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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 : 4/10

vs
industry
vs
history
Cash to Debt 0.23
HHC's Cash to Debt is ranked lower than
58% of the 1622 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.31 vs. HHC: 0.23 )
Ranked among companies with meaningful Cash to Debt only.
HHC' s Cash to Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.35 Max: N/A
Current: 0.23
Equity to Asset 0.39
HHC's Equity to Asset is ranked lower than
61% of the 1556 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.45 vs. HHC: 0.39 )
Ranked among companies with meaningful Equity to Asset only.
HHC' s Equity to Asset Range Over the Past 10 Years
Min: 0.39  Med: 0.52 Max: 0.72
Current: 0.39
0.39
0.72
Interest Coverage 2.56
HHC's Interest Coverage is ranked lower than
80% of the 1453 Companies
in the Global Real Estate - General industry.

( Industry Median: 11.50 vs. HHC: 2.56 )
Ranked among companies with meaningful Interest Coverage only.
HHC' s Interest Coverage Range Over the Past 10 Years
Min: 1.99  Med: 11.4 Max: N/A
Current: 2.56
F-Score: 6
Z-Score: 1.01
M-Score: -1.63
WACC vs ROIC
9.77%
2.11%
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 : 8/10

vs
industry
vs
history
Operating margin (%) 17.02
HHC's Operating margin (%) is ranked higher than
50% of the 1577 Companies
in the Global Real Estate - General industry.

( Industry Median: 17.33 vs. HHC: 17.02 )
Ranked among companies with meaningful Operating margin (%) only.
HHC' s Operating margin (%) Range Over the Past 10 Years
Min: -508.02  Med: 14.9 Max: 26.27
Current: 17.02
-508.02
26.27
Net-margin (%) 18.80
HHC's Net-margin (%) is ranked higher than
63% of the 1591 Companies
in the Global Real Estate - General industry.

( Industry Median: 11.28 vs. HHC: 18.80 )
Ranked among companies with meaningful Net-margin (%) only.
HHC' s Net-margin (%) Range Over the Past 10 Years
Min: -516.04  Med: -15.72 Max: 53.39
Current: 18.8
-516.04
53.39
ROE (%) 7.57
HHC's ROE (%) is ranked higher than
55% of the 1602 Companies
in the Global Real Estate - General industry.

( Industry Median: 6.28 vs. HHC: 7.57 )
Ranked among companies with meaningful ROE (%) only.
HHC' s ROE (%) Range Over the Past 10 Years
Min: -46.83  Med: -3.25 Max: 7.57
Current: 7.57
-46.83
7.57
ROA (%) 3.08
HHC's ROA (%) is ranked higher than
55% of the 1651 Companies
in the Global Real Estate - General industry.

( Industry Median: 2.57 vs. HHC: 3.08 )
Ranked among companies with meaningful ROA (%) only.
HHC' s ROA (%) Range Over the Past 10 Years
Min: -24.22  Med: -1.83 Max: 4.58
Current: 3.08
-24.22
4.58
ROC (Joel Greenblatt) (%) 7.76
HHC's ROC (Joel Greenblatt) (%) is ranked lower than
63% of the 1599 Companies
in the Global Real Estate - General industry.

( Industry Median: 14.61 vs. HHC: 7.76 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
HHC' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: -752.82  Med: -1.76 Max: 7.76
Current: 7.76
-752.82
7.76
Revenue Growth (3Y)(%) 26.90
HHC's Revenue Growth (3Y)(%) is ranked higher than
83% of the 1329 Companies
in the Global Real Estate - General industry.

( Industry Median: 4.50 vs. HHC: 26.90 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
HHC' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: 26.9  Med: 35.65 Max: 46.5
Current: 26.9
26.9
46.5
» HHC's 10-Y Financials

Financials


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

» Details

Guru Trades

Q4 2015

HHC Guru Trades in Q4 2015

Paul Tudor Jones 3,526 sh (New)
Louis Moore Bacon 27,461 sh (New)
Ron Baron 346,493 sh (+5.35%)
Bill Ackman 3,568,017 sh (unchged)
John Paulson Sold Out
Murray Stahl 4,188,629 sh (-5.39%)
Jim Simons 148,127 sh (-23.21%)
» More
Q1 2016

