Intrinsic value of Howard Hughes - HHC

Previous Close

$125.04

  Intrinsic Value

$50.46

stock screener

  Rating & Target

str. sell

-60%

Previous close

$125.04

 
Intrinsic value

$50.46

 
Up/down potential

-60%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as HHC.

We calculate the intrinsic value of HHC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.86
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  1,035
  1,176
  1,326
  1,484
  1,651
  1,827
  2,011
  2,204
  2,405
  2,614
  2,832
  3,058
  3,294
  3,538
  3,793
  4,057
  4,331
  4,617
  4,914
  5,223
  5,545
  5,880
  6,230
  6,594
  6,974
  7,371
  7,785
  8,217
  8,669
  9,141
  9,636
Variable operating expenses, $m
 
  200
  225
  252
  281
  311
  342
  375
  409
  444
  481
  520
  560
  602
  645
  690
  736
  785
  835
  888
  943
  1,000
  1,059
  1,121
  1,186
  1,253
  1,323
  1,397
  1,474
  1,554
  1,638
Fixed operating expenses, $m
 
  570
  584
  599
  614
  629
  645
  661
  677
  694
  712
  730
  748
  766
  786
  805
  825
  846
  867
  889
  911
  934
  957
  981
  1,006
  1,031
  1,057
  1,083
  1,110
  1,138
  1,166
Total operating expenses, $m
  681
  770
  809
  851
  895
  940
  987
  1,036
  1,086
  1,138
  1,193
  1,250
  1,308
  1,368
  1,431
  1,495
  1,561
  1,631
  1,702
  1,777
  1,854
  1,934
  2,016
  2,102
  2,192
  2,284
  2,380
  2,480
  2,584
  2,692
  2,804
Operating income, $m
  354
  406
  516
  633
  757
  887
  1,025
  1,168
  1,318
  1,475
  1,639
  1,809
  1,986
  2,170
  2,362
  2,562
  2,770
  2,986
  3,212
  3,447
  3,691
  3,947
  4,214
  4,492
  4,783
  5,087
  5,405
  5,737
  6,085
  6,450
  6,831
EBITDA, $m
  450
  584
  717
  858
  1,007
  1,164
  1,329
  1,502
  1,682
  1,871
  2,067
  2,272
  2,485
  2,706
  2,936
  3,176
  3,426
  3,685
  3,956
  4,237
  4,531
  4,837
  5,157
  5,490
  5,839
  6,203
  6,583
  6,981
  7,398
  7,834
  8,290
Interest expense (income), $m
  124
  129
  153
  180
  208
  237
  268
  300
  334
  369
  406
  444
  484
  525
  568
  613
  659
  708
  758
  810
  864
  921
  980
  1,041
  1,105
  1,172
  1,241
  1,314
  1,390
  1,470
  1,552
Earnings before tax, $m
  321
  277
  363
  453
  549
  651
  757
  868
  985
  1,106
  1,233
  1,365
  1,502
  1,645
  1,794
  1,949
  2,110
  2,279
  2,454
  2,637
  2,827
  3,026
  3,234
  3,451
  3,678
  3,915
  4,163
  4,423
  4,695
  4,980
  5,279
Tax expense, $m
  119
  75
  98
  122
  148
  176
  204
  234
  266
  299
  333
  368
  406
  444
  484
  526
  570
  615
  663
  712
  763
  817
  873
  932
  993
  1,057
  1,124
  1,194
  1,268
  1,345
  1,425
Net income, $m
  202
  202
  265
  331
  401
  475
  553
  634
  719
  807
  900
  996
  1,096
  1,201
  1,310
  1,423
  1,541
  1,663
  1,791
  1,925
  2,064
  2,209
  2,361
  2,519
  2,685
  2,858
  3,039
  3,229
  3,427
  3,635
  3,853

