Intrinsic value of FRP Holdings - FRPH

Previous Close

$48.50

  Intrinsic Value

$6.06

stock screener

  Rating & Target

str. sell

-88%

Previous close

$48.50

 
Intrinsic value

$6.06

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of FRPH 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 0.5

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  69
  107
  160
  232
  327
  449
  603
  792
  1,019
  1,287
  1,598
  1,954
  2,356
  2,803
  3,295
  3,833
  4,416
  5,041
  5,710
  6,419
  7,170
  7,960
  8,789
  9,656
  10,563
  11,508
  12,493
  13,517
  14,582
  15,688
Variable operating expenses, $m
  39
  60
  89
  129
  182
  251
  337
  442
  569
  718
  892
  1,090
  1,314
  1,564
  1,839
  2,139
  2,464
  2,813
  3,186
  3,582
  4,001
  4,441
  4,904
  5,388
  5,894
  6,422
  6,971
  7,542
  8,137
  8,754
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
  39
  60
  89
  129
  182
  251
  337
  442
  569
  718
  892
  1,090
  1,314
  1,564
  1,839
  2,139
  2,464
  2,813
  3,186
  3,582
  4,001
  4,441
  4,904
  5,388
  5,894
  6,422
  6,971
  7,542
  8,137
  8,754
Operating income, $m
  31
  47
  71
  102
  144
  199
  267
  350
  450
  569
  707
  864
  1,041
  1,239
  1,457
  1,694
  1,952
  2,228
  2,524
  2,837
  3,169
  3,518
  3,885
  4,268
  4,669
  5,087
  5,522
  5,974
  6,445
  6,934
EBITDA, $m
  54
  83
  125
  181
  256
  351
  472
  619
  797
  1,006
  1,250
  1,528
  1,841
  2,191
  2,576
  2,997
  3,452
  3,941
  4,464
  5,018
  5,605
  6,222
  6,871
  7,549
  8,258
  8,997
  9,766
  10,567
  11,399
  12,265
Interest expense (income), $m
  0
  6
  13
  23
  37
  56
  81
  113
  154
  203
  263
  334
  416
  510
  616
  734
  864
  1,006
  1,159
  1,324
  1,501
  1,688
  1,886
  2,094
  2,313
  2,542
  2,781
  3,030
  3,290
  3,560
  3,841
Earnings before tax, $m
  25
  34
  48
  66
  89
  118
  154
  196
  247
  306
  372
  448
  531
  623
  723
  831
  946
  1,069
  1,199
  1,337
  1,481
  1,632
  1,790
  1,955
  2,127
  2,306
  2,492
  2,685
  2,885
  3,093
Tax expense, $m
  7
  9
  13
  18
  24
  32
  41
  53
  67
  83
  101
  121
  143
  168
  195
  224
  255
  289
  324
  361
  400
  441
  483
  528
  574
  623
  673
  725
  779
  835
Net income, $m
  18
  25
  35
  48
  65
  86
  112
  143
  180
  223
  272
  327
  388
  455
  528
  606
  691
  780
  876
  976
  1,081
  1,192
  1,307
  1,427
  1,553
  1,683
  1,819
  1,960
  2,106
  2,258

