Alpine Income Property Trust (NYSE:PINE) - Share price, News & Analysis

PINE fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	5/6
Past Performance	4/6
Financial Health	1/6
Dividends	4/6

PINE Stock Overview

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

Rewards

Trading at 90.8% below our estimate of its fair value

Earnings are forecast to grow 34.3% per year

Earnings grew by 631.6% over the past year

Risk Analysis

Interest payments are not well covered by earnings

Unstable dividend track record

Large one-off items impacting financial results

Shareholders have been diluted in the past year

Alpine Income Property Trust Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Alpine Income Property Trust
Historical stock prices
Current Share Price	US$18.39
52 Week High	US$21.07
52 Week Low	US$17.30
Beta	0.83
1 Month Change	-4.52%
3 Month Change	-1.60%
1 Year Change	4.02%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-3.21%

Recent News & Updates

Apr 27

Alpine Income Property: Move The Needle With This 5.5% Yield

PINE has been busy on the acquisition front, adding mostly investment-grade-rated tenants. It's growing the top and bottom line in an accretive manner while transitioning to 100% retail. I also highlight the dividend, balance sheet, valuation, and other points worth considering.

Shareholder Returns

	PINE	US REITs	US Market
7D	-3.5%	-0.7%	-4.0%
1Y	4.0%	-1.3%	-13.2%

Return vs Industry: PINE exceeded the US REITs industry which returned -2.1% over the past year.

Return vs Market: PINE exceeded the US Market which returned -12.3% over the past year.

Price Volatility

Is PINE's price volatile compared to industry and market?
PINE volatility
PINE Average Weekly Movement	2.8%
REITs Industry Average Movement	4.4%
Market Average Movement	7.8%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	2.9%

Stable Share Price: PINE is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: PINE's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2019	n/a	John Albright	https://www.alpinereit.com

Alpine Income Property Trust Fundamentals Summary

How do Alpine Income Property Trust's earnings and revenue compare to its market cap?
PINE fundamental statistics
Market Cap	US$248.57m
Earnings (TTM)	US$10.33m
Revenue (TTM)	US$35.04m

21.1x

P/E Ratio

6.2x

P/S Ratio

Is PINE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
PINE income statement (TTM)
Revenue	US$35.04m
Cost of Revenue	US$4.11m
Gross Profit	US$30.92m
Other Expenses	US$20.59m
Earnings	US$10.33m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.87
Gross Margin	88.26%
Net Profit Margin	29.48%
Debt/Equity Ratio	133.9%

How did PINE perform over the long term?

See historical performance and comparison

Dividends

5.9%

Current Dividend Yield

58%

Payout Ratio

Valuation

Is Alpine Income Property Trust undervalued compared to its fair value and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: PINE ($18.39) is trading below our estimate of fair value ($198.88)

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

Price To Earnings Ratio

PE vs Industry: PINE is good value based on its Price-To-Earnings Ratio (21.1x) compared to the US REITs industry average (32.4x).

PE vs Market: PINE is poor value based on its Price-To-Earnings Ratio (21.1x) compared to the US market (15.1x).

Price to Earnings Growth Ratio

PEG Ratio: PINE is good value based on its PEG Ratio (0.6x)

Price to Book Ratio

PB vs Industry: PINE is good value based on its Price-To-Book Ratio (1.1x) compared to the US REITs industry average (1.6x).

Future Growth

How is Alpine Income Property Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

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

34.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PINE's forecast earnings growth (34.3% per year) is above the savings rate (1.9%).

Earnings vs Market: PINE's earnings (34.3% per year) are forecast to grow faster than the US market (12.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: PINE's revenue (27.2% per year) is forecast to grow faster than the US market (7.8% per year).

High Growth Revenue: PINE's revenue (27.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if PINE's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Alpine Income Property Trust 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

22.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PINE has a large one-off gain of $9.7M impacting its March 31 2022 financial results.

Growing Profit Margin: PINE's current net profit margins (29.5%) are higher than last year (6.7%).

Past Earnings Growth Analysis

Earnings Trend: PINE's earnings have grown significantly by 22.2% per year over the past 5 years.

Accelerating Growth: PINE's earnings growth over the past year (631.6%) exceeds its 5-year average (22.2% per year).

Earnings vs Industry: PINE earnings growth over the past year (631.6%) exceeded the REITs industry 69.5%.

Return on Equity

High ROE: PINE's Return on Equity (5%) is considered low.

Financial Health

How is Alpine Income Property Trust's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

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

Financial Position Analysis

Short Term Liabilities: PINE's short term assets ($17.4M) exceed its short term liabilities ($2.3M).

Long Term Liabilities: PINE's short term assets ($17.4M) do not cover its long term liabilities ($328.2M).

Debt to Equity History and Analysis

Debt Level: PINE's net debt to equity ratio (129.2%) is considered high.

Reducing Debt: Insufficient data to determine if PINE's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: PINE's debt is not well covered by operating cash flow (6.1%).

Interest Coverage: PINE's interest payments on its debt are not well covered by EBIT (1.5x coverage).

Balance Sheet

Dividend

What is Alpine Income Property Trust current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

5.87%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PINE's dividend (5.87%) is higher than the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: PINE's dividend (5.87%) is in the top 25% of dividend payers in the US market (4.05%)

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, PINE has been paying a dividend for less than 10 years.

Growing Dividend: PINE's dividend payments have increased, but the company has only paid a dividend for 2 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (57.8%), PINE's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (74.9%), PINE's dividend payments are covered by cash flows.

Discover strong dividend paying companies

Management

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

2.8yrs

Average management tenure

CEO

John Albright (55 yo)

2.75yrs

Tenure

Mr. John P. Albright serves as President, Chief Executive Officer and Director at Alpine Income Property Trust, Inc. since its formation in August 2019. He has served as a director of CTO since 2012 and ch...

Leadership Team

Experienced Management: PINE's management team is considered experienced (2.8 years average tenure).

Board Members

Experienced Board: PINE's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.

Ownership

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

Insider Trading Volume

Insider Buying: PINE insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 47.8%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/24 00:00
End of Day Share Price	2022/05/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31