Intrinsic value of Hudson Pacific Properties - HPP

Previous Close

$33.44

  Intrinsic Value

$4.97

stock screener

  Rating & Target

str. sell

-85%

Previous close

$33.44

 
Intrinsic value

$4.97

 
Up/down potential

-85%

 
Rating

str. sell

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

We calculate the intrinsic value of HPP 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 5.2

 

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, %
  22.84
  17.50
  16.25
  15.13
  14.11
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
Revenue, $m
  640
  752
  874
  1,006
  1,148
  1,300
  1,461
  1,631
  1,810
  1,998
  2,195
  2,400
  2,614
  2,837
  3,069
  3,311
  3,561
  3,822
  4,093
  4,374
  4,667
  4,971
  5,287
  5,617
  5,960
  6,317
  6,690
  7,079
  7,484
  7,907
  8,349
Variable operating expenses, $m
 
  486
  565
  651
  742
  840
  944
  1,054
  1,170
  1,291
  1,418
  1,550
  1,688
  1,832
  1,982
  2,137
  2,299
  2,467
  2,642
  2,824
  3,013
  3,209
  3,414
  3,626
  3,848
  4,079
  4,319
  4,570
  4,832
  5,105
  5,390
Fixed operating expenses, $m
 
  142
  146
  150
  153
  157
  161
  165
  169
  174
  178
  182
  187
  192
  196
  201
  206
  212
  217
  222
  228
  233
  239
  245
  251
  258
  264
  271
  278
  284
  292
Total operating expenses, $m
  550
  628
  711
  801
  895
  997
  1,105
  1,219
  1,339
  1,465
  1,596
  1,732
  1,875
  2,024
  2,178
  2,338
  2,505
  2,679
  2,859
  3,046
  3,241
  3,442
  3,653
  3,871
  4,099
  4,337
  4,583
  4,841
  5,110
  5,389
  5,682
Operating income, $m
  89
  123
  163
  206
  253
  303
  356
  412
  471
  534
  599
  668
  740
  814
  891
  972
  1,056
  1,143
  1,234
  1,328
  1,426
  1,528
  1,635
  1,745
  1,861
  1,981
  2,107
  2,238
  2,375
  2,518
  2,667
EBITDA, $m
  358
  440
  531
  629
  736
  849
  970
  1,098
  1,232
  1,373
  1,521
  1,676
  1,837
  2,005
  2,180
  2,362
  2,551
  2,747
  2,952
  3,164
  3,385
  3,615
  3,854
  4,103
  4,363
  4,633
  4,915
  5,209
  5,516
  5,837
  6,172
Interest expense (income), $m
  82
  94
  116
  140
  166
  193
  223
  254
  288
  323
  359
  398
  438
  480
  523
  568
  616
  664
  715
  768
  823
  880
  940
  1,001
  1,066
  1,133
  1,202
  1,275
  1,351
  1,430
  1,513
Earnings before tax, $m
  44
  29
  47
  66
  87
  109
  133
  157
  184
  211
  240
  271
  302
  334
  368
  404
  440
  479
  518
  560
  603
  648
  695
  744
  795
  849
  904
  963
  1,024
  1,088
  1,155
Tax expense, $m
  0
  8
  13
  18
  23
  29
  36
  43
  50
  57
  65
  73
  81
  90
  99
  109
  119
  129
  140
  151
  163
  175
  188
  201
  215
  229
  244
  260
  276
  294
  312
Net income, $m
  34
  21
  34
  48
  63
  80
  97
  115
  134
  154
  175
  198
  220
  244
  269
  295
  321
  349
  378
  409
  440
  473
  507
  543
  580
  619
  660
  703
  747
  794
  843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  83
  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
  6,679
  7,753
  9,012
  10,375
  11,840
  13,403
  15,062
  16,816
  18,662
  20,599
  22,627
  24,744
  26,952
