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Asset-Rich A&B Still Sells Cheap

By Jonathan Heller

 About this article:
 Since I last wrote about Alexander & Baldwin back in early January, shares are up about 12% on a total return basis, while the S&P 500 is up about 6%. While that amounts to a very minor victory, my expectations for the company are a lot higher, and it still appears to be on sale at current levels. Clearly, A&B's shipping business, Mattson Navigation, which accounts for the majority of its revenue, is not a popular place for investors to be these days, given the double whammy of a recession (which I for one believe is all but over) and rising fuel costs. While fuel costs do pose a threat -- Mattson burned an estimated 2 million barrels in 2008 -- the company does have the ability to levy fuel surcharges, which it just increased from 20% to 28%, effective July 5. Recent quarterly results reflected the...

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