Intrinsic value of Howard Hughes - HHC

Previous Close

$127.23

  Intrinsic Value

$36.45

stock screener

  Rating & Target

str. sell

-71%

Previous close

$127.23

 
Intrinsic value

$36.45

 
Up/down potential

-71%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  1,035
  1,107
  1,183
  1,261
  1,342
  1,427
  1,515
  1,607
  1,703
  1,803
  1,907
  2,016
  2,129
  2,248
  2,371
  2,501
  2,636
  2,778
  2,926
  3,081
  3,243
  3,413
  3,591
  3,778
  3,974
  4,179
  4,394
  4,619
  4,855
  5,103
  5,363
Variable operating expenses, $m
 
  188
  201
  214
  228
  243
  258
  273
  290
  306
  324
  343
  362
  382
  403
  425
  448
  472
  497
  524
  551
  580
  611
  642
  676
  710
  747
  785
  825
  868
  912
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
  758
  785
  813
  842
  872
  903
  934
  967
  1,000
  1,036
  1,073
  1,110
  1,148
  1,189
  1,230
  1,273
  1,318
  1,364
  1,413
  1,462
  1,514
  1,568
  1,623
  1,682
  1,741
  1,804
  1,868
  1,935
  2,006
  2,078
Operating income, $m
  354
  349
  398
  448
  501
  556
  613
  673
  736
  802
  871
  943
  1,019
  1,099
  1,183
  1,270
  1,363
  1,459
  1,561
  1,668
  1,781
  1,899
  2,024
  2,155
  2,293
  2,438
  2,590
  2,751
  2,920
  3,098
  3,285
EBITDA, $m
  450
  517
  577
  639
  704
  772
  842
  917
  994
  1,075
  1,160
  1,249
  1,342
  1,439
  1,542
  1,649
  1,762
  1,880
  2,004
  2,135
  2,272
  2,416
  2,567
  2,727
  2,894
  3,070
  3,255
  3,450
  3,655
  3,871
  4,097
Interest expense (income), $m
  124
  129
  141
  155
  168
  183
  198
  213
  229
  246
  263
  282
  301
  321
  342
  363
  386
  410
  435
  461
  488
  516
  546
  578
  610
  645
  681
  719
  758
  800
  843
Earnings before tax, $m
  321
  220
  256
  293
  332
  373
  416
  460
  507
  556
  608
  662
  719
  778
  841
  907
  977
  1,050
  1,127
  1,208
  1,293
  1,383
  1,477
  1,577
  1,682
  1,793
  1,909
  2,032
  2,162
  2,298
  2,442
Tax expense, $m
  119
  59
  69
  79
  90
  101
  112
  124
  137
  150
  164
  179
  194
  210
  227
  245
  264
  283
  304
  326
  349
  373
  399
  426
  454
  484
  516
  549
  584
  621
  659
Net income, $m
  202
  161
  187
  214
  243
  272
  303
  336
  370
  406
  444
  483
  525
  568
  614
  662
  713
  766
  822
  882
  944
  1,009
  1,078
  1,151
  1,228
  1,309
  1,394
  1,484
  1,578
  1,678
  1,783

