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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


The Howard Hughes Corporation

The Howard Hughes Corporation (HHC)

$52.24
0.81 (+1.57%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 474.61634.55797.061,034.991,100.091,064.551,300.571,548.451,843.592,194.982,613.34
Revenue (%)
Operating Cash Flow 129.33-58.3223.9158.89319.03210.57207.70202.38240.96286.88341.56
Operating Cash Flow (%)
Capital Expenditure 31.758.5015.469.636.934.476.8927.7233.0039.2946.78
Capital Expenditure (%)
Free Cash Flow 161.08-49.8139.3768.52325.96215.04214.59230.10273.96326.17388.34

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 52.24
Diluted Shares Outstanding 43.31
Cost of Debt
Tax Rate 28.57
After-tax Cost of Debt -1.38
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.57
Total Debt 4,096.47
Total Equity 2,262.41
Total Capital 6,358.88
Debt Weighting 64.42
Equity Weighting 35.58
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 474.61634.55797.061,034.991,100.091,064.551,300.571,548.451,843.592,194.982,613.34
Operating Cash Flow 129.33-58.3223.9158.89319.03210.57207.70202.38240.96286.88341.56
Capital Expenditure 31.758.5015.469.636.934.476.8927.7233.0039.2946.78
Free Cash Flow 161.08-49.8139.3768.52325.96215.04214.59230.10273.96326.17388.34
WACC
PV LFCF 215.51240.32267.98298.83
SUM PV LFCF 1,354.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.77
Free cash flow (t + 1) 931.58
Terminal Value 33,630.89
Present Value of Terminal Value 24,237.74

Intrinsic Value

Enterprise Value 27,298.02
Net Debt 3,673.66
Equity Value 23,624.37
Shares Outstanding 43.31
Equity Value Per Share 189.08