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20.69 (1y: +22%)
Market Cap 1.91 B P/E(ttm) 449.80
Enterprise Value 1.78 B P/B 3.46
JOE- NYSE (USA)
St. Joe Corporation
  • Currently 1/5
Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$20.69
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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry		 vs
history
Cash to Debt 4.603
JOE's Cash to Debt is ranked higher than
77% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.41 vs. JOE: 4.603 )
JOE' s 10-Year Cash to Debt Range
Min: 0.05   Max: 4.6
Current: 4.6
0.05
4.6
Equity to Asset 0.855
JOE's Equity to Asset is ranked higher than
92% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.47 vs. JOE: 0.855 )
JOE' s 10-Year Equity to Asset Range
Min: 0.25   Max: 0.86
Current: 0.86
0.25
0.86
Interest Coverage 1.3
JOE's Interest Coverage is ranked lower than
60% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 3.40 vs. JOE: 1.3 )
JOE' s 10-Year Interest Coverage Range
Min: 1   Max: No Debt
Current: 1.3
F-Score: 8
Z-Score: 11.13
M-Score: -2.75
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 3/10

vs
industry		 vs
history
Operating margin (%) 1.50
JOE's Operating margin (%) is ranked lower than
80% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 18.20 vs. JOE: 1.50 )
JOE' s 10-Year Operating margin (%) Range
Min: -266.2   Max: 19.3
Current: 1.5
-266.2
19.3
Net-margin (%) 4.3
JOE's Net-margin (%) is ranked lower than
68% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 11.80 vs. JOE: 4.3 )
JOE' s 10-Year Net-margin (%) Range
Min: -227.3   Max: 27
Current: 4.3
-227.3
27
ROE (%) 1.1
JOE's ROE (%) is ranked lower than
74% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 5.90 vs. JOE: 1.1 )
JOE' s 10-Year ROE (%) Range
Min: -60.8   Max: 36.3
Current: 1.1
-60.8
36.3
ROA (%) 0.9
JOE's ROA (%) is ranked lower than
71% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 2.70 vs. JOE: 0.9 )
JOE' s 10-Year ROA (%) Range
Min: -49.9   Max: 14.9
Current: 0.9
-49.9
14.9
» JOE's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

JOE Guru Trades in Q2 2012

Mario Gabelli 242,717 sh (+10.52%)
Chuck Royce 3,555,074 sh (+1.14%)
Columbia Wanger 1,606,000 sh (unchged)
Jean-Marie Eveillard 2,000 sh (unchged)
Fairholme Fund 23,136,502 sh (unchged)
Jeremy Grantham Sold Out
Charles Brandes 287,827 sh (-0.44%)
Bruce Berkowitz 25,539,428 sh (-0.68%)
Louis Moore Bacon 150,000 sh (-45.45%)
Jim Simons 98,012 sh (-51.69%)
Steven Cohen 200 sh (-99.74%)
» More
Q3 2012

JOE Guru Trades in Q3 2012

Jeremy Grantham 16,600 sh (New)
Bruce Kovner 372,600 sh (New)
Steven Cohen 11,131 sh (+5465.5%)
Jim Simons 142,900 sh (+45.8%)
Mario Gabelli 251,717 sh (+3.71%)
Chuck Royce 3,555,074 sh (unchged)
Jean-Marie Eveillard 2,000 sh (unchged)
Columbia Wanger 1,606,000 sh (unchged)
Fairholme Fund 23,136,502 sh (unchged)
Louis Moore Bacon Sold Out
Bruce Berkowitz 25,351,628 sh (-0.74%)
Charles Brandes 285,115 sh (-0.94%)
» More
Q4 2012

JOE Guru Trades in Q4 2012

Louis Moore Bacon 150,000 sh (New)
Jim Simons 369,400 sh (+158.5%)
Bruce Kovner 406,500 sh (+9.1%)
Mario Gabelli 263,717 sh (+4.77%)
Jean-Marie Eveillard 2,000 sh (unchged)
Jeremy Grantham 27,100 sh (unchged)
Columbia Wanger 1,606,000 sh (unchged)
Fairholme Fund 23,136,502 sh (unchged)
Steven Cohen Sold Out
Bruce Berkowitz 25,119,555 sh (-0.92%)
Chuck Royce 3,455,074 sh (-2.81%)
Charles Brandes 267,200 sh (-6.28%)
» More
Q1 2013

