We’ve recently updated our valuation analysis.

Howard Hughes Valuation

Is HHC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HHC?

Other financial metrics that can be useful for relative valuation.

HHC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue4.1x
Enterprise Value/EBITDA12.3x
PEG Ratio2.3x

Price to Earnings Ratio vs Peers

How does HHC's PE Ratio compare to its peers?

The above table shows the PE ratio for HHC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12.3x
FOR Forestar Group
4x-30.4%US$720.2m
MLP Maui Land & Pineapple Company
32.2xn/aUS$179.2m
CWK Cushman & Wakefield
7.9x12.9%US$2.5b
STRS Stratus Properties
3.4xn/aUS$200.1m
HHC Howard Hughes
14.1x6.0%US$3.5b

Price-To-Earnings vs Peers: HHC is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (11.9x).


Price to Earnings Ratio vs Industry

How does HHC's PE Ratio compare vs other companies in the US Real Estate Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a34.3%
n/an/an/a

Price-To-Earnings vs Industry: HHC is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the US Real Estate industry average (9.8x)


Price to Earnings Ratio vs Fair Ratio

What is HHC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HHC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.1x
Fair PE Ratio24x

Price-To-Earnings vs Fair Ratio: HHC is good value based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (24x).


Share Price vs Fair Value

What is the Fair Price of HHC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HHC ($69.78) is trading below our estimate of fair value ($93.7)

Significantly Below Fair Value: HHC is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst HHC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$69.78
US$99.20
+42.2%
27.8%US$150.00US$72.00n/a5
Nov ’23US$62.00
US$99.40
+60.3%
27.6%US$150.00US$72.00n/a5
Oct ’23US$55.39
US$107.00
+93.2%
20.7%US$150.00US$90.00n/a5
Sep ’23US$64.82
US$106.80
+64.8%
20.9%US$150.00US$90.00n/a5
Aug ’23US$70.08
US$106.80
+52.4%
20.9%US$150.00US$90.00n/a5
Jul ’23US$70.25
US$111.00
+58.0%
20.8%US$150.00US$90.00n/a4
Jun ’23US$81.68
US$128.00
+56.7%
11.2%US$150.00US$110.00n/a4
May ’23US$100.29
US$130.50
+30.1%
8.8%US$150.00US$120.00n/a4
Apr ’23US$104.68
US$128.50
+22.8%
10.1%US$150.00US$115.00n/a4
Mar ’23US$95.18
US$127.50
+34.0%
10.6%US$150.00US$115.00n/a4
Feb ’23US$96.83
US$127.50
+31.7%
10.6%US$150.00US$115.00n/a4
Jan ’23US$101.78
US$127.67
+25.4%
12.4%US$150.00US$115.00n/a3
Dec ’22US$83.76
US$127.67
+52.4%
12.4%US$150.00US$115.00n/a3
Nov ’22US$87.70
US$128.33
+46.3%
12.0%US$150.00US$115.00US$62.003
Oct ’22US$88.55
US$129.00
+45.7%
11.7%US$150.00US$115.00US$55.393
Sep ’22US$91.48
US$129.00
+41.0%
11.7%US$150.00US$115.00US$64.823
Aug ’22US$92.71
US$129.00
+39.1%
11.7%US$150.00US$115.00US$70.083
Jul ’22US$97.47
US$130.00
+33.4%
11.3%US$150.00US$115.00US$70.253
Jun ’22US$108.75
US$129.33
+18.9%
11.6%US$150.00US$115.00US$81.683
May ’22US$107.94
US$129.33
+19.8%
11.6%US$150.00US$115.00US$100.293
Apr ’22US$97.33
US$126.67
+30.1%
13.0%US$150.00US$115.00US$104.683
Mar ’22US$96.48
US$120.00
+24.4%
18.9%US$150.00US$95.00US$95.183
Feb ’22US$88.75
US$91.67
+3.3%
9.3%US$100.00US$80.00US$96.833
Jan ’22US$78.93
US$84.00
+6.4%
5.1%US$90.00US$80.00US$101.783
Dec ’21US$74.76
US$84.00
+12.4%
5.1%US$90.00US$80.00US$83.763
Nov ’21US$62.19
US$77.33
+24.4%
6.8%US$82.00US$70.00US$87.703

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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