Intrinsic value of Highwoods Properties - HIW

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$52.08

  Intrinsic Value

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  Value-price divergence*

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$52.08

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

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

We calculate the intrinsic value of HIW 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 5.3

 

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, %
  10.08
  37.70
  34.43
  31.49
  28.84
  26.45
  24.31
  22.38
  20.64
  19.08
  17.67
  16.40
  15.26
  14.24
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
Revenue, $m
  666
  917
  1,233
  1,621
  2,088
  2,641
  3,283
  4,018
  4,847
  5,772
  6,791
  7,905
  9,112
  10,409
  11,794
  13,266
  14,823
  16,462
  18,183
  19,985
  21,867
  23,829
  25,873
  28,000
  30,212
  32,510
  34,899
  37,381
  39,961
  42,643
  45,432
Variable operating expenses, $m
 
  496
  667
  877
  1,130
  1,429
  1,776
  2,174
  2,622
  3,122
  3,674
  4,277
  4,929
  5,631
  6,381
  7,177
  8,019
  8,906
  9,837
  10,812
  11,830
  12,892
  13,997
  15,148
  16,344
  17,588
  18,880
  20,223
  21,619
  23,070
  24,579
Fixed operating expenses, $m
 
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
Total operating expenses, $m
  489
  631
  806
  1,019
  1,276
  1,578
  1,929
  2,331
  2,783
  3,287
  3,843
  4,450
  5,107
  5,813
  6,568
  7,368
  8,215
  9,107
  10,043
  11,023
  12,046
  13,114
  14,224
  15,381
  16,583
  17,833
  19,131
  20,480
  21,883
  23,340
  24,856
Operating income, $m
  176
  286
  427
  602
  813
  1,063
  1,354
  1,687
  2,064
  2,484
  2,948
  3,455
  4,005
  4,596
  5,227
  5,898
  6,608
  7,355
  8,140
  8,962
  9,820
  10,716
  11,649
  12,619
  13,628
  14,677
  15,768
  16,901
  18,079
  19,303
  20,576
EBITDA, $m
  396
  588
  834
  1,136
  1,502
  1,934
  2,436
  3,012
  3,662
  4,387
  5,187
  6,062
  7,009
  8,028
  9,116
  10,272
  11,495
  12,783
  14,135
  15,551
  17,030
  18,573
  20,179
  21,851
  23,590
  25,397
  27,275
  29,226
  31,254
  33,363
  35,556
Interest expense (income), $m
  73
  68
  100
  140
  189
  249
  319
  400
  494
  599
  716
  846
  987
  1,140
  1,305
  1,481
  1,668
  1,866
  2,074
  2,292
  2,521
  2,760
  3,009
  3,269
  3,539
  3,820
  4,112
  4,415
  4,730
  5,058
  5,399
Earnings before tax, $m
  123
  217
  327
  462
  624
  814
  1,035
  1,287
  1,570
  1,885
  2,232
  2,610
  3,018
  3,455
  3,922
  4,417
  4,940
  5,490
  6,066
  6,669
  7,299
  7,956
  8,639
  9,350
  10,089
  10,857
  11,656
  12,486
  13,348
  14,245
  15,178
Tax expense, $m
  0
  59
  88
  125
  168
  220
  279
  347
  424
  509
  603
  705
  815
  933
  1,059
  1,193
  1,334
  1,482
  1,638
  1,801
  1,971
  2,148
  2,333
  2,525
  2,724
  2,932
  3,147
  3,371
  3,604
  3,846
  4,098
Net income, $m
  524
  159
  239
  337
  455
  594
  756
  939
  1,146
  1,376
  1,629
  1,905
  2,203
  2,522
  2,863
  3,224
  3,606
  4,007
  4,428
  4,869
  5,328
  5,808
  6,307
  6,826
  7,365
  7,926
  8,509
  9,115
  9,744
  10,399
  11,080

