AMREP Corporation

NYSE:AXR 주식 리포트

시가총액: US$130.3m

AMREP 향후 성장

Future 기준 점검 0/6

AMREP 의 수익과 수익은 각각 연간 1.8% 및 10.3% 감소할 것으로 예상됩니다 while EPS는 연간 11% 만큼 쇠퇴할 것으로 예상됩니다.

핵심 정보

-10.3%

이익 성장률

-10.99%

EPS 성장률

Real Estate 이익 성장26.8%
매출 성장률-1.8%
향후 자기자본이익률n/a
애널리스트 커버리지

Low

마지막 업데이트07 Apr 2026

최근 향후 성장 업데이트

Recent updates

Seeking Alpha May 01

AMREP Corporation: A Focus On Downside Protection

Summary AMREP Corporation purchased a large chunk of land in Sandoval County, New Mexico, in the 1960s and early 70s. To generate the bulk of its revenue, AXR develops this land and sells it to homebuilders and property developers in the Sandoval County area. AXR's shares are already cheap relative to book value. Due to the accounting treatment of AXR's land, its book value may be understated, adding an additional margin of safety. Applying unrealistically conservative valuation estimates to AXR's land portfolio ensures downside protection and preservation of capital. Read the full article on Seeking Alpha
분석 기사 Feb 11

What Is AMREP Corporation's (NYSE:AXR) Share Price Doing?

AMREP Corporation ( NYSE:AXR ), is not the largest company out there, but it saw a double-digit share price rise of...
분석 기사 Sep 13

AMREP Corporation's (NYSE:AXR) Shares Lagging The Market But So Is The Business

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 20x, you may...
분석 기사 May 28

Why AMREP Corporation (NYSE:AXR) Could Be Worth Watching

AMREP Corporation ( NYSE:AXR ), is not the largest company out there, but it saw significant share price movement...
분석 기사 Mar 05

Market Cool On AMREP Corporation's (NYSE:AXR) Earnings Pushing Shares 26% Lower

Unfortunately for some shareholders, the AMREP Corporation ( NYSE:AXR ) share price has dived 26% in the last thirty...
Seeking Alpha Jan 23

AMREP Has Become Attractive After Its Recent Correction

Summary AMREP Corporation, a small-cap real estate company, has a solid long-term growth record and outperformed the S&P 500 over 1, 5, and 10 years. Despite current economic challenges, including high inflation and mortgage rates, AMREP's fiscal 2025 performance has been strong, with significant revenue and earnings growth. AMREP's rock-solid balance sheet, with no long-term debt and substantial net cash, enhances its resilience and attractiveness, especially given its cheap valuation. While facing risks from competition and potential higher interest rates, AMREP is well-positioned to benefit from lower future interest rates, rewarding patient, long-term investors. Read the full article on Seeking Alpha
분석 기사 Nov 21

Earnings Not Telling The Story For AMREP Corporation (NYSE:AXR) After Shares Rise 29%

AMREP Corporation ( NYSE:AXR ) shares have continued their recent momentum with a 29% gain in the last month alone. The...
Seeking Alpha Oct 01

AMREP Corporation's Assets Are Perfectly Placed To Benefit From Future Rate Cuts

Summary AMREP offers an enormous amount of value at a very cheap price, while concurrently having better safety nets than most other businesses, real estate, or otherwise. The company has demonstrated consistent revenue growth and profitability, making it a compelling investment opportunity. AMREP's owns over 16,000 acres of property just outside of Albuquerque, New Mexico. Albuquerque's geography makes any future growth of the city extremely difficult and therefore, any future expansion of Albuquerque will likely have to take place on land AMREP owns. Read the full article on Seeking Alpha
분석 기사 Sep 20

A Piece Of The Puzzle Missing From AMREP Corporation's (NYSE:AXR) 25% Share Price Climb

Despite an already strong run, AMREP Corporation ( NYSE:AXR ) shares have been powering on, with a gain of 25% in the...
분석 기사 Aug 02

AMREP's (NYSE:AXR) Sluggish Earnings Might Be Just The Beginning Of Its Problems

AMREP Corporation's ( NYSE:AXR ) recent weak earnings report didn't cause a big stock movement. However, we believe...
분석 기사 Jul 30

