Maui Land & Pineapple: Under-the-Radar Land Bank with Catalysts

Nitin Sacheti of Papyrus Capital presented his in-depth investment thesis on Maui Land & Pineapple (NYSE: MLP) at Wide-Moat Investing Summit 2018.

Thesis summary:

Maui Land & Pineapple is an under-the-radar land bank with 900 acres of prime, beachfront land in Kapalua, Maui, which Nitin believes is worth multiples of MLP’s $200 million enterprise value, based on recent comps of $1-3 million per acre. MLP is in the process of developing much of this land. The company also owns 10,800 acres of comparable agriculturally zoned land and 9,000 acres in conservation land. Finally, MLP operates profitable real estate and resort-related businesses. Nitin sees upside from the recent share price of $11 to $41 over the next two years.

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About the instructor:

Nitin Sacheti is the Founder and Portfolio Manager of Papyrus, where he continues to implement a successful bottoms-up investment process, honed over 10 years, focusing on free cash flow generation over time. Prior to founding Papyrus, Mr. Sacheti was a Senior Analyst/Principal with Equity Contribution at Charter Bridge Capital where he managed the firm’s investments in the technology, media and telecom sectors as well as select consumer investments. At Charter Bridge and in his prior role at Cobalt Capital, he managed over 25 names in a ‘mini-PM’ capacity with significant autonomy ensuring a seamless transition to Portfolio Manager at Papyrus. Previously, Mr. Sacheti was a Senior Analyst at Tiger Europe Management, managing mostly the fund’s non-European investments. Mr. Sacheti began his investment career in 2006 at Ampere Capital Management, a consumer, media, telecom and technology focused investment firm, initially as a Junior Analyst, later becoming Assistant Portfolio Manager. He graduated from the University of Chicago with a BA in Economics and was a visiting undergraduate student in Economics at Harvard University.