Maui Land & Pineapple Company (NYSE:MLP) - Share price, News & Analysis

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

MLP ($8.64) is trading below our estimate of [[fair value]] ($61.13)

MLP fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	4/6
Financial Health	6/6
Dividends	0/6

MLP Stock Overview

Rewards

Trading at 85.9% below our estimate of its fair value

Earnings grew by 9305.1% over the past year

Risk Analysis

Earnings have declined by 52.1% per year over past 5 years

Maui Land & Pineapple Company Competitors

Kaanapali Land

OTCPK:KANP

US$42.4m

Stratus Properties

NasdaqGS:STRS

US$196.9m

Forestar Group

NYSE:FOR

US$585.2m

AMREP

NYSE:AXR

US$60.9m

Price History & Performance

Summary of all time highs, changes and price drops for Maui Land & Pineapple Company
Historical stock prices
Current Share Price	US$8.64
52 Week High	US$12.36
52 Week Low	US$8.51
Beta	0.64
1 Month Change	-11.93%
3 Month Change	-8.77%
1 Year Change	-17.32%
3 Year Change	-16.20%
5 Year Change	-40.62%
Change since IPO	-26.47%

Recent News & Updates

Aug 11

Maui Land & Pineapple GAAP EPS of $0.54, revenue of $13.99M

Maui Land & Pineapple press release (NYSE:MLP): Q2 GAAP EPS of $0.54. Revenue of $13.99M (+182.6% Y/Y).

Shareholder Returns

	MLP	US Real Estate	US Market
7D	-4.2%	-3.2%	-2.0%
1Y	-17.3%	-44.8%	-20.3%

Return vs Industry: MLP exceeded the US Real Estate industry which returned -46.5% over the past year.

Return vs Market: MLP exceeded the US Market which returned -22.1% over the past year.

Price Volatility

Is MLP's price volatile compared to industry and market?
MLP volatility
MLP Average Weekly Movement	4.3%
Real Estate Industry Average Movement	7.6%
Market Average Movement	6.9%
10% most volatile stocks in US Market	15.8%
10% least volatile stocks in US Market	2.8%

Stable Share Price: MLP is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: MLP's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1909	9	Warren Haruki	https://www.mauiland.com

Maui Land & Pineapple Company, Inc., together with its subsidiaries, develops, manages, and sells residential, resort, commercial, agricultural, and industrial real estate properties in the United States. It operates through Real Estate, Leasing, and Resort Amenities segments. The Real Estate segment is involved in the land planning and entitlement, development, and sale of its landholdings on Maui.

Maui Land & Pineapple Company Fundamentals Summary

How do Maui Land & Pineapple Company's earnings and revenue compare to its market cap?
MLP fundamental statistics
Market Cap	US$168.61m
Earnings (TTM)	US$5.55m
Revenue (TTM)	US$21.67m

30.4x

P/E Ratio

7.8x

P/S Ratio

Is MLP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MLP income statement (TTM)
Revenue	US$21.67m
Cost of Revenue	US$6.02m
Gross Profit	US$15.65m
Other Expenses	US$10.10m
Earnings	US$5.55m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.28
Gross Margin	72.24%
Net Profit Margin	25.61%
Debt/Equity Ratio	0.0%

How did MLP perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MLP. This is calculated by dividing MLP's market cap by their current preferred multiple.
What is MLP's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$168.61m

MLP 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	7x
Enterprise Value/EBITDA	22.1x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

MLP PE Ratio vs Peers

The above table shows the PE ratio for MLP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	4.5x
KANP Kaanapali Land	7.4x	n/a	US$42.4m
STRS Stratus Properties	3.3x	n/a	US$196.9m
FOR Forestar Group	3.4x	-24.2%	US$585.2m
AXR AMREP	3.8x	n/a	US$60.9m
MLP Maui Land & Pineapple Company	30.4x	n/a	US$168.6m

Price-To-Earnings vs Peers: MLP is expensive based on its Price-To-Earnings Ratio (30.4x) compared to the peer average (4.5x).

Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: MLP is expensive based on its Price-To-Earnings Ratio (30.4x) compared to the US Real Estate industry average (7.4x)

Price to Earnings Ratio vs Fair Ratio

What is MLP'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.

MLP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	30.4x
Fair PE Ratio	n/a

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

Share Price vs Fair Value

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

Below Fair Value: MLP ($8.64) is trading below our estimate of fair value ($61.13)

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

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.

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Future Growth

How is Maui Land & Pineapple Company forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

40.3%

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 Maui Land & Pineapple Company 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.

Discover growth companies

Check out Maui Land & Pineapple Company's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
Maui Land & Pineapple Company competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Maui Land & Pineapple Company performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-52.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MLP has high quality earnings.

Growing Profit Margin: MLP's current net profit margins (25.6%) are higher than last year (0.5%).

Past Earnings Growth Analysis

Earnings Trend: MLP's earnings have declined by 52.1% per year over the past 5 years.

Accelerating Growth: MLP's earnings growth over the past year (9305.1%) exceeds its 5-year average (-52.1% per year).

Earnings vs Industry: MLP earnings growth over the past year (9305.1%) exceeded the Real Estate industry 41.2%.

Return on Equity

High ROE: MLP's Return on Equity (16.1%) is considered low.

Discover strong past performing companies

Financial Health

How is Maui Land & Pineapple Company's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: MLP's short term assets ($21.7M) exceed its short term liabilities ($2.9M).

Long Term Liabilities: MLP's short term assets ($21.7M) exceed its long term liabilities ($11.6M).

Debt to Equity History and Analysis

Debt Level: MLP is debt free.

Reducing Debt: MLP has no debt compared to 5 years ago when its debt to equity ratio was 4%.

Debt Coverage: MLP has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: MLP has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Maui Land & Pineapple Company current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Maui Land & Pineapple Company Dividend Yield vs Market

How does Maui Land & Pineapple Company dividend yield compare to the market?
Segment	Dividend Yield
Company (Maui Land & Pineapple Company)	n/a
Market Bottom 25% (US)	1.6%
Market Top 25% (US)	4.6%
Industry Average (Real Estate)	2.7%
Analyst forecast in 3 Years (Maui Land & Pineapple Company)	n/a

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

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

Stability and Growth of Payments

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

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

Earnings Payout to Shareholders

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

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as MLP has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

3.6yrs

Average management tenure

CEO

Warren Haruki (69 yo)

16.5yrs

Tenure

US$1,096,362

Compensation

Mr. Warren Hiromu Haruki has been the Chief Executive Officer and President of Grove Farm Company Incorporated since February 2005. Mr. Haruki is the Chief Executive Officer of Maui Land & Pineapple Compan...

CEO Compensation Analysis

Warren Haruki's Compensation vs Maui Land & Pineapple Company Earnings

How has Warren Haruki's remuneration changed compared to Maui Land & Pineapple Company's earnings?
Date	Total Comp.	Salary	Company Earnings
Jun 30 2022	n/a	n/a	US$6m
Mar 31 2022	n/a	n/a	-US$3m
Dec 31 2021	US$1m	US$415k	-US$3m
Sep 30 2021	n/a	n/a	US$533k
Jun 30 2021	n/a	n/a	US$59k
Mar 31 2021	n/a	n/a	-US$2m
Dec 31 2020	US$1m	US$415k	-US$2m
Sep 30 2020	n/a	n/a	-US$7m
Jun 30 2020	n/a	n/a	-US$7m
Mar 31 2020	n/a	n/a	-US$7m
Dec 31 2019	US$1m	US$394k	-US$7m
Sep 30 2019	n/a	n/a	US$2m
Jun 30 2019	n/a	n/a	US$554k
Mar 31 2019	n/a	n/a	US$227k
Dec 31 2018	US$1m	US$365k	US$347k
Sep 30 2018	n/a	n/a	-US$4m
Jun 30 2018	n/a	n/a	-US$3m
Mar 31 2018	n/a	n/a	US$4m
Dec 31 2017	US$325k	US$325k	US$11m
Sep 30 2017	n/a	n/a	US$19m
Jun 30 2017	n/a	n/a	US$22m
Mar 31 2017	n/a	n/a	US$29m
Dec 31 2016	US$1m	US$295k	US$22m
Sep 30 2016	n/a	n/a	US$13m
Jun 30 2016	n/a	n/a	US$21m
Mar 31 2016	n/a	n/a	US$7m
Dec 31 2015	US$643k	US$275k	US$7m