  29,251
  31,643
  34,130
  36,715
  39,401
  42,193
  45,094
  48,110
  51,247
  54,510
  57,907
  61,443
  65,128
  68,969
  72,975
  77,154
  81,516
  86,072
Adjusted assets (=assets-cash), $m
  6,596
  7,753
  9,012
  10,375
  11,840
  13,403
  15,062
  16,816
  18,662
  20,599
  22,627
  24,744
  26,952
  29,251
  31,643
  34,130
  36,715
  39,401
  42,193
  45,094
  48,110
  51,247
  54,510
  57,907
  61,443
  65,128
  68,969
  72,975
  77,154
  81,516
  86,072
Revenue / Adjusted assets
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
  0.097
Average production assets, $m
  6,018
  7,071
  8,220
  9,463
  10,799
  12,225
  13,738
  15,338
  17,021
  18,788
  20,638
  22,569
  24,583
  26,680
  28,862
  31,130
  33,488
  35,938
  38,484
  41,130
  43,881
  46,742
  49,718
  52,816
  56,042
  59,403
  62,906
  66,560
  70,371
  74,350
  78,505
Working capital, $m
  0
  -98
  -114
  -131
  -149
  -169
  -190
  -212
  -235
  -260
  -285
  -312
  -340
  -369
  -399
  -430
  -463
  -497
  -532
  -569
  -607
  -646
  -687
  -730
  -775
  -821
  -870
  -920
  -973
  -1,028
  -1,085
Total debt, $m
  2,688
  3,316
  3,998
  4,735
  5,527
  6,373
  7,271
  8,219
  9,218
  10,266
  11,363
  12,509
  13,703
  14,947
  16,241
  17,586
  18,985
  20,438
  21,948
  23,518
  25,150
  26,847
  28,612
  30,449
  32,363
  34,356
  36,434
  38,601
  40,862
  43,222
  45,687
Total liabilities, $m
  3,566
  4,194
  4,876
  5,613
  6,405
  7,251
  8,149
  9,097
  10,096
  11,144
  12,241
  13,387
  14,581
  15,825
  17,119
  18,464
  19,863
  21,316
  22,826
  24,396
  26,028
  27,725
  29,490
  31,327
  33,241
  35,234
  37,312
  39,479
  41,740
  44,100
  46,565
Total equity, $m
  3,113
  3,558
  4,137
  4,762
  5,434
  6,152
  6,914
  7,718
  8,566
  9,455
  10,386
  11,358
  12,371
  13,426
  14,524
  15,666
  16,852
  18,085
  19,367
  20,698
  22,083
  23,522
  25,020
  26,579
  28,203
  29,894
  31,657
  33,495
  35,414
  37,416
  39,507
Total liabilities and equity, $m
  6,679
  7,752
  9,013
  10,375
  11,839
  13,403
  15,063
  16,815
  18,662
  20,599
  22,627
  24,745
  26,952
  29,251
  31,643
  34,130
  36,715
  39,401
  42,193
  45,094
  48,111
  51,247
  54,510
  57,906
  61,444
  65,128
  68,969
  72,974
  77,154
  81,516
  86,072
Debt-to-equity ratio
  0.863
  0.930
  0.970
  0.990
  1.020
  1.040
  1.050
  1.060
  1.080
  1.090
  1.090
  1.100
  1.110
  1.110
  1.120
  1.120
  1.130
  1.130
  1.130
  1.140
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.160
  1.160
Adjusted equity ratio
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  21
  34
  48
  63
  80
  97
  115
  134
  154
  175
  198
  220
  244
  269
  295
  321
  349
  378
  409
  440
  473
  507
  543
  580
  619
  660
  703
  747
  794
  843
Depreciation, amort., depletion, $m
  269
  317
  368
  423
  483
  547
  614
  686
  761
  840
  922
  1,008
  1,097
  1,191
  1,288
  1,390
  1,495
  1,604
  1,718
  1,836
  1,959
  2,087
  2,220
  2,358
  2,502
  2,652
  2,808
  2,971
  3,142
  3,319
  3,505
Funds from operations, $m
  182
  338
