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Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash to Debt 0.19
HHC's Cash to Debt is ranked lower than
62% of the 1496 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.29 vs. HHC: 0.19 )
Ranked among companies with meaningful Cash to Debt only.
HHC' s Cash to Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.39 Max: N/A
Current: 0.19
Equity to Asset 0.42
HHC's Equity to Asset is ranked lower than
54% of the 1455 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.44 vs. HHC: 0.42 )
Ranked among companies with meaningful Equity to Asset only.
HHC' s Equity to Asset Range Over the Past 10 Years
Min: 0.4  Med: 0.60 Max: 0.72
Current: 0.42
0.4
0.72
Interest Coverage 2.17
HHC's Interest Coverage is ranked lower than
83% of the 1023 Companies
in the Global Real Estate - General industry.

( Industry Median: 11.15 vs. HHC: 2.17 )
Ranked among companies with meaningful Interest Coverage only.
HHC' s Interest Coverage Range Over the Past 10 Years
Min: 4.32  Med: 11.40 Max: 75.17
Current: 2.17
4.32
75.17
F-Score: 3
Z-Score: 0.90
M-Score: -2.20
WACC vs ROIC
8.69%
2.63%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 14.94
HHC's Operating margin (%) is ranked lower than
57% of the 1470 Companies
in the Global Real Estate - General industry.

( Industry Median: 18.79 vs. HHC: 14.94 )
Ranked among companies with meaningful Operating margin (%) only.
HHC' s Operating margin (%) Range Over the Past 10 Years
Min: -508.02  Med: 14.60 Max: 26.27
Current: 14.94
-508.02
26.27
Net-margin (%) 17.14
HHC's Net-margin (%) is ranked higher than
60% of the 1485 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.56 vs. HHC: 17.14 )
Ranked among companies with meaningful Net-margin (%) only.
HHC' s Net-margin (%) Range Over the Past 10 Years
Min: -516.04  Med: -24.88 Max: 53.39
Current: 17.14
-516.04
53.39
ROE (%) 6.01
HHC's ROE (%) is ranked lower than
54% of the 1499 Companies
in the Global Real Estate - General industry.

( Industry Median: 6.93 vs. HHC: 6.01 )
Ranked among companies with meaningful ROE (%) only.
HHC' s ROE (%) Range Over the Past 10 Years
Min: -5.54  Med: -3.25 Max: 6.54
Current: 6.01
-5.54
6.54
ROA (%) 2.49
HHC's ROA (%) is ranked lower than
53% of the 1544 Companies
in the Global Real Estate - General industry.

( Industry Median: 2.72 vs. HHC: 2.49 )
Ranked among companies with meaningful ROA (%) only.
HHC' s ROA (%) Range Over the Past 10 Years
Min: -3.72  Med: -1.83 Max: 4.58
Current: 2.49
-3.72
4.58
ROC (Joel Greenblatt) (%) 5.43
HHC's ROC (Joel Greenblatt) (%) is ranked lower than
71% of the 1500 Companies
in the Global Real Estate - General industry.

( Industry Median: 15.16 vs. HHC: 5.43 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
HHC' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: -302.58  Med: -1.76 Max: 8.13
Current: 5.43
-302.58
8.13
Revenue Growth (3Y)(%) 31.50
HHC's Revenue Growth (3Y)(%) is ranked higher than
84% of the 1206 Companies
in the Global Real Estate - General industry.

( Industry Median: 6.30 vs. HHC: 31.50 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
HHC' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: 31.5  Med: 39.80 Max: 46.6
Current: 31.5
31.5
46.6
EBITDA Growth (3Y)(%) -3.40
HHC's EBITDA Growth (3Y)(%) is ranked lower than
67% of the 987 Companies
in the Global Real Estate - General industry.

