Intrinsic value of Alexander&Baldwin - ALEX

Previous Close

$19.12

  Intrinsic Value

$13.23

stock screener

  Rating & Target

sell

-31%

Previous close

$19.12

 
Intrinsic value

$13.23

 
Up/down potential

-31%

 
Rating

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 0001), $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 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  486
  551
  620
  694
  771
  851
  936
  1,024
  1,117
  1,213
  1,313
  1,417
  1,525
  1,637
  1,754
  1,875
  2,001
  2,132
  2,269
  2,410
  2,558
  2,712
  2,873
  3,040
  3,214
  3,397
  3,587
  3,786
  3,993
  4,211
Variable operating expenses, $m
  412
  465
  522
  582
  644
  710
  780
  852
  927
  1,006
  1,072
  1,157
  1,246
  1,337
  1,433
  1,532
  1,635
  1,742
  1,853
  1,969
  2,090
  2,216
  2,347
  2,483
  2,626
  2,775
  2,930
  3,093
  3,262
  3,440
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
  412
  465
  522
  582
  644
  710
  780
  852
  927
  1,006
  1,072
  1,157
  1,246
  1,337
  1,433
  1,532
  1,635
  1,742
  1,853
  1,969
  2,090
  2,216
  2,347
  2,483
  2,626
  2,775
  2,930
  3,093
  3,262
  3,440
Operating income, $m
  74
  86
  99
  112
  126
  141
  156
  173
  190
  207
  240
  259
  279
  300
  321
  343
  366
  390
  415
  441
  468
  497
  526
  557
  588
  622
  657
  693
  731
  771
EBITDA, $m
  145
  164
  185
  206
  229
  253
  279
  305
  332
  361
  391
  422
  454
  487
  522
  558
  596
  635
  675
  718
  762
  808
  855
  905
  957
  1,011
  1,068
  1,127
  1,189
  1,254
Interest expense (income), $m
  26
  34
  46
  59
  73
  88
  103
  119
  136
  154
  173
  192
  212
  233
  255
  277
  301
  325
  350
  377
  404
  432
  462
  493
  525
  559
  594
  630
  669
  708
  750
Earnings before tax, $m
  40
  40
  39
  39
  38
  38
  37
  36
  35
  34
  48
  47
  46
  45
  44
  43
  41
  40
  39
  37
  36
  34
  33
  31
  30
  28
  26
  25
  23
  21
Tax expense, $m
  11
  11
  11
  11
  10
  10
  10
  10
  10
  9
  13
  13
  12
  12
  12
  12
  11
  11
  10
  10
  10
  9
  9
  8
  8
  8
  7
  7
  6
  6
Net income, $m
  29
  29
  29
  28
  28
  28
  27
  26
  26
  25
  35
  35
  34
  33
  32
  31
  30
  29
  28
  27
  26
  25
  24
  23
  22
  20
  19
  18
  17
  15