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  666
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,367
  6,460
  7,283
  8,155
  9,074
  10,039
  11,051
  12,109
  13,212
  14,362
  15,559
  16,803
  18,097
  19,441
  20,838
  22,290
  23,799
  25,369
  27,001
  28,700
  30,468
  32,310
  34,229
  36,231
  38,318
  40,497
  42,772
  45,148
  47,632
  50,228
  52,942
Adjusted assets (=assets-cash), $m
  5,701
  6,460
  7,283
  8,155
  9,074
  10,039
  11,051
  12,109
  13,212
  14,362
  15,559
  16,803
  18,097
  19,441
  20,838
  22,290
  23,799
  25,369
  27,001
  28,700
  30,468
  32,310
  34,229
  36,231
  38,318
  40,497
  42,772
  45,148
  47,632
  50,228
  52,942
Revenue / Adjusted assets
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
Average production assets, $m
  4,701
  5,340
  6,021
  6,741
  7,501
  8,299
  9,135
  10,010
  10,922
  11,872
  12,862
  13,890
  14,960
  16,071
  17,226
  18,426
  19,674
  20,971
  22,320
  23,724
  25,186
  26,709
  28,296
  29,950
  31,676
  33,477
  35,357
  37,322
  39,374
  41,520
  43,765
Working capital, $m
  0
  -756
  -852
  -954
  -1,062
  -1,175
  -1,293
  -1,417
  -1,546
  -1,681
  -1,821
  -1,966
  -2,118
  -2,275
  -2,439
  -2,609
  -2,785
  -2,969
  -3,160
  -3,359
  -3,566
  -3,781
  -4,006
  -4,240
  -4,484
  -4,739
  -5,005
  -5,284
  -5,574
  -5,878
  -6,196
Total debt, $m
  2,691
  3,195
  3,743
  4,323
  4,935
  5,578
  6,252
  6,957
  7,691
  8,457
  9,254
  10,083
  10,945
  11,840
  12,770
  13,737
  14,742
  15,788
  16,875
  18,006
  19,184
  20,410
  21,689
  23,022
  24,412
  25,863
  27,378
  28,961
  30,615
  32,344
  34,152
Total liabilities, $m
  3,800
  4,303
  4,851
  5,431
  6,043
  6,686
  7,360
  8,065
  8,799
  9,565
  10,362
  11,191
  12,053
  12,948
  13,878
  14,845
  15,850
  16,896
  17,983
  19,114
  20,292
  21,518
  22,797
  24,130
  25,520
  26,971
  28,486
  30,069
  31,723
  33,452
  35,260
Total equity, $m
  2,568
  2,158
  2,433
  2,724
  3,031
  3,353
  3,691
  4,044
  4,413
  4,797
  5,197
  5,612
  6,044
  6,493
  6,960
  7,445
  7,949
  8,473
  9,018
  9,586
  10,176
  10,792
  11,433
  12,101
  12,798
  13,526
  14,286
  15,080
  15,909
  16,776
  17,683
Total liabilities and equity, $m
  6,368
  6,461
  7,284
  8,155
  9,074
  10,039
  11,051
  12,109
  13,212
  14,362
  15,559
  16,803
  18,097
  19,441
  20,838
  22,290
  23,799
  25,369
  27,001
  28,700
  30,468
  32,310
  34,230
  36,231
  38,318
  40,497
  42,772
  45,149
  47,632
  50,228
  52,943
Debt-to-equity ratio
  1.048
  1.480
  1.540
  1.590
  1.630
  1.660
  1.690
  1.720
  1.740
  1.760
  1.780
  1.800
  1.810
  1.820
  1.830
  1.850
  1.850
  1.860
  1.870
  1.880
  1.890
  1.890
  1.900
  1.900
  1.910
  1.910
  1.920
  1.920
  1.920
  1.930
  1.930
Adjusted equity ratio
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  202
  202
  265
  331
  401
  475
  553
  634
  719
  807
  900
  996
  1,096
  1,201
  1,310
  1,423
  1,541
  1,663
  1,791
  1,925
  2,064
  2,209
  2,361
  2,519
  2,685
  2,858
  3,039
  3,229
  3,427
  3,635
  3,853
Depreciation, amort., depletion, $m
