Intrinsic value of Highwoods Properties - HIW

Previous Close

$50.90

  Intrinsic Value

$5.28

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+36%

Previous close

$50.90

 
Intrinsic value

$5.28

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+36%

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 5.1

 

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
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  666
  682
  700
  720
  743
  767
  794
  823
  853
  887
  922
  960
  1,000
  1,042
  1,088
  1,136
  1,186
  1,240
  1,297
  1,356
  1,419
  1,486
  1,556
  1,630
  1,707
  1,789
  1,875
  1,966
  2,061
  2,162
  2,267
Variable operating expenses, $m
 
  369
  379
  390
  402
  415
  429
  445
  462
  480
  499
  519
  541
  564
  588
  614
  642
  671
  701
  734
  768
  804
  842
  882
  924
  968
  1,015
  1,064
  1,115
  1,169
  1,226
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
  504
  518
  532
  548
  564
  582
  602
  623
  645
  668
  692
  719
  746
  775
  805
  838
  872
  907
  945
  984
  1,026
  1,069
  1,115
  1,163
  1,213
  1,266
  1,321
  1,379
  1,439
  1,503
Operating income, $m
  176
  178
  183
  189
  195
  203
  211
  221
  231
  242
  254
  267
  281
  297
  313
  330
  349
  368
  389
  412
  435
  460
  487
  515
  545
  577
  610
  645
  683
  722
  764
EBITDA, $m
  396
  403
  414
  426
  440
  456
  473
  492
  512
  534
  558
  584
  611
  640
  671
  705
  740
  777
  817
  859
  903
  950
  1,000
  1,052
  1,108
  1,167
  1,228
  1,294
  1,362
  1,435
  1,511
Interest expense (income), $m
  73
  68
  70
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  110
  116
  121
  128
  134
  141
  148
  156
  164
  172
  181
  190
  200
  211
  221
  233
  245
  258
Earnings before tax, $m
  123
  110
  113
  116
  120
  125
  131
  137
  143
  150
  158
  167
  176
  186
  197
  209
  221
  234
  248
  264
  280
  297
  315
  334
  355
  376
  399
  424
  450
  477
  506
Tax expense, $m
  0
  30
  30
  31
  33
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  60
  63
  67
  71
  76
  80
  85
  90
  96
  102
  108
  114
  121
  129
  137
Net income, $m
  524
  80
  82
  85
  88
  91
  95
  100
  104
  110
  116
  122
  129
  136
  144
  152
  161
  171
  181
  192
  204
  217
  230
  244
  259
  275
  292
  309
  328
  348
  369