( Industry Median: 7.70 vs. HHC: -3.40 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
HHC' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: -68.7  Med: -48.00 Max: -3.4
Current: -3.4
-68.7
-3.4
» HHC's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q4 2014

HHC Guru Trades in Q4 2014

Caxton Associates 27,884 sh (+73.36%)
Ron Baron 196,198 sh (+38.42%)
Whitney Tilson 46,581 sh (+15.31%)
John Paulson 315,000 sh (unchged)
Bill Ackman 3,568,017 sh (unchged)
Murray Stahl 5,146,164 sh (-3.50%)
Jim Simons 4,100 sh (-36.92%)
» More
Q1 2015

HHC Guru Trades in Q1 2015

Ron Baron 316,993 sh (+61.57%)
Whitney Tilson 50,425 sh (+8.25%)
Bill Ackman 3,568,017 sh (unchged)
John Paulson 315,000 sh (unchged)
Caxton Associates Sold Out
Jim Simons Sold Out
Murray Stahl 4,822,384 sh (-6.29%)
» More
Q2 2015

HHC Guru Trades in Q2 2015

Bill Ackman 3,568,017 sh (unchged)
John Paulson 315,000 sh (unchged)
Ron Baron 316,993 sh (unchged)
Whitney Tilson 50,425 sh (unchged)
Murray Stahl 4,750,304 sh (-1.49%)
» More
Q3 2015

HHC Guru Trades in Q3 2015

Jim Simons 192,900 sh (New)
Ron Baron 328,893 sh (+3.75%)
Whitney Tilson 51,495 sh (+2.12%)
Bill Ackman 3,568,017 sh (unchged)
Murray Stahl 5,600 sh (unchged)
Murray Stahl 4,427,281 sh (-6.80%)
John Paulson 165,000 sh (-47.62%)
» More
» Details

Insider Trades

Latest Guru Trades with HHC

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Guru Investment Theses on Howard Hughes Corp

Bill Ackman Comments on Howard Hughes Corp - Dec 16, 2015

Howard Hughes Corp. (NYSE:HHC)

As a developer/owner of major real estate projects and master planned communities, HHC is inherently a long-term investment proposition. The company continues to make material progress completing its developments, launching new projects, selling condominiums and residential lots, and leasing space to office and retail tenants and apartment renters. This is driving substantial increases in the company’s net operating income, recurring cash flows, and intrinsic value.

The company’s stock price has declined year-to- date largely we believe because of its ownership of two master planned communities in Houston, namely the Woodlands and Bridgeland. The substantial decline in oil prices has and will likely continue to reduce lot sale velocity and leasing activity in Houston. We do not, however, believe that the decline in oil prices will permanently impair Houston or these assets, as they represent the best office (in the case of the Woodlands) and among the best residential markets (both the Woodlands and Bridgeland) in the city, and because Houston’s economy, while meaningfully dependent on oil and gas, has in recent years diversified substantially. We expect that the Woodlands will continue to take market share from other locations in Houston as it is arguably the most desirable place to live and work in Houston.

From Bill Ackman (Trades, Portfolio)'s Pershing Square Holdings third quarter 2015 letter to shareholders.

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Bill Ackman Comments on Howard Hughes Corp - Sep 11, 2015

Howard Hughes Corp. (NYSE:HHC)



HHC reported mixed results for the quarter with strong NOI growth from operating assets, continued sales of condominiums in Hawaii at record-setting prices, and reduced land sales at the company’s Houston master planned communities (MPCs) due to lower demand as a result of uncertainty in the energy business.



We are not particularly focused on HHC’s quarterly earnings results, nor on quarterly land sales at its MPCs. Rather, we track the company’s long-term growth in intrinsic value driven by development progress at each of the company’s assets. HHC continues to make remarkable progress converting non-income producing land into productive income-producing or saleable assets.





From Pershing Square's semi-annual 2015 report.



