Intrinsic value of Maui Land&Pineapple - MLP

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$21.15

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of MLP 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 0.4

 

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, %
  104.35
  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
  47
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
Variable operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
Fixed operating expenses, $m
 
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
Total operating expenses, $m
  24
  12
  13
  13
  13
  13
  14
  14
  15
  15
  16
  16
  16
  17
  17
  17
  18
  19
  20
  20
  20
  21
  22
  23
  23
  24
  24
  25
  26
  26
  28
Operating income, $m
  23
  11
  11
  12
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
EBITDA, $m
  23
  15
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
Interest expense (income), $m
  -2
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
Earnings before tax, $m
  22
  10
  11
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
Tax expense, $m
  0
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
Net income, $m
  22
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1
  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
  39
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
Adjusted assets (=assets-cash), $m
  38
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
Revenue / Adjusted assets
  1.237
  0.489
  0.500
  0.510
  0.490
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.492
  0.507
  0.500
  0.493
  0.500
  0.506
  0.494
  0.494
  0.495
  0.495
  0.505
  0.500
  0.495
  0.500
  0.504
  0.496
  0.496
  0.504
  0.500
  0.497
Average production assets, $m
  29
  35
  35
  36
  37
  39
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  112
Working capital, $m
  1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Total debt, $m
  7
  25
  26
  27
  29
  30
  31
  33
  35
  37
  39
  41
  43
  46
  49
  51
  54
  58
  61
  65
  68
  72
  76
  81
  85
  90
  95
  101
  107
  113
  119
Total liabilities, $m
  21
  42
  43
  44
  46
  47
  48
  50
  52
  54
  56
  58
  60
  63
  66
  68
  71
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  124
  130
  136
Total equity, $m
  18
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
Total liabilities and equity, $m
  39
  47
  48
  49
  51
  52
  53
  56
  58
  60
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  94
  99
  103
  109
  113
  119
  124
  131
  138
  144
  151
Debt-to-equity ratio
  0.389
  5.380
  5.460
  5.550
  5.640
  5.740
  5.840
  5.950
  6.050
  6.160
  6.260
  6.370
  6.470
  6.570
  6.670
  6.760
  6.860
  6.950
  7.040
  7.120
  7.210
  7.290
  7.360
  7.440
  7.510
  7.570
  7.640
  7.700
  7.760
  7.820
  7.870
Adjusted equity ratio
  0.447
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32
Depreciation, amort., depletion, $m
  0
  3
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
Funds from operations, $m
  33
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
Change in working capital, $m
  -1
  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 from operations, $m
  34
  9
  11
  12
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from investing activities, $m
  0
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
  -13
  -15
  -15
  -16
Free cash flow, $m
  34
  5
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
Issuance/(repayment) of debt, $m
  -34
  -15
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Issuance/(repurchase) of shares, $m
  0
  26
  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 from financing (excl. dividends), $m  
  -34
  11
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Total cash flow (excl. dividends), $m
  0
  -10
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32
  34
Retained Cash Flow (-), $m
  -29
  -16
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
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
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  28
  30
  31
  33
Discount rate, %
 
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
 
  0
  6
  6
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
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Maui Land & Pineapple Company, Inc., together with its subsidiaries, develops, sells, and manages residential, resort, agricultural, commercial, and industrial real estate properties in the United States. It owns approximately 23,000 acres of land on Maui. The company operates through four segments: Real Estate, Leasing, Utilities, and Resort Amenities. The Real Estate segment is involved in the land planning and entitlement, development, and sales activities; and general brokerage real estate business. The Leasing segment leases commercial, industrial, and agricultural land and properties; and licenses its registered trademarks and trade names, as well as provides stewardship and conservation services. The Utilities segment provides potable and non-potable water utility services, and sewage collection and transmission services, as well as manages ditch, reservoir, and well systems that provide non-potable irrigation water to West and Upcountry Maui areas. The Resort Amenities segment operates Kapalua Club, a membership program that provides privileges within the Kapalua Resort for its members. Maui Land & Pineapple Company, Inc. was founded in 1909 and is based in Maui, Hawaii.