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
  671
  1,037
  1,550
  2,249
  3,173
  4,363
  5,856
  7,689
  9,894
  12,497
  15,519
  18,973
  22,869
  27,210
  31,994
  37,217
  42,870
  48,946
  55,434
  62,324
  69,608
  77,277
  85,327
  93,752
  102,553
  111,730
  121,287
  131,230
  141,569
  152,315
Adjusted assets (=assets-cash), $m
  671
  1,037
  1,550
  2,249
  3,173
  4,363
  5,856
  7,689
  9,894
  12,497
  15,519
  18,973
  22,869
  27,210
  31,994
  37,217
  42,870
  48,946
  55,434
  62,324
  69,608
  77,277
  85,327
  93,752
  102,553
  111,730
  121,287
  131,230
  141,569
  152,315
Revenue / Adjusted assets
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
Average production assets, $m
  387
  599
  895
  1,299
  1,832
  2,519
  3,381
  4,440
  5,713
  7,216
  8,961
  10,955
  13,205
  15,711
  18,474
  21,489
  24,754
  28,262
  32,009
  35,987
  40,193
  44,621
  49,269
  54,134
  59,216
  64,515
  70,033
  75,775
  81,745
  87,949
Working capital, $m
  3
  4
  6
  9
  12
  17
  22
  29
  38
  48
  59
  72
  87
  104
  122
  142
  163
  187
  211
  238
  265
  295
  325
  357
  391
  426
  462
  500
  540
  580
Total debt, $m
  195
  348
  563
  855
  1,241
  1,739
  2,363
  3,129
  4,051
  5,139
  6,402
  7,846
  9,474
  11,289
  13,288
  15,471
  17,835
  20,374
  23,086
  25,966
  29,011
  32,217
  35,582
  39,103
  42,782
  46,618
  50,613
  54,769
  59,091
  63,583
Total liabilities, $m
  280
  433
  648
  940
  1,326
  1,824
  2,448
  3,214
  4,136
  5,224
  6,487
  7,931
  9,559
  11,374
  13,373
  15,557
  17,920
  20,459
  23,171
  26,052
  29,096
  32,302
  35,667
  39,189
  42,867
  46,703
  50,698
  54,854
  59,176
  63,668
Total equity, $m
  390
  603
  902
  1,309
  1,847
  2,539
  3,408
  4,475
  5,758
  7,273
  9,032
  11,042
  13,310
  15,836
  18,620
  21,660
  24,951
  28,487
  32,263
  36,273
  40,512
  44,975
  49,660
  54,564
  59,686
  65,027
  70,589
  76,376
  82,393
  88,647
Total liabilities and equity, $m
  670
  1,036
  1,550
  2,249
  3,173
  4,363
  5,856
  7,689
  9,894
  12,497
  15,519
  18,973
  22,869
  27,210
  31,993
  37,217
  42,871
  48,946
  55,434
  62,325
  69,608
  77,277
  85,327
  93,753
  102,553
  111,730
  121,287
  131,230
  141,569
  152,315
Debt-to-equity ratio
  0.500
  0.580
  0.620
  0.650
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
Adjusted equity ratio
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  25
  35
  48
  65
  86
  112
  143
  180
  223
  272
  327
  388
  455
  528
  606
  691
  780
  876
  976
  1,081
  1,192
  1,307
  1,427
  1,553
  1,683
  1,819
  1,960
  2,106
  2,258
Depreciation, amort., depletion, $m
  23
  36
  54
  79
  111
  153
  205
  269
  346
  437
  543
  664
  800
  952
  1,120
  1,302
  1,500
  1,713
  1,940
  2,181
  2,436
  2,704
  2,986
  3,281
  3,589
  3,910
  4,244
  4,592
  4,954
  5,330
Funds from operations, $m
  41
  61
  89
  127
  176
  239
  317
  413
  527
  660
  815
  991
  1,188
  1,407
  1,647
  1,909
  2,191
  2,493
  2,815
  3,157
  3,517
  3,896
  4,293
  4,708
  5,142
  5,593
  6,063
  6,552
  7,060
  7,588
Change in working capital, $m
  1
  1
  2
  3
  4
  5
  6
  7
  8
  10
  12
  13
  15
  17
  18
  20
  22
  23
  25
  26
  28
  29
  31
  32
  34
  35
  36
  38
  39
  41
Cash from operations, $m
  41
  60
  87
  124
  172
  234
  311
