Intrinsic value of Alexander&Baldwin - ALEX

Previous Close

$23.85

  Intrinsic Value

$4.49

stock screener

  Rating & Target

str. sell

-81%

Previous close

$23.85

 
Intrinsic value

$4.49

 
Up/down potential

-81%

 
Rating

str. sell

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

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 2017), $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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  468
  511
  557
  604
  653
  705
  758
  813
  870
  930
  992
  1,057
  1,124
  1,194
  1,267
  1,343
  1,422
  1,504
  1,590
  1,680
  1,774
  1,872
  1,974
  2,081
  2,193
  2,311
  2,433
  2,562
  2,696
  2,837
Variable operating expenses, $m
  397
  432
  469
  508
  548
  590
  633
  678
  725
  774
  810
  862
  917
  974
  1,034
  1,096
  1,160
  1,227
  1,298
  1,371
  1,447
  1,527
  1,611
  1,698
  1,790
  1,885
  1,986
  2,090
  2,200
  2,315
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
  397
  432
  469
  508
  548
  590
  633
  678
  725
  774
  810
  862
  917
  974
  1,034
  1,096
  1,160
  1,227
  1,298
  1,371
  1,447
  1,527
  1,611
  1,698
  1,790
  1,885
  1,986
  2,090
  2,200
  2,315
Operating income, $m
  71
  79
  88
  96
  105
  115
  125
  135
  145
  156
  183
  194
  207
  220
  233
  247
  262
  277
  293
  309
  326
  344
  363
  383
  404
  425
  448
  471
  496
  522
EBITDA, $m
  256
  279
  304
  330
  357
  385
  414
  444
  476
  508
  542
  577
  614
  652
  692
  733
  777
  822
  869
  918
  969
  1,022
  1,078
  1,137
  1,198
  1,262
  1,329
  1,399
  1,473
  1,550
Interest expense (income), $m
  26
  34
  42
  51
  60
  70
  80
  90
  101
  112
  123
  135
  148
  161
  174
  188
  203
  218
  234
  250
  268
  286
  305
  324
  345
  366
  389
  412
  437
  463
  490
Earnings before tax, $m
  37
  37
  36
  36
  36
  35
  35
  34
  34
  33
  47
  47
  46
  46
  45
  44
  44
  43
  42
  41
  41
  40
  39
  38
  37
  36
  35
  34
  33
  32
Tax expense, $m
  10
  10
  10
  10
  10
  9
  9
  9
  9
  9
  13
  13
  12
  12
  12
  12
  12
  12
  11
  11
  11
  11
  11
  10
  10
  10
  10
  9
  9
  9
Net income, $m
  27
  27
  27
  26
  26
  26
  25
  25
  25
  24
  35
  34
  34
  33
  33
  32
  32
  31
  31
  30
  30
  29
  28
  28
  27
  27
  26
  25
  24
  24

