Frp Holdings, Inc.

FRPH

Real Estate

Mkt Cap

$546.5M

PE

116.93

Debt

$180.1M

Cash

$166M

EV

$560.6M

FCF

$23.77M

Market Cap

$546.5M

P/E Ratio

116.93

Debt

$180.1M

Cash

$166M

EV

$560.6M

FCF

$23.77M

FRP Holdings, Inc. engages in the real estate businesses in the United States. The company operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture. The Asset Management segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment leases and manages mining royalty land owned by the Company primarily in Florida, Georgia, and Virginia. The Development segment owns and monitors the use of parcels of land that are in various stages of development. This segment acquires, constructs, and develops primarily for apartment, retail, warehouse, and office buildings. The Stabilized Joint Venture Segment owns, leases, and manages buildings through joint ventures. Holdings, Inc. was incorporated in 2014 and is based in Jacksonville, Florida.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20
10-Q
3/31/20
10-K
12/31/19
10-Q
9/30/19
10-Q
6/30/19
10-Q
3/31/19
10-K
12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Frp Holdings, Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$23.77M	$24.05M	$24.33M	$24.62M	$24.9M	$25.2M	$25.49M	$25.79M	$26.09M	$26.4M	$26.71M	$267.1M
DCF		$20.91M	$18.4M	$16.19M	$14.24M	$12.53M	$11.02M	$9.695M	$8.529M	$7.504M	$6.601M	$66.01M
Value	$191.6M

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -13%

Earnings Stability 6.6%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	09-2014	09-2015	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	TTM
Net Margin	6.3%	24%	97%	560%	66%	50%	90%	11%	11%
ROA	5.7%	2.4%	15%	25%	3.1%	0.96%	0.34%	1.1%	1.6%
ROE	4.9%	4.5%	16%	32%	4%	3.1%	6.6%	0.91%	1.1%

What is the average Net Margin?

The average Net Margin over the past 5 years is +145.41%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -52.89%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +7.67%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -4.22%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +10.42%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -4.34%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	09-2014	09-2015	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	TTM
Debt FCF	-	4.93	27.60	-98.65	2.32	84.16	31.52	-34.12	7.57
Debt Equity	0.33	0.29	0.46	0.23	0.23	0.24	0.42	0.41	0.40
MIN
Graham Stability	-	-	-	100%	27%	19%	56%	22%	19%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 7.57.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 4.68.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.19.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	09-2014	12-2017	12-2019	12-2021	Trend
Revenue	-19%	-2.8%	16%	20%	13%
Net Income	-12%	-37%	-36%	-86%	-34%
Stockholders Equity	12%	11%	4.3%	4.5%	-2.4%
FCF	-	-	-	-	64%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is -2.8%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +12.82%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -37.3%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -34.03%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +10.92%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -2.39%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +63.66%.