JOE Guru Trades in Q1 2013

Steven Cohen 11,254 sh (New)
Louis Moore Bacon 340,000 sh (+126.67%)
Jim Simons 594,200 sh (+60.86%)
Mario Gabelli 362,717 sh (+37.54%)
Columbia Wanger 1,858,000 sh (+15.69%)
Jeremy Grantham 29,300 sh (+8.12%)
Jean-Marie Eveillard 2,000 sh (unchged)
Bruce Kovner 406,500 sh (unchged)
Fairholme Fund 23,136,502 sh (unchged)
Bruce Berkowitz 25,035,855 sh (-0.33%)
Chuck Royce 2,368,074 sh (-31.46%)
Charles Brandes 170,585 sh (-36.16%)
» More
» Details

Insider Trades

Latest Guru Trades with JOE

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Charles Brandes 2013-03-31 Reduce -36.16%0.03%$20.17 - $24.38 $ 20.69-8%170585
Mario Gabelli 2013-03-31 Add 37.54%0.01%$20.17 - $24.38 $ 20.69-8%362717
Charles Brandes 2012-03-31 Add 53.53%0.02%$14.5 - $20.03 $ 20.6929%289107
Mario Gabelli 2012-03-31 Add 89.79%0.01%$14.5 - $20.03 $ 20.6929%219618
Mario Gabelli 2011-12-31 Add 108.5%0.01%$12.91 - $15.63 $ 20.6941%115717
Charles Brandes 2011-12-31 Reduce -21.5%0.01%$12.91 - $15.63 $ 20.6941%188312
Charles Brandes 2011-06-30 Add 61.01%0.01%$18.42 - $27.09 $ 20.69-10%243602
Mario Gabelli 2011-06-30 Add 90.57%$18.42 - $27.09 $ 20.69-10%50500
Ron Baron 2011-03-31 Sold Out $21.85 - $29.5 $ 20.69-21%0
Mario Gabelli 2011-03-31 Reduce -96.18%$21.85 - $29.5 $ 20.69-21%26500
Charles Brandes 2010-12-31 Add 1353.09%0.02%$17.25 - $24.98 $ 20.692%160712
Ron Baron 2010-12-31 New Buy$17.25 - $24.98 $ 20.692%11600
Mario Gabelli 2010-09-30 Add 5634.78%0.07%$23 - $27.64 $ 20.69-18%659500
Charles Brandes 2010-09-30 New Buy$23 - $27.64 $ 20.69-18%11060
John Keeley 2010-06-30 Sold Out 0.02%$22.08 - $37.13 $ 20.69-29%0
Mario Gabelli 2010-06-30 Reduce -98.1%$22.08 - $37.13 $ 20.69-29%11500
Jean-Marie Eveillard 2010-06-30 New Buy$22.08 - $37.13 $ 20.69-29%2000
John Keeley 2010-03-31 Add 147.28%0.01%$26 - $33.53 $ 20.69-28%50370
Premium More recent guru trades are included for Premium Members only!!

Guru Investment Theses on St. Joe Corporation

David Einhorn's Comments on St. Joe - May 31, 2012

From David Einhorn's first quarter letter:

We have been short St. Joe (JOE) for more than half a decade. David first discussed our position at the Ira Sohn conference in 2007, and then gave a second, more detailed presentation of our updated thesis at the 2010 VIC. The presentation highlighted that a number of JOE’s real estate investments were impaired and should have been reflected as such in the company’s financial statements. JOE and the bulls disagreed. We assume that JOE’s auditors did as well, seeing as they signed off on the 2010 year-end results without requiring any impairment.

In early 2012, JOE announced a “new business strategy.” JOE is unwilling to elaborate on what this new strategy entails. At least one piece of it involved reviewing prior assumptions regarding the value of its unsold assets. In doing so, JOE was forced to recognize some of the necessary impairment that had been obvious to us for years.

The following table shows that JOE belatedly recognized residential real estate impairment in three counties highlighted in the VIC presentation:

JOE took $374 million in total impairment, which represented an approximate 80% write-down of the properties that JOE chose to impair and almost 40% of JOE’s book equity.While the impairment may seem large, we believe that more will be needed. Specifically, we believe JOE continues to carry its mostly vacant commercial real estate at inflated values.JOE also has a large investment in “operating properties,” which are mostly amenities that support its various developments and do not generate adequate profits to support their capitalized carrying values.

Recognition of these losses does more than merely get the accounts in order. It reveals the flaw in JOE’s business model. The company's effort to develop its best land through a historic boom has, in fact, been a cumulative money loser. If the land can’t be developed profitably under extremely favorable market conditions, its best use remains as undeveloped timber and conservation land. Perhaps this is what JOE has in mind; we have no way of knowing. But either strategy presents greater challenges going forward. The best land (on the beach) has already been sold, while timberland and conservation land values in the region have continued to fall. We remain skeptical that there is a path for any management team to create much value here.


