Intrinsic value of Howard Hughes - HHC

Previous Close

$117.94

  Intrinsic Value

$27.52

stock screener

  Rating & Target

str. sell

-77%

  Value-price divergence*

+489%

Previous close

$117.94

 
Intrinsic value

$27.52

 
Up/down potential

-77%

 
Rating

str. sell

 
Value-price divergence*

+489%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 4.7

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,035
  1,056
  1,080
  1,108
  1,139
  1,173
  1,211
  1,253
  1,297
  1,345
  1,397
  1,452
  1,511
  1,574
  1,641
  1,711
  1,786
  1,866
  1,950
  2,038
  2,132
  2,231
  2,335
  2,445
  2,561
  2,683
  2,811
  2,946
  3,088
  3,238
  3,395
Variable operating expenses, $m
 
  179
  184
  188
  194
  199
  206
  213
  221
  229
  237
  247
  257
  268
  279
  291
  304
  317
  331
  347
  362
  379
  397
  416
  435
  456
  478
  501
  525
  550
  577
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
  749
  768
  787
  808
  828
  851
  874
  898
  923
  949
  977
  1,005
  1,034
  1,065
  1,096
  1,129
  1,163
  1,198
  1,236
  1,273
  1,313
  1,354
  1,397
  1,441
  1,487
  1,535
  1,584
  1,635
  1,688
  1,743
Operating income, $m
  354
  306
  312
  321
  332
  345
  361
  379
  399
  422
  448
  476
  506
  540
  576
  615
  657
  703
  751
  803
  859
  918
  981
  1,048
  1,120
  1,196
  1,277
  1,362
  1,453
  1,550
  1,652
EBITDA, $m
  450
  466
  476
  488
  504
  523
  544
  568
  596
  626
  659
  696
  735
  778
  824
  874
  928
  985
  1,046
  1,112
  1,181
  1,256
  1,334
  1,418
  1,507
  1,602
  1,702
  1,808
  1,921
  2,040
  2,166
Interest expense (income), $m
  124
  129
  132
  137
  141
  147
  153
  160
  167
  175
  183
  192
  202
  212
  223
  235
  247
  261
  275
  289
  305
  321
  339
  357
  376
  397
  418
  441
  464
  489
  516
Earnings before tax, $m
  321
  177
  180
  184
  190
  198
  208
  219
  232
  248
  265
  284
  305
  328
  353
  380
  410
  442
  477
  514
  554
  596
  642
  691
  743
  799
  859
  922
  989
  1,060
  1,136
Tax expense, $m
  119
  48
  49
  50
  51
  53
  56
  59
  63
  67
  71
  77
  82
  88
  95
  103
  111
  119
  129
  139
  149
  161
  173
  187
  201
  216
  232
  249
  267
  286
  307
Net income, $m
  202
  129
  131
  134
  139
  145
  152
  160
  170
  181
  193
  207
  222
  239
  258
  278
  299
  323
  348
  375
  404
  435
  469
  505
  543
  583
  627
  673
  722
  774
  829

