Waterboy Stocks on Maui Land & Pineapple Company, Inc. (MLP)

主要经营地 United States

详细生意模式 Real estate company owning 22,286 acres on Maui including world-renowned Kapalua Resort. 247K sqft commercial generating $4.3M NOI. Three major development projects valued $322M: Kapalua Makai ($36M), Central ($40M), Mauka ($192M for 639 homes).

护城河 🟡中 - Unique Maui real estate footprint with development optionality. Steve Case ownership (60%) and ValueWorks alignment provide strategic shareholders. Land worth negative $235/acre vs $10-20k/acre comparable suggests deep discount.

估值水平 1.0x TEV/Revenue, negative land value implies discount

EV/Market Cap EV $318M / MC $318M

网络观点 Owns 22,286 acres Maui land + 247k sqft commercial ($54M at 8% cap). Kapalua projects: Makai 36 acres ($36M), Central 46 acres ($40M), Mauka 922 acres ($192M for 639 homes, $300k/lot). Resort+commercial $322M vs $317M mcap = negative $235/acre for remaining land. Ag land $10-20k/acre = $90-180M upside. NAV $21-26/share vs $15.95. Steve Case 60% owner.

AI观点 Pitch claims NAV $21-26/share vs $15.95 based on sum-of-parts. WebSearch shows FY2025 operating revenues +70% YoY, Adjusted EBITDA +146%, core business improving. Critical: Valuation depends on resort project completion and market conditions (rising rates headwind for real estate). Kapalua Makai sold 6.5 acres $1.5M/acre (Dec 2025) validates pricing, but Central failed 2021 sale and Mauka (639 lots) unproven in luxury market. Ag land valuation assumes $10-20k/acre (72 acres listed $90k/acre is outlier). Steve Case 60% ownership aligns interests. Current valuation arguably fair given execution risks. Downside protected by land value, but upside requires successful development timing. Real estate development is lumpy and interest-rate sensitive. WAIT for project progress confirmation before buying.