ALEX - Alexander & Baldwin: A Venerable Hawaiian Landlord With A Rich Valuation

• ALEX was once a Big Five Hawaiian conglomerate with lots of irons in the fire, from sugarcane farms to agricultural & conservation land ownership to commercial real estate.
• Since converting to a REIT in 2017, ALEX has increasingly focused on income-generating real estate, especially grocery-anchored retail centers and industrial properties.
• The simplification process is almost complete, with ALEX's residential development interest now sold and the sale of its paving business on the horizon.
• I like ALEX and would like to own more of it, but the valuation looks too high based on my assumptions about post-simplification growth.

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