Dole Foods an asset play

Correction: In this episode, I mistakenly referenced the wrong land valuation for Dole. Dole had a certain number of acres publicly listed on their website. However, just because a company operates on land doesn’t necessarily mean they own it. I initially assumed Dole owned certain land in the Philippines, but after revisiting their 10-K and 20-F filings, I found no indication of ownership there. Instead, I reviewed the land they actually own and corrected my estimates. The updated land value range is $506 million (low estimate) to $1.1 billion (high estimate). 

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Dale analyzes DOLE stock to explore whether the company's land holdings could be undervalued relative to its balance sheet.

Verbal Disclosures read from 0:27 - 1:38. General information and full disclosures for Dale’s Solo Investors Podcast LLC are listed here: dalex5.podbean.com 

 

 

Estimated Location Estimated  Region Area Estimated Acres Estimated Value per Acre ($USD) Total Estimated Value (Low - High) ($USD)   Colombia Magdalena Department 569 $3,000 - $7,000 1,700,000 4,000,000 Costa Rica Guanacaste Province (Cañas, La Fortuna) 697 $5,000 - $12,000 3,500,000 8,400,000 Costa Rica Guanacaste (Additional Acres) 8,000 $5,000 - $12,000 40,000,000 96,000,000 Costa Rica Puntarenas 7,000 $5,000 - $12,000 35,000,000 84,000,000 Costa Rica Alajuela 5,000 $5,000 - $12,000 25,000,000 60,000,000 Costa Rica Cartago 3,000 $5,000 - $12,000 15,000,000 36,000,000 Costa Rica Limón 3,000 $5,000 - $12,000 15,000,000 36,000,000 Costa Rica San Carlos (El Muelle Farm) 2,402 $5,000 - $12,000 12,000,000 28,800,000 Costa Rica El Comendador 285 $5,000 - $12,000 1,400,000 3,400,000 Costa Rica Zurqui 460 $5,000 - $12,000 2,300,000 5,500,000 Costa Rica Other Areas (Remaining) 25,805 $5,000 - $12,000 129,000,000 309,000,000 Ecuador Dolores 257 $3,000 - $6,000 800,000 1,500,000 Ecuador Guayas Province 4,000 $2,000 - $4,000 8,000,000 16,000,000 Ecuador Los Ríos Province 2,500 $1,500 - $3,000 3,750,000 7,500,000 Ecuador El Oro Province 1,500 $1,800 - $3,500 2,700,000 5,250,000 Ecuador Azuay Province 752 $1,200 - $2,500 900,000 1,880,000 Honduras Choluteca 12,000 $2,750 - $5,000 33,000,000 60,000,000 Honduras Colón 8,000 $4,500 - $7,500 36,000,000 60,000,000 Honduras Atlántida 5,000 $4,000 - $6,000 20,000,000 30,000,000 Honduras Gracias a Dios 3,000 $3,000 - $5,000 9,000,000 15,000,000 Honduras Olancho 4,000 $3,500 - $5,500 14,000,000 22,000,000 Honduras Yoro 2,227 $3,500 - $5,000 7,800,000 11,100,000 Guatemala Izabal Department 2,500 $2,500 - $4,000 6,250,000 10,000,000 Guatemala Alta Verapaz Department 800 $1,000 - $2,000 800,000 1,600,000 Guatemala Baja Verapaz Department 500 $800 - $1,500 400,000 750,000 Guatemala Santa Rosa Department 300 $900 - $1,800 270,000 540,000 Guatemala Chimaltenango Department 104 $600 - $1,500 60,000 160,000 Peru Sullana, Peru (Banana Production) 405 $3,000 - $5,000 1,200,000 2,000,000 Chile Paine 2,760 $8,000 - $10,000 22,100,000 27,600,000 South Africa Limpopo 1,300 $1,500 - $3,500 1,800,000 4,550,000 South Africa Mpumalanga 204 $1,000 - $2,500 200,000 750,000 USA Oahu, Hawaii (Pineapples, Coffee, Cacao) 5,014 $10,000 - $40,000 50,100,000 200,600,000 USA Other USA Land 1,587 $5,000 - $10,000 7,900,000 15,900,000         506,930,000 1,165,780,000     114928 acres Low Total = $506 million           High Total = $1.165 billion Average estimate value = 835.5 million