  96
  178
  201
  225
  250
  277
  305
  334
  364
  396
  429
  463
  499
  536
  574
  614
  656
  699
  744
  791
  840
  890
  943
  998
  1,056
  1,116
  1,179
  1,244
  1,312
  1,384
  1,459
Funds from operations, $m
  380
  380
  465
  556
  651
  752
  857
  967
  1,083
  1,203
  1,329
  1,459
  1,595
  1,737
  1,884
  2,037
  2,196
  2,362
  2,535
  2,715
  2,903
  3,099
  3,304
  3,517
  3,741
  3,974
  4,218
  4,473
  4,740
  5,019
  5,312
Change in working capital, $m
  321
  -91
  -96
  -102
  -108
  -113
  -118
  -124
  -129
  -135
  -140
  -146
  -151
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -234
  -244
  -255
  -266
  -278
  -291
  -304
  -318
Cash from operations, $m
  59
  471
  562
  658
  759
  865
  975
  1,091
  1,212
  1,338
  1,469
  1,605
  1,746
  1,894
  2,047
  2,207
  2,373
  2,546
  2,726
  2,914
  3,110
  3,315
  3,528
  3,752
  3,985
  4,229
  4,484
  4,751
  5,030
  5,323
  5,630
Maintenance CAPEX, $m
  0
  -157
  -178
  -201
  -225
  -250
  -277
  -305
  -334
  -364
  -396
  -429
  -463
  -499
  -536
  -574
  -614
  -656
  -699
  -744
  -791
  -840
  -890
  -943
  -998
  -1,056
  -1,116
  -1,179
  -1,244
  -1,312
  -1,384
New CAPEX, $m
  -433
  -639
  -680
  -720
  -760
  -798
  -836
  -874
  -912
  -950
  -989
  -1,029
  -1,069
  -1,111
  -1,155
  -1,200
  -1,248
  -1,297
  -1,349
  -1,404
  -1,462
  -1,523
  -1,587
  -1,654
  -1,726
  -1,801
  -1,881
  -1,964
  -2,053
  -2,146
  -2,244
Cash from investing activities, $m
  -39
  -796
  -858
  -921
  -985
  -1,048
  -1,113
  -1,179
  -1,246
  -1,314
  -1,385
  -1,458
  -1,532
  -1,610
  -1,691
  -1,774
  -1,862
  -1,953
  -2,048
  -2,148
  -2,253
  -2,363
  -2,477
  -2,597
  -2,724
  -2,857
  -2,997
  -3,143
  -3,297
  -3,458
  -3,628
Free cash flow, $m
  20
  -325
  -297
  -263
  -226
  -184
  -138
  -88
  -34
  23
  84
  147
  214
  284
  357
  432
  511
  593
  678
  766
  858
  953
  1,051
  1,154
  1,261
  1,372
  1,487
  1,608
  1,734
  1,865
  2,002
Issuance/(repayment) of debt, $m
  202
  504
  548
  580
  612
  643
  674
  704
  735
  766
  797
  829
  862
  895
  930
  967
  1,005
  1,045
  1,087
  1,131
  1,178
  1,227
  1,278
  1,333
  1,390
  1,451
  1,515
  1,583
  1,654
  1,729
  1,808
Issuance/(repurchase) of shares, $m
  1
  54
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  200
  558
  558
  580
  612
  643
  674
  704
  735
  766
  797
  829
  862
  895
  930
  967
  1,005
  1,045
  1,087
  1,131
  1,178
  1,227
  1,278
  1,333
  1,390
  1,451
  1,515
  1,583
  1,654
  1,729
  1,808
Total cash flow (excl. dividends), $m
  220
  232
  262
  317
  386
  459
  536
  617
  701
  789
  881
  976
  1,076
  1,179
  1,287
  1,399
  1,516
  1,638
  1,765
  1,897
  2,035
  2,179
  2,330
  2,487
  2,651
  2,823
  3,003
  3,191
  3,388
  3,594
  3,810
Retained Cash Flow (-), $m
  -208
  -256
  -275
  -291
  -307
  -323
  -338
  -353
  -369
  -384
  -400
  -416
  -432
  -449
  -467
  -485
  -504
  -524
  -545
  -567
  -591
  -615
  -641
  -668
  -697
  -728
  -760
  -794
  -829
  -867
  -907
Prev. year cash balance distribution, $m
 
