Is St. Joe (JOE) Trading at an Attractive Multiple On Adjusted Funds From Operations (AFFO)?

Core Insights - Praetorian Capital's third-quarter 2025 investor letter reported a fund appreciation of 5.70%, indicating a focus on concentrated portfolios and asymmetric opportunities that may lead to notable volatility [1] - The St. Joe Company (NYSE:JOE) was highlighted as a key stock, with a one-month return of 2.39% and a 52-week loss of 4.91%, closing at $50.28 per share with a market capitalization of $2.926 billion on October 23, 2025 [2][3] Company Analysis - The St. Joe Company (NYSE:JOE) owns approximately 167,000 acres in the Florida Panhandle and has been trading at a fraction of its liquidation value for years, perceived as "dead money" without a catalyst [3] - The company is not among the 30 Most Popular Stocks Among Hedge Funds, with 26 hedge fund portfolios holding its stock at the end of the second quarter, down from 32 in the previous quarter [3] - While acknowledging the potential of The St. Joe Company (NYSE:JOE), Praetorian Capital suggests that certain AI stocks may offer greater upside potential and less downside risk [3]