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
  6,085
  6,499
  6,929
  7,376
  7,842
  8,327
  8,831
  9,358
  9,906
  10,478
  11,075
  11,698
  12,349
  13,030
  13,741
  14,484
  15,262
  16,076
  16,928
  17,820
  18,755
  19,733
  20,759
  21,834
  22,960
  24,141
  25,379
  26,678
  28,040
  29,468
Adjusted assets (=assets-cash), $m
  5,701
  6,085
  6,499
  6,929
  7,376
  7,842
  8,327
  8,831
  9,358
  9,906
  10,478
  11,075
  11,698
  12,349
  13,030
  13,741
  14,484
  15,262
  16,076
  16,928
  17,820
  18,755
  19,733
  20,759
  21,834
  22,960
  24,141
  25,379
  26,678
  28,040
  29,468
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
  5,030
  5,372
  5,728
  6,098
  6,483
  6,883
  7,301
  7,735
  8,189
  8,662
  9,155
  9,670
  10,208
  10,771
  11,359
  11,973
  12,616
  13,289
  13,994
  14,731
  15,503
  16,313
  17,160
  18,049
  18,980
  19,956
  20,980
  22,053
  23,179
  24,360
Working capital, $m
  0
  -712
  -761
  -811
  -863
  -918
  -974
  -1,034
  -1,095
  -1,159
  -1,226
  -1,296
  -1,369
  -1,445
  -1,525
  -1,608
  -1,695
  -1,786
  -1,881
  -1,981
  -2,085
  -2,195
  -2,309
  -2,429
  -2,555
  -2,687
  -2,825
  -2,970
  -3,122
  -3,281
  -3,449
Total debt, $m
  2,691
  2,945
  3,220
  3,507
  3,805
  4,115
  4,438
  4,774
  5,124
  5,489
  5,870
  6,268
  6,683
  7,117
  7,570
  8,043
  8,538
  9,057
  9,599
  10,166
  10,760
  11,383
  12,034
  12,717
  13,433
  14,184
  14,970
  15,795
  16,660
  17,567
  18,518
Total liabilities, $m
  3,800
  4,053
  4,328
  4,615
  4,913
  5,223
  5,546
  5,882
  6,232
  6,597
  6,978
  7,376
  7,791
  8,225
  8,678
  9,151
  9,646
  10,165
  10,707
  11,274
  11,868
  12,491
  13,142
  13,825
  14,541
  15,292
  16,078
  16,903
  17,768
  18,675
  19,626
Total equity, $m
  2,568
  2,032
  2,171
  2,314
  2,464
  2,619
  2,781
  2,950
  3,125
  3,309
  3,500
  3,699
  3,907
  4,125
  4,352
  4,589
  4,838
  5,098
  5,369
  5,654
  5,952
  6,264
  6,591
  6,934
  7,292
  7,669
  8,063
  8,477
  8,910
  9,365
  9,842
Total liabilities and equity, $m
  6,368
  6,085
  6,499
  6,929
  7,377
  7,842
  8,327
  8,832
  9,357
  9,906
  10,478
  11,075
  11,698
  12,350
  13,030
  13,740
  14,484
  15,263
  16,076
  16,928
  17,820
  18,755
  19,733
  20,759
  21,833
  22,961
  24,141
  25,380
  26,678
  28,040
  29,468
Debt-to-equity ratio
  1.048
  1.450
  1.480
  1.520
  1.540
  1.570
  1.600
  1.620
  1.640
  1.660
  1.680
  1.690
  1.710
  1.730
  1.740
  1.750
  1.760
  1.780
  1.790
  1.800
  1.810
  1.820
  1.830
  1.830
  1.840
  1.850
  1.860
  1.860
  1.870
  1.880
  1.880
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
  161
  187
  214
  243
  272
  303
  336
  370
  406
  444
  483
  525
  568
  614
  662
  713
  766
  822
  882
  944
  1,009
  1,078
  1,151
  1,228
  1,309
  1,394
  1,484
  1,578
  1,678
  1,783
Depreciation, amort., depletion, $m
  96
  168
  179
  191
  203
  216
  229
  243
  258
  273
  289
  305
  322
  340
  359
  379
  399
  421
  443
  466
  491
  517
  544
  572
  602
  633
  665
  699
  735
  773
  812
Funds from operations, $m
  380
  328
  366
  405
  446
  488
  533
  579
  628
  679
  732
  788
  847
  908
  973
  1,041
  1,112
  1,187
  1,265
  1,348
  1,435
  1,526
  1,622
  1,723
  1,830
  1,941
  2,059
  2,183
  2,313
  2,450
  2,595
Change in working capital, $m
  321
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
Cash from operations, $m
  59
  375
  415
  455
  498
  543
  589
  638
  690
  743
  799
  858
  920
  985
  1,053
  1,124
  1,199
  1,278
  1,361
  1,448
  1,539
  1,636
  1,737
  1,843
  1,955
  2,073
  2,197
  2,328
  2,465
  2,610
  2,762
Maintenance CAPEX, $m
  0
  -157
  -168
  -179
  -191
  -203
  -216
  -229
  -243
  -258
  -273
  -289
  -305
  -322
  -340
  -359
  -379
  -399
  -421
  -443
  -466
  -491
  -517
  -544
  -572
  -602
  -633
  -665
  -699
  -735
  -773
New CAPEX, $m
  -433
  -329
  -342
  -356
  -370
  -385
  -401
  -417
  -435
  -453
  -473
  -493
  -515
  -538
  -562
  -588
  -615
  -643
  -673
  -704
  -737
  -772
  -809
  -848
  -888
  -931
  -976
  -1,024
  -1,073
  -1,126
  -1,181
Cash from investing activities, $m
  -39
  -486
  -510
  -535
  -561
  -588
  -617
  -646
  -678
  -711
  -746
  -782
  -820
  -860
  -902
  -947
  -994
  -1,042
  -1,094
  -1,147
  -1,203
  -1,263
  -1,326
  -1,392
  -1,460
  -1,533
  -1,609
  -1,689
  -1,772
  -1,861
  -1,954
Free cash flow, $m
  20
  -111
  -95
  -79
  -63
  -45
  -27
  -8
  11
  32
  53
  76
  99
  124
  150
  177
  206
  236
  267
  300
  335
  372
  411
  452
  495
  540
  588
  639
  692
  749
  808
Issuance/(repayment) of debt, $m
  202
  254
  276
  287
  298
  310
  323
  336
  350
  365
  381
  398
  415
  434
  453
  474
  495
  518
  542
  567
  594
  622
  652
  683
  716
  750
  787
  825
  865
  907
  951
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
  254
  276
  287
  298
  310
  323
  336
  350
  365
  381
  398
  415
  434
  453
  474
  495
  518
  542
  567
  594
  622
  652
  683
  716
  750
  787
  825
  865
  907
  951
Total cash flow (excl. dividends), $m
  220
  143
  180
  207
  235
  265
  296
  328
  362
  397
  434
  473
  515
  558
  603
  651
  701
  754
  809
  868
  929
  994
  1,063
  1,135
  1,211
  1,291
  1,375
  1,464
  1,557
  1,656
  1,760
Retained Cash Flow (-), $m
  -208
  -130
  -138
  -144
  -149
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -227
  -238
  -248
  -260
  -272
  -285
  -298
  -312
  -327
  -343
  -359
  -376
  -394
  -414
  -434
  -455
  -477
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
 