  406
  518
  651
  803
  978
  1,173
  1,390
  1,629
  1,889
  2,169
  2,470
  2,791
  3,131
  3,489
  3,867
  4,262
  4,676
  5,108
  5,558
  6,027
  6,514
  7,021
  7,547
Maintenance CAPEX, $m
  -15
  -23
  -36
  -54
  -79
  -111
  -153
  -205
  -269
  -346
  -437
  -543
  -664
  -800
  -952
  -1,120
  -1,302
  -1,500
  -1,713
  -1,940
  -2,181
  -2,436
  -2,704
  -2,986
  -3,281
  -3,589
  -3,910
  -4,244
  -4,592
  -4,954
New CAPEX, $m
  -146
  -211
  -297
  -404
  -534
  -687
  -862
  -1,059
  -1,273
  -1,503
  -1,745
  -1,995
  -2,250
  -2,506
  -2,762
  -3,016
  -3,265
  -3,508
  -3,746
  -3,979
  -4,206
  -4,428
  -4,648
  -4,865
  -5,082
  -5,299
  -5,518
  -5,741
  -5,970
  -6,205
Cash from investing activities, $m
  -161
  -234
  -333
  -458
  -613
  -798
  -1,015
  -1,264
  -1,542
  -1,849
  -2,182
  -2,538
  -2,914
  -3,306
  -3,714
  -4,136
  -4,567
  -5,008
  -5,459
  -5,919
  -6,387
  -6,864
  -7,352
  -7,851
  -8,363
  -8,888
  -9,428
  -9,985
  -10,562
  -11,159
Free cash flow, $m
  -120
  -175
  -246
  -334
  -440
  -564
  -704
  -858
  -1,024
  -1,199
  -1,379
  -1,560
  -1,740
  -1,916
  -2,086
  -2,246
  -2,398
  -2,538
  -2,668
  -2,788
  -2,897
  -2,998
  -3,090
  -3,175
  -3,254
  -3,330
  -3,402
  -3,472
  -3,541
  -3,612
Issuance/(repayment) of debt, $m
  105
  153
  215
  292
  386
  497
  624
  766
  922
  1,088
  1,263
  1,444
  1,628
  1,814
  2,000
  2,183
  2,363
  2,540
  2,712
  2,880
  3,045
  3,206
  3,365
  3,522
  3,679
  3,836
  3,995
  4,156
  4,322
  4,492
Issuance/(repurchase) of shares, $m
  129
  188
  264
  359
  473
  606
  757
  924
  1,103
  1,292
  1,487
  1,684
  1,880
  2,072
  2,257
  2,433
  2,600
  2,756
  2,900
  3,034
  3,158
  3,272
  3,378
  3,476
  3,569
  3,658
  3,743
  3,827
  3,911
  3,996
Cash from financing (excl. dividends), $m  
  234
  341
  479
  651
  859
  1,103
  1,381
  1,690
  2,025
  2,380
  2,750
  3,128
  3,508
  3,886
  4,257
  4,616
  4,963
  5,296
  5,612
  5,914
  6,203
  6,478
  6,743
  6,998
  7,248
  7,494
  7,738
  7,983
  8,233
  8,488
Total cash flow (excl. dividends), $m
  114
  166
  233
  317
  419
  540
  678
  832
  1,001
  1,181
  1,371
  1,568
  1,768
  1,970
  2,171
  2,370
  2,565
  2,757
  2,944
  3,127
  3,305
  3,480
  3,653
  3,823
  3,993
  4,164
  4,337
  4,512
  4,691
  4,876
Retained Cash Flow (-), $m
  -147
  -213
  -299
  -407
  -538
  -692
  -869
  -1,067
  -1,283
  -1,515
  -1,759
  -2,010
  -2,267
  -2,526
  -2,784
  -3,040
  -3,291
  -3,536
  -3,776
  -4,010
  -4,239
  -4,464
  -4,685
  -4,904
  -5,122
  -5,341
  -5,562
  -5,787
  -6,017
  -6,254
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
  -33
  -47
  -66
  -90
  -119
  -153
  -191
  -235
  -283
  -334
  -387
  -443
  -500
  -557
  -613
  -670
  -725
  -779
  -832
  -884
  -934
  -983
  -1,032
  -1,080
  -1,129
  -1,177
  -1,226
  -1,275
  -1,326
  -1,378
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  -31
  -42
  -55
  -69
  -84
  -99
  -113
  -126
  -135
  -141
  -144
  -142
  -138
  -130
  -120
  -108
  -96
  -82
  -69
  -57
  -46
  -36
  -28
  -21
  -16
  -11
  -8
  -5
  -3
  -2
Current shareholders' claim on cash, %
  79.1
  63.8
  52.3
  43.6
  37.0
  31.8
  27.6
  24.3
  21.7
  19.5
  17.7
  16.2
  14.9
  13.8
  12.9
  12.1
  11.4
  10.8
  10.3
  9.8
  9.4
  9.1
  8.7
  8.4
  8.2
  7.9
  7.7
  7.5
  7.3
  7.2

