Intrinsic value of Alexander&Baldwin - ALEX

Previous Close

$45.28

  Intrinsic Value

$16.51

stock screener

  Rating & Target

str. sell

-64%

  Value-price divergence*

+181%

Previous close

$45.28

 
Intrinsic value

$16.51

 
Up/down potential

-64%

 
Rating

str. sell

 
Value-price divergence*

+181%

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 2.2

 

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
  19.50
  18.05
  16.75
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
Revenue, $m
  388
  464
  547
  639
  739
  846
  960
  1,082
  1,212
  1,348
  1,491
  1,641
  1,798
  1,961
  2,131
  2,309
  2,493
  2,685
  2,884
  3,091
  3,306
  3,529
  3,762
  4,004
  4,255
  4,517
  4,790
  5,074
  5,371
  5,680
  6,003
Variable operating expenses, $m
 
  200
  234
  272
  313
  357
  404
  454
  507
  562
  621
  672
  736
  803
  873
  946
  1,021
  1,100
  1,181
  1,266
  1,354
  1,446
  1,541
  1,640
  1,743
  1,851
  1,963
  2,079
  2,201
  2,327
  2,460
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
  386
  424
  467
  513
  562
  614
  669
  728
  788
  853
  909
  979
  1,053
  1,129
  1,208
  1,290
  1,375
  1,463
  1,555
  1,651
  1,750
  1,853
  1,959
  2,070
  2,187
  2,307
  2,432
  2,562
  2,697
  2,840
Operating income, $m
  42
  78
  123
  172
  226
  284
  347
  414
  484
  559
  638
  731
  818
  908
  1,002
  1,101
  1,203
  1,309
  1,420
  1,535
  1,655
  1,779
  1,909
  2,044
  2,184
  2,331
  2,484
  2,643
  2,809
  2,983
  3,164
EBITDA, $m
  162
  213
  281
  355
  435
  523
  616
  716
  822
  933
  1,051
  1,174
  1,303
  1,437
  1,577
  1,724
  1,876
  2,034
  2,198
  2,369
  2,547
  2,732
  2,924
  3,124
  3,333
  3,550
  3,776
  4,012
  4,258
  4,515
  4,784
Interest expense (income), $m
  26
  24
  33
  42
  53
  64
  77
  90
  104
  119
  134
  151
  168
  186
  204
  224
  244
  265
  287
  310
  334
  359
  384
  411
  439
  467
  497
  529
  561
  595
  631
Earnings before tax, $m
  35
  54
  90
  130
  173
  220
  270
  324
  381
  441
  504
  580
  650
  722
  798
  877
  959
  1,044
  1,133
  1,225
  1,321
  1,421
  1,525
  1,633
  1,746
  1,863
  1,986
  2,114
  2,248
  2,387
  2,533
Tax expense, $m
  2
  15
  24
  35
  47
  59
  73
  87
  103
  119
  136
  157
  175
  195
  215
  237
  259
  282
  306
  331
  357
  384
  412
  441
  471
  503
  536
  571
  607
  645
  684
Net income, $m
  -10
  39
  66
  95
  126
  161
  197
  236
  278
  322
  368
  424
  474
  527
  582
  640
  700
  762
  827
  894
  964
  1,037
  1,113
  1,192
  1,274
  1,360
  1,450
  1,543
  1,641
  1,743
  1,849