Check out David Einhorn latest stock trades

Top Ranked Articles about St. Joe Corporation

What’s Up with David Einhorn’s Shorts - Chipotle Mexican Grill Inc.
December 28, 2012
David Einhorn - What’s Up With David Einhorn’s Shorts - Chipotle Mexican Grill Inc.
David Einhorn, founder of hedge fund Greenlight Capital, has moved markets with his powerful presentations on stocks he has decided to short and reaped sizable gains. The companies he targets typically have to respond to accusations leveled at them and after some time has passed, it becomes clearer whether Einhorn was right in his assessment. Perhaps most famous are his short positions in Chipotle (CMG), The St. Joe Company (JOE) and Green Mountain (GMCR) (read about his Green Mountain short here). Einhorn's portfolio is up in the low teens through October in 2012. Read more...
What’s Up with David Einhorn’s Shorts - The St. Joe Company
December 27, 2012
David Einhorn - What’s Up With David Einhorn’s Shorts - The St. Joe Company
David Einhorn, founder of hedge fund Greenlight Capital, has moved markets with his powerful presentations on stocks he has decided to short and reaped sizable gains. The companies he targets typically have to respond to accusations leveled at them and after some time has passed, it becomes clearer whether Einhorn was right in his assessment. Perhaps most famous are his short positions in Chipotle (CMG), The St. Joe Company (JOE) and Green Mountain (GMCR) (read about his Green Mountain short here). Read more...
David Einhorn's Comments on St. Joe
May 31, 2012
From David Einhorn's first quarter letter: Read more...

Ratios

vs
industry		 vs
history
P/E(ttm) 449.90
JOE's P/E(ttm) is ranked lower than
98% of the 713 Companies
in the Global Real Estate - General industry.

( Industry Median: 14.70 vs. JOE: 449.90 )
JOE' s 10-Year P/E(ttm) Range
Min: 13.01   Max: 469.13
Current: 449.9
13.01
469.13
P/B 3.40
JOE's P/B is ranked lower than
90% of the 843 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.04 vs. JOE: 3.40 )
JOE' s 10-Year P/B Range
Min: 1.36   Max: 12.72
Current: 3.4
1.36
12.72
P/S 14.06
JOE's P/S is ranked lower than
90% of the 876 Companies
in the Global Real Estate - General industry.

( Industry Median: 2.64 vs. JOE: 14.06 )
JOE' s 10-Year P/S Range
Min: 1.83   Max: 25.79
Current: 14.06
1.83
25.79
PFCF 90.10
JOE's PFCF is ranked lower than
91% of the 494 Companies
in the Global Real Estate - General industry.

( Industry Median: 15.06 vs. JOE: 90.10 )
JOE' s 10-Year PFCF Range
Min: 15.6   Max: 816
Current: 90.1
15.6
816
EV-to-EBIT 1000
JOE's EV-to-EBIT is ranked lower than
99% of the 686 Companies
in the Global Real Estate - General industry.

( Industry Median: 16.12 vs. JOE: 1000 )
JOE' s 10-Year EV-to-EBIT Range
Min: 12.3   Max: 1229.2
Current: 1000
12.3
1229.2
Shiller P/E 606.5
JOE's Shiller P/E is ranked lower than
100% of the Companies
in the Global Real Estate - General industry.

( Industry Median: vs. JOE: 606.5 )
JOE' s 10-Year Shiller P/E Range
Min: 18.24   Max: 695.67
Current: 606.5
18.24
695.67

Valuation & Return

vs
industry		 vs
history
Price/Net Cash 26.2
JOE's Price/Net Cash is ranked lower than
81% of the 81 Companies
in the Global Real Estate - General industry.

( Industry Median: 7.60 vs. JOE: 26.2 )
JOE' s 10-Year Price/Net Cash Range
Min: 29.2   Max: 437
Current: 26.2
29.2
437
Price/Net Current Asset Value 517.3
JOE's Price/Net Current Asset Value is ranked lower than
99% of the 507 Companies
in the Global Real Estate - General industry.

