Intrinsic value of Hudson Pacific Properties - HPP

Previous Close

$32.94

  Intrinsic Value

$5.31

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

+146%

Previous close

$32.94

 
Intrinsic value

$5.31

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

+146%

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

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

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 4.8

 

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
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  640
  698
  759
  822
  888
  956
  1,027
  1,101
  1,177
  1,257
  1,340
  1,426
  1,516
  1,609
  1,706
  1,807
  1,913
  2,023
  2,138
  2,258
  2,384
  2,515
  2,652
  2,795
  2,945
  3,102
  3,266
  3,438
  3,618
  3,807
  4,004
Variable operating expenses, $m
 
  452
  491
  532
  574
  618
  664
  711
  761
  812
  866
  921
  978
  1,039
  1,101
  1,167
  1,235
  1,306
  1,380
  1,458
  1,539
  1,623
  1,712
  1,804
  1,901
  2,003
  2,109
  2,220
  2,336
  2,458
  2,585
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
  594
  637
  682
  727
  775
  825
  876
  930
  986
  1,044
  1,103
  1,165
  1,231
  1,297
  1,368
  1,441
  1,518
  1,597
  1,680
  1,767
  1,856
  1,951
  2,049
  2,152
  2,261
  2,373
  2,491
  2,614
  2,742
  2,877
Operating income, $m
  89
  104
  122
  141
  160
  181
  202
  224
  247
  271
  296
  323
  350
  379
  408
  439
  472
  506
  541
  578
  617
  658
  700
  745
  792
  842
  893
  948
  1,005
  1,065
  1,128
EBITDA, $m
  358
  398
  442
  487
  534
  583
  634
  687
  742
  800
  859
  922
  986
  1,054
  1,124
  1,198
  1,275
  1,355
  1,439
  1,526
  1,618
  1,713
  1,814
  1,919
  2,029
  2,144
  2,264
  2,391
  2,524
  2,663
  2,809
Interest expense (income), $m
  82
  94
  106
  117
  130
  143
  156
  170
  184
  199
  215
  231
  248
  265
  283
  302
  322
  343
  364
  387
  410
  435
  460
  487
  515
  544
  575
  607
  640
  676
  712
Earnings before tax, $m
  44
  10
  16
  23
  31
  38
  46
  54
  63
  72
  81
  92
  103
  113
  125
  137
  150
  163
  177
  191
  207
  223
  240
  258
  277
  297
  319
  341
  364
  389
  415
Tax expense, $m
  0
  3
  4
  6
  8
  10
  12
  15
  17
  19
  22
  25
  28
  31
  34
  37
  40
  44
  48
  52
  56
  60
  65
  70
  75
  80
  86
  92
  98
  105
  112
Net income, $m
  34
  7
  12
  17
  22
  28
  34
  40
  46
  52
  59
  67
  75
  83
  91
  100
  109
  119
  129
  140
  151
  163
  175
  189
  203
  217
  233
  249
  266
  284
  303

