Intrinsic value of Alexander&Baldwin - ALEX

Previous Close

$28.95

  Intrinsic Value

$6.95

stock screener

  Rating & Target

str. sell

-76%

Previous close

$28.95

 
Intrinsic value

$6.95

 
Up/down potential

-76%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  388
  422
  457
  493
  531
  571
  612
  655
  699
  745
  793
  843
  895
  949
  1,005
  1,064
  1,125
  1,189
  1,256
  1,326
  1,399
  1,475
  1,554
  1,638
  1,725
  1,816
  1,912
  2,012
  2,117
  2,227
  2,342
Variable operating expenses, $m
 
  183
  197
  212
  228
  244
  261
  278
  297
  315
  335
  345
  367
  389
  412
  436
  461
  487
  515
  543
  573
  604
  637
  671
  707
  744
  783
  824
  867
  913
  960
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
  369
  387
  407
  428
  449
  471
  493
  518
  541
  567
  582
  610
  639
  668
  698
  730
  762
  797
  832
  870
  908
  949
  990
  1,034
  1,080
  1,127
  1,177
  1,228
  1,283
  1,340
Operating income, $m
  42
  53
  69
  86
  104
  122
  141
  161
  182
  203
  226
  260
  285
  310
  338
  366
  395
  426
  459
  493
  529
  567
  606
  647
  691
  737
  785
  835
  888
  944
  1,003
EBITDA, $m
  162
  177
  203
  229
  257
  286
  316
  348
  381
  415
  450
  487
  526
  566
  609
  653
  699
  747
  798
  851
  906
  964
  1,025
  1,089
  1,156
  1,227
  1,301
  1,378
  1,460
  1,545
  1,635
Interest expense (income), $m
  26
  24
  28
  32
  36
  41
  45
  50
  55
  60
  65
  71
  76
  82
  88
  95
  102
  109
  116
  124
  132
  140
  149
  158
  167
  177
  188
  199
  210
  222
  235
Earnings before tax, $m
  35
  29
  41
  54
  67
  81
  96
  111
  127
  144
  161
  189
  208
  228
  249
  271
  294
  318
  343
  369
  397
  427
  457
  490
  523
  559
  597
  636
  678
  722
  768
Tax expense, $m
  2
  8
  11
  15
  18
  22
  26
  30
  34
  39
  43
  51
  56
  62
  67
  73
  79
  86
  93
  100
  107
  115
  123
  132
  141
  151
  161
  172
  183
  195
  207
Net income, $m
  -10
  21
  30
  39
  49
  59
  70
  81
  93
  105
  118
  138
  152
  167
  182
  198
  214
  232
  250
  270
  290
  311
  334
  357
  382
  408
  436
  465
  495
  527
  561