FINANCIAL RATIOS  of  Maui Land&Pineapple (MLP)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 8.5
Price to Book 22.3
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 11.8
Growth Rates
Sales Growth Rate 104.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 38.9%
Total Debt to Equity 38.9%
Interest Coverage -10
Management Effectiveness
Return On Assets 46.5%
Ret/ On Assets - 3 Yr. Avg. 29.3%
Return On Total Capital 80%
Ret/ On T. Cap. - 3 Yr. Avg. 54.9%
Return On Equity 628.6%
Return On Equity - 3 Yr. Avg. 163%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 61.7%
Gross Margin - 3 Yr. Avg. 67.6%
EBITDA Margin 42.6%
EBITDA Margin - 3 Yr. Avg. 37.6%
Operating Margin 48.9%
Oper. Margin - 3 Yr. Avg. 51%
Pre-Tax Margin 46.8%
Pre-Tax Margin - 3 Yr. Avg. 43.9%
Net Profit Margin 46.8%
Net Profit Margin - 3 Yr. Avg. 43.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MLP stock intrinsic value calculation we used $23 million for the last fiscal year's total revenue generated by Maui Land&Pineapple. The default revenue input number comes from 2016 income statement of Maui Land&Pineapple. 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 MLP 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 11.7%, whose default value for MLP is calculated based on our internal credit rating of Maui Land&Pineapple, 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 Maui Land&Pineapple.
    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 MLP stock the variable cost ratio is equal to 8.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $10 million in the base year in the intrinsic value calculation for MLP 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 3.5% for Maui Land&Pineapple.

Corporate tax rate of 27% is the nominal tax rate for Maui Land&Pineapple. 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 MLP 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 MLP are equal to 147.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Maui Land&Pineapple 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 MLP is equal to -4.3%. 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 - $-11 million for Maui Land&Pineapple - 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 18.508 million for Maui Land&Pineapple 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 Maui Land&Pineapple at the current share price and the inputted number of shares is $0.4 billion.


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COMPANY NEWS

▶ Maui Land & Pineapple stock up triple digits as Dow, Nasdaq, S&P 500 hit new highs   [Jun-01-17 07:51PM  American City Business Journals]
▶ These 3 Stocks Have Doubled Investors' Money   [May-30-17 11:09AM  Motley Fool]
▶ Maui Land & Pineapple posts 1Q profit   [Apr-28-17 04:48PM  Associated Press]
▶ Maui Land & Pineapple posts 4Q profit   [Feb-23-17 05:02AM  Associated Press]
▶ West Maui to get first new apartment complex in two decades   [Nov-14-16 06:20PM  at bizjournals.com]
▶ West Maui to get first new apartment complex in two decades   [06:20PM  American City Business Journals]
▶ Maui Land & Pineapple Reports 3rd Quarter 2016 Results   [Nov-02-16 10:31PM  GlobeNewswire]
▶ Triathlon championship this weekend on Maui   [Oct-21-16 07:40PM  at bizjournals.com]
▶ Triathlon championship this weekend on Maui   [07:40PM  American City Business Journals]
▶ Amazon shares soar past $800, set new record   [Sep-23-16 05:55PM  at bizjournals.com]
▶ Maui Land & Pineapple Reports 2nd Quarter 2016 Results   [Aug-10-16 10:11PM  GlobeNewswire]
▶ Maui Land & Pineapple Reports 3rd Quarter 2015 Results   [Nov-04  09:34PM  GlobeNewswire]
▶ 10-Q for Maui Land & Pineapple Co., Inc.   [Aug-09  08:13PM  at Company Spotlight]
▶ Maui Land & Pineapple Reports 2nd Quarter 2015 Results   [Aug-06  11:03PM  GlobeNewswire]
▶ 10-Q for Maui Land & Pineapple Co., Inc.   [May-01  08:11PM  at Company Spotlight]
▶ Maui Land & Pineapple Reports 1st Quarter 2015 Results   [Apr-27  11:11PM  Business Wire]
▶ 10-K for Maui Land & Pineapple Co., Inc.   [Mar-01  07:09PM  at Company Spotlight]
▶ University of Hawaii launches search for athletic director   [Jan-13  06:10PM  at bizjournals.com]
▶ 10-Q for Maui Land & Pineapple Co., Inc.   [Nov-15  07:07PM  Company Spotlight]
▶ Maui Land & Pineapple Reports 3rd Quarter 2014 Results   [Nov-12  09:43PM  Business Wire]
▶ Maui Land & Pineapple Reports 2nd Quarter 2014 Results   [Jul-29  10:45PM  Business Wire]
▶ Maui Land & Pineapple Reports 1st Quarter 2014 Results   [Apr-30  10:49PM  Business Wire]
▶ Kinder Morgan: An Undervalued Stock With High Growth Potential   [Mar-25  12:04PM  at Seeking Alpha]
▶ Maui Land & Pineapple does not comment on unusual market activity   [Dec-30  04:11PM  at theflyonthewall.com]
▶ Maui Land & Pineapple Reports 3rd Quarter 2013 Results   [Nov-06  09:54PM  Business Wire]
Stock chart of MLP Financial statements of MLP Annual reports of MLP
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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