St. Joe (JOE) in Praetorian Capital Q2 2024

Real Estate Growth Potential in the Florida Panhandle

Apr 15, 2025

Summary

Investment rationale: Significant land holdings in a rapidly appreciating region.
Market positioning: Owns approximately 168,000 acres in the Florida Panhandle.
Risks and challenges: Market hesitation due to ties to housing and commercial real estate.
Recent performance: Share price mired in a 3-year consolidation.
Future outlook: Expected growth in recurring revenue and earnings.

St. Joe (JOE, Financial) was featured in Praetorian Capital's Q2 2024 letter as a promising investment due to its substantial land holdings in the Florida Panhandle. Despite a 3-year consolidation in share price, the company is positioned to benefit from population growth and rising property values in the region. The fund manager believes that St. Joe's shares are undervalued and poised for growth as the market recognizes its potential.

"JOE owns approximately 168,000 acres in the Florida Panhandle. It has been widely known that JOE traded for a tiny fraction of its liquidation value for years, but without a catalyst, it was always perceived to be 'dead money.'" — Harris Kupperman, Praetorian Capital, Q2 2024 Fund Letter

Read full letter at gurufocus Praetorian Capital 2024 Q2 page.

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