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FRP Holdings (FRPH)
NASDAQ:FRPH
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FRP Holdings
(NASDAQ:FRPH)
Rating:69Neutral
Price Target:
$30.00
▲(10.09%Upside)
FRP Holdings (FRPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$520.13M
Dividend YieldN/A
Average Volume (3M)48.47K
Price to Earnings (P/E)76.2
Beta (1Y)0.45
Revenue Growth1.02%
EPS Growth11.92%
CountryUS
Employees19
SectorReal Estate
Sector Strength61
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.09
Shares Outstanding19,087,334
10 Day Avg. Volume47,216
30 Day Avg. Volume48,466
Financial Highlights & Ratios
PEG Ratio13.09
Price to Book (P/B)1.23
Price to Sales (P/S)0.00
P/FCF Ratio17.24
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue3.38
Enterprise Value/Gross Profit14.66
Enterprise Value/Ebitda6.08
Forecast
1Y Price Target
$29.00Price Target Upside6.42% Upside
Rating ConsensusHold
Number of Analyst Covering0
FRP Holdings Business Overview & Revenue Model
Company DescriptionFRP 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.
How the Company Makes MoneyFRP Holdings makes money through several key revenue streams. One of its primary sources of income is the leasing of commercial real estate properties, including warehouses and office buildings, which provides a steady and reliable stream of rental income. Additionally, the company generates revenue from its mining royalty land, where it earns royalties from mining operations conducted by third parties on its properties. FRP Holdings also engages in real estate development, where it creates value by developing new properties or redeveloping existing ones, which can lead to significant financial returns upon sale or lease. The company's earnings are further supported by strategic partnerships and joint ventures that enhance its real estate portfolio and expand its market reach.
FRP Holdings Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: -0.55%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While there were significant increases in net income and Mining and Royalty segment performance, challenges in the Industrial and Commercial segments and potential short-term impacts on NOI were noted. The company is focused on long-term growth and acknowledges potential growing pains in 2025.Q1-2025 Updates
Positive Updates
Significant Net Income Increase
Net income for the first quarter increased by 31.4% to $1.7 million or $0.09 per share, compared to $1.3 million or $0.07 per share in the same period last year.
Strong Growth in Mining and Royalty Segment
The Mining and Royalty segment reported revenues of $3.2 million and NOI of $3.3 million, marking a 919% increase over the same period last year.
Multifamily Segment Revenue Growth
The Multifamily segment reported a revenue increase due to the inclusion of The Verge, contributing $1.4 million in revenue and $753,000 in NOI this quarter.
Successful Financial Strategy
Locked in a 10-year permanent loan at a fixed 6.4% interest rate on two office buildings, taking advantage of the treasury dip in March.
Negative Updates
Industrial and Commercial Segment Challenges
NOI for the Industrial and Commercial segment decreased by $20,000 year over year due to tenant vacancy and uncollectible revenue.
Vacancy Issues in Commercial and Industrial Segment
Commercial and Industrial segment revenues and NOI decreased by 7% and 2% respectively, due to a 57,000 square foot tenant defaulting on lease obligations.
Flat Same Store NOI Growth in Multifamily
Same store NOI in the Multifamily segment was flat over the same period last year due to higher operating expenses, despite a revenue increase of 4%.
Potential Short-Term Impact on NOI
The addition of new industrial buildings to the portfolio may negatively impact NOI in the short term until they are leased and occupied.
