John Leonard, CFA
Special situations, micro-cap, contrarian, CFA

Patriot Transportation Is Undervalued With A Significant Near Term Catalyst

The recent announcement by Patriot Transportation (PATR) to spin off its real estate assets should serve as the catalyst that eliminates the conglomerate discount and unlocks significant "hidden value".

Company overview

PATR is a holding company engaged in the transportation and real estate businesses. PATR was spun off from Florida Rock Industries (who merged with Vulcan Materials in 2007) in 1986 as Florida Rock & Tank Lines. In February 1989, Florida Rock & Tank Lines changed its name to FRP Properties and in March 2000 changed its name again to Patriot Transportation Holdings.

Transportation. Florida Rock & Tank Lines is a bulk tank carrier that transports petroleum and chemicals in the Southeastern U.S. for major oil companies and convenience store...

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