The Howard Hughes CorporationNYSE
Howard Hughes Is Still Overvalued!
Saibus Research • 20 Comments
Saibus Research • 20 Comments
Tue, Nov. 8, 7:55 AM
Tue, Oct. 11, 7:14 AM
Mon, Aug. 8, 8:51 AM
Tue, May 24, 4:23 PM
- Howard Hughes Corp. (NYSE:HHC) will spend $6B-$10B redeveloping one of the last available coastal parcels in urban Oahu. The current low-density and industrial 60-acre tract is being converted to a mixed-use living and public-park space that will have an estimated 5K condos across more than 20 towers over the next decade.
- "There will be an opportunity to take what’s now a lot of surface parking lots and asphalt and turn it into a green and people-friendly place,” says Hughes' Nicholas Vanderboom.
- Hughes acquired the land in 2010 as part of the spinoff from General Growth Properties, which was emerging from bankruptcy.
- Development is tough near Honolulu, but one thing going for Hughes - the area has been targeted for redevelopment with special zoning allowing for higher-density plans.
- Vanderboom: "We obviously need to build to the market, and no one’s immune from the economy ... But we see fairly strong fundamentals and strong housing demand for the local market.”
- Source: WSJ
Fri, May 13, 10:12 AM
- "Underfollowed, undervalued, and not fully understood," is how Citi's Will Randow describes Howard Hughes Corp (HHC +0.3%) as he initiates with a Buy rating and $165 price target (60% upside).
- The stock's low valuation owes to the "unique nature of the company" which attracts limited sell-side interest, he says. Attractive margins, healthy NOI and sales growth, and management's ability to convert projects into stable cash flow streams mean the company should continue to be able to steeply ramp up EBITDA in the future.
- Now read: Seeking Value In Sum-Of-The-Parts Discounts (April 12)
Mon, May 2, 7:38 AM
- Howard Hughes (NYSE:HHC): Q1 EPS of $3.04 may not be comparable to consensus of $0.62.
- Revenue of $239.67M (+54.5% Y/Y) beats by $23.25M.
Fri, Apr. 8, 7:24 AM
Mon, Feb. 29, 9:06 AM
- Howard Hughes (NYSE:HHC): Q4 EPS of $1.00 may not be comparable to consensus of -$0.08.
- Revenue of $229.39M (+10.8% Y/Y) beats by $104.99M.
Nov. 9, 2015, 5:45 PM
- Howard Hughes (NYSE:HHC): Q3 EPS of $0.76 vs. $0.48 in 3Q14
- Revenue of $203.44M (+70.6% Y/Y)
Aug. 10, 2015, 5:12 PM
- Howard Hughes (NYSE:HHC): Q2 EPS of $0.18 beats by $0.01.
- Revenue of $209.2M (-0.2% Y/Y) beats by $61.24M.
May 11, 2015, 8:56 AM
- Howard Hughes (NYSE:HHC): Q1 EPS of $0.56
- Revenue of $155.09M (+57.2% Y/Y)
Mar. 2, 2015, 9:02 AM
- Howard Hughes (NYSE:HHC): Q4 EPS of -$1.18 may not be comparable to consensus of $0.19.
- Revenue of $207.05M (+54.6% Y/Y) beats by $93.55M.
Feb. 5, 2015, 8:34 AM
- The latest development at HHC's Ward Village will feature a 50K square-foot flagship Whole Foods, 12K square-feet of additional retail space, and a tower with about 466 residences.
- Ward Village is a 60-acre, urban, master-planned community between downtown Honolulu and Waikiki.
Dec. 18, 2014, 7:38 AM
- The acquisition of about 700K square feet of office space valued at $130M more than doubles Hughes' (NYSE:HHC) commercial holdings in downtown Columbia, and gives the company more than a 50% market share there.
- The six buildings are 90% leased and currently unencumbered.
- The deal partially satisfies a tax matter with General Growth Properties, and on Dec. 15, Hughes paid the IRS about $204M to satisfy a court loss to the that agency. Hughes has filed an appeal and expects it to be heard next year.
Nov. 10, 2014, 8:55 AM
- Howard Hughes (NYSE:HHC): Q3 EPS of $0.48 beats by $0.09.
- Revenue of $119.23M (+19.7% Y/Y) misses by $18.04M.
Oct. 13, 2014, 2:56 PM
- The largest retail development in the U.S. since the financial crisis, Downtown Summerlin opened late last week on 106 acres of prime real estate between Sahara Avenue and Charleston Blvd.
- Many of the 125 stores, restaurants, and entertainment venues are already open. Construction on the current development began in the middle of last year, representing the first phase of HHC's master plan for Downtown Summerlin. The completed 400-acre project will include more offices, hotels, and multi-family residences.