Is Alpine Income Property Trust, Inc. overvalued or undervalued?

As of 24 July 2025, the valuation grade for Alpine Income Property Trust, Inc. has moved from very attractive to risky, indicating a shift in perception regarding its investment potential. The company appears to be overvalued, particularly when considering its P/E ratio of 45, which is significantly higher than the peer average of 42.22, and an EV to EBITDA ratio of 5.30, which is also elevated compared to peers like RE/MAX Holdings, Inc. at 2.02. Additionally, the PEG ratio stands at 0.61, suggesting that despite the high P/E, growth expectations may not justify the current price.
In terms of peer comparison, FRP Holdings, Inc. has a much higher P/E of 91.74, while Tejon Ranch Co. shows a risky valuation with a P/E of -455.85, highlighting the variability in the sector. The stock has underperformed against the S&P 500 across multiple periods, with a year-to-date return of -12.81% compared to the S&P 500's 12.22%, and a one-year return of -20.65% versus 17.14% for the index, reinforcing the notion that the stock may be overvalued in its current state.