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
  2,546
  2,887
  3,249
  3,631
  4,034
  4,458
  4,901
  5,364
  5,847
  6,350
  6,873
  7,417
  7,983
  8,571
  9,182
  9,817
  10,477
  11,163
  11,877
  12,620
  13,394
  14,200
  15,040
  15,916
  16,830
  17,784
  18,780
  19,820
  20,908
  22,045
Adjusted assets (=assets-cash), $m
  2,546
  2,887
  3,249
  3,631
  4,034
  4,458
  4,901
  5,364
  5,847
  6,350
  6,873
  7,417
  7,983
  8,571
  9,182
  9,817
  10,477
  11,163
  11,877
  12,620
  13,394
  14,200
  15,040
  15,916
  16,830
  17,784
  18,780
  19,820
  20,908
  22,045
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
  1,673
  1,897
  2,134
  2,386
  2,651
  2,929
  3,220
  3,524
  3,842
  4,172
  4,516
  4,874
  5,245
  5,631
  6,033
  6,450
  6,884
  7,335
  7,804
  8,292
  8,800
  9,330
  9,882
  10,457
  11,058
  11,685
  12,339
  13,023
  13,737
  14,484
Working capital, $m
  -810
  -918
  -1,033
  -1,155
  -1,283
  -1,418
  -1,559
  -1,706
  -1,859
  -2,019
  -2,186
  -2,359
  -2,539
  -2,726
  -2,920
  -3,122
  -3,332
  -3,550
  -3,777
  -4,013
  -4,259
  -4,516
  -4,783
  -5,061
  -5,352
  -5,655
  -5,972
  -6,303
  -6,649
  -7,011
Total debt, $m
  854
  1,096
  1,353
  1,625
  1,911
  2,211
  2,526
  2,855
  3,198
  3,555
  3,926
  4,313
  4,714
  5,132
  5,566
  6,016
  6,485
  6,972
  7,479
  8,007
  8,556
  9,128
  9,725
  10,347
  10,996
  11,673
  12,380
  13,119
  13,891
  14,698
Total liabilities, $m
  1,808
  2,050
  2,306
  2,578
  2,864
  3,165
  3,480
  3,808
  4,151
  4,508
  4,880
  5,266
  5,668
  6,085
  6,519
  6,970
  7,439
  7,926
  8,433
  8,960
  9,510
  10,082
  10,678
  11,300
  11,949
  12,626
  13,334
  14,072
  14,844
  15,652
Total equity, $m
  738
  837
  942
  1,053
  1,170
  1,293
  1,421
  1,556
  1,696
  1,841
  1,993
  2,151
  2,315
  2,486
  2,663
  2,847
  3,038
  3,237
  3,444
  3,660
  3,884
  4,118
  4,362
  4,616
  4,881
  5,157
  5,446
  5,748
  6,063
  6,393
Total liabilities and equity, $m
  2,546
  2,887
  3,248
  3,631
  4,034
  4,458
  4,901
  5,364
  5,847
  6,349
  6,873
  7,417
  7,983
  8,571
  9,182
  9,817
  10,477
  11,163
  11,877
  12,620
  13,394
  14,200
  15,040
  15,916
  16,830
  17,783
  18,780
  19,820
  20,907
  22,045
Debt-to-equity ratio
  1.160
  1.310
  1.440
  1.540
  1.630
  1.710
  1.780
  1.840
  1.890
  1.930
  1.970
  2.000
  2.040
  2.060
  2.090
  2.110
  2.130
  2.150
  2.170
  2.190
  2.200
  2.220
  2.230
  2.240
  2.250
  2.260
  2.270
  2.280
  2.290
  2.300
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
  29
  29
  29
  28
  28
  28
  27
  26
  26
  25
  35
  35
  34
  33
  32
  31
  30
  29
  28
  27
  26
  25
  24
  23
  22
  20
  19
  18
  17
  15
Depreciation, amort., depletion, $m
  71
  78
  86
  94
  103
  113
  122
  132
  143
  154
  151
  162
  175
  188
  201
  215
  229
  244
  260
  276
  293
  311
  329
  349
  369
  389
  411
  434
  458
  483
Funds from operations, $m
  100
  107
  115
  123
  131
  140
  149
  159
  169
  179
  186
  197
  209
  221
  233
  246
  260
  274
  288
  304
  320
  336
  353
  371
  390
  410
  431
  452
  474
  498
Change in working capital, $m
  -101
  -108
  -115
  -122
  -128
  -135
  -141
  -147
  -154
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -246
  -256
  -267
  -279
  -291
  -303
  -317
  -331
  -346
  -362
Cash from operations, $m
  201
  216
  230
  245
  260
  275
  290
  306
  322
  339
  352
  370
  388
  408
  427
  448
  470
  492
  515
  540
  566
  592
  621
  650
  681
  713
  747
  783
  820
  859
Maintenance CAPEX, $m
  -49
  -56
  -63
  -71
  -80
  -88
  -98
  -107
  -117
  -128
  -139
  -151
  -162
  -175
  -188
  -201
  -215
  -229
  -244
