Land Holdings Review 2008 (Part II)

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Includes: AVHI, CDZI, JOE, KEWL, NNUT, PCH, POPE, SVIN, TPL, TRC
by: Jon Heller, CFA

We continue with Part II of our 2008 Land Review (see part I here). These are the same companies we featured in last year's column, and not surprisingly, most are down significantly.

(Market Cap and EV are in $ millions.)

Scheid Vineyards (OTCPK:SVIN)

  • 2007 Price: $35.55
  • 2008 Price: $24.05
  • Change: -32%
  • 52 High/Low: $37/$21.6
  • Avg Volume: 900
  • Mkt Cap: 24
  • Ent Value: 58 (estimated)
  • Acres Owned: 1800
  • 2007 EV/Acre: $38,889
  • 2008 EV/Acre: $32,222
  • Location: California
  • Primary Use: Vineyards
  • P/E: NM

Tejon Ranch (NYSE:TRC)

  • 2007 Price: $41.43
  • 2008 Price: $26.82
  • Change: -35%
  • 52 High/Low: $44.5/$20.4
  • Avg Volume: 81000
  • Mkt Cap: 456
  • Ent Value: 402
  • Acres Owned: 270000
  • 2007 EV/Acre: $2296
  • 2007 EV/Acre: $1491
  • Location: California
  • Primary Use: Development/Ag
  • P/E: 92

St Joe Co. (NYSE:JOE)

  • 2007 Price: $31.01
  • 2008 Price: $27.21
  • Change: -12%
  • 52 High/Low: $46.82/$18.8
  • Avg Volume: 1660000
  • Mkt Cap: 2510
  • Ent Value: 2450
  • Acres Owned: 610,000 (est)
  • 2007 EV/Acre: $3956
  • 2008 EV/Acre: $4016
  • Location: Florida
  • Primary Use: Development/timber
  • P/E: NM

Texas Pacific Land (NYSE:TPL)

  • 2007 Price: $43.45
  • 2008 Price: $23.75
  • Change: -45%
  • 52 High/Low: $55.15/$16.1
  • Avg Volume: 26900
  • Mkt Cap: 245
  • Ent Value: 234
  • Acres Owned: 963248
  • 2007 EV/Acre: $464
  • 2008 EV/Acre: $243
  • Location: Texas
  • Primary Use: Leased for grazing/oil
  • P/E: 21
  • Dividend Yield: .8%

Cadiz (NASDAQ:CDZI)

  • 2007 Price: $19.13
  • 2008 Price: $10.94
  • Change: -48%
  • 52 High/Low: $21.4/$8.02
  • Avg Volume: 38500
  • Mkt Cap: 131
  • Ent Value: 161
  • Acres Owned: 45000
  • 2007 EV/Acre: $5444
  • 2008 EV/Acre: $3577
  • Location: California
  • Primary Use: Water/ag
  • P/E: NM

Avatar Holdings (AVTR)

  • 2007 Price: $38.06
  • 2008 Price: $23.39
  • Change: -39%
  • 52 High/Low: $58.36/$22.24
  • Avg Volume: 56400
  • Mkt Cap: 200
  • Ent Value: 158
  • Acres Owned: 32000
  • 2007 EV/Acre: $8094
  • 2008 EV/Acre: $4937
  • Location: Florida, Arizona
  • Primary Use: Development
  • P/E: NM

Pope Resources (NASDAQ:POPE)

  • 2007 Price: $41.78
  • 2008 Price: $17.1
  • Change: -59%
  • 52 High/Low: $44.5/$15
  • Avg Volume: 12300
  • Mkt Cap: 79
  • Ent Value: 86
  • Acres Owned: 116068
  • 2007 EV/Acre: $2051
  • 2008 EV/Acre: $ 518
  • Location: Washington
  • Primary Use: Timber/Development
  • P/E: 9
  • Dividend Yield: 5.8% (company just reduced dividend to $.25/qtr, from $.40/qtr)

Potlach Corp (NASDAQ:PCH)

  • 2007 Price: $45.76
  • 2008 Price: $26.19
  • Change: -43%
  • 52 High/Low: $44.79/$20.29
  • Avg Volume: 1014000
  • Mkt Cap: 1040
  • Ent Value: 1460
  • Acres Owned: 1700000
  • 2007 EV/Acre: $1461
  • 2008 EV/Acre: $858
  • Location: Arizona, Idaho, Minnesota
  • Primary Use: Timber
  • P/E: 15
  • Dividend Yield: 8.4%

Mauna Loa (OTC:NNUT)

  • 2007 Price: $3.55
  • 2008 Price: $1.95
  • Change: -45%
  • 52 High/Low: $4.37/$1.55
  • Avg Volume: 20500
  • Mkt Cap: 15
  • Ent Value: 18
  • Acres Owned: 2242
  • 2007 EV/Acre: $13381
  • 2008 EV/Acre: $ 8029
  • Location: Hawaii
  • Primary Use: Agriculture
  • P/E: NM

Keenawaw Land (OTCPK:KEWL)

  • 2007 Price: $217
  • 2008 Price: $205
  • Change: -5.6%
  • 52 High/Low: $295.1/$200
  • Avg Volume: 250
  • Mkt Cap: 132
  • Ent Value: 132 (est)
  • Acres Owned: 151805 (est)
  • 2007 EV/Acre: $927 (est)
  • 2008 EV/Acre: $869
  • Location: Michigan
  • Primary Use: Timber

This is not intended to be an exhaustive list of all companies that hold substantial amounts of land. There are others, and perhaps we'll profile some of these in future postings.

Disclosure: The author holds a position in TRC.