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,449
  2,677
  2,915
  3,163
  3,421
  3,689
  3,967
  4,257
  4,557
  4,870
  5,195
  5,533
  5,885
  6,251
  6,632
  7,029
  7,443
  7,875
  8,325
  8,795
  9,287
  9,800
  10,336
  10,897
  11,483
  12,097
  12,739
  13,412
  14,116
  14,854
Adjusted assets (=assets-cash), $m
  2,449
  2,677
  2,915
  3,163
  3,421
  3,689
  3,967
  4,257
  4,557
  4,870
  5,195
  5,533
  5,885
  6,251
  6,632
  7,029
  7,443
  7,875
  8,325
  8,795
  9,287
  9,800
  10,336
  10,897
  11,483
  12,097
  12,739
  13,412
  14,116
  14,854
Revenue / Adjusted assets
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
Average production assets, $m
  1,695
  1,853
  2,017
  2,189
  2,367
  2,553
  2,745
  2,946
  3,154
  3,370
  3,595
  3,829
  4,072
  4,325
  4,589
  4,864
  5,150
  5,449
  5,761
  6,086
  6,426
  6,781
  7,152
  7,540
  7,946
  8,371
  8,816
  9,281
  9,768
  10,279
Working capital, $m
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
Total debt, $m
  785
  947
  1,116
  1,292
  1,475
  1,665
  1,863
  2,068
  2,282
  2,504
  2,734
  2,974
  3,224
  3,484
  3,755
  4,037
  4,331
  4,637
  4,957
  5,291
  5,639
  6,004
  6,384
  6,783
  7,199
  7,635
  8,091
  8,568
  9,068
  9,592
Total liabilities, $m
  1,739
  1,901
  2,070
  2,246
  2,429
  2,619
  2,817
  3,022
  3,236
  3,458
  3,688
  3,928
  4,178
  4,438
  4,709
  4,991
  5,285
  5,591
  5,911
  6,245
  6,593
  6,958
  7,338
  7,737
  8,153
  8,589
  9,045
  9,522
  10,022
  10,546
Total equity, $m
  710
  776
  845
  917
  992
  1,070
  1,150
  1,234
  1,322
  1,412
  1,507
  1,605
  1,707
  1,813
  1,923
  2,038
  2,158
  2,284
  2,414
  2,551
  2,693
  2,842
  2,997
  3,160
  3,330
  3,508
  3,694
  3,889
  4,094
  4,308
Total liabilities and equity, $m
  2,449
  2,677
  2,915
  3,163
  3,421
  3,689
  3,967
  4,256
  4,558
  4,870
  5,195
  5,533
  5,885
  6,251
  6,632
  7,029
  7,443
  7,875
  8,325
  8,796
  9,286
  9,800
  10,335
  10,897
  11,483
  12,097
  12,739
  13,411
  14,116
  14,854
Debt-to-equity ratio
  1.100
  1.220
  1.320
  1.410
  1.490
  1.560
  1.620
  1.680
  1.730
  1.770
  1.820
  1.850
  1.890
  1.920
  1.950
  1.980
  2.010
  2.030
  2.050
  2.070
  2.090
  2.110
  2.130
  2.150
  2.160
  2.180
  2.190
  2.200
  2.220
  2.230
Adjusted equity ratio
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  27
  27
  26
  26
  26
  25
  25
  25
  24
  35
  34
  34
  33
  33
  32
  32
  31
  31
  30
  30
  29
  28
  28
  27
  27
  26
  25
  24
  24
Depreciation, amort., depletion, $m
  184
  200
  217
  234
  252
  270
  289
  309
  330
  352
  359
  383
  407
  433
  459
  486
  515
  545
  576
  609
  643
  678
  715
  754
  795
  837
  882
  928
  977
  1,028
Funds from operations, $m
  211
  227
  243
  260
  278
  296
  315
  334
  355
  376
  394
  417
  441
  466
  492
  519
  547
  576
  607
  639
  672
  707
  744
  782
  822
  864
  907
  953
  1,001
  1,051
Change in working capital, $m
  -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
  -3
  -3
  -4
  -4
Cash from operations, $m
  213
  228
  244
  261
  279
  297
  316
  336
  356
  378
  396
  419
  443
  468
  494
  521
  549
  578
  609
  641
  675
  710
  746
  785
  825
  867
  911
  957
  1,005
  1,055
Maintenance CAPEX, $m
  -154
  -169
  -185
  -202
  -219
  -237
  -255
  -275
  -295
  -315
  -337
  -359
  -383
  -407
  -433
  -459
  -486
  -515
  -545
  -576
  -609
  -643
  -678
  -715
  -754
  -795
  -837
  -882
  -928
  -977
New CAPEX, $m
  -153
  -158
  -165
  -171
  -178
  -185
  -193
  -200
  -208
  -216
  -225
  -234
  -243
  -253
  -264
  -275
  -286
  -299
  -312
  -325
  -340
  -355
  -371
  -388
  -406
  -425
  -445
  -465
  -487
  -510
Cash from investing activities, $m
  -307
  -327
  -350
  -373
  -397
  -422
  -448
  -475
  -503
  -531
  -562
  -593
  -626
  -660
  -697
  -734
  -772
  -814
  -857
  -901
  -949
  -998
  -1,049
  -1,103
  -1,160
  -1,220
  -1,282
  -1,347
  -1,415
  -1,487
Free cash flow, $m
  -95
  -99
  -105
  -112
  -118
  -125
  -132
  -139
  -146
  -154
  -166
  -175
  -183
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -274
  -288
  -303
  -319
  -335
  -353
  -371
  -390
  -411
  -432
Issuance/(repayment) of debt, $m
  154
  162
  169
  176
  183
  190
  198
  206
  214
  222
  231
  240
  250
  260
  271
  282
  294
  307
  320
  334
  349
  364
  381
  398
  416
  436
  456
  477
  500
  524
Issuance/(repurchase) of shares, $m
  37
  39
  42
  46
  49
  52
  56
  59
  63
  67
  60
  64
  68
  73
  78
  83
  88
  94
  100
  106
  113
  120
  127
  135
  143
  151
  160
  170
  180
  190
Cash from financing (excl. dividends), $m  
  191
  201
  211
  222
  232
  242
  254
  265
  277
  289
  291
  304
  318
  333
  349
  365
  382
  401
  420
  440
  462
  484
  508
  533
  559
  587
  616
  647
  680
  714
Total cash flow (excl. dividends), $m
  96
  102
  106
  110
  113
  117
  121
  126
  130
  134
  124
  129
  134
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  214
  224
  235
  246
  257
  269
  282
Retained Cash Flow (-), $m
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -131
  -136
  -142
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
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
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
Cash available for distribution, $m
  32
  36
  37
  38
  39
  40
  41
  42
  43
  44
  30
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  29
  30
  28
  26
  24
  22
  19
  17
  15
  13
  7
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.9
  94.0
  91.3
  88.6
  86.1
  83.7
  81.3
  79.1
  76.9
  74.9
  73.1
  71.5
  69.8
  68.2
  66.6
  65.1
  63.6
  62.1
  60.6
  59.2
  57.8
  56.4
  55.0
  53.7
  52.4
  51.1
  49.8
  48.6
  47.4
  46.2