Company Guidance
In the first quarter of 2025, FRP Holdings Inc. reported a significant increase in net income, rising by 31.4% to $1.7 million, or $0.09 per share, compared to $1.3 million, or $0.07 per share, in the same period the previous year. The company's pro rata share of net operating income (NOI) increased by 10% year-over-year to $9.4 million, largely driven by the Multifamily, Development, and Mining Royalty segments, with the Multifamily segment contributing an additional $141,000, the Mining segment $524,000, and the Development segment $185,000. However, the Industrial and Commercial segment experienced a slight decrease in NOI by $20,000 due to tenant vacancy issues. Over the past three years, FRP has achieved a compound annual growth rate of 21.8% in pro rata NOI, but the growth rate is expected to slow in the near term as new projects move through construction and lease-up phases. The company is focused on expanding its industrial platform, with plans to add over 2.1 million square feet, growing from 550,000 to over 2.7 million square feet, and anticipates generating annual NOI between $8.7 million and $10.2 million upon stabilization of these projects.FRP Holdings Financial Statement Overview
Summary
FRP Holdings demonstrates strong financial performance with solid revenue growth and profitability. The balance sheet is robust with low leverage, though high capital expenditures pose some risks. Continued focus on operational efficiency is crucial.Income Statement
FRP Holdings has shown strong revenue growth and profitability. The TTM (Trailing-Twelve-Months) revenue of $41.95M represents a steady increase from previous years, with a notable gross profit margin of 91.5%. The net profit margin improved to 16.2%, indicating effective cost management. However, the slight decline in EBIT margin from 28.0% to 26.6% suggests potential pressure on operational efficiency.82
Very Positive
Balance Sheet
The company's balance sheet is robust, with a strong equity base and low leverage. The debt-to-equity ratio stands at 0.42, reflecting conservative financial management. The equity ratio of 59.3% indicates a solid financial footing. However, the slight decline in stockholders' equity growth warrants attention.78
Positive
Cash Flow
FRP Holdings' cash flow is stable, with a consistent operating cash flow to net income ratio of 4.5. The free cash flow growth rate has been significant, indicating effective cash generation. However, high investing cash outflows in the TTM period suggest aggressive capital investments, which could pose liquidity risks if not managed carefully.75
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.95M | 41.77M | 41.51M | 37.48M | 31.22M | 23.58M |
| Gross Profit | 38.38M | 38.34M | 37.86M | 33.36M | 27.47M | 20.76M |
| EBITDA | 22.37M | 22.03M | 21.69M | 20.08M | 9.26M | 5.27M |
| Net Income | 6.79M | 6.38M | 5.30M | 4.57M | 28.21M | 12.71M |
Balance Sheet | ||||||
| Total Assets | 717.12M | 728.49M | 709.17M | 701.08M | 678.19M | 535.73M |
| Cash, Cash Equivalents and Short-Term Investments | 142.93M | 148.62M | 157.56M | 177.50M | 162.27M | 149.52M |
| Total Debt | 178.25M | 178.85M | 178.71M | 178.56M | 178.41M | 89.96M |
| Total Liabilities | 256.63M | 259.37M | 261.19M | 256.87M | 252.94M | 154.18M |
| Stockholders Equity | 425.17M | 423.10M | 414.52M | 407.14M | 396.42M | 366.55M |
Cash Flow | ||||||
| Free Cash Flow | 30.58M | 28.99M | 32.97M | 71.53M | 52.21M | 1.07M |
| Operating Cash Flow | 30.58M | 28.99M | 32.97M | 22.34M | 22.24M | 18.61M |
| Investing Cash Flow | -42.32M | -50.62M | -48.75M | -23.20M | 66.60M | 50.53M |
| Financing Cash Flow | 2.18M | 12.70M | -4.17M | 16.83M | -1.23M | -21.84M |
FRP Holdings Technical Analysis
Neutral
27.25
Price Trends
27.05
Positive
27.52
Negative
29.06
Negative
Market Momentum
0.05
Negative
55.43
Neutral
87.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRPH, the sentiment is Neutral. The current price of 27.25 is above the 20-day moving average (MA) of 27.05, above the 50-day MA of 27.05, and below the 200-day MA of 29.06, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 55.43 is Neutral, neither overbought nor oversold. The STOCH value of 87.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FRPH.
FRP Holdings Risk Analysis
FRP Holdings disclosed 23 risk factors in its most recent earnings report. FRP Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FRP Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $539.04M | 14.10 | 8.36% | 10.64% | -18.14% | -55.82% | |
69 Neutral | $520.13M | 76.18 | 1.62% | ― | 1.02% | 11.92% | |
67 Neutral | $331.88M | 19.22 | 2.01% | ― | -4.61% | ― | |
54 Neutral | $1.23B | 3.75 | 0.67% | 6.15% | -2.39% | -129.28% | |
51 Neutral | $347.45M | ― | -47.84% | ― | 57.16% | -372.16% | |
| ― | $256.23M | 16.04 | 6.51% | ― | ― | ||
55 Neutral | $355.94M | 44.88 | 0.95% | ― | -5.86% | 59.60% |
* Real Estate Sector Average
Performance Comparison
FRPH
FRP Holdings
27.22
-3.05
-10.08%
MLP
Maui Land & Pineapple Company
17.60
-6.67
-27.48%
NEN
New England Realty Associates Partnershi
73.75
6.58
9.80%
TCI
Transcontinental Realty Investors
41.42
10.26
32.93%
RMAX
Re/Max Holdings
8.39
-1.18
-12.33%
RMR
The RMR Group
16.89
-6.29
-27.14%
FRP Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
FRP Holdings Hosts Investor Day on Strategic Plans
Positive
May 22, 2025
FRP Holdings announced its Investor Day event scheduled for May 22, 2025, where it will present its strategic plans and financial outlook. The company is shifting its portfolio towards industrial and commercial properties, aiming for long-term growth in net operating income, and leveraging strong market fundamentals and strategic partnerships to maximize returns.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.