  402
  472
  546
  626
  711
  801
  895
  994
  1,097
  1,205
  1,318
  1,435
  1,557
  1,684
  1,816
  1,954
  2,096
  2,245
  2,399
  2,560
  2,727
  2,901
  3,082
  3,271
  3,468
  3,674
  3,889
  4,113
  4,348
Change in working capital, $m
  -38
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -57
Cash from operations, $m
  220
  352
  418
  489
  565
  646
  732
  823
  918
  1,018
  1,123
  1,232
  1,346
  1,464
  1,587
  1,716
  1,849
  1,988
  2,132
  2,281
  2,437
  2,599
  2,768
  2,944
  3,127
  3,318
  3,517
  3,725
  3,942
  4,168
  4,405
Maintenance CAPEX, $m
  0
  -269
  -316
  -367
  -422
  -482
  -546
  -613
  -685
  -760
  -839
  -921
  -1,008
  -1,097
  -1,191
  -1,288
  -1,390
  -1,495
  -1,604
  -1,718
  -1,836
  -1,959
  -2,087
  -2,220
  -2,358
  -2,502
  -2,652
  -2,808
  -2,971
  -3,142
  -3,319
New CAPEX, $m
  -889
  -1,053
  -1,149
  -1,243
  -1,336
  -1,426
  -1,514
  -1,600
  -1,684
  -1,767
  -1,849
  -1,931
  -2,014
  -2,097
  -2,182
  -2,268
  -2,358
  -2,450
  -2,546
  -2,646
  -2,751
  -2,861
  -2,976
  -3,098
  -3,226
  -3,361
  -3,503
  -3,653
  -3,812
  -3,979
  -4,155
Cash from investing activities, $m
  -525
  -1,322
  -1,465
  -1,610
  -1,758
  -1,908
  -2,060
  -2,213
  -2,369
  -2,527
  -2,688
  -2,852
  -3,022
  -3,194
  -3,373
  -3,556
  -3,748
  -3,945
  -4,150
  -4,364
  -4,587
  -4,820
  -5,063
  -5,318
  -5,584
  -5,863
  -6,155
  -6,461
  -6,783
  -7,121
  -7,474
Free cash flow, $m
  -305
  -969
  -1,047
  -1,121
  -1,193
  -1,262
  -1,327
  -1,390
  -1,450
  -1,509
  -1,565
  -1,621
  -1,676
  -1,730
  -1,785
  -1,841
  -1,898
  -1,957
  -2,019
  -2,083
  -2,150
  -2,221
  -2,295
  -2,374
  -2,457
  -2,545
  -2,638
  -2,737
  -2,842
  -2,952
  -3,069
Issuance/(repayment) of debt, $m
  429
  628
  682
  737
  792
  846
  898
  949
  999
  1,048
  1,097
  1,146
  1,194
  1,244
  1,294
  1,345
  1,398
  1,453
  1,510
  1,570
  1,632
  1,697
  1,765
  1,838
  1,913
  1,993
  2,078
  2,167
  2,261
  2,360
  2,465
Issuance/(repurchase) of shares, $m
  4
  507
  544
  577
  609
  638
  665
  690
  713
  735
  756
  774
  793
  811
  829
  847
  865
  884
  903
  923
  944
  967
  990
  1,016
  1,043
  1,072
  1,103
  1,136
  1,171
  1,208
  1,248
Cash from financing (excl. dividends), $m  
  453
  1,135
  1,226
  1,314
  1,401
  1,484
  1,563
  1,639
  1,712
  1,783
  1,853
  1,920
  1,987
  2,055
  2,123
  2,192
  2,263
  2,337
  2,413
  2,493
  2,576
  2,664
  2,755
  2,854
  2,956
  3,065
  3,181
  3,303
  3,432
  3,568
  3,713
Total cash flow (excl. dividends), $m
  147
  166
  179
  193
  208
  222
  235
  249
  262
  275
  287
  299
  312
  325
  338
  351
  365
  379
  394
  410
  426
  443
  461
  480
  500
  520
  542
  566
  590
  616
  643
Retained Cash Flow (-), $m
  -1,447
  -528
  -578
  -626
  -672
  -717
  -762
  -805
  -847
  -889
  -931
  -972
  -1,013
  -1,055
  -1,098
  -1,142
  -1,186
  -1,233
  -1,281
  -1,332
  -1,384
  -1,440
  -1,498
  -1,559
  -1,623
  -1,691
  -1,763
  -1,839
  -1,918
  -2,002
  -2,091
Prev. year cash balance distribution, $m
 
