Shares trading below book value, a 5% dividend, and 4 million acres of land undervalued on the balance sheet

This company is a textbook example of a situation where the financial statements, market price, and fair value of assets tell three different stories. On a standard screener, you’ll see a revenue drop of more than 60%, a net margin over 56%, a P/E ratio below 7, and a dividend yield around 11%—and nearly every one of those numbers is an optical illusion. This was created by a combination of one-time gains from the sale of a foreign business and a special dividend that no one will ever repeat. Anyone who builds a thesis on this data is building it on sand.

Beneath the surface, however, lies tangible and rare assets: over 4 million acres of productive forest land in the best growth regions of the U.S., a newly strengthened lumber and plywood business, and a real estate platform capable of selling that same land to a solar developer for more than $10,000 per acre—many times its balance sheet value. The core of the investment thesis is as old as the sector itself: the public capital market…