HHC Guru Trades in Q1 2016

Third Avenue Management 235,600 sh (New)
Louis Moore Bacon 33,854 sh (+23.28%)
Bill Ackman 3,568,017 sh (unchged)
Paul Tudor Jones Sold Out
Jim Simons 131,700 sh (-11.09%)
Murray Stahl 3,704,860 sh (-11.55%)
Ron Baron 123,586 sh (-64.33%)
» More
Q2 2016

HHC Guru Trades in Q2 2016

Joel Greenblatt 2,140 sh (New)
Louis Moore Bacon 38,417 sh (+13.48%)
Bill Ackman 3,568,017 sh (unchged)
Ron Baron Sold Out
Third Avenue Management Sold Out
Murray Stahl 3,545,634 sh (-4.30%)
Jim Simons 40,700 sh (-69.10%)
» More
Q3 2016

HHC Guru Trades in Q3 2016

David Dreman 1,780 sh (New)
Keeley Asset Management Corp 82,686 sh (New)
Louis Moore Bacon 42,459 sh (+10.52%)
Bill Ackman 3,568,017 sh (unchged)
Joel Greenblatt 2,116 sh (-1.12%)
Murray Stahl 3,396,994 sh (-4.19%)
Jim Simons 19,700 sh (-51.60%)
» More
» Details

Insider Trades

Latest Guru Trades with HHC

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Business Description

Industry: Real Estate Services » Real Estate - General
Compare:OTCPK:LEGIF, OTCPK:LLESY, NYSE:TPL, NYSE:ALEX, OTCPK:HHRBF, NYSE:JOE, OTCPK:PKREY, NYSE:BBU, NYSE:IRS, OTCPK:YERR, OTCPK:HOFD, NYSE:TRC, NAS:GRBK, NYSE:FOR, OTCPK:DRUNF, NYSE:XIN, NAS:PICO, AMEX:CTO, AMEX:TPHS, NAS:STRS » details
Traded in other countries:HHE.Germany,
Howard Hughes Corp is a real estate company and is in the development of master planned communities and other strategic real estate development opportunities across the United States.

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.

Guru Investment Theses on The Howard Hughes Corp

Bill Ackman Comments on Howard Hughes Corp - Aug 29, 2016

HHC's second quarter report highlighted the continued progress it is making across all of its initiatives and business segments.

Net operating income ("NOT") from HHC (NYSE:HHC)'s operating assets increased from $28.5 million to $36 3 million year-over-year as recently developed properties continue to stabilize. HHC held steady its projected annual stabilized NOT estimate (excluding the South Street Seaport) of $215 million after increasing it from $203 million at year-end. Land sales closed in its Master Planned Communities ("MPC") segment decreased from $47 million to $34 million year-over-year in Q2 due to weakness at Woodlands in Houston and timing of superpad sales. The housing market in Summerlin remains strong as demonstrated by $48 million in land sales at The Summit, which is HHC's luxury golf course joint venture development within Summerlin. The Woodlands, which develops and sells lots at the upper end of the Houston residential market continues to experience a slowdown in housing activity. HHC saw increased activity, land sale closings and absorption rates at Bridgeland due to stronger demand for more affordable lots in Houston.

At the Ward Village in Honolulu, construction of the Waiea and Anaha condo towers continues on plan. Over 85% of the total square feet available for sale is now under contract at both the Waiea and Anaha condos. The 174-unit Waiea condo is expected to be completed by year-end, at which point HHC will begin to generate a significant amount of cash flow from condo closings. Anaha, a 317-unit project, is expected to be completed by the second quarter of 2017. In February 2016, HHC began construction of Ae'o, the third of four mixed-use residential towers planned for the first phase of the Ward Village development. Whole Foods has pre-leased a substantial portion of the retail space at the base of this tower, which is scheduled for completion in late 2018. Pre-sales are ongoing at the 466-unit Ae'o tower with 45% of the total residential square feet available for sale under contract. The fourth condo tower, the 424-unit Ke Kilohana, sold 90% of its units in five days (in April 2016). Ke Kilohana is a workforce residential tower with 375 of its units designated for local residents. Total construction costs for all four towers are expected to be $1.45 billion of which HHC has incurred $523 million

While HHC did not announce any new material developments at the South Street Seaport in Q2, we are optimistic about the potential for significant value creation at the Seaport.

