,224
  1,282
  1,343
  1,408
  1,476
  1,547
  1,622
Operating income, $m
  42
  68
  70
  72
  74
  76
  79
  82
  86
  89
  93
  107
  112
  116
  121
  126
  132
  138
  144
  151
  157
  165
  172
  181
  189
  198
  208
  218
  228
  239
  251
EBITDA, $m
  162
  128
  131
  134
  138
  142
  147
  152
  157
  163
  169
  176
  183
  191
  199
  207
  216
  226
  236
  247
  258
  270
  283
  296
  310
  325
  341
  357
  374
  392
  411
Interest expense (income), $m
  26
  25
  25
  26
  28
  29
  30
  32
  34
  35
  37
  40
  42
  44
  47
  50
  52
  56
  59
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
Earnings before tax, $m
  35
  43
  44
  45
  46
  48
  49
  50
  52
  54
  56
  68
  70
  72
  74
  77
  79
  82
  85
  88
  91
  95
  99
  102
  106
  111
  115
  120
  125
  130
  135
Tax expense, $m
  2
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
Net income, $m
  -10
  32
  32
  33
  34
  35
  36
  37
  38
  39
  41
  49
  51
  53
  54
  56
  58
  60
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99

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
  2,284
  2,337
  2,397
  2,464
  2,539
  2,621
  2,710
  2,807
  2,911
  3,022
  3,142
  3,269
  3,405
  3,549
  3,702
  3,865
  4,036
  4,218
  4,410
  4,613
  4,826
  5,052
  5,290
  5,540
  5,804
  6,081
  6,374
  6,681
  7,005
  7,345
Adjusted assets (=assets-cash), $m
  2,154
  2,284
  2,337
  2,397
  2,464
  2,539
  2,621
  2,710
  2,807
  2,911
  3,022
  3,142
  3,269
  3,405
  3,549
  3,702
  3,865
  4,036
  4,218
  4,410
  4,613
  4,826
  5,052
  5,290
  5,540
  5,804
  6,081
  6,374
  6,681
  7,005
  7,345
Revenue / Adjusted assets
  0.180
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
Average production assets, $m
  670
  724
  741
  760
  781
  805
  831
  859
  890
  923
  958
  996
  1,036
  1,079
  1,125
  1,174
  1,225
  1,279
  1,337
  1,398
  1,462
  1,530
  1,601
  1,677
  1,756
  1,840
  1,928
  2,020
  2,118
  2,220
  2,328
Working capital, $m
  -27
  58
  60
  61
  63
  65
  67
  69
  72
  74
  77
  80
  83
  87
  91
  94
  99
  103
  108
  112
  118
  123
  129
  135
  141
  148
  155
  163
  170
  179
  187
Total debt, $m
  515
  606
  630
  657
  688
  722
  759
  799
  843
  890
  941
  995
  1,053
  1,115
  1,180
  1,250
  1,324
  1,402
  1,484
  1,571
  1,663
  1,760
  1,863
  1,970
  2,084
  2,204
  2,330
  2,463
  2,602
  2,749
  2,904
Total liabilities, $m
  947
  1,037
  1,061
  1,088
  1,119
  1,153
  1,190
  1,230
  1,274
  1,321
  1,372
  1,426
  1,484
  1,546
  1,611
  1,681
  1,755
  1,833
  1,915
  2,002
  2,094
  2,191
  2,294
  2,401
  2,515
  2,635
  2,761
  2,894
  3,033
  3,180
  3,335
Total equity, $m
  1,209
  1,247
  1,276
  1,309
  1,345
  1,386
  1,431
  1,480
  1,532
  1,589
  1,650
  1,715
  1,785
  1,859
  1,938
  2,022
  2,110
  2,204
  2,303
  2,408
  2,519
  2,635
  2,758
  2,888
  3,025
  3,169
  3,320
  3,480
  3,648
  3,825
  4,011
Total liabilities and equity, $m
  2,156
  2,284
  2,337
  2,397
  2,464
  2,539
  2,621
  2,710
  2,806
  2,910
  3,022
  3,141
  3,269
  3,405
  3,549
  3,703
  3,865
  4,037
  4,218
  4,410
  4,613
  4,826
  5,052
  5,289
  5,540
  5,804
  6,081
  6,374
  6,681
  7,005
  7,346
Debt-to-equity ratio
  0.426
  0.490
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
Adjusted equity ratio
  0.560
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  32
  32
  33
  34
  35
  36
  37
  38
  39
  41
  49
  51
  53
  54
  56
  58
  60
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
Depreciation, amort., depletion, $m
  120
  60
  61
  63
  64
  66
  67
  69
  72
  74
  76
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
  106
  110
