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Nice write-up on St. Joe

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...couple of months old but still a nice opinion piece (from a board member possibly?)




At $17 per share you are buying St. Joe’s 573,000 acres for $2,737 per acre which looks cheap when you consider what St. Joe is selling property for today, but it not just a question of the current price of little pieces of this land as it is a question how long it will take them to realize a fair price for their assets. For the 31,000 acres that is currently entitled or land that has been rezoned (this is only 5.4% of the company’s total property), first quarter prices which include two parcels for commercial property, would value that land at about $87,000 per acre or $2.7 billion, but at the rate the land is selling it will take a long time to realize this value. Much of the company’s remaining 540,000 acres is located where it has the potential to eventually be zoned for commercial or industrial use. Particularly the 70,000 acres around the new Panama City Airport, in addition there is many miles of land fronting on Hwy 98 between Destin and Panama City Beach, and eventually the land around the port of St. Joe.

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  • 5 months later...

I found this article from the Economist very interesting, as it gives some color regarding Bruce B's hints about JOE and the Panama Canal:




The number of ships calling at American ports is rising—by 13% in 2010 after an 8% decline a year earlier—as is those ships’ size: after expansion is complete in 2014, the Panama Canal will accommodate 366-metre-long ships with a 15-metre draft, compared with pre-expansion lengths of 294 metres and 12-metre drafts. The canal’s expansion will make it easier for Asian ships to reach America’s east and gulf coasts—home to five of its ten busiest container ports—and for American commodities to cross the Pacific. By 2030 “post-Panamax” ships are expected to comprise a majority of the world’s container ship capacity. And yet just seven of American container ports stand ready to receive such ships—and only one of these is in the South, where population growth is highest.


Could JOE be Bruce B's BNI?

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