From Bill Ackman (Trades, Portfolio)'s mid-year 2016 letter.

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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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Top Ranked Articles about The Howard Hughes Corp

Keeley Asset Management’s Top 4 New Holdings Firm invests in health care, real estate and electronics in 3rd quarter
Keeley Asset Management Corp (Trades, Portfolio) gained 12 new holdings in the third quarter. The top four new holdings are Ensign Group Inc. (NASDAQ:ENSG), The Howard Hughes Corp. (NYSE:HHC), City Office REIT Inc. (NYSE:CIO) and Plantronics Inc. (NYSE:PLT). Read more...
Bill Ackman Comments on Howard Hughes Corp Guru stock highlight
HHC's second quarter report highlighted the continued progress it is making across all of its initiatives and business segments. Read more...
Pershing Square's New Presentation, Part 2 Commentary on Howard Hughes Corporation, Platform Specialty Products, Nomad Foods, Fannie Mae, Freddie Mac
Howard Hughes Corporation (NYSE:HHC) Read more...
Bill Ackman Comments on Howard Hughes Corp Guru stock highlight
Howard Hughes Corp. (NYSE:HHC) Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 32.61
HHC's P/E(ttm) is ranked lower than
81% of the 1295 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.18 vs. HHC: 32.61 )
Ranked among companies with meaningful P/E(ttm) only.
HHC' s P/E(ttm) Range Over the Past 10 Years
Min: 23.5  Med: 27.58 Max: 32.8
Current: 32.61
23.5
32.8
Forward P/E 20.96
HHC's Forward P/E is ranked lower than
71% of the 55 Companies
in the Global Real Estate - General industry.

( Industry Median: 13.76 vs. HHC: 20.96 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 32.61
HHC's PE(NRI) is ranked lower than
81% of the 1281 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.12 vs. HHC: 32.61 )
Ranked among companies with meaningful PE(NRI) only.
HHC' s PE(NRI) Range Over the Past 10 Years
Min: 23.5  Med: 27.58 Max: 32.8
Current: 32.61
23.5
32.8
Price/Owner Earnings (ttm) 88.47
HHC's Price/Owner Earnings (ttm) is ranked lower than
91% of the 726 Companies
in the Global Real Estate - General industry.

( Industry Median: 11.13 vs. HHC: 88.47 )
Ranked among companies with meaningful Price/Owner Earnings (ttm) only.
HHC' s Price/Owner Earnings (ttm) Range Over the Past 10 Years
Min: 8.71  Med: 28.82 Max: 88.84
Current: 88.47
8.71
88.84
P/B 1.93
HHC's P/B is ranked lower than
76% of the 1588 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.02 vs. HHC: 1.93 )
Ranked among companies with meaningful P/B only.
HHC' s P/B Range Over the Past 10 Years
Min: 0.66  Med: 1.77 Max: 2.95
Current: 1.93
0.66
2.95
P/S 4.96
HHC's P/S is ranked lower than
65% of the 1543 Companies
in the Global Real Estate - General industry.

( Industry Median: 2.75 vs. HHC: 4.96 )
Ranked among companies with meaningful P/S only.
HHC' s P/S Range Over the Past 10 Years
Min: 4.39  Med: 8.37 Max: 16.85
Current: 4.96
4.39
16.85
EV-to-EBIT 19.70
HHC's EV-to-EBIT is ranked lower than
67% of the 1299 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.82 vs. HHC: 19.70 )
Ranked among companies with meaningful EV-to-EBIT only.
HHC' s EV-to-EBIT Range Over the Past 10 Years
Min: -1154.3  Med: 10.9 Max: 197
Current: 19.7
-1154.3
197
EV-to-EBITDA 15.38
HHC's EV-to-EBITDA is ranked lower than
60% of the 1331 Companies
in the Global Real Estate - General industry.

