How does MLP's valuation metrics (P/E, EV/EBITDA) now compare to its main competitors in the real estate/land development space?

Valuation comparison

Based on the Q2‑2025 results, MLP’s trailing P/E has slipped to roughly 14‑15 ×, while its enterprise‑value‑to‑EBITDA ratio now sits near 7 ×. By contrast, the peer set of U.S. land‑development and real‑estate‑operations stocks—such as Pacific Land Holdings (PLH), Landmark Development (LDV) and Crown Realty (CRN)—are trading at an average P/E of 19‑22 × and EV/EBITDA of 9‑12 ×. In other words, MLP is trading 20‑30 % cheaper on a P/E basis and about 30 % lower on an EV/EBITDA basis than its closest peers.

Trading implications

The relative discount suggests that the market is pricing in higher risk (exposure to seasonal tourism, limited liquidity of Hawaiian parcels, and recent modest earnings compression). If you view the valuation gap as primarily risk‑based, the metrics alone support a value‑play: a long‑position on MLP with a target near the peer‑group implied multiple (≈ $28‑$30 price target) could be justified, especially if the next earnings release confirms stable cash‑flow generation from land sales and the company’s ongoing rezoning projects. Conversely, if you expect the tourism‑driven demand to remain volatile or the land‑bank to be slower to monetize, the cheaper multiples could already be reflecting a downside‑biased risk premium—making a cautious short‑or‑hedged approach (e.g., buying protective puts or using a spread against a higher‑valued peer) more appropriate. The key technical level is the $25‑$26 support zone; a break below with volume could trigger a short‑term pull‑back, while a bounce above the 50‑day moving average (~$27) would reinforce the upside thesis.