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
  2,576
  3,041
  3,550
  4,103
  4,698
  5,335
  6,013
  6,731
  7,488
  8,283
  9,116
  9,986
  10,894
  11,841
  12,826
  13,850
  14,914
  16,021
  17,170
  18,365
  19,607
  20,899
  22,242
  23,640
  25,095
  26,611
  28,191
  29,839
  31,557
  33,350
Adjusted assets (=assets-cash), $m
  2,154
  2,576
  3,041
  3,550
  4,103
  4,698
  5,335
  6,013
  6,731
  7,488
  8,283
  9,116
  9,986
  10,894
  11,841
  12,826
  13,850
  14,914
  16,021
  17,170
  18,365
  19,607
  20,899
  22,242
  23,640
  25,095
  26,611
  28,191
  29,839
  31,557
  33,350
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
  801
  945
  1,104
  1,275
  1,460
  1,659
  1,869
  2,092
  2,328
  2,575
  2,834
  3,104
  3,387
  3,681
  3,987
  4,305
  4,636
  4,980
  5,338
  5,709
  6,095
  6,497
  6,914
  7,349
  7,801
  8,272
  8,764
  9,276
  9,810
  10,367
Working capital, $m
  -27
  16
  19
  22
  25
  29
  33
  37
  41
  46
  51
  56
  61
  67
  72
  78
  85
  91
  98
  105
  112
  120
  128
  136
  145
  154
  163
  173
  183
  193
  204
Total debt, $m
  515
  699
  903
  1,126
  1,369
  1,631
  1,910
  2,208
  2,523
  2,855
  3,204
  3,570
  3,952
  4,351
  4,766
  5,198
  5,648
  6,115
  6,601
  7,106
  7,630
  8,176
  8,743
  9,332
  9,946
  10,585
  11,250
  11,944
  12,667
  13,422
  14,209
Total liabilities, $m
  947
  1,131
  1,335
  1,558
  1,801
  2,063
  2,342
  2,640
  2,955
  3,287
  3,636
  4,002
  4,384
  4,783
  5,198
  5,630
  6,080
  6,547
  7,033
  7,538
  8,062
  8,608
  9,175
  9,764
  10,378
  11,017
  11,682
  12,376
  13,099
  13,854
  14,641
Total equity, $m
  1,209
  1,445
  1,706
  1,992
  2,302
  2,636
  2,993
  3,373
  3,776
  4,201
  4,647
  5,114
  5,602
  6,112
  6,643
  7,195
  7,770
  8,367
  8,988
  9,633
  10,303
  11,000
  11,724
  12,478
  13,262
  14,079
  14,929
  15,815
  16,739
  17,703
  18,710
Total liabilities and equity, $m
  2,156
  2,576
  3,041
  3,550
  4,103
  4,699
  5,335
  6,013
  6,731
  7,488
  8,283
  9,116
  9,986
  10,895
  11,841
  12,825
  13,850
  14,914
  16,021
  17,171
  18,365
  19,608
  20,899
  22,242
  23,640
  25,096
  26,611
  28,191
  29,838
  31,557
  33,351
Debt-to-equity ratio
  0.426
  0.480
  0.530
  0.570
  0.590
  0.620
  0.640
  0.650
  0.670
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
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
  39
  66
  95
  126
  161
  197
  236
  278
  322
  368
  424
  474
  527
  582
  640
  700
  762
  827
  894
  964
  1,037
  1,113
  1,192
  1,274
  1,360
  1,450
  1,543
  1,641
  1,743
  1,849
Depreciation, amort., depletion, $m
  120
  135
  158
  183
  209
  238
  269
  302
  337
  374
  413
  443
  485
  529
  575
  623
  673
  724
  778
  834
  892
  952
  1,015
  1,080
  1,148
  1,219
  1,293
  1,369
  1,449
  1,533
  1,620
Funds from operations, $m
  137
  175
  224
  277
  336
  399
  467
  539
  615
  696
  780
  867
  959
  1,056
  1,158
  1,263
  1,372
  1,486
  1,605
  1,728
  1,856
  1,989
  2,128
  2,272
  2,423
  2,579
  2,742
  2,913
  3,090
  3,275
  3,469
Change in working capital, $m
  26
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  111
  172
  221
  274
  332
  395
  463
  534
  611
  691
  776
  861
  954
  1,051
  1,152
  1,257
  1,366
  1,480
  1,598
  1,721
  1,849
  1,982
  2,120
  2,264
  2,414
  2,570
  2,733
  2,903
  3,080
  3,265
  3,458
Maintenance CAPEX, $m
  0
  -105
  -125
  -148
  -172
  -199
  -228
  -259
  -292
  -327
  -364
  -402
  -443
  -485
  -529
  -575
  -623
  -673
  -724
  -778
  -834
  -892
  -952
  -1,015
  -1,080
  -1,148
  -1,219
  -1,293
  -1,369
  -1,449
  -1,533
New CAPEX, $m
  -116
  -131
  -145
  -158
  -172
  -185
  -198
  -211
  -223
  -235
  -247
  -259
  -271
  -282
  -294
  -306
  -318
  -331
  -344
  -357
  -371
  -386
  -401
  -418
  -435
  -452
  -471
  -491
  -512
  -534
  -557
Cash from investing activities, $m
  -26
  -236
  -270
  -306
  -344
  -384
  -426
  -470
  -515
  -562
  -611
  -661
  -714
  -767
  -823
  -881
  -941
  -1,004
  -1,068
  -1,135
  -1,205
  -1,278
  -1,353
  -1,433
  -1,515
  -1,600
  -1,690
  -1,784
  -1,881
  -1,983
  -2,090
Free cash flow, $m
  85
  -63
  -49
  -32
  -12
  11
  36
  65
  95
  129
  165
  200
  241
  283
  328
  376
  425
  476
  530
  586
  643
  704
  766
  832
  899
  970
  1,043
  1,119
  1,199
  1,281
  1,368
Issuance/(repayment) of debt, $m
  -72
  186
  204
  224
  243
  261
  280
  298
  315
  332
  349
  366
  382
  399
  415
  432
  450
  467
  486
  505
  525
  545
  567
  590
  614
  639
  666
  694
  723
  754
  787
Issuance/(repurchase) of shares, $m
  1
  197
  195
  191
  184
  174
  160
  144
  125
  103
  78
  44
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -73
  383
  399
  415
  427
  435
  440
  442
  440
  435
  427
  410
  396
  399
  415
  432
  450
  467
  486
  505
  525
  545
  567
  590
  614
  639
  666
  694
  723
  754
  787
Total cash flow (excl. dividends), $m
  13
  319
  350
  383
  415
  446
  476
  506
  535
  564
  592
  609
  637
  682
  744
  808
  874
  944
  1,015
  1,090
  1,168
  1,249
  1,333
  1,421
  1,513
  1,609
  1,708
  1,813
  1,922
  2,036
  2,155
Retained Cash Flow (-), $m
  15
  -236
  -261
  -286
  -310
  -334
  -357
  -380
  -403
  -425
  -446
  -467
  -488
  -510
  -531
  -552
  -575
  -597
  -621
  -645
  -670
  -697
  -725
  -754
  -784
  -816
  -850
  -886
  -924
  -964
  -1,006
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
 