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  4,561
  6,197
  8,330
  10,953
  14,111
  17,845
  22,182
  27,146
  32,749
  38,997
  45,887
  53,413
  61,565
  70,329
  79,691
  89,637
  100,154
  111,230
  122,858
  135,031
  147,747
  161,008
  174,819
  189,190
  204,132
  219,663
  235,803
  252,575
  270,007
  288,128
  306,972
Adjusted assets (=assets-cash), $m
  4,512
  6,197
  8,330
  10,953
  14,111
  17,845
  22,182
  27,146
  32,749
  38,997
  45,887
  53,413
  61,565
  70,329
  79,691
  89,637
  100,154
  111,230
  122,858
  135,031
  147,747
  161,008
  174,819
  189,190
  204,132
  219,663
  235,803
  252,575
  270,007
  288,128
  306,972
Revenue / Adjusted assets
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
  0.148
Average production assets, $m
  3,887
  5,352
  7,195
  9,460
  12,188
  15,413
  19,160
  23,447
  28,287
  33,683
  39,634
  46,135
  53,175
  60,745
  68,832
  77,422
  86,506
  96,073
  106,116
  116,630
  127,613
  139,067
  150,996
  163,409
  176,315
  189,730
  203,670
  218,157
  233,213
  248,864
  265,141
Working capital, $m
  0
  -68
  -91
  -120
  -155
  -195
  -243
  -297
  -359
  -427
  -503
  -585
  -674
  -770
  -873
  -982
  -1,097
  -1,218
  -1,346
  -1,479
  -1,618
  -1,763
  -1,915
  -2,072
  -2,236
  -2,406
  -2,583
  -2,766
  -2,957
  -3,156
  -3,362
Total debt, $m
  1,948
  2,851
  3,996
  5,405
  7,101
  9,106
  11,435
  14,101
  17,109
  20,464
  24,164
  28,206
  32,583
  37,290
  42,317
  47,658
  53,306
  59,254
  65,498
  72,034
  78,863
  85,984
  93,401
  101,118
  109,142
  117,482
  126,149
  135,156
  144,517
  154,248
  164,367
Total liabilities, $m
  2,425
  3,328
  4,473
  5,882
  7,578
  9,583
  11,912
  14,578
  17,586
  20,941
  24,641
  28,683
  33,060
  37,767
  42,794
  48,135
  53,783
  59,731
  65,975
  72,511
  79,340
  86,461
  93,878
  101,595
  109,619
  117,959
  126,626
  135,633
  144,994
  154,725
  164,844
Total equity, $m
  2,136
  2,869
  3,857
  5,071
  6,534
  8,262
  10,270
  12,569
  15,163
  18,056
  21,246
  24,730
  28,505
  32,562
  36,897
  41,502
  46,371
  51,500
  56,883
  62,519
  68,407
  74,547
  80,941
  87,595
  94,513
  101,704
  109,177
  116,942
  125,013
  133,403
  142,128
Total liabilities and equity, $m
  4,561
  6,197
  8,330
  10,953
  14,112
  17,845
  22,182
  27,147
  32,749
  38,997
  45,887
  53,413
  61,565
  70,329
  79,691
  89,637
  100,154
  111,231
  122,858
  135,030
  147,747
  161,008
  174,819
  189,190
  204,132
  219,663
  235,803
  252,575
  270,007
  288,128
  306,972
Debt-to-equity ratio
  0.912
  0.990
  1.040
  1.070
  1.090
  1.100
  1.110
  1.120
  1.130
  1.130
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
Adjusted equity ratio
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  524
  159
  239
  337
  455
  594
  756
  939
  1,146
  1,376
  1,629
  1,905
  2,203
  2,522
  2,863
  3,224
  3,606
  4,007
  4,428
  4,869
  5,328
  5,808
  6,307
  6,826
  7,365
  7,926
  8,509
  9,115
  9,744
  10,399
  11,080
Depreciation, amort., depletion, $m
  220
  302
  406
  534
  689
  871
  1,082
  1,325
  1,598
  1,903
  2,239
  2,606
  3,004
  3,432
  3,889
  4,374
  4,887
  5,428
  5,995
  6,589
  7,210
  7,857
  8,531
  9,232
  9,961
  10,719
  11,507
  12,325
  13,176
  14,060
  14,980
Funds from operations, $m
  269
  461
  646
  872
  1,144
  1,465
  1,838
  2,264
  2,744
