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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 3.82
NYSE:JOE's Cash to Debt is ranked higher than
83% of the 1325 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.36 vs. NYSE:JOE: 3.82 )
NYSE:JOE' s 10-Year Cash to Debt Range
Min: 0.05   Max: No Debt
Current: 3.82

Equity to Asset 0.83
NYSE:JOE's Equity to Asset is ranked higher than
94% of the 1290 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.45 vs. NYSE:JOE: 0.83 )
NYSE:JOE' s 10-Year Equity to Asset Range
Min: 0.3   Max: 0.86
Current: 0.83

0.3
0.86
Interest Coverage 0.38
NYSE:JOE's Interest Coverage is ranked lower than
64% of the 750 Companies
in the Global Real Estate - General industry.

( Industry Median: 10.97 vs. NYSE:JOE: 0.38 )
NYSE:JOE' s 10-Year Interest Coverage Range
Min: 0.38   Max: 9999.99
Current: 0.38

0.38
9999.99
F-Score: 3
Z-Score: 8.82
M-Score: -1.76
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 : 6/10

vs
industry
vs
history
Operating margin (%) 0.59
NYSE:JOE's Operating margin (%) is ranked lower than
57% of the 1321 Companies
in the Global Real Estate - General industry.

( Industry Median: 22.53 vs. NYSE:JOE: 0.59 )
NYSE:JOE' s 10-Year Operating margin (%) Range
Min: -266.24   Max: 37.93
Current: 0.59

-266.24
37.93
Net-margin (%) 3.80
NYSE:JOE's Net-margin (%) is ranked higher than
50% of the 1320 Companies
in the Global Real Estate - General industry.

( Industry Median: 15.11 vs. NYSE:JOE: 3.80 )
NYSE:JOE' s 10-Year Net-margin (%) Range
Min: -227.33   Max: 46.72
Current: 3.8

-227.33
46.72
ROE (%) 0.89
NYSE:JOE's ROE (%) is ranked lower than
55% of the 1306 Companies
in the Global Real Estate - General industry.

( Industry Median: 7.66 vs. NYSE:JOE: 0.89 )
NYSE:JOE' s 10-Year ROE (%) Range
Min: -60.76   Max: 36.32
Current: 0.89

-60.76
36.32
ROA (%) 0.75
NYSE:JOE's ROA (%) is ranked lower than
52% of the 1328 Companies
in the Global Real Estate - General industry.

( Industry Median: 3.15 vs. NYSE:JOE: 0.75 )
NYSE:JOE' s 10-Year ROA (%) Range
Min: -49.94   Max: 14.9
Current: 0.75

-49.94
14.9
ROC (Joel Greenblatt) (%) 6.81
NYSE:JOE's ROC (Joel Greenblatt) (%) is ranked higher than
56% of the 1278 Companies
in the Global Real Estate - General industry.

( Industry Median: 18.26 vs. NYSE:JOE: 6.81 )
NYSE:JOE' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -2588.03   Max: 415.28
Current: 6.81

-2588.03
415.28
Revenue Growth (%) 9.20
NYSE:JOE's Revenue Growth (%) is ranked higher than
73% of the 1004 Companies
in the Global Real Estate - General industry.

( Industry Median: 5.10 vs. NYSE:JOE: 9.20 )
NYSE:JOE' s 10-Year Revenue Growth (%) Range
Min: -40.2   Max: 47
Current: 9.2

-40.2
47
» NYSE:JOE's 10-Y Financials

Financials


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

» Details

Guru Trades

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)
Caxton Associates 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
Q2 2013

JOE Guru Trades in Q2 2013

Mario Gabelli 408,691 sh (+12.67%)
Caxton Associates 442,600 sh (+8.88%)
Charles Brandes 175,925 sh (+3.13%)
Columbia Wanger 1,858,000 sh (unchged)
Jean-Marie Eveillard 2,000 sh (unchged)
Fairholme Fund 23,136,502 sh (unchged)
Steven Cohen Sold Out
Bruce Berkowitz 25,017,933 sh (-0.07%)
Jeremy Grantham 28,800 sh (-1.71%)
Chuck Royce 2,041,700 sh (-13.78%)
Jim Simons 433,000 sh (-27.13%)
Louis Moore Bacon 150,000 sh (-55.88%)
» More
Q3 2013