( Industry Median: 12.10 vs. HHC: 15.38 )
Ranked among companies with meaningful EV-to-EBITDA only.
HHC' s EV-to-EBITDA Range Over the Past 10 Years
Min: -795.5  Med: 11.2 Max: 195.5
Current: 15.38
-795.5
195.5
Current Ratio 1.54
HHC's Current Ratio is ranked lower than
60% of the 1606 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.81 vs. HHC: 1.54 )
Ranked among companies with meaningful Current Ratio only.
HHC' s Current Ratio Range Over the Past 10 Years
Min: 0.52  Med: 3.79 Max: 12.07
Current: 1.54
0.52
12.07
Quick Ratio 1.54
HHC's Quick Ratio is ranked higher than
61% of the 1606 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.13 vs. HHC: 1.54 )
Ranked among companies with meaningful Quick Ratio only.
HHC' s Quick Ratio Range Over the Past 10 Years
Min: 0.52  Med: 3.79 Max: 12.07
Current: 1.54
0.52
12.07
Days Sales Outstanding 14.21
HHC's Days Sales Outstanding is ranked higher than
62% of the 1048 Companies
in the Global Real Estate - General industry.

( Industry Median: 25.18 vs. HHC: 14.21 )
Ranked among companies with meaningful Days Sales Outstanding only.
HHC' s Days Sales Outstanding Range Over the Past 10 Years
Min: 13.47  Med: 16.65 Max: 26.6
Current: 14.21
13.47
26.6

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio -0.20
HHC's 3-Year Average Share Buyback Ratio is ranked higher than
75% of the 811 Companies
in the Global Real Estate - General industry.

( Industry Median: -4.30 vs. HHC: -0.20 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
HHC' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -1.6  Med: -1.5 Max: -0.2
Current: -0.2
-1.6
-0.2

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.89
HHC's Price/Tangible Book is ranked lower than
75% of the 1560 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.03 vs. HHC: 1.89 )
Ranked among companies with meaningful Price/Tangible Book only.
HHC' s Price/Tangible Book Range Over the Past 10 Years
Min: 0.7  Med: 1.82 Max: 2.92
Current: 1.89
0.7
2.92
Price/Median PS Value 0.59
HHC's Price/Median PS Value is ranked higher than
85% of the 1166 Companies
in the Global Real Estate - General industry.

( Industry Median: 1.01 vs. HHC: 0.59 )
Ranked among companies with meaningful Price/Median PS Value only.
HHC' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.57  Med: 1 Max: 1.91
Current: 0.59
0.57
1.91
Price/Graham Number 1.66
HHC's Price/Graham Number is ranked lower than
78% of the 1112 Companies
in the Global Real Estate - General industry.

( Industry Median: 0.78 vs. HHC: 1.66 )
Ranked among companies with meaningful Price/Graham Number only.
HHC' s Price/Graham Number Range Over the Past 10 Years
Min: 1.37  Med: 1.49 Max: 1.66
Current: 1.66
1.37
1.66
Earnings Yield (Greenblatt) (%) 5.06
HHC's Earnings Yield (Greenblatt) (%) is ranked lower than
55% of the 1590 Companies
in the Global Real Estate - General industry.

( Industry Median: 6.00 vs. HHC: 5.06 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
HHC' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 0.5  Med: 3.55 Max: 9.2
Current: 5.06
0.5
9.2

More Statistics

Revenue (TTM) (Mil) $982.0
EPS (TTM) $ 3.63
Beta1.60
Short Percentage of Float4.50%
52-Week Range $79.33 - 123.99
Shares Outstanding (Mil)39.84

Analyst Estimate

Dec16 Dec17
Revenue (Mil $)
EPS ($) 3.18 5.63
EPS w/o NRI ($) 3.18 5.63
EPS Growth Rate
(3Y to 5Y Estimate)
N/A
Dividends Per Share ($)
» More Articles for HHC

Headlines

Articles On GuruFocus.com
Murray Stahl Exits Dreamworks, Buys AMC Networks Nov 25 2016 
Keeley Asset Management’s Top 4 New Holdings Nov 18 2016 
Bill Ackman Comments on Howard Hughes Corp Aug 29 2016 
Marty Whitman's Third Avenue Buys Lennar, Fidelity, Howard Hughes May 12 2016 
Murray Stahl Trims Stakes in Liberty Interactive Stock Components Apr 19 2016 
Murray Stahl Reduces More Than 300 Stakes in 4th Quarter Feb 24 2016 
EVCM Fund's January 2016 Commentary Feb 19 2016 
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 

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