Horizon Kinetics newsletter says to me that a C Corp conversion is just first step to fully optimizing $TPL’s unique potential over the long haul:
“Texas Pacific Land Trust has grown sales and net income at a 50% compound annual rate over the trailing five years. A statistical review might conclude that this is a “reasonably priced” growth stock, trading at approximately 16.5x trailing earnings over the past twelve months. However, this earnings figure includes a sizeable one-time land sale and is not directly relevant to the run-rate cash flow of the business. That being said, a bottom-up valuation of the company’s land portfolio and related oil and gas, easement and water businesses suggests a substantial discount to net asset value, given that less than 10% of the company’s core assets have been exploited to date.”
90% value still to come with smarter management...
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