  3,279
  3,869
  4,511
  5,207
  5,954
  6,752
  7,599
  8,493
  9,435
  10,424
  11,458
  12,538
  13,665
  14,837
  16,058
  17,326
  18,645
  20,016
  21,440
  22,920
  24,459
  26,059
Change in working capital, $m
  -37
  -19
  -23
  -29
  -35
  -41
  -48
  -54
  -61
  -68
  -75
  -82
  -89
  -96
  -103
  -109
  -115
  -121
  -127
  -133
  -139
  -145
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -198
  -206
Cash from operations, $m
  306
  604
  669
  900
  1,179
  1,506
  1,886
  2,319
  2,806
  3,348
  3,944
  4,594
  5,296
  6,050
  6,854
  7,707
  8,608
  9,557
  10,551
  11,591
  12,677
  13,810
  14,989
  16,215
  17,490
  18,815
  20,192
  21,623
  23,111
  24,657
  26,266
Maintenance CAPEX, $m
  0
  -220
  -302
  -406
  -534
  -689
  -871
  -1,082
  -1,325
  -1,598
  -1,903
  -2,239
  -2,606
  -3,004
  -3,432
  -3,889
  -4,374
  -4,887
  -5,428
  -5,995
  -6,589
  -7,210
  -7,857
  -8,531
  -9,232
  -9,961
  -10,719
  -11,507
  -12,325
  -13,176
  -14,060
New CAPEX, $m
  -350
  -1,466
  -1,843
  -2,265
  -2,728
  -3,224
  -3,747
  -4,288
  -4,840
  -5,396
  -5,951
  -6,501
  -7,041
  -7,570
  -8,086
  -8,591
  -9,084
  -9,567
  -10,043
  -10,514
  -10,983
  -11,454
  -11,929
  -12,412
  -12,906
  -13,415
  -13,940
  -14,487
  -15,056
  -15,652
  -16,276
Cash from investing activities, $m
  204
  -1,686
  -2,145
  -2,671
  -3,262
  -3,913
  -4,618
  -5,370
  -6,165
  -6,994
  -7,854
  -8,740
  -9,647
  -10,574
  -11,518
  -12,480
  -13,458
  -14,454
  -15,471
  -16,509
  -17,572
  -18,664
  -19,786
  -20,943
  -22,138
  -23,376
  -24,659
  -25,994
  -27,381
  -28,828
  -30,336
Free cash flow, $m
  510
  -1,081
  -1,476
  -1,771
  -2,084
  -2,407
  -2,732
  -3,051
  -3,358
  -3,646
  -3,910
  -4,146
  -4,351
  -4,524
  -4,664
  -4,772
  -4,849
  -4,898
  -4,920
  -4,918
  -4,895
  -4,854
  -4,797
  -4,728
  -4,648
  -4,561
  -4,467
  -4,370
  -4,270
  -4,170
  -4,071
Issuance/(repayment) of debt, $m
  -545
  903
  1,146
  1,408
  1,696
  2,005
  2,329
  2,666
  3,009
  3,355
  3,700
  4,042
  4,377
  4,706
  5,027
  5,341
  5,648
  5,948
  6,244
  6,537
  6,829
  7,121
  7,417
  7,717
  8,024
  8,340
  8,667
  9,007
  9,361
  9,731
  10,119
Issuance/(repurchase) of shares, $m
  260
  911
  1,318
  1,577
  1,850
  2,131
  2,411
  2,684
  2,944
  3,184
  3,400
  3,589
  3,748
  3,875
  3,971
  4,036
  4,071
  4,078
  4,059
  4,017
  3,954
  3,873
  3,775
  3,665
  3,543
  3,411
  3,273
  3,129
  2,980
  2,829
  2,676
Cash from financing (excl. dividends), $m  
  -296
  1,814
  2,464
  2,985
  3,546
  4,136
  4,740
  5,350
  5,953
  6,539
  7,100
  7,631
  8,125
  8,581
  8,998
  9,377
  9,719
  10,026
  10,303
  10,554
  10,783
  10,994
  11,192
  11,382
  11,567
  11,751
  11,940
  12,136
  12,341
  12,560
  12,795
Total cash flow (excl. dividends), $m
  213
  -178
  -331
  -363
  -388
  -402
  -402
  -386
  -350
  -292
  -210
  -104
  26
  182
  364
  569
  798
  1,050
  1,324
  1,619
  1,933
  2,267
  2,619
  2,989
  3,376
  3,779
  4,200
  4,637
  5,090
  5,561
  6,049
Retained Cash Flow (-), $m
  -535
  -782
  -988
  -1,214
  -1,462
  -1,728
  -2,008
  -2,298
  -2,594
  -2,893
  -3,190
  -3,485
  -3,774
  -4,058
  -4,335
  -4,605
  -4,869
  -5,128
  -5,383
  -5,636
  -5,888
  -6,140
  -6,395
  -6,654
  -6,918
  -7,191
  -7,473
  -7,766
  -8,071
  -8,390
  -8,725
Prev. year cash balance distribution, $m
 
