
FRP Holdings, Inc. (FRPH)
ValueMarkers Composite Index
25% below intrinsic value ($30)
FRP Holdings, Inc. (FRPH) — VMCI valuation read
FRP Holdings, Inc. sits at VMCI 47/100, with the Real Estate sector median at 50. That 3-point spread is the first thing to note on FRPH: it tells the reader the composite is unfavorable before any single ratio is examined, and the mid-cap tier sets the comparison set.
Form 4 disclosures on FRPH are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.
**Investor frame.** The Value read on FRPH: FRPH trades at 20.0x earnings, 11% above the Real Estate median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 8.0% trails the Real Estate median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of 0.2x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.
FRPH rose 1.7% over the trailing 7 days, with a -8.0% read on a 30-day basis.
FRP Holdings, Inc. engages in the real estate businesses in the United States. The company operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture. The Asset Management segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment owns various properties comprising approximately 15,000 acres under lease for mining rents or royalties primarily in Florida, Georgia, and Virginia. This segment also owns an additional 107 acres of investment property in Brooksville, Florida. The Development segment owns and monitors the use of parcels of land that are in various stages of development. The Stabilized Joint Venture segment owns, leases, and manages a 305-unit residential apartment building with approximately 14,430 square feet of first floor retail space; 264-unit residential apartment building with 6,758 square feet of retail space; and 294-unit garden-style apartment community located in Henrico County, Virginia that consists of 19 three-story apartment buildings containing 273,940 rentable square feet. FRP Holdings, Inc. was incorporated in 2014 and is based in Jacksonville, Florida.
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