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
  4,608
  4,731
  4,867
  5,019
  5,184
  5,364
  5,558
  5,766
  5,990
  6,229
  6,484
  6,756
  7,044
  7,349
  7,673
  8,016
  8,378
  8,760
  9,164
  9,590
  10,040
  10,513
  11,012
  11,537
  12,090
  12,672
  13,284
  13,928
  14,606
  15,318
Adjusted assets (=assets-cash), $m
  4,512
  4,608
  4,731
  4,867
  5,019
  5,184
  5,364
  5,558
  5,766
  5,990
  6,229
  6,484
  6,756
  7,044
  7,349
  7,673
  8,016
  8,378
  8,760
  9,164
  9,590
  10,040
  10,513
  11,012
  11,537
  12,090
  12,672
  13,284
  13,928
  14,606
  15,318
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
  3,980
  4,086
  4,204
  4,335
  4,477
  4,633
  4,800
  4,981
  5,174
  5,380
  5,601
  5,835
  6,084
  6,348
  6,628
  6,923
  7,236
  7,567
  7,915
  8,283
  8,671
  9,080
  9,511
  9,965
  10,442
  10,945
  11,474
  12,030
  12,615
  13,231
Working capital, $m
  0
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -153
  -160
  -168
Total debt, $m
  1,948
  1,997
  2,063
  2,137
  2,218
  2,307
  2,403
  2,507
  2,620
  2,740
  2,868
  3,005
  3,151
  3,306
  3,470
  3,643
  3,827
  4,022
  4,227
  4,444
  4,673
  4,914
  5,168
  5,436
  5,718
  6,015
  6,328
  6,657
  7,002
  7,366
  7,749
Total liabilities, $m
  2,425
  2,474
  2,540
  2,614
  2,695
  2,784
  2,880
  2,984
  3,097
  3,217
  3,345
  3,482
  3,628
  3,783
  3,947
  4,120
  4,304
  4,499
  4,704
  4,921
  5,150
  5,391
  5,645
  5,913
  6,195
  6,492
  6,805
  7,134
  7,479
  7,843
  8,226
Total equity, $m
  2,136
  2,134
  2,190
  2,254
  2,324
  2,400
  2,483
  2,573
  2,670
  2,773
  2,884
  3,002
  3,128
  3,261
  3,403
  3,553
  3,711
  3,879
  4,056
  4,243
  4,440
  4,648
  4,868
  5,098
  5,342
  5,598
  5,867
  6,151
  6,449
  6,762
  7,092
Total liabilities and equity, $m
  4,561
  4,608
  4,730
  4,868
  5,019
  5,184
  5,363
  5,557
  5,767
  5,990
  6,229
  6,484
  6,756
  7,044
  7,350
  7,673
  8,015
  8,378
  8,760
  9,164
  9,590
  10,039
  10,513
  11,011
  11,537
  12,090
  12,672
  13,285
  13,928
  14,605
  15,318
Debt-to-equity ratio
  0.912
  0.940
  0.940
  0.950
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
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
  80
  82
  85
  88
  91
  95
  100
  104
  110
  116
  122
  129
  136
  144
  152
  161
  171
  181
  192
  204
  217
  230
  244
  259
  275
  292
  309
  328
  348
  369
Depreciation, amort., depletion, $m
  220
  225
  231
  238
  245
  253
  262
  271
  281
  292
  304
  316
  330
  344
  359
  374
  391
  409
  427
  447
  468
  490
  513
  537
  563
  590
  618
  648
  680
  713
  747
Funds from operations, $m
  269
  305
  313
  322
  333
  344
  357
  371
  386
  402
  420
  438
  458
  480
  502
  527
  553
  580
  609
  640
  672
  707
  743
  781
  822
  865
  910
  958
  1,008
  1,061
  1,117
Change in working capital, $m
  -37
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  306
  306
  315
  324
  334
  346
  359
  373
  388
  405
  422
  441
  461
  483
  506
  530
  556
  584
  613
  644
  677
  711
  748
  787
  828
  871
  916
  964
  1,015
  1,068
  1,125
Maintenance CAPEX, $m
  0
  -220
  -225
  -231
  -238
  -245
  -253
  -262
  -271
  -281
  -292
  -304
  -316
  -330
  -344
  -359
  -374
  -391
  -409
  -427
  -447
  -468
  -490
  -513
  -537
  -563
  -590
  -618
  -648
  -680
  -713
New CAPEX, $m
  -350
  -94
  -106
  -118
  -131
  -143
  -155
  -168
  -180
  -193
  -207
  -220
  -234
  -249
  -264
  -280
  -296
  -313
  -330
  -349
  -368
  -388
  -409
  -431
  -454
  -478
  -503
  -529
  -556
  -585
  -615
Cash from investing activities, $m
  204
  -314
  -331
  -349
  -369
  -388
  -408
  -430
  -451
  -474
  -499
  -524
  -550
  -579
  -608
  -639
  -670
  -704
  -739
  -776
  -815
  -856
  -899
  -944
  -991
  -1,041
  -1,093
  -1,147
  -1,204
  -1,265
  -1,328
Free cash flow, $m
  510
  -7
  -16
  -25
  -34
  -42
  -49
  -56
  -63
  -70
  -77
  -83
  -89
  -96
  -102
  -108
  -114
  -120
  -126
  -132
  -138
  -145
  -151
  -157
  -163
  -170
  -176
  -183
  -190
  -196
  -203
Issuance/(repayment) of debt, $m
  -545
  49
  66
  74
  81
  89
  96
  104
  112
  120
  128
  137
  146
  155
  164
  174
  184
  194
  205
  217
  229
  241
  254
  268
  282
  297
  312
  329
  346
  364
  383
Issuance/(repurchase) of shares, $m
  260
  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  
  -296
  49
  66
  74
  81
  89
  96
  104
  112
  120
  128
  137
  146
  155
  164
  174
  184
  194
  205
  217
  229
  241
  254
  268
  282
  297
  312
  329
  346
  364
  383
Total cash flow (excl. dividends), $m
  213
  42
  50
  48
  48
  47
  47
  48
  49
  50
  52
  54
  56
  59
  62
  66
  70
  74
  79
  85
  90
  97
  104
  111
  119
  127
  136
  146
  156
  167
  179
Retained Cash Flow (-), $m
  -535
  -47
  -57
  -63
  -70
  -77
  -83
  -90
  -97
  -104
  -111
  -118
  -126
  -133
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
  -314
  -330
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
 
  45
  -7
  -15
  -22
  -29
  -36
  -42
  -48
  -54
  -59
  -64
  -69
  -74
  -79
  -84
  -89
  -93
  -98
  -102
  -107
  -111
  -116
  -120
  -124
  -129
  -133
  -138
  -142
  -146
  -151
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
 
  42
  -6
  -12
  -16
  -19
  -20
  -21
  -21
  -20
  -19
  -17
  -15
  -13
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  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

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 9.9
Price to Sales 7.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 16.9
Price to Free Cash Flow -117.6
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 2.4% 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 $5.1 billion.

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COMPANY NEWS

▶ Highwoods Declares Quarterly Dividends   [Aug-02-17 04:15PM  GlobeNewswire]
▶ Highwoods Properties reports 2Q results   [Jul-25-17 05:22PM  Associated Press]
▶ 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]
Stock chart of HIW Financial statements 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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