  666
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  642
  -13
  26
  79
  137
  198
  264
  332
  405
  481
  560
  644
  730
  820
  914
  1,012
  1,114
  1,220
  1,330
  1,445
  1,564
  1,689
  1,819
  1,954
  2,095
  2,243
  2,397
  2,558
  2,727
  2,903
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  591
  -11
  20
  54
  83
  105
  122
  132
  136
  136
  130
  122
  111
  98
  84
  71
  58
  46
  36
  27
  20
  14
  10
  7
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  98.7
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5

The Howard Hughes Corporation is a developer of master planned communities and mixed use properties. The Company is engaged in the ownership, management and the redevelopment or repositioning of real estate assets, as well as other real estate opportunities in the form of entitled and unentitled land and other development rights, also called Strategic Developments. It operates through three segments: Master Planned Communities, Operating Assets and Strategic Developments. Its Master Planned Communities segment consists of the development and sale of residential land and the development of commercial land to hold, develop or sell. Its master planned communities include The Woodlands, Summerlin, Maryland, Bridgeland and The Woodlands Hills. As of December 31, 2016, its Operating Assets segment included 54 properties, investments and other assets. As of December 31, 2016, the Strategic Developments segment included 23 development projects.

FINANCIAL RATIOS  of  Howard Hughes (HHC)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 4.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 84.3
Price to Free Cash Flow -13.3
Growth Rates
Sales Growth Rate 29.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.1%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 104.8%
Total Debt to Equity 104.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 45.3%
EBITDA Margin 52.3%
EBITDA Margin - 3 Yr. Avg. 41.5%
Operating Margin 34.2%
Oper. Margin - 3 Yr. Avg. 25.1%
Pre-Tax Margin 31%
Pre-Tax Margin - 3 Yr. Avg. 18.7%
Net Profit Margin 19.5%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 37.1%
Eff/ Tax Rate - 3 Yr. Avg. 71.5%
Payout Ratio 0%

HHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HHC stock intrinsic value calculation we used $1035 million for the last fiscal year's total revenue generated by Howard Hughes. The default revenue input number comes from 2016 income statement of Howard Hughes. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HHC stock valuation model: a) initial revenue growth rate of 13.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for HHC is calculated based on our internal credit rating of Howard Hughes, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Howard Hughes.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HHC stock the variable cost ratio is equal to 17%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $556 million in the base year in the intrinsic value calculation for HHC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.8% for Howard Hughes.

Corporate tax rate of 27% is the nominal tax rate for Howard Hughes. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HHC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HHC are equal to 454.2%.

Life of production assets of 49 years is the average useful life of capital assets used in Howard Hughes operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HHC is equal to -64.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2568 million for Howard Hughes - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43.186 million for Howard Hughes is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Howard Hughes at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

▶ Howard Hughes sets date for Ward Warehouse buildings to come down   [Oct-20-17 09:26PM  American City Business Journals]
▶ Howard Hughes marks completion of second Kakaako tower   [01:45PM  American City Business Journals]
▶ In Your 40s? 3 Stocks You Should Consider Buying   [Oct-09-17 10:04AM  Motley Fool]
▶ Allen touts two development options for $5B Amazon HQ2 campus   [Oct-05-17 05:35PM  American City Business Journals]
▶ Empty Landmark Mall Macy's may get interim life as a homeless shelter   [Sep-25-17 03:37PM  American City Business Journals]
▶ Howard County Council to consider repeal of Columbia TIF   [Sep-05-17 03:25PM  American City Business Journals]
▶ Howard Hughes begins $20 million Kewalo Harbor renovation   [Sep-01-17 01:40PM  American City Business Journals]
▶ Howard Hughes posts 2Q profit   [Aug-07-17 11:58PM  Associated Press]
▶ Pershing Square Capital Managements Largest Holdings   [Aug-02-17 09:49AM  Market Realist]
▶ Howard Hughes Corp. unveils next phase of Cypress master-planned community   [Jul-25-17 11:10AM  American City Business Journals]
▶ Howard Hughes Corp.'s top Hawaii exec promoted to corporate role   [Jul-14-17 09:40AM  American City Business Journals]
▶ Clydes turning the Tomato Palace in Columbia into music venue, restaurant   [Jul-05-17 02:48PM  American City Business Journals]
▶ Howard Hughes to market micro-units at Kakaako project   [Jul-03-17 09:02PM  American City Business Journals]
▶ Oahu Auctions selling off Kincaid's Honolulu restaurant furnishings   [Jun-30-17 02:20PM  American City Business Journals]
▶ Oahu luxury sales up 80 percent in May   [Jun-21-17 05:45PM  American City Business Journals]
▶ Is Howard Hughes Corporation a Millionaire-Maker Stock?   [May-28-17 10:03AM  Motley Fool]
▶ Why Bill Ackman Is Bullish on Howard Hughes Corp   [May-15-17 02:00PM  Motley Fool]
▶ Bill Ackman Comments on Howard Hughes Corp   [May-12-17 03:52PM  GuruFocus.com]
▶ Bill Ackman's 1st Quarter Shareholder Letter   [01:32PM  GuruFocus.com]
▶ Restaurant, speakeasy opening in Columbia's Merriweather District   [May-09-17 11:17AM  American City Business Journals]
▶ Sohn Investment Conference 2017: Live Blog   [09:37AM  Investopedia]
▶ Bill Ackman Comments on Howard Hughes Corp   [04:56PM  GuruFocus.com]
▶ Howard Hughes posts 1Q profit   [05:03AM  Associated Press]
▶ Composite Rating For Howard Hughes Jumps To 96   [May-02-17 10:45AM  Investor's Business Daily]
▶ Ancient human remains found at Hawaii Whole Foods construction site   [Apr-11-17 09:23PM  American City Business Journals]
Financial statements of HHC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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