Alexander & Baldwin: Spin-Off Analysis And Valuations

Here is an article about ALEX detailing the upcoming spin off and the operations of the companies.

Here is my original article on ALEX as well for those who are interested.

Alexander & Baldwin: Spin-Off Analysis And Valuations

 | About: Alexander & (ALEX)
Jason Rivera
Deep Value, contrarian, nano-cap, micro-cap

Alexander & Baldwin (NYSE:ALEX) is a Hawaiian company that has operations in two very distinct businesses that are about to be spun off into two separate companiesAlexander and Baldwin after the spin is going to be a land owning, leasing, and building/office owning and leasing company with operations in Hawaii and California. Their subsidiary A&B Properties is also going to be spun into the new ALEX, which is the only reason I am even interested in this stock after my valuations, and we will get to that later. The Agribusiness subsidiary, a Hawaiian sugar and renewable energy company, is also going to be kept in the new ALEX.

Matson, which is going to be spun off from ALEX, is a transportation and shipping company with operations in Hawaii, Guam, China, and other islands in the Pacific Ocean.

Before I get to my analysis of the spin off here are my valuations of ALEX pre spin off.

ALEX asset valuation done on 5-19-2012. All numbers in millions of US dollars, except number of shares and price per share. Using 2011 10K and March 2012 10Q.