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South Central Iowa | I was looking at their financials and I see "at-cost" value of real estate at $1,092,078,000. Their market cap is $180,000,000. So their market cap is 16.5% the value of their assets as they claim them to be. Liabilities are $514M or so. That narrows the gap somewhat. I think their land is overvalued by $300M or so. Take down to $750M, minus $510M in debt and remaining value is $240M. Poor performance could explain the market cap trading $180M. It appears their share price was lower around $4.50, so there has been somewhat of a rally in its price. But it is thinly traded. | |
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