  83
  90
  97
  104
  112
  119
  126
  133
  139
  146
  142
  149
  173
  213
  255
  300
  346
  395
  445
  498
  552
  609
  668
  729
  792
  858
  926
  998
  1,072
  1,149
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
 
  78
  78
  78
  78
  76
  73
  69
  65
  60
  54
  45
  40
  39
  40
  39
  37
  34
  30
  26
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  92.0
  85.7
  80.9
  77.0
  74.0
  71.7
  69.9
  68.5
  67.5
  66.9
  66.5
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4
  66.4

Alexander & Baldwin, Inc. (A&B) is a real estate company. The Company operates through three segments: Commercial Real Estate, Land Operations, and Materials and Construction. In addition to its 15 retail centers in Hawaii, the Company owned seven industrial assets, seven office properties and a portfolio of urban ground leases comprising 106 acres in Hawaii, as of December 31, 2016. On the United States mainland, the Company owned seven remaining commercial assets, as of December 31, 2016. The Commercial Real Estate segment owns, operates and manages retail, industrial and office properties in Hawaii and on the Mainland. The Land Operations segment manages the Company's land and real estate-related assets and deploys these assets to their use. The Materials and Construction segment performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes and sells basalt aggregate, and produces and sells asphaltic and ready-mix concrete.

FINANCIAL RATIOS  of  Alexander&Baldwin (ALEX)

Valuation Ratios
P/E Ratio -221.9
Price to Sales 5.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow -443.7
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 19.5% 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 6.4 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 49.637 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 $2.2 billion.

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COMPANY NEWS

▶ Alexander & Baldwin Closes On Credit Facility Amendments   [Sep-19-17 04:01PM  PR Newswire]
▶ 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]
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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