  116
  121
  127
  133
  139
  146
  153
  161
Funds from operations, $m
  137
  92
  93
  96
  98
  100
  103
  106
  110
  113
  117
  118
  122
  127
  132
  137
  142
  148
  154
  161
  168
  175
  182
  190
  199
  208
  217
  227
  237
  248
  259
Change in working capital, $m
  26
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
Cash from operations, $m
  111
  -565
  92
  94
  96
  99
  101
  104
  107
  110
  114
  115
  119
  124
  128
  133
  138
  144
  150
  156
  162
  169
  177
  184
  192
  201
  210
  219
  229
  240
  251
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
New CAPEX, $m
  -116
  -14
  -17
  -19
  -21
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -51
  -54
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -97
  -103
  -108
Cash from investing activities, $m
  -26
  -63
  -67
  -70
  -73
  -78
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -127
  -132
  -138
  -146
  -153
  -160
  -169
  -177
  -185
  -195
  -205
  -215
  -226
  -236
  -249
  -261
Free cash flow, $m
  85
  -628
  26
  24
  22
  21
  20
  18
  17
  16
  15
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  1
  0
  -1
  -3
  -4
  -5
  -6
  -8
  -9
  -10
Issuance/(repayment) of debt, $m
  -72
  20
  24
  27
  31
  34
  37
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
Issuance/(repurchase) of shares, $m
  1
  632
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  3
  5
  7
  9
  11
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
Cash from financing (excl. dividends), $m  
  -73
  652
  24
  27
  31
  34
  37
  41
  44
  47
  51
  54
  60
  65
  71
  77
  83
  89
  95
  102
  109
  116
  123
  131
  140
  148
  157
  166
  176
  186
  197
Total cash flow (excl. dividends), $m
  13
  -608
  49
  51
  53
  55
  57
  59
  61
  63
  66
  65
  68
  71
  74
  76
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
Retained Cash Flow (-), $m
  15
  -23
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
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
 
  0
  21
  18
  16
  14
  12
  10
  8
  6
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  0
  18
  15
  12
  9
  7
  5
  4
  3
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.8
  75.7
  75.5
  75.4
  75.2
  74.9
  74.7
  74.4
  74.0
  73.7
  73.3
  73.0
  72.6
  72.1
  71.7
  71.3
  70.8
  70.4
  69.9

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 -203.2
Price to Sales 5.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 18.3
Price to Free Cash Flow -406.3
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 $571 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% 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 7.2%, 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 88.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 4.2% 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 124.3%.

Life of production assets of 14.5 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 10%. 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 - $1224 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 $2.0 billion.


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COMPANY NEWS

▶ A&B's Lau Hala Shops in Kailua adding fitness to tenant mix   [06:50PM  American City Business Journals]
▶ A&B, Carbon Lighthouse to reduce energy use at 3 Oahu commercial buildings   [Jun-20-17 07:45PM  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]
▶ Ambassador Hotel Waikiki may be sold for $95M   [Sep-02-16 01:30PM  at bizjournals.com]
Stock chart of ALEX Financial statements of ALEX Annual reports 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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