  -260
  -276
  -293
  -311
  -329
  -349
  -369
  -389
  -411
  -434
  -458
New CAPEX, $m
  -208
  -224
  -238
  -251
  -265
  -278
  -291
  -304
  -317
  -330
  -344
  -358
  -372
  -386
  -401
  -417
  -434
  -451
  -469
  -488
  -508
  -530
  -552
  -576
  -600
  -627
  -654
  -684
  -715
  -747
Cash from investing activities, $m
  -257
  -280
  -301
  -322
  -345
  -366
  -389
  -411
  -434
  -458
  -483
  -509
  -534
  -561
  -589
  -618
  -649
  -680
  -713
  -748
  -784
  -823
  -863
  -905
  -949
  -996
  -1,043
  -1,095
  -1,149
  -1,205
Free cash flow, $m
  -55
  -64
  -71
  -78
  -85
  -92
  -99
  -105
  -112
  -119
  -131
  -138
  -146
  -153
  -162
  -170
  -179
  -188
  -198
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -297
  -312
  -328
  -345
Issuance/(repayment) of debt, $m
  223
  242
  257
  272
  286
  301
  315
  329
  343
  357
  372
  386
  402
  417
  434
  451
  469
  487
  507
  528
  549
  572
  596
  622
  649
  677
  707
  739
  772
  807
Issuance/(repurchase) of shares, $m
  63
  70
  76
  83
  89
  95
  101
  108
  114
  121
  116
  123
  130
  138
  145
  153
  161
  170
  179
  188
  198
  209
  220
  231
  243
  256
  270
  284
  299
  315
Cash from financing (excl. dividends), $m  
  286
  312
  333
  355
  375
  396
  416
  437
  457
  478
  488
  509
  532
  555
  579
  604
  630
  657
  686
  716
  747
  781
  816
  853
  892
  933
  977
  1,023
  1,071
  1,122
Total cash flow (excl. dividends), $m
  231
  247
  262
  276
  290
  304
  318
  331
  345
  358
  357
  372
  386
  401
  417
  434
  451
  469
  488
  507
  528
  550
  574
  598
  624
  651
  680
  711
  743
  776
Retained Cash Flow (-), $m
  -92
  -99
  -105
  -111
  -117
  -123
  -129
  -134
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -234
  -244
  -254
  -265
  -277
  -289
  -302
  -315
  -330
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
  139
  149
  157
  165
  173
  181
  189
  197
  205
  213
  206
  214
  222
  231
  240
  249
  259
  270
  281
  292
  304
  317
  330
  344
  359
  375
  391
  409
  427
  447
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  127
  125
  119
  113
  105
  96
  87
  78
  69
  60
  48
  40
  34
  28
  22
  17
  13
  10
  8
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  95.6
  91.6
  87.8
  84.4
  81.2
  78.2
  75.4
  72.8
  70.4
  68.1
  66.1
  64.3
  62.5
  60.8
  59.2
  57.6
  56.1
  54.7
  53.3
  52.0
  50.7
  49.4
  48.2
  47.1
  45.9
  44.8
  43.8
  42.7
  41.7
  40.7

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 -93.7
Price to Sales 2.4
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow -187.4
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 $425.5 million for the last fiscal year's total revenue generated by Alexander&Baldwin. The default revenue input number comes from 0001 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 14.3% 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 8.7%, 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 85.2%.

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 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 344%.

Life of production assets of 37.2 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 -166.5%. 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 - $646.4 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 72.023 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 reports $15M in net income for Q3   [09:00PM  American City Business Journals]
▶ A&B to donate land for Windward Oahu's first dog park   [Oct-02-18 10:54PM  American City Business Journals]
▶ 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]

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