What AMREP Corporation's (NYSE:AXR) 36% Share Price Gain Is Not Telling You

AMREP Corporation ( NYSE:AXR ) shareholders would be excited to see that the share price has had a great month, posting...
Seeking Alpha May 31

Long-Term Growth Prospects On AMREP's Assets

Summary AMREP Corporation owns a significant amount of land in Rio Rancho, New Mexico, positioning them to benefit from population growth in the area. The company has, to an extent, control over the rate at which subdivisions and building projects are developed, providing price protection. Rio Rancho is experiencing a growing population due to Albuquerque's very limited ability to expand. Read the full article on Seeking Alpha
Seeking Alpha Apr 24

AMREP Is Getting More Aggressive With Building, But Still Not An Opportunity

Summary AMREP's stock price has appreciated significantly, leaving little room for improvement from a balance sheet perspective. The company recorded the sale of commercial properties, generating additional revenue but with accrual losses. There are indications of an improving home-building segment, with an increase in homes under construction and continued shareholder buying. Still, from a recurring earnings capacity standpoint, the stock is not attractive at these prices. Read the full article on Seeking Alpha
Seeking Alpha Jan 25

AMREP Performs As Expected But Is No Longer An Opportunity

Summary AMREP Corporation is a land developer and home builder focused on the suburbs of Albuquerque, New Mexico. The company's stock has appreciated almost 60% since it was recommended, and over 200% since 2020. The company's recurring earnings capacity remains the same, but the stock is no longer attractive based on valuation. Read the full article on Seeking Alpha
분석 기사 Dec 23

AMREP Corporation (NYSE:AXR) Held Back By Insufficient Growth Even After Shares Climb 29%

AMREP Corporation ( NYSE:AXR ) shareholders have had their patience rewarded with a 29% share price jump in the last...
분석 기사 Dec 08

Estimating The Intrinsic Value Of AMREP Corporation (NYSE:AXR)

Key Insights Using the 2 Stage Free Cash Flow to Equity, AMREP fair value estimate is US$22.54 AMREP's US$19.00 share...
분석 기사 Nov 20

Is Now The Time To Put AMREP (NYSE:AXR) On Your Watchlist?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Seeking Alpha Feb 06