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
  7,198
  7,824
  8,475
  9,152
  9,856
  10,587
  11,347
  12,137
  12,958
  13,812
  14,700
  15,624
  16,586
  17,588
  18,633
  19,722
  20,858
  22,043
  23,281
  24,574
  25,925
  27,338
  28,815
  30,360
  31,978
  33,671
  35,443
  37,300
  39,245
  41,283
Adjusted assets (=assets-cash), $m
  6,596
  7,198
  7,824
  8,475
  9,152
  9,856
  10,587
  11,347
  12,137
  12,958
  13,812
  14,700
  15,624
  16,586
  17,588
  18,633
  19,722
  20,858
  22,043
  23,281
  24,574
  25,925
  27,338
  28,815
  30,360
  31,978
  33,671
  35,443
  37,300
  39,245
  41,283
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
  6,566
  7,136
  7,730
  8,347
  8,989
  9,656
  10,350
  11,070
  11,819
  12,598
  13,408
  14,251
  15,128
  16,042
  16,995
  17,988
  19,024
  20,105
  21,234
  22,414
  23,646
  24,934
  26,282
  27,691
  29,166
  30,711
  32,328
  34,021
  35,795
  37,654
Working capital, $m
  0
  -70
  -76
  -82
  -89
  -96
  -103
  -110
  -118
  -126
  -134
  -143
  -152
  -161
  -171
  -181
  -191
  -202
  -214
  -226
  -238
  -251
  -265
  -280
  -294
  -310
  -327
  -344
  -362
  -381
  -400
Total debt, $m
  2,688
  3,016
  3,355
  3,707
  4,073
  4,454
  4,850
  5,261
  5,688
  6,132
  6,594
  7,075
  7,575
  8,095
  8,637
  9,202
  9,791
  10,406
  11,047
  11,717
  12,416
  13,147
  13,912
  14,711
  15,547
  16,422
  17,338
  18,297
  19,301
  20,354
  21,456
Total liabilities, $m
  3,566
  3,894
  4,233
  4,585
  4,951
  5,332
  5,728
  6,139
  6,566
  7,010
  7,472
  7,953
  8,453
  8,973
  9,515
  10,080
  10,669
  11,284
  11,925
  12,595
  13,294
  14,025
  14,790
  15,589
  16,425
  17,300
  18,216
  19,175
  20,179
  21,232
  22,334
Total equity, $m
  3,113
  3,304
  3,591
  3,890
  4,201
  4,524
  4,860
  5,208
  5,571
  5,948
  6,340
  6,747
  7,171
  7,613
  8,073
  8,552
  9,052
  9,574
  10,118
  10,686
  11,279
  11,900
  12,548
  13,226
  13,935
  14,678
  15,455
  16,268
  17,121
  18,013
  18,949
Total liabilities and equity, $m
  6,679
  7,198
  7,824
  8,475
  9,152
  9,856
  10,588
  11,347
  12,137
  12,958
  13,812
  14,700
  15,624
  16,586
  17,588
  18,632
  19,721
  20,858
  22,043
  23,281
  24,573
  25,925
  27,338
  28,815
  30,360
  31,978
  33,671
  35,443
  37,300
  39,245
  41,283
Debt-to-equity ratio
  0.863
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.060
  1.070
  1.080
  1.080
  1.090
  1.090
  1.100
  1.100
  1.100
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.130
  1.130
  1.130
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
  7
  12
  17
  22
  28
  34
  40
  46
  52
  59
  67
  75
  83
  91
  100
  109
  119
  129
  140
  151
  163
  175
  189
  203
  217
  233
  249
  266
  284
  303
Depreciation, amort., depletion, $m
  269
  294
  319
  346
  374
  402
  432
  463
  495
  529
  563
  599
  636
  675
  716
  759
  803
  849
  898
  948
  1,001
  1,056
  1,113
  1,173
  1,236
  1,302
  1,371
  1,443
  1,519
  1,598
  1,681
Funds from operations, $m
  182
  301
  331
  363
  396
  430
  466
  503
  541
  581
  623
  666
  711
  758
  807
  859
  912
  968
  1,027
  1,088
  1,152
  1,219
  1,289
  1,362
  1,439
  1,519
  1,604
  1,692
  1,785
  1,882
  1,984
Change in working capital, $m
  -38
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  220
  307
  338
  369
  402
  437
  473
  510
  549
  589
  631
  674
  720
  768
  817
  869
  923
  979
  1,038
  1,100
  1,164
  1,232
  1,302
  1,376
  1,454
  1,535
  1,620
  1,709
  1,803
  1,901
  2,004
Maintenance CAPEX, $m
  0
  -269
  -293
  -319
  -345
  -373
  -401
  -431
  -462
  -494
  -528
  -562
  -599
  -636
  -675
  -716
  -759
  -803
  -849
  -898
  -948
  -1,001
  -1,056
  -1,113
  -1,173
  -1,236
  -1,302
  -1,371
  -1,443
  -1,519
  -1,598
New CAPEX, $m
  -889
  -548
  -571
  -594
  -618
  -642
  -667
  -693
  -720
  -749
  -779
  -810
  -843
  -878
  -914
  -953
  -993
  -1,036
  -1,081
  -1,129
  -1,179
  -1,232
  -1,288
  -1,347
  -1,410
  -1,475
  -1,544
  -1,617
  -1,693
  -1,774
  -1,859
Cash from investing activities, $m
  -525
  -817
  -864
  -913
  -963
  -1,015
  -1,068
  -1,124
  -1,182
  -1,243
  -1,307
  -1,372
  -1,442
  -1,514
  -1,589
  -1,669
  -1,752
  -1,839
  -1,930
  -2,027
  -2,127
  -2,233
  -2,344
  -2,460
  -2,583
  -2,711
  -2,846
  -2,988
  -3,136
  -3,293
  -3,457
Free cash flow, $m
  -305
  -509
  -526
  -543
  -560
  -578
  -596
  -614
  -634
  -654
  -675
  -698
  -721
  -746
  -772
  -800
  -829
  -860
  -892
  -927
  -963
  -1,001
  -1,042
  -1,084
  -1,129
  -1,176
  -1,226
  -1,279
  -1,334
  -1,392
  -1,453
Issuance/(repayment) of debt, $m
  429
  328
  338
  352
  366
  381
  396
  411
  427
  444
  462
  480
  500
  521
  542
  565
  589
  615
  641
  670
  700
  731
  764
  799
  836
  875
  916
  959
  1,004
  1,052
  1,103
Issuance/(repurchase) of shares, $m
  4
  267
  275
  282
  288
  295
  302
  309
  317
  324
  332
  340
  349
  359
  369
  379
  391
  403
  415
  428
  442
  457
  473
  489
  507
  525
  545
  565
  586
  609
  632
Cash from financing (excl. dividends), $m  
  453
  595
  613
  634
  654
  676
  698
  720
  744
  768
  794
  820
  849
  880
  911
  944
  980
  1,018
  1,056
  1,098
  1,142
  1,188
  1,237
  1,288
  1,343
  1,400
  1,461
  1,524
  1,590
  1,661
  1,735
Total cash flow (excl. dividends), $m
  147
  86
  87
  91
  95
  98
  102
  106
  110
  114
  119
  123
  128
  133
  139
  144
  151
  157
  164
  171
  179
  187
  195
  204
  214
  224
  234
  245
  257
  269
  282
Retained Cash Flow (-), $m
  -1,447
  -274
  -287
  -299
  -311
  -323
  -336
  -349
  -363
  -377
  -392
  -408
  -424
  -442
  -460
  -479
  -500
  -521
  -544
  -568
  -593
  -620
  -648
  -678
  -709
  -742
  -777
  -814
  -852
  -893
  -935
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
 
