NasdaqGS:FRPH

Stock Analysis Report

Executive Summary

FRP Holdings, Inc., through its subsidiaries, engages in various real estate businesses in the United States.

Risk Analysis

No risks detected for FRPH from our risk checks.


Snowflake Analysis

Excellent balance sheet with questionable track record.


Similar Companies

Share Price & News

How has FRP Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FRPH has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.2%

FRPH

2.1%

US Real Estate

1.2%

US Market


1 Year Return

3.8%

FRPH

18.3%

US Real Estate

24.2%

US Market

Return vs Industry: FRPH underperformed the US Real Estate industry which returned 17.2% over the past year.

Return vs Market: FRPH underperformed the US Market which returned 24.7% over the past year.


Shareholder returns

FRPHIndustryMarket
7 Day-2.2%2.1%1.2%
30 Day2.0%0.6%3.5%
90 Day2.4%13.3%11.7%
1 Year3.8%3.8%19.3%18.3%26.9%24.2%
3 Year33.3%33.3%40.8%37.3%53.0%43.2%
5 Year46.3%38.3%19.0%14.9%75.3%56.0%

Price Volatility Vs. Market

How volatile is FRP Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is FRP Holdings undervalued compared to its fair value and its price relative to the market?

66.66x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FRPH ($51.86) is trading above our estimate of fair value ($29.24)

Significantly Below Fair Value: FRPH is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FRPH is poor value based on its PE Ratio (68.2x) compared to the Real Estate industry average (25.3x).

PE vs Market: FRPH is poor value based on its PE Ratio (68.2x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FRPH's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FRPH is good value based on its PB Ratio (1.4x) compared to the US Real Estate industry average (1.5x).


Next Steps

Future Growth

How is FRP Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

14.3%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as FRP Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has FRP Holdings performed over the past 5 years?

12.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FRPH has high quality earnings.

Growing Profit Margin: FRPH's current net profit margins (33.9%) are lower than last year (41%).


Past Earnings Growth Analysis

Earnings Trend: FRPH's earnings have grown by 12.6% per year over the past 5 years.

Accelerating Growth: FRPH's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FRPH had negative earnings growth (-14.3%) over the past year, making it difficult to compare to the Real Estate industry average (-25%).


Return on Equity

High ROE: FRPH's Return on Equity (1.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is FRP Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: FRPH's short term assets ($104.1M) exceed its short term liabilities ($1.5M).

Long Term Liabilities: FRPH's short term assets ($104.1M) do not cover its long term liabilities ($144.6M).


Debt to Equity History and Analysis

Debt Level: FRPH's debt to equity ratio (22.8%) is considered satisfactory.

Reducing Debt: FRPH's debt to equity ratio has reduced from 27.1% to 22.8% over the past 5 years.

Debt Coverage: FRPH's debt is well covered by operating cash flow (21.9%).

Interest Coverage: FRPH earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet

Inventory Level: FRPH has a high level of physical assets or inventory.

Debt Coverage by Assets: FRPH's debt is covered by short term assets (assets are 1.2x debt).


Next Steps

Dividend

What is FRP Holdings's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage2.2%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate FRPH's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate FRPH's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FRPH's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FRPH's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FRPH's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of FRP Holdings's salary, the management and board of directors tenure and is there insider trading?

3.8yrs

Average management tenure


CEO

John Baker (70yo)

2.8yrs

Tenure

US$609,715

Compensation

Mr. John Daniel Baker, II, CPA, has been Chief Executive Officer of FRP Holdings, Inc. since March 13, 2017. Mr. Baker has been Executive Chairman of FRP Holdings, Inc. since October 1, 2010 and also has b ...


CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD609.72K) is below average for companies of similar size in the US market ($USD1.70M).

Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.8yrs

Average Tenure

69.5yo

Average Age

Experienced Management: FRPH's management team is considered experienced (3.8 years average tenure).


Board Age and Tenure

9.3yrs

Average Tenure

68.5yo

Average Age

Experienced Board: FRPH's board of directors are considered experienced (9.3 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • James Gilstrap (69yo)

    Executive Officer

    • David deVilliers (68yo)

      President

      • Tenure: 4.7yrs
      • Compensation: US$897.78k
    • Wallace Patzke (72yo)

      Executive Officer

      • John Baker (70yo)

        Executive Chairman & CEO

        • Tenure: 2.8yrs
        • Compensation: US$609.72k
      • John Milton (74yo)

        Executive VP

        • Compensation: US$294.78k
      • John Klopfenstein (56yo)

        Chief Accounting Officer & Controller

        • Tenure: 16.8yrs
        • Compensation: US$183.23k
      • John Baker

        CFO & Treasurer

        • Tenure: 0.7yrs

      Board Members

      • John Baker (70yo)

        Executive Chairman & CEO

        • Tenure: 2.8yrs
        • Compensation: US$609.72k
      • Mike Shad (73yo)

        Independent Director

        • Tenure: 15.4yrs
        • Compensation: US$300.20k
      • Bill Walton (67yo)

        Independent Director

        • Tenure: 4.9yrs
        • Compensation: US$295.70k
      • Hap Stein (66yo)

        Independent Director

        • Tenure: 28yrs
        • Compensation: US$291.70k
      • Charles Commander (79yo)

        Lead Independent Director

        • Compensation: US$297.70k
      • Margaret Wetherbee (50yo)

        Director

        • Tenure: 0.7yrs

      Company Information

      FRP Holdings, Inc.'s company bio, employee growth, exchange listings and data sources


      Key Information

      • Name: FRP Holdings, Inc.
      • Ticker: FRPH
      • Exchange: NasdaqGS
      • Founded: 1986
      • Industry: Real Estate Operating Companies
      • Sector: Real Estate
      • Market Cap: US$498.158m
      • Shares outstanding: 9.82m
      • Website: https://www.frpholdings.com

      Number of Employees


      Location

      • FRP Holdings, Inc.
      • 200 West Forsyth Street
      • 7th Floor
      • Jacksonville
      • Florida
      • 32202
      • United States

      Listings

      TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
      FRPHNasdaqGS (Nasdaq Global Select)YesNew Common StockUSUSDJul 1986

      Biography

      FRP Holdings, Inc., through its subsidiaries, engages in various 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 owns various properties comprising approximately 15,000 acres under lease for mining rents or royalties 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. The Stabilized Joint Venture segment owns, leases, and manages a 305 unit residential apartment building with approximately 18,000 square feet of first floor retail space. FRP Holdings, Inc. was founded in 1986 and is based in Jacksonville, Florida. 


      Company Analysis and Financial Data Status

      All financial data provided by Standard & Poor's Capital IQ.
      DataLast Updated (UTC time)
      Company Analysis2020/01/21 00:54
      End of Day Share Price2020/01/17 00:00
      Earnings2019/09/30
      Annual Earnings2018/12/31


      Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.