FRPH
FRP Holdings, Inc.
$24.04
Stable Earnings Power
75%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 177.5% above fair value
You pay
$24.04
Bear
$6.93
Fair
$8.66
Bull
$10.40
Bear
$6.93
-71.2%
$0.47 × 15x P/E
Fair
$8.66
-64.0%
$0.47 × 19x P/E
Bull
$10.40
-56.8%
$0.47 × 22x P/E
Key Value Driver
Normalized P/E multiple (19x base case)
Implied Market Multiple
51.4x
Summary
Applying a 19x P/E to adjusted EPS of $0.47, the base-case value is $8.66 per share.
Warnings
The company's reported profits differ from official accounting profits by 175%. Check what costs are being left out of the adjusted number.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples