"The fair value of the land has been estimated to be ~$2.75bn and growing, well in excess of Ingles’ current market capitalization, currently around $1.15 billion. The implication being that once the assets are stripped out of the market cap, the business, as a going concern, is being valued at less than zero. An alternative interpretation is that you could buy the business and inherit a very valuable land portfolio for free."
Great write up.
Ingles Markets is another one.
"The fair value of the land has been estimated to be ~$2.75bn and growing, well in excess of Ingles’ current market capitalization, currently around $1.15 billion. The implication being that once the assets are stripped out of the market cap, the business, as a going concern, is being valued at less than zero. An alternative interpretation is that you could buy the business and inherit a very valuable land portfolio for free."
Full analysis here: https://rockandturner.substack.com/p/ingles-or-ingles-who-cares-its-cheap
For people into this kind of stuff there is some fun information on pages 16 and 17 of this supplement.
https://ir.kennedywilson.com/~/media/Files/K/Kennedy-Wilson-IR-V2/documents/4q-24-supplemental-and-release.pdf