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
  5,801
  5,934
  6,086
  6,258
  6,447
  6,656
  6,882
  7,128
  7,392
  7,676
  7,979
  8,303
  8,648
  9,014
  9,403
  9,815
  10,251
  10,713
  11,200
  11,715
  12,258
  12,830
  13,434
  14,070
  14,740
  15,445
  16,187
  16,968
  17,790
  18,654
Adjusted assets (=assets-cash), $m
  5,701
  5,801
  5,934
  6,086
  6,258
  6,447
  6,656
  6,882
  7,128
  7,392
  7,676
  7,979
  8,303
  8,648
  9,014
  9,403
  9,815
  10,251
  10,713
  11,200
  11,715
  12,258
  12,830
  13,434
  14,070
  14,740
  15,445
  16,187
  16,968
  17,790
  18,654
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
  4,795
  4,905
  5,031
  5,173
  5,330
  5,502
  5,689
  5,892
  6,110
  6,345
  6,596
  6,864
  7,149
  7,451
  7,773
  8,114
  8,474
  8,855
  9,258
  9,684
  10,133
  10,606
  11,105
  11,631
  12,184
  12,767
  13,381
  14,027
  14,706
  15,420
Working capital, $m
  0
  -106
  -108
  -111
  -114
  -117
  -121
  -125
  -130
  -135
  -140
  -145
  -151
  -157
  -164
  -171
  -179
  -187
  -195
  -204
  -213
  -223
  -234
  -244
  -256
  -268
  -281
  -295
  -309
  -324
  -340
Total debt, $m
  2,691
  2,755
  2,844
  2,946
  3,060
  3,186
  3,325
  3,476
  3,639
  3,815
  4,004
  4,206
  4,422
  4,651
  4,895
  5,154
  5,429
  5,719
  6,027
  6,351
  6,694
  7,056
  7,437
  7,839
  8,262
  8,709
  9,178
  9,673
  10,193
  10,740
  11,316
Total liabilities, $m
  3,800
  3,863
  3,952
  4,054
  4,168
  4,294
  4,433
  4,584
  4,747
  4,923
  5,112
  5,314
  5,530
  5,759
  6,003
  6,262
  6,537
  6,827
  7,135
  7,459
  7,802
  8,164
  8,545
  8,947
  9,370
  9,817
  10,286
  10,781
  11,301
  11,848
  12,424
Total equity, $m
  2,568
  1,937
  1,982
  2,033
  2,090
  2,153
  2,223
  2,299
  2,381
  2,469
  2,564
  2,665
  2,773
  2,888
  3,011
  3,141
  3,278
  3,424
  3,578
  3,741
  3,913
  4,094
  4,285
  4,487
  4,699
  4,923
  5,159
  5,406
  5,667
  5,942
  6,231
Total liabilities and equity, $m
  6,368
  5,800
  5,934
  6,087
  6,258
  6,447
  6,656
  6,883
  7,128
  7,392
  7,676
  7,979
  8,303
  8,647
  9,014
  9,403
  9,815
  10,251
  10,713
  11,200
  11,715
  12,258
  12,830
  13,434
  14,069
  14,740
  15,445
  16,187
  16,968
  17,790
  18,655
Debt-to-equity ratio
  1.048
  1.420
  1.430
  1.450
  1.460
  1.480
  1.500
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.610
  1.630
  1.640
  1.660
  1.670
  1.680
  1.700
  1.710
  1.720
  1.740
  1.750
  1.760
  1.770
  1.780
  1.790
  1.800
  1.810
  1.820
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
  129
  131
  134
  139
  145
  152
  160
  170
  181
  193
  207
  222
  239
  258
  278
  299
  323
  348
  375
  404
  435
  469
  505
  543
  583
  627
  673
  722
  774
  829
Depreciation, amort., depletion, $m
  96
  160
  164
  168
  172
  178
  183
  190
  196
  204
  211
  220
  229
  238
  248
  259
  270
  282
  295
  309
  323
  338
  354
  370
  388
  406
  426
  446
  468
  490
  514
Funds from operations, $m
  380
  289
  295
  302
  311
  322
  335
  350
  366
  384
  405
  427
  451
  477
  506
  537
  570
  605
  643
  684
  727
  773
  822
  875
  930
  990
  1,052
  1,119
  1,189
  1,264
  1,343
Change in working capital, $m
  321
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Cash from operations, $m
  59
  291
  297
  305
  314
  326
  339
  354
  371
  389
  410
  432
  457
  484
  513
  544
  577
  613
  651
  693
  736
  783
  833
  886
  942
  1,002
  1,065
  1,132
  1,204
  1,279
  1,359
Maintenance CAPEX, $m
  0
  -157
  -160
  -164
  -168
  -172
  -178
  -183
  -190
  -196
  -204
  -211
  -220
  -229
  -238
  -248
  -259
  -270
  -282
  -295
  -309
  -323
  -338
  -354
  -370
  -388
  -406
  -426
  -446
  -468
  -490
New CAPEX, $m
  -433
  -94
  -110
  -126
  -142
  -157
  -172
  -187
  -203
  -219
  -235
  -251
  -268
  -285
  -303
  -321
  -341
  -361
  -381
  -403
  -425
  -449
  -473
  -499
  -526
  -554
  -583
  -614
  -646
  -679
  -715
Cash from investing activities, $m
  -39
  -251
  -270
  -290
  -310
  -329
  -350
  -370
  -393
  -415
  -439
  -462
  -488
  -514
  -541
  -569
  -600
  -631
  -663
  -698
  -734
  -772
  -811
  -853
  -896
  -942
  -989
  -1,040
  -1,092
  -1,147
  -1,205
Free cash flow, $m
  20
  41
  27
  15
  5
  -4
  -11
  -17
  -22
  -26
  -28
  -30
  -31
  -30
  -29
  -26
  -23
  -18
  -12
  -6
  2
  11
  22
  33
  46
  60
  76
  93
  112
  132
  154
Issuance/(repayment) of debt, $m
  202
  64
  89
  102
  114
  126
  139
  151
  163
  176
  189
  202
  216
  230
  244
  259
  274
  291
  307
  325
  343
  362
  381
  402
  424
  446
  470
  494
  520
  547
  576
Issuance/(repurchase) of shares, $m
  1
  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 from financing (excl. dividends), $m  
  200
  64
  89
  102
  114
  126
  139
  151
  163
  176
  189
  202
  216
  230
  244
  259
  274
  291
  307
  325
  343
  362
  381
  402
  424
  446
  470
  494
  520
  547
  576
Total cash flow (excl. dividends), $m
  220
  105
  116
  117
  119
  123
  128
  134
  141
  150
  161
  172
  185
  200
  215
  233
  252
  273
  295
  319
  345
  373
  403
  435
  470
  506
  546
  588
  632
  680
  730
Retained Cash Flow (-), $m
  -208
  -35
  -45
  -51
  -57
  -63
  -70
  -76
  -82
  -88
  -95
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -202
  -212
  -224
  -236
  -248
  -261
  -274
  -289
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
 