JOE Guru Trades in Q3 2013

Columbia Wanger 2,737,000 sh (+47.31%)
Mario Gabelli 563,917 sh (+37.98%)
Chuck Royce 2,146,700 sh (+5.14%)
Charles Brandes 181,032 sh (+2.9%)
Caxton Associates 442,600 sh (unchged)
Jean-Marie Eveillard 2,000 sh (unchged)
Fairholme Fund 23,136,502 sh (unchged)
Louis Moore Bacon Sold Out
Jeremy Grantham Sold Out
Bruce Berkowitz 25,010,633 sh (-0.03%)
Jim Simons 193,800 sh (-55.24%)
» More
Q4 2013

JOE Guru Trades in Q4 2013

Louis Moore Bacon 135,000 sh (New)
Jim Simons 657,400 sh (+239.22%)
Charles Brandes 254,077 sh (+40.35%)
Mario Gabelli 700,317 sh (+24.19%)
Caxton Associates 442,600 sh (unchged)
Columbia Wanger 2,737,000 sh (unchged)
Jean-Marie Eveillard 2,000 sh (unchged)
Fairholme Fund 23,136,502 sh (unchged)
Bruce Berkowitz 24,863,504 sh (-0.59%)
Chuck Royce 1,846,700 sh (-13.97%)
» More
» Details

Insider Trades

Latest Guru Trades with NYSE:JOE

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Charles Brandes 2013-12-31 Add 40.35%0.02%$17.46 - $20.99 $ 18.13-2%254077
Mario Gabelli 2013-12-31 Add 24.19%0.01%$17.46 - $20.99 $ 18.13-2%700317
Mario Gabelli 2013-09-30 Add 37.98%0.02%$19.31 - $23.24 $ 18.13-14%563917
Charles Brandes 2013-03-31 Reduce -36.16%0.03%$20.17 - $24.38 $ 18.13-20%170585
Mario Gabelli 2013-03-31 Add 37.54%0.01%$20.17 - $24.38 $ 18.13-20%362717
Charles Brandes 2012-03-31 Add 53.53%0.02%$14.5 - $20.03 $ 18.1313%289107
Mario Gabelli 2012-03-31 Add 89.79%0.01%$14.5 - $20.03 $ 18.1313%219618
Charles Brandes 2011-12-31 Reduce -21.5%0.01%$12.91 - $15.63 $ 18.1324%188312
Mario Gabelli 2011-12-31 Add 108.5%0.01%$12.91 - $15.63 $ 18.1324%115717
Charles Brandes 2011-06-30 Add 61.01%0.01%$18.42 - $27.09 $ 18.13-21%243602
Mario Gabelli 2011-06-30 Add 90.57%$18.42 - $27.09 $ 18.13-21%50500
Ron Baron 2011-03-31 Sold Out $21.85 - $29.5 $ 18.13-31%0
Mario Gabelli 2011-03-31 Reduce -96.18%$21.85 - $29.5 $ 18.13-31%26500
Premium More recent guru trades are included for Premium Members only!!
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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

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Believe it or not, though he runs a highly concentrated portfolio, fund manager Bruce Berkowitz (Trades, Portfolio) has other stocks besides his outsized Fannie Mae (OTCBB:FNMA) and Freddie Mac (OTCBB:FMCC) ownership he has claimed for his firm, the Fairholme Fund (Trades, Portfolio), and the leftover financial stocks from his previous financial crisis game plan. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 323.60
JOE's P/E(ttm) is ranked lower than
68% of the 1115 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.00 vs. JOE: 323.60 )
JOE' s 10-Year P/E(ttm) Range
Min: 24.21   Max: 469.13
Current: 323.6

24.21
469.13
P/B 3.20
JOE's P/B is ranked lower than
68% of the 1270 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.98 vs. JOE: 3.20 )
JOE' s 10-Year P/B Range
Min: 1.36   Max: 12.74
Current: 3.2

1.36
12.74
P/S 12.80
JOE's P/S is ranked lower than
84% of the 1349 Companies
in the Global Real Estate - General industry.

( Industry Median: 2.67 vs. JOE: 12.80 )
JOE' s 10-Year P/S Range
Min: 3.35   Max: 25.78
Current: 12.8

3.35
25.78
PFCF 129.50
JOE's PFCF is ranked lower than
73% of the 597 Companies
in the Global Real Estate - General industry.

