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Non-Tech : Income Investing

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From: lumpygravy7/12/2018 12:18:18 PM
2 Recommendations   of 48864
FPI upgraded to Buy at BRileyFBR....................................................................

Analyst Craig Kucera.

Farmland Partners Inc. (FPI - $5.28, Buy; $8.00 PT); Opinion Upgrade -

• Upgrading from Neutral to Buy, PT from $8.50 to $8.00; after stock hit hard (-39%) on Seeking Alpha hatchet job.

• Crux of article was inside dealing on loans representing 1% of assets/1% of revenue, questionable valuation assumptions, nonexistent, in
our view, concerns about solvency.

• Firm hasn't recommended the stock since mid 2017 at ~$10.59, but at $5.28 represents potential for big total return (60%+), though
chance for dividend cut down the road (not likely in 2018).

• Lowering estimates on falling commodities prices/potential for trade war ($0.04/yr), NAV down ~$1; still compelling.

• Not a fan of sector and farming fundamentals weakening, but not to this extent; trades at 53% of NAV/14.2x 2018E AFFO vs. group
basically at NAV/20x.
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