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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (8779)	10/27/1999 8:21:00 PM
From: Wright Sullivan	Respond to of 78666

Additional note on JOE: Based on today's closing prices for JOE (22-7/8) and FLA (34-7/8), the market values the non-FLA portion of JOE at $15 per share. Since much of this value is in land that is carried on JOE's books at no cost basis, it is very difficult to assess the breakup value of JOE, but $15 sounds like value to me. But I think it will remain a sleeper for a year or so. They still own another, much smaller RR, but they don't have many non-core businesses left to rationalize. Rummell acknowledged this in the Q&A today, basically saying that it all comes down to execution now on developing the existing low-cost-basis land.