  735
  72
  66
  62
  59
  58
  58
  60
  62
  66
  71
  77
  84
  93
  103
  114
  127
  141
  156
  173
  192
  212
  234
  257
  283
  310
  340
  371
  405
  441
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
 
  676
  60
  50
  42
  36
  31
  27
  24
  21
  19
  16
  15
  13
  11
  9
  8
  7
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The Howard Hughes Corporation develops and operates master planned communities, and mixed-use and other real estate properties in the United States. It operates in three segments: Master Planned Communities, Operating Assets, and Strategic Developments. The Master Planned Communities segment develops and sells residential and commercial land. It sells residential land designated for detached and attached single family homes ranging from entry-level to luxury homes to home builders; and commercial land parcels designated for retail, office, resort, high density residential projects, services, and other for-profit activities, as well as parcels designated for use by government, schools, and other not-for-profit entities. This segment owns approximately 12,000 acres of land. The Operating Assets segment owns 13 retail and 24office properties, 6 multi-family buildings, 4 hospitality properties, and 7 other operating assets and investments. The Strategic Development segment comprises residential condominium and commercial property projects. The company was founded in 2010 and is headquartered in Dallas, Texas.

FINANCIAL RATIOS  of  Howard Hughes (HHC)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 4.5
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 79.5
Price to Free Cash Flow -12.5
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 2% 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 -10%. 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 39.438 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 $4.7 billion.

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COMPANY NEWS

▶ 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]
▶ Panda Express owners buy penthouse in Howard Hughes' luxury Waiea tower   [11:35PM  American City Business Journals]
▶ Sports Authority to convert to art exhibition space   [Feb-28-17 09:17PM  at bizjournals.com]
▶ Howard Hughes says 80% of Honolulu tower projects sold   [Feb-23-17 11:35PM  at bizjournals.com]
Stock chart of HHC 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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