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Murray Stahl (Trades, Portfolio) is chairman of Horizon Asset Management, Inc., the mutual fund he co-founded 30 years ago. Horizon has a record of producing positive returns for its clients. The return of 4.3% in the trying investment environment of 2014 was considerably lower than Horizon’s returns in 2013 and 2012, which were well into double figures. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 29.06
HHC's P/E(ttm) is ranked lower than
82% of the 1556 Companies
in the Global Real Estate - General industry.

( Industry Median: 11.18 vs. HHC: 29.06 )
Ranked among companies with meaningful P/E(ttm) only.
HHC' s P/E(ttm) Range Over the Past 10 Years
Min: 28.61  Med: 42.31 Max: 411.34
Current: 29.06
28.61
411.34
Forward P/E 9.32
HHC's Forward P/E is ranked higher than
65% of the 447 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.32 vs. HHC: 9.32 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 28.99
HHC's PE(NRI) is ranked lower than
80% of the 1201 Companies
in the Global Real Estate - General industry.

( Industry Median: 13.40 vs. HHC: 28.99 )
Ranked among companies with meaningful PE(NRI) only.
HHC' s PE(NRI) Range Over the Past 10 Years
Min: 12.07  Med: 20.96 Max: 410.19
Current: 28.99
12.07
410.19
P/B 1.43
HHC's P/B is ranked lower than
70% of the 1877 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.99 vs. HHC: 1.43 )
Ranked among companies with meaningful P/B only.
HHC' s P/B Range Over the Past 10 Years
Min: 0.66  Med: 1.83 Max: 2.95
Current: 1.43
0.66
2.95
P/S 4.63
HHC's P/S is ranked lower than
68% of the 1975 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.98 vs. HHC: 4.63 )
Ranked among companies with meaningful P/S only.
HHC' s P/S Range Over the Past 10 Years
Min: 4.55  Med: 8.90 Max: 16.86
Current: 4.63
4.55
16.86
EV-to-EBIT 23.54
HHC's EV-to-EBIT is ranked lower than
75% of the 1642 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.81 vs. HHC: 23.54 )
Ranked among companies with meaningful EV-to-EBIT only.
HHC' s EV-to-EBIT Range Over the Past 10 Years
Min: -1154.3  Med: -3.30 Max: 197
Current: 23.54
-1154.3
197
EV-to-EBITDA 16.55
HHC's EV-to-EBITDA is ranked lower than
64% of the 1682 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.17 vs. HHC: 16.55 )
Ranked among companies with meaningful EV-to-EBITDA only.
HHC' s EV-to-EBITDA Range Over the Past 10 Years
Min: -795.5  Med: -3.20 Max: 195.5
Current: 16.55
-795.5
195.5
Current Ratio 1.46
HHC's Current Ratio is ranked lower than
61% of the 1498 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.73 vs. HHC: 1.46 )
Ranked among companies with meaningful Current Ratio only.
HHC' s Current Ratio Range Over the Past 10 Years
Min: 0.52  Med: 4.46 Max: 12.07
Current: 1.46
0.52
12.07
Quick Ratio 1.46
HHC's Quick Ratio is ranked higher than
62% of the 1498 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.06 vs. HHC: 1.46 )
Ranked among companies with meaningful Quick Ratio only.
HHC' s Quick Ratio Range Over the Past 10 Years
Min: 0.52  Med: 4.46 Max: 12.07
Current: 1.46
0.52
12.07
Days Sales Outstanding 15.10
HHC's Days Sales Outstanding is ranked higher than
60% of the 999 Companies
in the Global Real Estate - General industry.