( Industry Median: 5.20 vs. JOE: 517.3 )
JOE' s 10-Year Price/Net Current Asset Value Range
Min: 59.3   Max: 765.3
Current: 517.3
59.3
765.3
Price/Tangible Book 3.5
JOE's Price/Tangible Book is ranked lower than
90% of the 820 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.10 vs. JOE: 3.5 )
JOE' s 10-Year Price/Tangible Book Range
Min: 2.2   Max: 12.6
Current: 3.5
2.2
12.6
Price/DCF (Projected) 4.7
JOE's Price/DCF (Projected) is ranked lower than
85% of the 237 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.30 vs. JOE: 4.7 )
JOE' s 10-Year Price/DCF (Projected) Range
Min: 2.5   Max: 12.4
Current: 4.7
2.5
12.4
Price/Median PS Value 2.6
JOE's Price/Median PS Value is ranked lower than
87% of the 798 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.20 vs. JOE: 2.6 )
JOE' s 10-Year Price/Median PS Value Range
Min: 0.4   Max: 3.7
Current: 2.6
0.4
3.7
Price/Graham Number 7
JOE's Price/Graham Number is ranked lower than
96% of the 679 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.90 vs. JOE: 7 )
JOE' s 10-Year Price/Graham Number Range
Min: 1.9   Max: 7.8
Current: 7
1.9
7.8
Earnings Yield (Greenblatt) 0.10
JOE's Earnings Yield (Greenblatt) is ranked lower than
79% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 4.90 vs. JOE: 0.10 )
JOE' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.1   Max: 8.2
Current: 0.1
0.1
8.2
Forward Rate of Return (Yacktman) -0.07
JOE's Forward Rate of Return (Yacktman) is ranked lower than
76% of the 880 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.00 vs. JOE: -0.07 )
JOE' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -23.4   Max: 12.9
Current: -0.07
-23.4
12.9

Business Description

St. Joe Corporation was incorporated in 1936. It is a real estate operating company in Florida. The majority of the Company's land is located in Northwest Florida. The Company owns approximately 573,000 acres of land concentrated mainly in Northwest Florida. Most of this land was acquired decades ago and, as a result, has a very low initial cost basis, before development costs. Approximately 403,000 acres, or approximately 70 percent of its total land holdings, are within 15 miles of the coast of the Gulf of Mexico. The Company is engaged in town and resort development, commercial and industrial development and land sales. It also has interests in timber. The Company's four operating segments are: Towns & Resorts, Commercial Real Estate, Land Sales, and Forestry. The Company's Towns & Resorts segment develops large-scale, mixed-use communities primarily on land that it has owned for a long period of time. The Company owns large tracts of land in Northwest Florida, including large tracts near Tallahassee, and Gulf of Mexico beach frontage and waterfront properties, which are suited for primary housing, resort and second-home communities. The Company's Commercial Real Estate segment develops and sells real estate for commercial purposes. The Company also owns office, industrial and retail properties throughout the southeastern United States. The Company's Land Sales segment markets parcels for a variety of rural residential and recreational uses on a portion of its long-held timberlands in Northwest Florida. The Company is developing a range of innovative products for rural settings including RiverCamps, WhiteFence Farms, Florida Ranches, FloridaWild and WoodLands. The Company's Forestry segment focuses on the management and harvesting of its timberland holdings. The Company grows, harvests and sells timber and wood fiber. The Company's main forestry product is softwood pulpwood. The Company also grows and sells softwood and hardwood sawtimber. In addition, the Company owns and operates a cypress sawmill and mulch plant which converts cypress logs into wood products and mulch. The Company competes with numerous developers of varying sizes, ranging from local to national in scope. The Company's properties are subject to federal, state and local environmental regulations and restrictions that may impose significant limitations on its development ability.
Company Website
SEC Reports
Industry: Real Estate - General
Compare:SUHJY, CHEUY, MITEY, BAM, HLDVF
Traded in other countries:JOE.Germany
» More Articles for JOE

Headlines

Articles On GuruFocus.com
Bruce Berkowitz Pulls Plug on CIT - Sold Out 16 Million Shares Apr 30 2013 
What’s Up with David Einhorn’s Shorts - Chipotle Mexican Grill Inc. Dec 28 2012 
What’s Up with David Einhorn’s Shorts - The St. Joe Company Dec 27 2012 
Bruce Berkowitz Announces Q3 Reduction to CIT and AIG, Sticks With Other Holdings Oct 29 2012 
Bruce Berkowitz Update Sep 05 2012 
Challenging Times Behind Bruce Berkowitz? Update Jun 20 2012 
David Einhorn's Comments on St. Joe May 31 2012 
Bruce Berkowitz Buys Mercury General, Sears, Jefferies and Wells Fargo Warrants May 16 2012 
Bruce Berkowitz Sells More St. Joe May 14 2012 
Bruce Berkowitz Goes to Great Lengths to Prove Value Philosophy Apr 03 2012 

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