  49
  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
 
  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
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  85.0
  71.6
  61.4
  53.5
  47.3
  42.3
  38.2
  34.9
  32.2
  29.9
  28.0
  26.4
  25.0
  23.8
  22.8
  21.9
  21.2
  20.5
  19.9
  19.4
  19.0
  18.6
  18.3
  18.0
  17.7
  17.5
  17.3
  17.1
  17.0
  16.8

Highwoods Properties, Inc. is a real estate investment trust. The trust engages in leasing, management, development, construction, and other customer-related services for its properties and for third parties. It invests in the real estate markets of United States. The trustÂ’s portfolio includes office, industrial, and retail properties. Highwoods Properties was founded in 1978 and is based in Raleigh, North Carolina.

FINANCIAL RATIOS  of  Highwoods Properties (HIW)

Valuation Ratios
P/E Ratio 10.1
Price to Sales 8
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 17.3
Price to Free Cash Flow -120.3
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.6%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 91.2%
Total Debt to Equity 91.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 13.2%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 12.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 28%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 65.3%
Gross Margin - 3 Yr. Avg. 64.2%
EBITDA Margin 62.5%
EBITDA Margin - 3 Yr. Avg. 64.5%
Operating Margin 26.6%
Oper. Margin - 3 Yr. Avg. 25%
Pre-Tax Margin 18.5%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 78.7%
Net Profit Margin - 3 Yr. Avg. 38.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 32.3%

HIW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HIW stock intrinsic value calculation we used $666 million for the last fiscal year's total revenue generated by Highwoods Properties. The default revenue input number comes from 2016 income statement of Highwoods Properties. 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 HIW stock valuation model: a) initial revenue growth rate of 37.7% 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 7.9%, whose default value for HIW is calculated based on our internal credit rating of Highwoods Properties, 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 Highwoods Properties.
    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 HIW stock the variable cost ratio is equal to 54.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $132 million in the base year in the intrinsic value calculation for HIW 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 3.5% for Highwoods Properties.

Corporate tax rate of 27% is the nominal tax rate for Highwoods Properties. 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 HIW 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 HIW are equal to 583.6%.

Life of production assets of 17.7 years is the average useful life of capital assets used in Highwoods Properties 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 HIW is equal to -7.4%. 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 - $2136 million for Highwoods Properties - 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 101.171 million for Highwoods Properties 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 Highwoods Properties at the current share price and the inputted number of shares is $5.3 billion.


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COMPANY NEWS

▶ Office REIT Mack-Cali Hikes Dividend 33%   [Jun-12-17 11:23AM  Barrons.com]
▶ Former bank CEO teams up with Highwoods vets on new REIT   [Jun-06-17 02:35PM  American City Business Journals]
▶ Highwoods to Present at REITWeek: NAREITs Investor Forum   [Jun-01-17 04:30PM  GlobeNewswire]
▶ MetLife expands in Cary: A win for Raleigh's Highwoods   [May-22-17 06:00PM  American City Business Journals]
▶ Highwoods Properties reports 1Q results   [Apr-25-17 04:52PM  Associated Press]
▶ Highwoods Declares Quarterly Dividends   [Apr-20-17 04:15PM  GlobeNewswire]
▶ Highwoods signs first big tenant for new Cary office building   [Apr-18-17 05:05PM  American City Business Journals]
▶ Orlando law firm signs big lease in downtowns Lincoln Plaza   [04:00PM  American City Business Journals]
▶ Highwoods Prices $300 Million of 3.875% Notes Due 2027   [Feb-13-17 04:15PM  Marketwired]
▶ Highwoods Declares Quarterly Dividends   [04:20PM  Marketwired]
▶ Downtown Orlando lakefront office hits the market   [11:00AM  at bizjournals.com]
▶ Highwoods Declares Special Dividend for 2016   [Dec-13-16 04:15PM  Marketwired]
▶ Highwoods Declares Quarterly Dividends   [Oct-20-16 04:15PM  Marketwired]
▶ Sold: Charter Square sale finalized   [Sep-28-16 03:33PM  at bizjournals.com]
▶ Sources: Prominent downtown Raleigh tower has found a buyer   [Sep-26-16 10:50AM  at bizjournals.com]
▶ Highwoods Properties Awarded Build-to-Suit in Richmond   [Sep-13-16 09:15AM  Marketwired]
▶ Highwoods Declares Quarterly Dividends   [Jul-27-16 04:15PM  Marketwired]
▶ Two office buildings sell in hot Plaza submarket   [Jul-22-16 03:36PM  at bizjournals.com]
▶ Nashville's office titan still knocking on downtown's door   [Jun-09-16 01:20PM  at bizjournals.com]
Stock chart of HIW Financial statements of HIW Annual reports of HIW
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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