ALX – ALEXANDER’S, INC. (HQ: USA/Industry: Equity Real Estate Investment Trusts (REITs))
Alexander’s is a real estate investment trust (REIT) engaged in leasing, managing, developing and redeveloping its properties. The company is managed by, and its properties are leased and developed by, Vornado Realty Trust. The company has lacked growth over the last 10-years, with its best performance being a dividend increase of 20% over this time. While net income, EPS and BV have been declining. Would not anticipate more than a low single growth rate over the next 10-years. At their current market value the stock is fairly priced, however, this does not take into account a margin of safety.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=3499&owner=exclude

WPC – W.P. CAREY INC. (HQ: USA/Industry: Equity Real Estate Investment Trusts (REITs))
W. P. Carey is an internally-managed diversified REIT and a leading owner of commercial real estate, located primarily in the US and Northern and Western Europe. The vast majority of its revenues originate from lease revenue provided by its real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, office, retail, and self-storage facilities that are critical to its tenants’ operations. The company has seen steady growth over the last 10-years, more than tripling revenue, net income and FCF. Although, EPS has only increased by 75%, possibly due to a share count that has more than tripled. But even with an increased share count, its FCF/share has had an exceptional performance during the period from $74/share to $926/share. Moving forward can the company maintain this growth, as the most recent years did not have the same growth rate as the early ones. To value the business at their current market price W. P. Carey would need to average greater than a 11% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1025378&owner=exclude

JOE – THE ST. JOE COMPANY (HQ: USA/Industry: Real Estate Management & Development)
St. Joe is a real estate development, asset management and operating company. Approximately 90% of its real estate land holdings are located within fifteen miles of the Gulf of Mexico. For 10-years performance has been mixed with some down years, but overall the company has grown during this time, particularly its net income and EPS. While also reducing the share count by 36%. But a concern should be the three recent years of consecutive negative FCF. With the market pricing the stock at a high valuation at a P/E of 40, and P/S of 11.8 compared to an industry average of 5.48. To value the business at their current market price St. Joe would need to average a 30% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=745308&owner=exclude

RHI – ROBERT HALF INTERNATIONAL INC. (HQ: USA/Industry: Professional Services)
Robert Half provides specialized staffing and risk consulting services. The company, through its various businesses, is a specialized provider of contract, full-time, and senior-level project professionals in the fields of accounting and finance. While also providing highly skilled contract, administrative support professionals, project and full-time technology professionals, among other services. Even though revenue had modest growth, the company has seen its net income, EPS, dividends and FCF more than doubling over the last 10-years. With a 19% reduction in share count. To value the business at their current market price Robert Half would need to average nearly a 14% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=315213&owner=exclude

SCHW – THE CHARLES SCHWAB CORPORATION (HQ: USA/Industry: Capital Markets)
Charles Schwab Corporation is a savings and loan holding company, while through its subsidiaries engaging in wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. At the end of 2021, Schwab had $8.14 trillion in client assets, 33.2 million active brokerage accounts, 2.2 million corporate retirement plan participants, and 1.6 million banking accounts. For 10-years the company has at least tripled its revenue, net income, EPS, and BV. With a growth rate that could possibly exceed 10% over the next 10-years. To value the business at their current market price Schwab would need to average more than an 18% growth rate for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=316709&owner=exclude