  678
  42
  64
  86
  109
  134
  159
  186
  214
  243
  274
  306
  340
  376
  413
  453
  494
  537
  583
  632
  682
  736
  792
  852
  914
  980
  1,050
  1,124
  1,201
  1,283
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
 
  624
  35
  48
  59
  66
  71
  74
  74
  72
  69
  64
  58
  52
  45
  38
  32
  26
  20
  16
  12
  9
  6
  4
  3
  2
  1
  1
  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 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 25.1
Price to Sales 4.9
Price to Book 2
Price to Tangible Book
Price to Cash Flow 85.8
Price to Free Cash Flow -13.5
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 7% 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 43.346 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 $5.5 billion.

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COMPANY NEWS

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▶ Bill Ackman Trims Position in Howard Hughes   [Jan-04-18 04:01PM  GuruFocus.com]
▶ Howard Hughes to open sales office for new Honolulu tower: Slideshow   [Jan-03-18 07:30PM  American City Business Journals]
▶ Howard Hughes Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ New master-planned community north of Houston names first homebuilders   [12:40PM  American City Business Journals]
▶ Howard Hughes gearing up to launch public sales efforts at next Honolulu tower   [Dec-11-17 08:51PM  American City Business Journals]
▶ Howard Hughes Corp. breaks ground on master-planned community north of Houston   [Nov-16-17 09:34AM  American City Business Journals]
▶ My 3 Largest Stock Holdings, and Why I Love Each One   [Nov-08-17 08:26AM  Motley Fool]
▶ Howard Hughes posts 3Q profit   [Nov-06-17 07:51PM  Associated Press]
▶ 3 Hedge-Fund Stocks to Buy and Forget About   [Oct-28-17 11:28AM  Motley Fool]
▶ Ward Village® Welcomes Residents to Anaha®   [Oct-24-17 08:19AM  Business Wire]
▶ Howard Hughes sets date for Ward Warehouse buildings to come down   [Oct-23-17 07:12PM  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]
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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