AMREP Corp (AXR) is fairly valued and Forestar Group Inc (FOR) is undervalued.
Against our estimates of intrinsic value, FOR trades at the wider discount: a margin of safety of +52%, against -0% for AXR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.5% (average of 3 methods) values the shares at $22.59; the price of $22.60 sits right on that value, and 71% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 9.1% (average of 2 methods) values the shares at $57.21; the price of $27.21 is 52% below that value.
Leak Score 67/100 on 9 of 12 signals
| Metric | AXR | FOR |
|---|---|---|
| Verdict | Fairly valued | Undervalued |
| Price | $22.60 | $27.21 |
| Intrinsic value | $22.59 | $57.21 |
| Margin of safety | -0% | +52% |
| Leak Score | 0/100 (2/12) | 67/100 (9/12) |
| Market cap | $120M | $1.4B |
| Revenue growth, 5 years | 5.7% | 12.3% |
| Operating margin | 14.8% | 14.7% |
| Net margin | 14.3% | 9.9% |
| Return on equity | 4.3% | 9.6% |
| Debt to equity | 0.00 | 0.44 |
| P/E | 20.7x | 8.2x |
| Forward P/E | 16.4x | 9.5x |
| P/B | 0.8x | 0.8x |