  83
  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
 
  -279
  -399
  -432
  -464
  -496
  -526
  -556
  -586
  -615
  -643
  -673
  -702
  -731
  -760
  -790
  -821
  -854
  -887
  -922
  -958
  -997
  -1,037
  -1,079
  -1,124
  -1,171
  -1,220
  -1,273
  -1,328
  -1,386
  -1,448
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  -258
  -337
  -331
  -320
  -305
  -286
  -264
  -240
  -214
  -189
  -164
  -140
  -118
  -97
  -79
  -63
  -49
  -37
  -28
  -20
  -15
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  90.9
  83.3
  76.9
  71.5
  66.8
  62.8
  59.2
  56.1
  53.4
  51.0
  48.8
  46.9
  45.1
  43.5
  42.0
  40.7
  39.5
  38.3
  37.3
  36.3
  35.3
  34.5
  33.7
  32.9
  32.2
  31.5
  30.8
  30.2
  29.6
  29.0

Hudson Pacific Properties, Inc. is a real estate investment trust (REIT). The Company operates in two segments: office properties, and media and entertainment properties. The Company is focused on acquiring, repositioning, developing and operating office and media and entertainment properties in submarkets throughout Northern and Southern California and the Pacific Northwest. As of December 31, 2016, the Company's portfolio included office properties consisting of an aggregate of approximately 14.1 million square feet, and media and entertainment properties consisting of approximately 0.9 million square feet of sound-stage, office and supporting production facilities. As of December 31, 2016, the Company also owned undeveloped density rights for approximately 2.5 million square feet of future office and residential space. The Company's in-service office properties include stabilized office properties and lease-up office properties.

FINANCIAL RATIOS  of  Hudson Pacific Properties (HPP)

Valuation Ratios
P/E Ratio 134.2
Price to Sales 7.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow -6.8
Growth Rates
Sales Growth Rate 22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 86.3%
Total Debt to Equity 86.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 1.4%
Return On Equity - 3 Yr. Avg. 0.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 64.2%
Gross Margin - 3 Yr. Avg. 62.2%
EBITDA Margin 61.7%
EBITDA Margin - 3 Yr. Avg. 56.4%
Operating Margin 14.1%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 347.1%

HPP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HPP stock intrinsic value calculation we used $640 million for the last fiscal year's total revenue generated by Hudson Pacific Properties. The default revenue input number comes from 2016 income statement of Hudson Pacific 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 HPP stock valuation model: a) initial revenue growth rate of 17.5% 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 8.4%, whose default value for HPP is calculated based on our internal credit rating of Hudson Pacific 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 Hudson Pacific 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 HPP stock the variable cost ratio is equal to 64.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $139 million in the base year in the intrinsic value calculation for HPP 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 Hudson Pacific Properties.

Corporate tax rate of 27% is the nominal tax rate for Hudson Pacific 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 HPP 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 HPP are equal to 940.3%.

Life of production assets of 22.4 years is the average useful life of capital assets used in Hudson Pacific 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 HPP is equal to -13%. 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 - $3113 million for Hudson Pacific 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 156.1 million for Hudson Pacific 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 Hudson Pacific Properties at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Hudson Pacific reports 2Q results   [Aug-04-17 12:34AM  Associated Press]
▶ Netflix leases more space in Hollywood   [Jul-13-17 02:10PM  American City Business Journals]
▶ AEG pulls its KeyArena proposal, citing lack of confidence in city process   [Jun-05-17 11:45AM  American City Business Journals]
▶ Hudson Pacific reports 1Q results   [May-04-17 09:11AM  Associated Press]
▶ Hudson Pacific adds third studio to Hollywood portfolio   [May-02-17 05:35PM  American City Business Journals]
▶ First look: AEG wants to redevelop KeyArena into the Seattle Coliseum (Images)   [Apr-12-17 05:10PM  American City Business Journals]
▶ Google gobbles up another chunk of San Francisco office space   [Mar-23-17 06:12PM  at bizjournals.com]
▶ Google gobbles up another chunk of San Francisco office space   [06:12PM  American City Business Journals]
▶ Is Hudson Pacific Properties Inc (HPP) A Good Stock To Buy?   [Dec-13-16 11:29AM  at Insider Monkey]
▶ 3 REITs With Big Insider Buying   [Nov-30-16 10:38AM  at Forbes]
▶ Is GrubHub Inc (GRUB) A Good Stock To Buy?   [Nov-26-16 08:31AM  at Insider Monkey]
Financial statements of HPP
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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