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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of Highwoods Properties, Inc. (HIW)

Previous Close$33.18
Intrinsic Value$26.00*
Upside potential  -22%
Previous Close
$33.18
Intrinsic Value
$26.00*
Potential        
-22%
* Our model cannot be used “out of the box” for the valuation of this stock. You can still do your own valuation by changing the valuation input parameters.
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh25.66 26

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index. Highwoods is a fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %4.4NaN
Revenue, $766NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m534NaN
Operating income, $m232NaN
EBITDA, $m495NaN
Interest expense (income), $mNaN
Earnings before tax, $m305NaN
Tax expense, $m0NaN
Net income, $m305NaN

BALANCE SHEET

Cash and short-term investments, $m31NaN
Total assets, $m5695NaN
Adjusted assets (=assets-cash), $m5664NaN
Average production assets, $m4727NaN
Working capital, $m20NaN
Total debt, $m2831NaN
Total liabilities, $m3218NaN
Total equity, $m2477NaN
Debt-to-equity ratio1.143NaN
Adjusted equity ratio0.468NaN

CASH FLOW

Net income, $m305NaN
Depreciation, amort., depletion, $m263NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m415NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-151NaN
Free cash flow, $m566NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m20
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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