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
  2,343
  2,538
  2,741
  2,952
  3,172
  3,399
  3,636
  3,882
  4,138
  4,405
  4,682
  4,970
  5,271
  5,584
  5,910
  6,251
  6,606
  6,977
  7,365
  7,770
  8,193
  8,636
  9,099
  9,584
  10,091
  10,623
  11,179
  11,762
  12,373
  13,014
Adjusted assets (=assets-cash), $m
  2,154
  2,343
  2,538
  2,741
  2,952
  3,172
  3,399
  3,636
  3,882
  4,138
  4,405
  4,682
  4,970
  5,271
  5,584
  5,910
  6,251
  6,606
  6,977
  7,365
  7,770
  8,193
  8,636
  9,099
  9,584
  10,091
  10,623
  11,179
  11,762
  12,373
  13,014
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
  728
  789
  852
  918
  986
  1,057
  1,130
  1,207
  1,286
  1,369
  1,455
  1,545
  1,638
  1,736
  1,837
  1,943
  2,054
  2,169
  2,289
  2,415
  2,547
  2,685
  2,829
  2,979
  3,137
  3,302
  3,475
  3,656
  3,846
  4,045
Working capital, $m
  -27
  14
  16
  17
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
Total debt, $m
  515
  597
  682
  771
  864
  960
  1,060
  1,164
  1,272
  1,385
  1,502
  1,623
  1,750
  1,882
  2,019
  2,163
  2,312
  2,468
  2,631
  2,801
  2,979
  3,165
  3,359
  3,563
  3,775
  3,998
  4,231
  4,476
  4,732
  5,000
  5,281
Total liabilities, $m
  947
  1,029
  1,114
  1,203
  1,296
  1,392
  1,492
  1,596
  1,704
  1,817
  1,934
  2,055
  2,182
  2,314
  2,451
  2,595
  2,744
  2,900
  3,063
  3,233
  3,411
  3,597
  3,791
  3,995
  4,207
  4,430
  4,663
  4,908
  5,164
  5,432
  5,713
Total equity, $m
  1,209
  1,314
  1,424
  1,538
  1,656
  1,779
  1,907
  2,040
  2,178
  2,322
  2,471
  2,626
  2,788
  2,957
  3,132
  3,316
  3,507
  3,706
  3,914
  4,132
  4,359
  4,596
  4,845
  5,105
  5,377
  5,661
  5,959
  6,272
  6,599
  6,941
  7,301
Total liabilities and equity, $m
  2,156
  2,343
  2,538
  2,741
  2,952
  3,171
  3,399
  3,636
  3,882
  4,139
  4,405
  4,681
  4,970
  5,271
  5,583
  5,911
  6,251
  6,606
  6,977
  7,365
  7,770
  8,193
  8,636
  9,100
  9,584
  10,091
  10,622
  11,180
  11,763
  12,373
  13,014
Debt-to-equity ratio
  0.426
  0.450
  0.480
  0.500
  0.520
  0.540
  0.560
  0.570
  0.580
  0.600
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
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
  21
  30
  39
  49
  59
  70
  81
  93
  105
  118
  138
  152
  167
  182
  198
  214
  232
  250
  270
  290
  311
  334
  357
  382
  408
  436
  465
  495
  527
  561
Depreciation, amort., depletion, $m
  120
  124
  133
  143
  154
  164
  175
  187
  199
  211
  224
  227
  241
  256
  271
  287
  304
  321
  339
  358
  377
  398
  419
  442
  466
  490
  516
  543
  571
  601
  632
Funds from operations, $m
  137
  145
  164
  183
  203
  224
  245
  268
  292
  316
  342
  366
  394
  423
  453
  485
  518
  553
  589
  627
  667
  709
  753
  799
  848
  898
  952
  1,008
  1,066
  1,128
  1,193
Change in working capital, $m
  26
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
Cash from operations, $m
  111
  144
  162
  182
  202
  222
  244
  267
  290
  315
  340
  364
  392
  421
  451
  483
  516
  551
  587
  625
  665
  707
  751
  796
  845
  895
  948
  1,004
  1,063
  1,124
  1,189
Maintenance CAPEX, $m
  0
  -105
  -114
  -123
  -133
  -143
  -154
  -165
  -177
  -189
  -201
  -214
  -227
  -241
  -256
  -271
  -287
  -304
  -321
  -339
  -358
  -377
  -398
  -419
  -442
  -466
  -490
  -516
  -543
  -571
  -601
New CAPEX, $m
  -116
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
Cash from investing activities, $m
  -26
  -163
  -175
  -186
  -199
  -211
  -225
  -239
  -254
  -269
  -284
  -300
  -317
  -334
  -353
  -372
  -393
  -414
  -436
  -459
  -484
  -509
  -536
  -563
  -593
  -624
  -655
  -689
  -724
  -761
  -800
Free cash flow, $m
  85
  -19
  -12
  -5
  3
  11
  19
  28
  37
  46
  56
  64
  75
  86
  98
  110
  123
  137
  151
  166
  181
  198
  215
  233
  252
  272
  293
  315
  338
  363
  389
Issuance/(repayment) of debt, $m
  -72
  84
  86
  89
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  233
  244
  256
  268
  281
Issuance/(repurchase) of shares, $m
  1
  84
  79
  74
  69
  64
  58
  52
  45
  39
  32
  17
  10
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -73
  168
  165
  163
  162
  160
  158
  156
  153
  151
  149
  139
  137
  134
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  233
  244
  256
  268
  281
Total cash flow (excl. dividends), $m
  13
  149
  153
  159
  165
  171
  177
  183
  190
  197
  205
  203
  211
  220
  235
  253
  273
  293
  314
  336
  359
  384
  409
  436
  465
  495
  526
  560
  594
  631
  670
Retained Cash Flow (-), $m
  15
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -227
  -238
  -248
  -260
  -272
  -285
  -298
  -312
  -327
  -343
  -359
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
 
  43
  43
  45
  46
  48
  49
  51
  52
  54
  56
  47
  49
  51
  60
  70
  82
  93
  106
  118
  132
  146
  161
  176
  193
  210
  228
  247
  267
  288
  311
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
 
  41
  38
  36
  34
  32
  30
  28
  25
  23
  21
  15
  13
  12
  11
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  94.4
  89.8
  86.0
  82.8
  80.2
  78.0
  76.2
  74.8
  73.7
  72.9
  72.4
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2
  72.2

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 -141.9
Price to Sales 3.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow -283.7
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 8.7% 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 49.027 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 $1.4 billion.

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COMPANY NEWS

▶ 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]
▶ 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 REITWeekĀ® 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]
Financial statements of ALEX
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