( Industry Median: 25.64 vs. HHC: 15.10 )
Ranked among companies with meaningful Days Sales Outstanding only.
HHC' s Days Sales Outstanding Range Over the Past 10 Years
Min: 13.47  Med: 18.75 Max: 26.6
Current: 15.1
13.47
26.6

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.46
HHC's Price/Tangible Book is ranked lower than
68% of the 1840 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.00 vs. HHC: 1.46 )
Ranked among companies with meaningful Price/Tangible Book only.
HHC' s Price/Tangible Book Range Over the Past 10 Years
Min: 0.7  Med: 1.71 Max: 2.92
Current: 1.46
0.7
2.92
Price/Median PS Value 0.51
HHC's Price/Median PS Value is ranked higher than
84% of the 1770 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.95 vs. HHC: 0.51 )
Ranked among companies with meaningful Price/Median PS Value only.
HHC' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.69  Med: 0.99 Max: 1.79
Current: 0.51
0.69
1.79
Price/Graham Number 1.37
HHC's Price/Graham Number is ranked lower than
76% of the 1575 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.73 vs. HHC: 1.37 )
Ranked among companies with meaningful Price/Graham Number only.
HHC' s Price/Graham Number Range Over the Past 10 Years
Min: 0.62  Med: 0.95 Max: 6.83
Current: 1.37
0.62
6.83
Earnings Yield (Greenblatt) (%) 4.27
HHC's Earnings Yield (Greenblatt) (%) is ranked lower than
62% of the 1473 Companies
in the Global Real Estate - General industry.

( Industry Median: 6.10 vs. HHC: 4.27 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
HHC' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 0.5  Med: 3.10 Max: 6.3
Current: 4.27
0.5
6.3

More Statistics

Revenue(Mil) $775
EPS $ 2.94
Beta1.41
Short Percentage of Float2.87%
52-Week Range $83.22 - 159.65
Shares Outstanding(Mil)39.71

Analyst Estimate

Dec15 Dec16 Dec17
Revenue(Mil) 644 1,352 1,941
EPS($) 2.71 5.15 9.01
EPS without NRI($) 2.71 5.15 9.01

Business Description

Industry: Real Estate Services » Real Estate - General
Compare: » details
Traded in other countries:HHE.Germany,
Howard Hughes Corp was incorporated on July 1, 2010. It is a developer and operator of master planned communities and mixed use properties. It operates in three segments; Master Planned Communities ("MPCs"), Operating Assets and Strategic Developments, Operating Assets, Strategic Developments. Its Master Planned Communities segment consists of the development and sale of residential and commercial land in large-scale projects. The Company owns four master planned communities; The Woodlands, Summerlin, Bridgeland and Maryland. It includes over 11,500 acres of land, residential sales, single and multi-family homes. Commercial sales include office, resort, services and other for-profit activities, as well as government, schools and other not-for-profit entities. Its Operating Assets segment contains 27 properties, investments and other assets that currently generate revenue, consisting of commercial mixed-use, retail, multi-family and office properties. These assets include eight mixed-use and retail properties, nine office properties the "Columbia Office Properties" contains five separate office buildings, a multi-family apartment building, a resort and conference center, a 36-hole golf and country club, three equity investments and four other assets. The Strategic Developments segment consists of near, medium and long-term development projects for 24 of its real estate properties. The Company regulates under the government and environment regulations.
» More Articles for HHC

Headlines

Articles On GuruFocus.com
Howard Hughes Dips Back Into Value Territory Feb 02 2016 
Pershing Square's New Presentation, Part 2 Jan 29 2016 
Bill Ackman Comments on Howard Hughes Corp Dec 16 2015 
EVCM Fund's October Commentary Nov 23 2015 
John Paulson Sells Stake in Broadcom, Cuts Cablevision Holding Nov 18 2015 
Bill Ackman Comments on Howard Hughes Corp Sep 11 2015 
Bill Ackman Exclusive Interview With Fox Business Sep 09 2015 
Ackman Ups Stake in Real Estate Company Howard Hughes Jul 06 2015 
Murray Stahl Reduces Most Valuable Stakes in First Quarter Jun 17 2015 
Baby Buffett - Will Bill Ackman Resurrect The Ghost Of Howard Hughes And Build A Corporate Empire? May 10 2015 

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