PICO Holdings: Growth Industries Served, But Further Downside Ahead
- Current share price of $23 yields a $518 million market cap.
- Book value of $551 million at 3/31/14 and cash of $92 million at 3/31/14.
- PICO owns water rights in areas starved for this precious commodity, including Arizona and Nevada.
- The key risks include uncertain demand in the water business and losses in the Canola business.