FRP Holdings, Inc. is a holding company engaged in various real estate businesses. The Company conducts its business through its subsidiaries, FRP Maryland, Inc., FRP Development Corp. and Florida Rock Properties, Inc. The segments of the Company include leasing and management of warehouse and office building owned by the Company (the Asset Management Segment), leasing and management of mining royalty land owned by the Company (the Mining Royalty Lands Segment) and real property acquisition, entitlement, development and construction primarily for warehouse and office buildings (the Land Development and Construction Segment). The Company's Asset Management Segment owns leases and manages warehouse and office buildings. Its Mining Royalty Lands Segment owns several properties comprising approximately 15,000 acres under lease for mining rents or royalties. Its Land Development and Construction Segment owns and monitors the parcels of land that are in various stages of development.

FINANCIAL RATIOS  of  FRP Holdings (FRPH)

Valuation Ratios
P/E Ratio 240.3
Price to Sales 48.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 80.1
Price to Free Cash Flow 480.6
Growth Rates
Sales Growth Rate -73%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82.1%
Cap. Spend. - 3 Yr. Gr. Rate -23.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 18.1%
Total Debt to Equity 20.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 1%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 60%
Gross Margin - 3 Yr. Avg. 59.8%
EBITDA Margin 50%
EBITDA Margin - 3 Yr. Avg. 62.7%
Operating Margin 40%
Oper. Margin - 3 Yr. Avg. 40.1%
Pre-Tax Margin 30%
Pre-Tax Margin - 3 Yr. Avg. 37.5%
Net Profit Margin 20%
Net Profit Margin - 3 Yr. Avg. 25.1%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

FRPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRPH stock intrinsic value calculation we used $43.191 million for the last fiscal year's total revenue generated by FRP Holdings. The default revenue input number comes from 0001 income statement of FRP Holdings. 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 FRPH stock valuation model: a) initial revenue growth rate of 60% 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 5.8%, whose default value for FRPH is calculated based on our internal credit rating of FRP Holdings, 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 FRP Holdings.
    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 FRPH stock the variable cost ratio is equal to 55.8%.

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 FRPH 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 6.5% for FRP Holdings.

Corporate tax rate of 27% is the nominal tax rate for FRP Holdings. 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 FRPH 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 FRPH are equal to 560.6%.

Life of production assets of 16.5 years is the average useful life of capital assets used in FRP Holdings 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 FRPH is equal to 3.7%. 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 - $243.53 million for FRP Holdings - 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 10.046 million for FRP Holdings 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 FRP Holdings at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ FRP Holdings: 3Q Earnings Snapshot   [Nov-07-18 10:59AM  Associated Press]
▶ How Financially Strong Is FRP Holdings Inc (NASDAQ:FRPH)?   [Sep-07-18 12:28PM  Simply Wall St.]
▶ FRP Holdings Inc to Host Earnings Call   [Aug-02-18 12:00PM  ACCESSWIRE]
▶ FRP Holdings: 2Q Earnings Snapshot   [10:54AM  Associated Press]
▶ FRP Holdings: 1Q Earnings Snapshot   [May-08-18 02:45PM  Associated Press]
▶ FRP Holdings Inc to Host Earnings Call   [09:15AM  ACCESSWIRE]
▶ FRP Holdings posts 2Q profit   [Aug-04-17 08:37PM  Associated Press]
▶ Patriot Transportation Is a Forgotten Spinoff   [Jul-18-17 02:00PM  GuruFocus.com]
▶ ETFs with exposure to FRP Holdings, Inc. : June 13, 2017   [Jun-13-17 12:31PM  Capital Cube]
▶ FRP Holdings posts 2Q profit   [May-02-17 11:56AM  Associated Press]
▶ How FRP Holdings Inc (FRPH) Stacks Up Against Its Peers   [Dec-19-16 06:00AM  at Insider Monkey]

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