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 -116.9
Price to Sales 3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow -233.7
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 $426 million for the last fiscal year's total revenue generated by Alexander&Baldwin. The default revenue input number comes from 2017 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 9.8% 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 8.4%, 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 85.1%.

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 5.4% 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 1%.

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 362.3%.

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 -2.7%. 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 - $646 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 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 $1.2 billion.

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COMPANY NEWS

▶ Second hotel planned near Maui airport, Costco   [Aug-08-18 08:28PM  American City Business Journals]
▶ A&B selling land for airport expansion, Maui shopping center in separate deals   [Aug-02-18 09:02PM  American City Business Journals]
▶ Alexander & Baldwin: 2Q Earnings Snapshot   [07:01PM  Associated Press]
▶ Alexander & Baldwin upgrades Pearl Highlands Center   [Jul-31-18 04:49PM  PR Newswire]
▶ Alexander & Baldwin welcomes Ulta Beauty to Hawaii   [Jul-26-18 04:05PM  PR Newswire]
▶ Catholic Charities Hawaii to break ground on Maui senior rentals by late 2018   [Jul-09-18 08:32PM  American City Business Journals]
▶ A&B launching sales for luxury Kahala condo project, prices start at $9M: Slideshow   [May-30-18 08:57PM  American City Business Journals]
▶ Developer ProsPac hires veteran A&B exec to oversee Hawaii project   [May-29-18 08:57PM  American City Business Journals]
▶ A&B reports $47M profit for Q1   [May-08-18 08:38PM  American City Business Journals]
▶ Alexander & Baldwin: 1Q Earnings Snapshot   [07:41PM  Associated Press]
▶ No Harley Davidson boutique for A&B's Lau Hala Shops in Kailua   [May-04-18 08:27PM  American City Business Journals]
▶ A&B taps former pineapple exec to head ag operations on Maui   [Apr-24-18 07:06PM  American City Business Journals]
▶ Cattle call: Why this massive Hawaiian rancher bought a Franklin building   [Apr-13-18 03:03PM  American City Business Journals]
▶ Hawaii's 10th Wendy's restaurant planned for Windward Oahu site   [Apr-10-18 08:11PM  American City Business Journals]
▶ Kaiser Permanente Hawaii pays $22M to buy Maui land from A&B   [Apr-05-18 09:15AM  American City Business Journals]
▶ A&B sells two historic Honolulu office buildings to Hong Kong investor   [Mar-28-18 06:59PM  American City Business Journals]
▶ A&B to be 100% invested in Hawaii in 2018   [12:45PM  American City Business Journals]
▶ Alexander & Baldwin posts 4Q profit   [Feb-28-18 06:16PM  Associated Press]
▶ A&B buys Hawaii shopping centers anchored by Safeway, Target for $254M   [Feb-26-18 04:57PM  American City Business Journals]
▶ A&B confirms UFC Gym to open at Kailua's Lau Hala Shops   [Jan-19-18 07:28PM  American City Business Journals]
▶ A&B confirms Pali Lanes site in Kailua to be redeveloped   [Dec-28-17 08:45PM  American City Business Journals]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 1   [Dec-04-17 10:16AM  GuruFocus.com]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 1   [Dec-01-17 10:38PM  GuruFocus.com]
▶ Alexander & Baldwin posts Q3 profit of $6M   [Nov-07-17 10:41PM  American City Business Journals]
▶ Alexander & Baldwin posts 3Q profit   [05:21PM  Associated Press]
▶ Alexander & Baldwin Welcomes ULTA Beauty To Hawaii   [Nov-03-17 08:00AM  PR Newswire]
▶ 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]
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