Farmland Partners: Squeezing Every Last Dollar From The Land

Atlas Diary 1 Follower Follow Summary Farmland Partners Inc. is rated "Buy" with a $13.80 target, offering a 35% upside from the current $10.25 price, based on NAV support. The investment thesis emphasizes asset value over income, as AFFO does not cover the dividend and the stock trades at 31.1x AFFO. Key catalysts include noncore land sales, buybacks below NAV, lease renewals, and loan normalization, all supporting NAV realization and debt reduction. Risks center on uncovered dividends, credit provisions, and weak core sales; maintaining discipline on share buybacks and debt reduction is critical. Editor's note: Seeking Alpha is proud to welcome Atlas Diary as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. This article was written by Atlas Diary 1 Follower Follow Hello everybody, I'm Jorge and I serve as the lead analyst for this Atlas Diary account. I'm an economist working in Spain and have more than eight years' experience in the financial markets. The method I use involves carrying out macroeconomic analysis together with 'bottom-up' fundamental research, with the aim of spotting business models that are of high quality, have a competitive advantage and are available at a fair price. At the same time, I am expanding my knowledge by doing the CFA programme and I'm also helping with the management of client capital. The primary aim of mine is to concentrate on companies whose business models I am able to understand, no matter what sector they are in, and to look for opportunities among both value and growth companies, even though I have always been more interested in commodities, particularly REITs. The way in which I arrive at my company's valuation is mainly by reconstructing its net asset value (NAV), carrying out a detailed analysis of its balance sheet, cash flows and profit and loss account, and also carrying out an all-round analysis of the company.I write for Seeking Alpha in order to reach a wider audience, being completely transparent and intending not only to educate those who might find my analyses useful but also to provide a showcase for major investors and fund managers in the industry, thus increasing my own profile. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.