AMREP Corporation (AXR), based in Rio Rancho, NM, is primarily involved in land development and homebuilding, owning approximately 17,000 acres in Sandoval County. The company has a tangible book value of about $25 per share, currently trading at $21, indicating a 16% discount. AMREP is debt-free, with $44.6 million in cash and a real estate inventory valued at $68.5 million, mainly in land.
Gencor Industries, Inc. (GENC), a manufacturer of heavy machinery for highway construction, reported a slight operating loss of $0.2 million for the September quarter but remains profitable due to income from investments. The company, trading near a tangible book value of $14.40 per share, has no long-term debt and $136.3 million in cash and marketable securities. Gencor is positioned to benefit from upcoming funding from the Infrastructure Investment and Jobs Act, with nearly 60% of authorized funds yet to be disbursed as of September 30, 2025.
