Amrep Corporation (AXR) is an interesting hidden value situation in which the company possesses a collection of assets (land parcels) that are worth substantially more (even under very conservative assumptions) than the market cap. Continued improvement in the housing market should lead to greater appreciation for the value of these holdings, which in turn could lead to substantial upside for the equity.
Amrep was founded in Oklahoma in 1961, and conducts its business in two very different divisions. The first, media services, provides fulfillment (subsidiaries Palm Coast and FulCircle), packaging, and distribution (Kable subsidiary) services for some of the largest and widely-circulated magazines and membership organizations. The sheer volume of publications- the business...
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