Amrep Corp. (AXR)

Land Subdividers & Developers (No Cemeteries)

Latest Price

$22.52

TTM P/E

Normalized P/E

9.35

Div Yield

Book Value

26.50

P/B Ratio

0.85

Valuation metrics

EPS: $1.91

Book value / share: $26.10

Formula: √(22.5 × EPS × BVPS)

Graham Number

$33.49

+49% upside

Norm. op. income: $9M (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$22.06

2% downside

Base FCF: $10M (median of recent 5yr)

Growth: 19%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$99.79

+343% upside

EPS: $1.91

Target P/E: 9×

Formula: EPS × P/E

P/E Fair Value

$17.19

24% downside

31.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Dimensional Fund Advisors LP	197.3K	$4.0M	3.70%	+3.8K	2026-06-30
Cerity Partners LLC	167.6K	$4.0M	3.14%	-1.4K	2026-06-30
Truffle Hound Capital, LLC	160.0K	$4.0M	3.00%	--	2026-06-30
Vanguard Capital Management LLC	144.0K	$3.0M	2.70%	-5.9K	2026-06-30
JB Capital Partners LP	141.4K	$3.0M	2.65%	--	2026-06-30
Cresset Asset Management, LLC	129.2K	$3.0M	2.42%	--	2026-06-30
Renaissance Technologies LLC	115.8K	$2.0M	2.17%	-3.4K	2026-06-30
Bridgeway Capital Management, LLC	111.4K	$2.0M	2.09%	--	2026-06-30
Oppenheimer & Close, LLC	67.0K	$1.0M	1.25%	--	2026-06-30
Gate City Capital Management, LLC	52.9K	$1.0M	0.99%	-32.8K	2026-06-30