Group 1 - Ingles Markets, Incorporated (IMKTA) is a regional grocery chain known for its steady, family-owned approach, primarily operating in North Carolina, South Carolina, Georgia, and Tennessee [2] - The company's shares are currently trading at $68.77, with a trailing P/E of 23.08, indicating potential undervaluation [1][2] - IMKTA's extensive real estate holdings, including stores and surrounding shopping centers, provide a unique margin of safety, as the business trades near or below tangible book value while generating solid earnings [3][4] Group 2 - There is a belief that the real estate on IMKTA's balance sheet may be understated, suggesting additional potential upside for investors [4] - The company has shown consistent growth in asset values, tangible book value, earnings per share, and share price over decades, making it a classic example of long-term value accumulation [2][4] - IMKTA's stock price has appreciated approximately 12.5% since previous coverage, reinforcing the bullish thesis on its steady profitability and undervaluation [5]