( Industry Median: 14.28 vs. JOE: 129.50 )
JOE' s 10-Year PFCF Range
Min: 17.4   Max: 558.75
Current: 129.5

17.4
558.75
EV-to-EBIT 20.40
JOE's EV-to-EBIT is ranked higher than
53% of the 1158 Companies
in the Global Real Estate - General industry.

( Industry Median: 15.75 vs. JOE: 20.40 )
JOE' s 10-Year EV-to-EBIT Range
Min: 20.5   Max: 2120.1
Current: 20.4

20.5
2120.1

Valuation & Return

vs
industry
vs
history
Price/Net Cash 28.80
JOE's Price/Net Cash is ranked lower than
77% of the 86 Companies
in the Global Real Estate - General industry.

( Industry Median: 9.30 vs. JOE: 28.80 )
JOE' s 10-Year Price/Net Cash Range
Min: 29.22   Max: 437
Current: 28.8

29.22
437
Price/Net Current Asset Value 26.30
JOE's Price/Net Current Asset Value is ranked lower than
72% of the 143 Companies
in the Global Real Estate - General industry.

( Industry Median: 8.80 vs. JOE: 26.30 )
JOE' s 10-Year Price/Net Current Asset Value Range
Min: 27.81   Max: 242.78
Current: 26.3

27.81
242.78
Price/Tangible Book 3.00
JOE's Price/Tangible Book is ranked lower than
72% of the 1249 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.00 vs. JOE: 3.00 )
JOE' s 10-Year Price/Tangible Book Range
Min: 1.09   Max: 12.47
Current: 3

1.09
12.47
Price/DCF (Projected) 2.50
JOE's Price/DCF (Projected) is ranked lower than
60% of the 524 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.20 vs. JOE: 2.50 )
JOE' s 10-Year Price/DCF (Projected) Range
Min: 2.5   Max: 15.43
Current: 2.5

2.5
15.43
Price/Median PS Value 1.50
JOE's Price/Median PS Value is ranked lower than
66% of the 1199 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.00 vs. JOE: 1.50 )
JOE' s 10-Year Price/Median PS Value Range
Min: 0.19   Max: 2.32
Current: 1.5

0.19
2.32
Price/Graham Number 6.70
JOE's Price/Graham Number is ranked lower than
77% of the 1075 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.70 vs. JOE: 6.70 )
JOE' s 10-Year Price/Graham Number Range
Min: 0.84   Max: 7.8
Current: 6.7

0.84
7.8
Forward Rate of Return (Yacktman) 1.40
JOE's Forward Rate of Return (Yacktman) is ranked higher than
68% of the 829 Companies
in the Global Real Estate - General industry.

( Industry Median: 2.61 vs. JOE: 1.40 )
JOE' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -27.2   Max: 16.6
Current: 1.4

-27.2
16.6

Business Description

Industry: Real Estate Services » Real Estate - General
Compare:SUHJY, CHEUY, MITEY, BAM, HLDVF » details
Traded in other countries:JOE.Germany
St. Joe Corporation was incorporated in 1936. The Company is a real estate development company, owns land, timber and resort assets located mainly in Northwest Florida, Jacksonville, Florida and Tallahassee, Florida. It has five reportable operating segments: residential real estate, commercial real estate, resorts, leisure and leasing operations, forestry, and rural land. Its residential real estate segment typically plans and develops mixed-use resort, primary and seasonal residential communities of various sizes, primarily on its existing land. It own large tracts of land in Northwest Florida, including significant Gulf of Mexico beach frontage, and other waterfront properties and land in and around Jacksonville and Tallahassee. 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. Its resorts, leisure and leasing operations segment includes recurring revenue streams from its resort and leisure businesses and its leasing operations. 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. The majority of rural land sold is undeveloped timberland and is managed as timberland until sold, although some parcels include the benefits of limited development activity including improved roads, ponds and fencing. The Company competes with other local, regional and national real estate companies, some of which may have greater financial, marketing, sales and other resources than it do. In its forestry business, it competes with numerous public and privately held timber companies in its region. The Company's operations are subject to federal, state and local environmental laws and regulations, including laws relating to water, air, solid waste and hazardous substances and the requirements of the Federal Occupational Safety and Health Act and comparable state statutes relating to the health and safety of its employees.

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