  -105
  -200
  -208
  -216
  -225
  -234
  -243
  -252
  -262
  -273
  -285
  -296
  -309
  -321
  -335
  -349
  -364
  -380
  -397
  -415
  -433
  -453
  -474
  -496
  -519
  -543
  -568
  -595
  -624
  -654
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
 
  -97
  -169
  -159
  -149
  -138
  -127
  -115
  -103
  -92
  -80
  -69
  -59
  -50
  -41
  -33
  -27
  -21
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.6
  89.8
  85.4
  81.5
  78.0
  74.8
  71.8
  69.1
  66.6
  64.3
  62.1
  60.1
  58.2
  56.4
  54.8
  53.2
  51.7
  50.3
  49.0
  47.7
  46.5
  45.3
  44.2
  43.1
  42.1
  41.1
  40.2
  39.2
  38.4
  37.5

Hudson Pacific Properties, Inc. operates as a vertically integrated real estate trust (REIT) in the United States. It engages in owning, operating, and acquiring office, and media and entertainment properties primarily in Northern and Southern California in Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley, and the East Bay. As of March 31, 2011, it owned a portfolio of 15 office properties; and 2 media and entertainment properties in California comprising approximately 4.4 million square feet. The company has elected to be treated as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. The company is based in Los Angeles, California.

FINANCIAL RATIOS  of  Hudson Pacific Properties (HPP)

Valuation Ratios
P/E Ratio 132.2
Price to Sales 7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 20.4
Price to Free Cash Flow -6.7
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 9.1% 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 -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 - $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 146.12 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 $4.8 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]
▶ Hudson Pacific Properties Sells Playa Vista Asset   [Nov-08-16 09:00AM  Business Wire]
▶ Downtown Seattle's Hill7 office building sells for $180M   [Oct-11-16 03:25PM  at bizjournals.com]
Stock chart of HPP 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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