AMREP Trading At Value Price Even If The Balance Sheet Is Ignored

Summary AMR is a land developer and homebuilder in Rio Rancho. The company has massive assets in the city, which have been the topic of debate among deep value investors. In this article, I analyze AMR from a recurring income generation capacity. I find that the company is able to generate sufficient income to justify its current market cap. The data does not point to a home supply bubble in Rio Rancho or Albuquerque. The company's balance sheet provides an additional margin of safety, but is not the core of the valuation. AMREP Corporation (AXR) is a land developer and home builder in the Rio Rancho city of New Mexico. The company has recently started its home building segment after decades of dealing only with land development, and disposing of unrelated businesses in publishing and fulfillment. AXR's recent earnings are influenced by one-time earnings related to the disposition of previous business segments. Further, the company carries most of its real estate inventories at historical costs. This makes valuing AXR a challenging task. My approach to evaluating the company is founded on the company's operating income capacity, rather than on the liquidation value of its assets. I believe this approach is safer for non-controlling shareholders. From that perspective, I believe AXR provides value at current prices. The company should be able to generate sufficient income to justify its current market cap, and has its balance sheet as an additional margin of safety. Note: Unless otherwise stated, all information has been obtained from AXR's filings with the SEC. Business description Pioneers in Rio Rancho: AXR has been developing land in Rio Rancho since the 1970s at least. The company then became famous for opening streets in the desert and selling plots to investors across the U.S., many of which found them to be difficult to develop in solitude. The strange situation of the gridded desert can be seen easily in Google Maps. Satellite image of Rio Rancho, New Mexico (Google Maps) The company was then left with some contiguous and some non contiguous plots of land in the region. The story was researched in depth by Brian Grosso. Today, the company still owns 1000 acres of undeveloped and under development land in the city. It also owns 17 thousand acres of undeveloped land that is difficult to develop because it is not contiguous, making development not as profitable. For decades, AXR slowly developed and sold those lands to homebuilders in Rio Rancho, as the city expanded. Today, it is the third largest city in New Mexico, and already belongs to the same metropolitan area as Albuquerque. Adventures in other businesses: The company also purchased a publishing business from Allied Capital in 2007. The business never took off, as publishing was suffering from a secular downcycle, and AXR sold its participation in it in 2015, plus remaining assets in the following years. Today, the company has no assets in that business. AXR also has a plot in Colorado that is leased for O&G exploitation for a royalty on production. It also has 160 acres in Brighton, Colorado, that are suitable for house development. Homebuilding: After the failed adventure in publishing, AXR decided to start its own homebuilding project in 2020, under the name Amreston. The company has been growing this operation consistently since, and this business could eventually generate more revenue than the land development business. A balance sheet fortress: The main bullish thesis on AXR has been that its $70 million in real estate assets are significantly undervalued. Asserting this is difficult because it requires significant time to study each asset separately, and access to proprietary databases. The SA author Nicholas Bodnar has a fantastic article covering each of the company's assets. I will not delve so much into this subject because I do not believe small investors should take an investment based on deep-value analysis that is only feasible for investment firms who can dedicate a significant amount of research time to a single stock. Still, with debts of less than $4 million, total liabilities of $7 million, and assets of $96 million, including $12 million in cash, the company has a super strong balance sheet, even valued at cost. It currently trades at $70 million, meaning below book value. Valuation Instead of focusing on assets, I will focus my valuation on the ability of the company to generate income with those assets. This is more feasible with constrained research time, and is also more logical. Assets should only be worth what they can generate in income. If the company is unable to generate income with those assets, and the investor is not able to buy the company and sell the assets separately, then they are not worth that much. Real estate is competitive: As Munger said at a Berkshire annual conference, real estate is a competitive investment landscape. Although AXR has an advantage in Rio Rancho because it owns a lot of land at historical cost, it still has to compete on a recurring basis. Further, because AXR is taxed like a corporation and not like a REIT, its returns are lower. Geographical concentration: AXR's land development and homebuilding businesses are concentrated in a single city. The demographics and economics of this city and its neighbor Albuquerque move the company's profitability. This is a risk that other companies with more diversified assets and operations do not have. Personally, I do not see this as a terrible aspect given that certain long term trends, like trade relations between the U.S. and Mexico, benefit development in the region. Volatile gross margins: AXR's gross margins on sold land and houses have been very volatile. In my opinion, this has not been generated by volatile real estate prices, but rather by the enormous size of the company's asset base. Depending on location, the different plots of land can have different prices. The table below, compiled from AXR's annual reports from the SEC, shows volatility for the land development segment (AXR's fiscal year ends in April), reported by the company as 'land sale revenues'. The second row shows revenues for each fiscal year, in millions. This shows that margins were not influenced by revenue levels either. 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 45% 31% 17% 14% 30% 28% 15% 26% 23% 40% $39 $25 $16 $12 $6.4 $9.4 $5.7 $5.9 $3.7 $0.9 Gross margins on the homebuilding segment were 33% in 1H23, 24% in FY22, and 16% in FY21. In this case, revenue has been growing consistently for the segment, indicating some scale efficiencies. A $5 million SG&A structure: The company has to sustain $5 million in SG&A costs after disposing of its previous businesses. This, plus shareholder's income, has to be paid with gross margins generated by the other businesses. Data by YCharts How much income is needed: If the investor requires a 10% accrual return on its investment, we are talking about $1.4 per share, or $7 million at the company level. Applying income taxes of 25%, translates into $9 million in pre tax income. Add back $5 million in SG&A expenses (not considering negligible interest expenses), and the company requires $14 million in gross profits, to deliver a healthy return. The tricky part comes when trying to estimate the company's gross margin on its operations. Using a 30% combined margin yields revenues of $47 million to generate $14 million in gross profits. The 10 year average of land development gross margins is 27%. Reducing the gross margin to 25% yields $56 million in required revenues. Are those revenues sustainable?: The company currently can generate that level of revenue. In the 1H23 period it generated $27 million in revenues from these two segments. In FY22, $52 million (after subtracting the sale of unrelated property in Florida). In FY21, however, the company sold much less, only $28 million. The problem is sustainability. In terms of assets the company is completely covered, it has 1 thousand acres of land that can be developed, and has been selling about 60 acres yearly to generate revenue levels of 1H23 and FY22. Further, the company has been acquiring land as well. If the company is buying plots adjacent to the 17 thousand acres that are too sparsely located to be profitable, then it could release even more land for development.
Seeking Alpha Dec 12

