The St. Joe Company (NYSE:JOE)

We're pretty much at the end of the current bull rally in the secular bear market, and with it will come the end of the fiction about the bottom of the real estate market being in. Since JOE is all about the value of land held for real estate development, prepare for a long winter in this stock. This company may not survive the current decade.

JOE was made famous by legendary hedge fund manager David Einhorn who went publicly short. I doubt Einhorn is even short anymore, however 16.4 million shares are. Technically, JOE is well below the 200 day MA which is above 19. Don't be surprised to hear buyout rumors in the future, there is plenty of political clout also on the board of directors.

realestate is at a bottom?
no div
Total Debt / Equity    0.06
Price Earnings    N.A.
Price/Sales    8.38
Price/Book    1.55
Price/Cash Flow    863.90

The local airport has been upgraded and is now serviced by two major airlines. JOE owns a wide variety of land. When each type of land was evaluated separately by Morningstar the current value of the land was found to be higher than what most investors have been led to believe. Costs are very low and immediate revenue potentials from lumber should be enough to keep JOE profitable until large scale development takes place. Global warming will make northern Florida more attractive.

bullish on The St. Joe Company (JOE - Analyst Report), an operationally diverse real estate company. St. Joe is the largest private landowner in Northwest Florida, and is one of the largest real estate developers of the region, engaged in town, resort, and industrial development in addition to land sales and commercial real estate operations.

The opening of the Northwest Florida Beaches International Airport, developed by St. Joe, is the first new international airport opened in the U.S. since the 2001 terrorist attacks, and is expected to become a major growth driver for the region. The airport greatly increases the future value of its holdings, and provides an upside potential for St. Joe.

The company also launched Venture Crossings Enterprise Centre at West Bay -- a commercial development spanning 1,000 acres adjacent to the new airport, for industries, offices, retailers and hotels, which will likely have a positive economic impact on the region in the long run.
http://www.zacks.com/stock/news/54755/REIT+Industry+%26amp;+Stock+Outlook+-+June+2011

Climbing on the Tilson / Einhorn bandwagon.

b

I believe they won't drop prices on anything no matter what.They are overpriced,over rated, and will continue to do as they have always done.The only thing they are selling is timber and at the present rate they will run out before it will be replanted and harvested again.(25-30 years) They are under green belt protection but should't be because they don't plan to replant and they are making money by leasing the land for hunting purposes

ultrapaz haiku

had a lot of land

until they built some ghost towns

go back to paper

Einhorn is correct. Land way overvalued and needs to be written down.

HUGE hunk of land around new international airport next to the best beaches in america. walt disney's first choice; will eventually be next big theme park. destination casino resort will pass in florida, too!

Although the stock has had a nice gain since I added it to CAPS I'm down on CAPS points as the S&P has had a better gain. Here's my pitch for why I expect to be able to close this one with some positive points and accuracy soon.

- Bruce Berkowitz is on record as having said recently he would own JOE outright if he could.

- He thanked David Einhorn for allowing him to increase his stake in JOE at a time when he was just about maxed out based on his stand still agreement after Einhorn made a very public presentation of his short thesis on JOE.

- BlackRock has disclosed that they have added substantially to their JOE holdings recently.

- Berkowitz had himself and his partner added to JOE's BOD a couple of weeks ago.

- Rumors have surfaced recently that JOE will be taken out with Berkowitz name associated. This has sparked a sustained rally in the stock.

- JOE announces they have voluntarily lifted the stand still agreement with Berkowitz and now he's free to own as much of the company as he wants. The language also refers to ownership with partners.

I can see someone not being sold on JOE's prospects but it seems to me anyone betting on JOE's stock/ Berkowitz has the odds stacked in their favor right now.

https://www.kiplinger.com/columns/value/archive/5-stock-picks-from-morningstar.html

Company is positioned well for rise in realestate market.

Let it all marinate, I can wait.. I live around here and know what's what, they run this town and have deep hold in the region and state. The logical expansion of development towards Tallahassee shouldn't go un-noted, but the retail development is a town-takeover story all in itself.

been watching this stock for a few years, decided to put some skin in the game at $20/share. Housing and gulf crisis, einhorn's attack, figured it was about as good of time as I'd find for an entry point in a small position.

unjustlly "tarred" and "dirt" cheap.

Undervalued

in this fight I stay with chuck, bruce and martin