FRP Holdings Valuation

Q: What is the Fair Price of FRPH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

FRPH ($31.17) is trading below our estimate of [[fair value]] ($40.29)

Is FRPH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FRPH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FRPH ($31.17) is trading below our estimate of fair value ($40.29)

Significantly Below Fair Value: FRPH is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FRPH?

Key metric: As FRPH is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FRPH. This is calculated by dividing FRPH's market cap by their current earnings.
What is FRPH's PE Ratio?
PE Ratio	78.2x
Earnings	US$7.59m
Market Cap	US$593.18m

FRPH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	21.4x
Enterprise Value/EBITDA	54.8x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does FRPH's PE Ratio compare to its peers?

The above table shows the PE ratio for FRPH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	51.4x
NEN New England Realty Associates Limited Partnership	20.3x	n/a	US$279.4m
CPPT.L Copper Property CTL Pass Through Trust	12.7x	n/a	US$860.3m
RITR Reitar Logtech Holdings	98.4x	n/a	US$249.8m
TCI Transcontinental Realty Investors	74.3x	n/a	US$237.1m
FRPH FRP Holdings	78.2x	n/a	US$593.2m

Price-To-Earnings vs Peers: FRPH is expensive based on its Price-To-Earnings Ratio (78.2x) compared to the peer average (51.4x).

Price to Earnings Ratio vs Industry

How does FRPH's PE Ratio compare vs other companies in the US Real Estate Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap
STHO Star Holdings	1.9x	n/a	US$154.24m
STSR Strategic Student & Senior Housing Trust	2.4x	n/a	US$41.31m
XIN Xinyuan Real Estate	0.4x	n/a	US$20.71m
ILAL International Land Alliance	2.4x	n/a	US$6.88m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: FRPH is expensive based on its Price-To-Earnings Ratio (78.2x) compared to the US Real Estate industry average (31.7x).

Price to Earnings Ratio vs Fair Ratio

What is FRPH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FRPH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	78.2x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FRPH's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Information Services

CA$508.5m

Provides registry and information management services for public data and records in Canada.

IRMT.F

CA$20.30

37.2%

Sun Hung Kai Properties

HK$221.5b

Develops and invests in properties for sale and rent in Hong Kong, Mainland China, and internationally.

SUHJ.Y

HK$9.82

-7.1%

-2.1%

Longfor Group Holdings

HK$78.5b

An investment holding company, engages in the property development, investment, and management businesses in the People’s Republic of China.

LGFR.Y

HK$14.66

-16.7%

-11.5%