AMREP GAAP EPS of $0.68, revenue of $16.15M

AMREP press release (NYSE:AXR): Q2 GAAP EPS of $0.68. Revenue of $16.15M (+0.2% Y/Y).
Seeking Alpha Oct 27

AMREP Corporation: Share Price Declining But Margins And Balance Sheet Remain Strong

Summary AMREP Corporation's share price has fallen with the market year to date, down more than 20%, but financials have improved since. The balance sheet continues to grow and remains robust, while sales are also improving as margins have improved. In terms of valuation, AXR has the potential for around 100% upside when compared to peers as well as its book. Thesis AMREP Corporation (AXR) still remains undervalued due to its robust balance sheet (over $90m in land assets with less than $10m in debt with an EV $43m). Despite the rough economic climate, the balance sheet continues to grow and gross margins continue to improve but remain understated. The stock is undervalued compared to peers and has a potential upside of around 100%. Intro AXR is a land development and homebuilding company with significant exposure to New Mexico. The company currently own around 17,000 acres of land in New Mexico, where revenue drivers are from the sale of both developed and undeveloped land to homebuilders and developers. Therefore, undeveloped land is purchased bare of which AXR then obtain planning and approvals, install utilities, and add infrastructure in order to sell as developed lots and gain an uplift on the price. Google Share price this year has been jumpy and has fallen with market to hit ~23% decline year to date. Balance Sheet and Income Statement Analysis AXR's balance sheet is incredibly strong, where they are currently sitting on around 16m of cash, implying that almost 40% of EV is cash alone. However, the more important element of the balance sheet is the current land assets. The company is currently sitting on $64m of undeveloped land alone. Homebuilding makes up another $4.5m of assets. And despite the unfavorable environment, the real estate assets of the balance sheet grew 2% between April and July in 2022. SEC This is interesting as you would typically think that in an environment where house prices have peaked, either revenues will be limited (as sales are not being made), or the balance sheet would shrink given that assets are being sold off. However, in the 3 months ending July-22, $11m of sales were made, 50% from homes and 50% from land. SEC A significant amount of land sales have been made, around $5m, when land on the balance sheet grew $1m, indicating that a significant margin is being made here. In terms of homes, sales were around $5m as well, but home assets on the balance sheet only fell by -$130k, again, implying that there is a huge margin. These results are explained by revenue metrics, where revenue per acre sold has historically over the past several years on developed land has grown from around $300k per acre in 2014 to $450k per acre in 2021, an annual growth rate of 6%. However, in 2022, land is currently being sold for $520k per acre, which is a 16% increase from the cost in 2021. The sales figures have improved significantly and the company states that their gross margin for land has increased from 31% in 2021 to 45% in 2022, and home sales gross margin improved from 16% to 25%. However, given that the balance sheet has remained significantly robust and hasn't moved despite the strong sales, the gross margin is a lot higher than what is being stated. The balance sheet is holding assets that have been recorded at costs from decades ago, so assets are being sold for a price substantially higher than what is publicly available on the balance sheet, and we also know that cash generated by these sales are being put back into developing more land. Valuation Given the robust balance sheet and strong sales with high margins, the fall in share price does not give it a fair valuation. The share price has followed the rest of the market and investors are too focused on the fact it is a development and home building company, and thus as rates rise, valuations of these companies should suffer given he drop in mortgage demand. However, the current health of the company gives it a perfect position to head into the current recession and come out on top. Margins improved significantly during a period where the share price fell, meaning that gross margins of 31% and 16% in 2021, when the share price grew, were seen as good margins, implying that the margins we are seeing today should be described as great. The strong balance sheet gives the company a P/B of 0.7x (slightly above peers) and the healthy sales give it an EV/EBITDA of 2, which is substantially below peers.
분석 기사 Sep 26

Is AMREP (NYSE:AXR) Using Too Much Debt?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha Sep 07