Compensation vs Market: Warren's total compensation ($USD1.10M) is below average for companies of similar size in the US market ($USD1.69M).

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

Leadership Team

Experienced Management: MLP's management team is considered experienced (3.6 years average tenure).

Board Members

Experienced Board: MLP's board of directors are considered experienced (7.4 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

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

Recent Insider Transactions

NYSE:MLP Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Role	Shares	Max Price
01 Jun 22	SellUS$63,600	Paulus Subrata	Individual		6,000	US$10.60

Ownership Breakdown

What is the ownership structure of MLP?
Owner Type	Number of Shares	Ownership Percentage
General Public	3,148,883	16.1%
Institutions	3,701,908	19.0%
Individual Insiders	12,664,140	64.9%

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

Top Shareholders

Top 25 shareholders own 83.78% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
61.41%	Stephen Case	11,983,386	$103.5m	0%	no data
6.22%	TSP Capital Management Group, LLC	1,212,879	$10.5m	-0.17%	4.54%
2.94%	Valueworks, LLC	573,978	$5.0m	-0.17%	2.46%
2.72%	Warren Haruki	530,405	$4.6m	-0.39%	no data
1.77%	Comprehensive Financial Management LLC	344,828	$3.0m	0%	0.08%
1.6%	Oppenheimer Asset Management Inc.	311,418	$2.7m	-3.55%	0.02%
1.48%	The Vanguard Group, Inc.	289,077	$2.5m	0.66%	no data
1.36%	Dimensional Fund Advisors LP	265,272	$2.3m	5%	no data
0.95%	BlackRock, Inc.	185,772	$1.6m	-0.78%	no data
0.68%	Renaissance Technologies LLC	132,349	$1.1m	-2.07%	no data
0.44%	Bridgeway Capital Management, LLC	86,567	$747.9k	0%	0.02%
0.39%	Raymond James Financial Inc., Asset Management Arm	75,252	$650.2k	-3.66%	no data
0.34%	Geode Capital Management, LLC	67,135	$580.0k	-2.89%	no data
0.3%	Arthur Tokin	58,574	$506.1k	0%	no data
0.26%	Millennium Management LLC	50,476	$436.1k	-5.45%	no data
0.22%	Anthony Takitani	43,005	$371.6k	0%	no data
0.15%	David Heenan	29,067	$251.1k	0%	no data
0.13%	State Street Global Advisors, Inc.	26,192	$226.3k	0%	no data
0.081%	Barclays PLC Private Banking & Investment Banking Investment	15,726	$135.9k	-5.75%	no data
0.075%	Susquehanna Fundamental Investments, LLC	14,711	$127.1k	0%	no data
0.069%	Susquehanna International Group, LLP, Asset Management Arm	13,390	$115.7k	-59.51%	no data
0.063%	Paulus Subrata	12,228	$105.6k	-32.92%	no data
0.061%	Northern Trust Global Investments	11,875	$102.6k	-6.08%	no data
0.053%	Ergoteles LLC	10,423	$90.1k	-33.53%	no data
0.027%	Michael Hotta	5,285	$45.7k	0%	no data

Data	Last Updated (UTC time)
Company Analysis	2022/09/28 00:00
End of Day Share Price	2022/09/28 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31