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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


The Howard Hughes Corporation

The Howard Hughes Corporation (HHC)

$52.24
0.81 (+1.57%)

Operating Data

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 (%)
EBITDA 148.22227.74223.97427.76355.00244.42317.21478.16569.30677.81807.00
EBITDA (%)
EBIT 111.20166.76118.76326.75218.48106.88150.35304.43362.45431.53513.78
EBIT (%)
Depreciation 37.0260.98105.21101.01136.52137.54166.86173.74206.85246.28293.22
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 894.92560.44445.32665.50861.04499.70422.811,227.151,461.041,739.522,071.07
Total Cash (%)
Account Receivables 20.5528.621.670.105.834.6836.4228.3433.7440.1747.82
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 284.01466.02515.38572.04521.77779.25733.13951.681,133.071,349.031,606.16
Accounts Payable (%)
Capital Expenditure 31.758.5015.469.636.934.476.8927.7233.0039.2946.78
Capital Expenditure (%)

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

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
EBITDA 148.22227.74223.97427.76355.00244.42317.21478.16569.30677.81807.00
EBIT 111.20166.76118.76326.75218.48106.88150.35304.43362.45431.53513.78
Tax Rate -15.07%159.66%15.92%36.93%-39.38%22.13%28.57%29.82%29.82%29.82%29.82%
EBIAT 127.96-99.4999.85206.07304.5283.22107.39213.63254.35302.83360.55
Depreciation 37.0260.98105.21101.01136.52137.54166.86173.74206.85246.28293.22
Accounts Receivable --8.0726.941.57-5.731.15-31.738.08-5.40-6.43-7.66
Inventories -----------
Accounts Payable -182.0149.3656.66-50.27257.48-46.12218.55181.39215.96257.13
Capital Expenditure -23.25-6.965.842.692.46-2.42-20.82-5.28-6.29-7.49
UFCF 164.98158.68274.41371.15387.74481.85193.97593.17631.91752.35895.75
WACC
PV UFCF 555.56554.31618.12689.27
SUM PV UFCF 3,060.28

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 545.50