AMREP GAAP EPS of $0.36, revenue of $11.23M

AMREP press release (NYSE:AXR): Q1 GAAP EPS of $0.36. Revenue of $11.23M (+6.9% Y/Y).
분석 기사 Sep 02

Should You Be Adding AMREP (NYSE:AXR) To Your Watchlist Today?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Seeking Alpha Jul 21

AMREP GAAP EPS of $2.21, revenue of $62.48M

AMREP press release (NYSE:AXR): FY GAAP EPS of $2.21. Revenue of $62.48M (+55.9% Y/Y).
분석 기사 Mar 30

We Think AMREP (NYSE:AXR) Can Manage Its Debt With Ease

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
분석 기사 Sep 03

Here's Why Shareholders Will Not Be Complaining About AMREP Corporation's (NYSE:AXR) CEO Pay Packet

We have been pretty impressed with the performance at AMREP Corporation ( NYSE:AXR ) recently and CEO Chris Vitale...
분석 기사 Aug 03

Shareholders Will Be Pleased With The Quality of AMREP's (NYSE:AXR) Earnings

AMREP Corporation ( NYSE:AXR ) recently posted some strong earnings, and the market responded positively. We did some...
분석 기사 Apr 28

AMREP (NYSE:AXR) Is Doing The Right Things To Multiply Its Share Price

If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and...
분석 기사 Mar 05

Does AMREP (NYSE:AXR) Have A Healthy Balance Sheet?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
분석 기사 Nov 20

Does AMREP's (NYSE:AXR) CEO Salary Compare Well With Industry Peers?

Chris Vitale has been the CEO of AMREP Corporation (NYSE:AXR) since 2017, and this article will examine the...

이익 및 매출 성장 예측

NYSE:AXR - 애널리스트 향후 추정치 및 과거 재무 데이터 (USD Millions)
날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수
4/30/20285210N/AN/A1
4/30/20275110N/AN/A1
4/30/20265411N/AN/A1
1/31/202653131314N/A
10/31/2025461145N/A
7/31/2025481399N/A
4/30/202550131010N/A
1/31/202558131415N/A
10/31/202463121919N/A
7/31/20246091920N/A
4/30/20245171011N/A
1/31/20244521111N/A
10/31/2023411999N/A
7/31/2023482188N/A
4/30/2023492266N/A
1/31/202359321213N/A
10/31/202260161012N/A
7/31/202259161920N/A
4/30/202259161415N/A
1/31/202254101113N/A
10/31/202153111515N/A
7/31/20214681010N/A
4/30/20214071313N/A
1/31/202126022N/A
10/31/202024-222N/A
7/31/202018-5-4-3N/A
4/30/202019-611N/A
1/31/202018-222N/A
10/31/201915-4N/A0N/A
7/31/201913-2N/A2N/A
4/30/201913-2N/A1N/A
1/31/2019-11-4N/A-2N/A
10/31/2018-3-6N/A-2N/A
7/31/20183-5N/AN/AN/A
4/30/20189-3N/A1N/A
1/31/201838-2N/A4N/A
10/31/2017381N/A6N/A
7/31/2017401N/A9N/A
4/30/2017410N/A10N/A
1/31/201741-7N/A12N/A
10/31/201643-8N/A12N/A
7/31/201643-8N/A10N/A
4/30/201642-10N/A3N/A
1/31/201643-5N/A-2N/A
10/31/201544-5N/A1N/A
7/31/201547-4N/A4N/A

애널리스트 향후 성장 전망

수입 대 저축률: AXR 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -10.3%).

수익 vs 시장: AXR 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -10.3%).

고성장 수익: AXR 의 수익은 향후 3년간 감소할 것으로 예상됩니다.

수익 대 시장: AXR 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -1.8%).

고성장 매출: AXR 의 수익은 향후 3년 동안 감소할 것으로 예상됩니다(연간 -1.8%).


주당순이익 성장 예측


향후 자기자본이익률

미래 ROE: AXR의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.


성장 기업 찾아보기

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/20 16:43
종가2026/05/20 00:00
수익2026/01/31
연간 수익2025/04/30

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분석가 소스

AMREP Corporation는 2명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Viacheslav ObodnikovFreedom Broker
Zhiger KurmetFreedom Broker