Market Cap : 3.66 B | Enterprise Value : 7.94 B | PE Ratio : 28.01 | PB Ratio : 1.09 |
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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Warning Sign:
Beneish M-Score -1.66 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for The Howard Hughes's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of The Howard Hughes was 30.85. The lowest was -3.06. And the median was -2.46.
The historical data trend for The Howard Hughes's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Real Estate - Diversified subindustry, The Howard Hughes's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Real Estate industry and Real Estate sector, The Howard Hughes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Howard Hughes's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of The Howard Hughes for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 0.6438 | + | 0.528 * 0.9987 | + | 0.404 * 1.0309 | + | 0.892 * 1.9604 | + | 0.115 * 0.9742 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.4598 | + | 4.679 * 0.0452 | - | 0.327 * 1.0629 | |||||||
= | -1.66 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $628 Mil. Revenue was 276.708 + 210.226 + 805.676 + 219.188 = $1,512 Mil. Gross Profit was 126.766 + 90.623 + 280.833 + 86.787 = $585 Mil. Total Current Assets was $1,647 Mil. Total Assets was $9,508 Mil. Property, Plant and Equipment(Net PPE) was $47 Mil. Depreciation, Depletion and Amortization(DDA) was $204 Mil. Selling, General, & Admin. Expense(SGA) was $81 Mil. Total Current Liabilities was $899 Mil. Long-Term Debt & Capital Lease Obligation was $4,851 Mil. Net Income was 21.564 + 2.122 + 113.8 + 4.053 = $142 Mil. Non Operating Income was -2.437 + 17.621 + -33.533 + 29.716 = $11 Mil. Cash Flow from Operations was 5.533 + -100.76 + -243.558 + 39.535 = $-299 Mil. |
Total Receivables was $498 Mil. Revenue was 212.457 + 190.58 + 213.701 + 154.44 = $771 Mil. Gross Profit was 89.205 + 47.372 + 99.62 + 61.822 = $298 Mil. Total Current Assets was $1,833 Mil. Total Assets was $9,309 Mil. Property, Plant and Equipment(Net PPE) was $55 Mil. Depreciation, Depletion and Amortization(DDA) was $208 Mil. Selling, General, & Admin. Expense(SGA) was $90 Mil. Total Current Liabilities was $779 Mil. Long-Term Debt & Capital Lease Obligation was $4,517 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (628.36 / 1511.798) | / | (497.891 / 771.178) | |
= | 0.41563754 | / | 0.64562397 | |
= | 0.6438 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (298.019 / 771.178) | / | (585.009 / 1511.798) | |
= | 0.38644645 | / | 0.38696241 | |
= | 0.9987 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (1647.438 + 46.83) / 9508.08) | / | (1 - (1833.39 + 54.566) / 9309.069) | |
= | 0.82180756 | / | 0.79719175 | |
= | 1.0309 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 1511.798 | / | 771.178 | |
= | 1.9604 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (207.974 / (207.974 + 54.566)) | / | (203.774 / (203.774 + 46.83)) | |
= | 0.79216119 | / | 0.81313147 | |
= | 0.9742 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (81.293 / 1511.798) | / | (90.188 / 771.178) | |
= | 0.0537724 | / | 0.11694836 | |
= | 0.4598 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((4850.891 + 899.075) / 9508.08) | / | ((4517.436 + 779.273) / 9309.069) | |
= | 0.60474523 | / | 0.56898375 | |
= | 1.0629 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (141.539 - 11.367 | - | -299.25) | / | 9508.08 | |
= | 0.0452 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
The Howard Hughes has a M-score of -1.66 signals that the company is likely to be a manipulator.
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Olea Carlos A. | officer: CHIEF FINANCIAL OFFICER | 9950 WOODLOCH FOREST DRIVE SUITE 1100 THE WOODLANDS TX 77381 |
O'reilly David R. | director, officer: Director and CEO | 390 N. ORANGE AVENUE STE. 2400 ORLANDO FL 32801 |
Striph David Michael | officer: EVP, Head of Operations | ONE GALLERIA TOWER 13355 NOEL ROAD, 22ND FLOOR DALLAS TX 75240 |
Fitchitt Greg | officer: President, Columbia | ONE GALLERIA TOWER 13355 NOEL ROAD, 22ND FLOOR DALLAS TX 75240 |
Orrock Kevin | officer: President, Summerlin | ONE GALLERIA TOWER 13355 NOEL ROAD, 22ND FLOOR DALLAS TX 75240 |
Johnstone Douglas | officer: Regional President, Hawaii | ONE GALLERIA TOWER 13355 NOEL ROAD, 22ND FOOR DALLAS TX 75240 |
Carman James | officer: President, Houston Region | ONE GALLERIA TOWER 13355 NOEL ROAD, 22ND FOOR DALLAS TX 75240 |
Melton Heath | officer: PRESIDENT, PHOENIX REGION | 9950 WOODLOCH FOREST DRIVE SUITE 1100 THE WOODLANDS TX 77381 |
Loeffler Correne S | officer: Chief Financial Officer | 1401 ENCLAVE PARKWAY SUITE 600 HOUSTON TX 77077 |
Williams Anthony | director | 9950 WOODLOCH FOREST DRIVE, SUITE 1100 THE WOODLANDS TX 77380 |
Cross L Jay | officer: President | 233 SOUTH WACKER DRIVE SUITE 4600 CHICAGO IL 60606 |
Tighe Mary Ann | director | 13355 NOEL ROAD, 22ND FLOOR DALLAS TX 75240 |
Kaplan Beth J | director | 1716 LOCUST STREET DES MOINES IA 50309 |
Slosser Michael | officer: EVP - Hospitality | ONE GALLERIA TOWER 13355 NOEL ROAD, 22ND FLOOR DALLAS TX 75240 |
Treacy Simon Joseph | officer: President, Hawaii | ONE GALLERIA TOWER 13355 NOEL ROAD, 22ND FLOOR DALLAS TX 75240 |
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