investorscraft@gmail.com

Investor's Craft

Stock Screeners
Stock Indices
Stock Valuation

Intrinsic Value of Highwoods Properties, Inc. (HIW)

Previous Close$29.22
Intrinsic Value$14.53
Upside potential  -50%
Previous Close
$29.22
Intrinsic Value
$14.53
Potential        
-50%

VALUATION INPUT DATA

Revenue, mln $Initial revenue growth rate, %Variable cost ratio, %Fixed operating exp., mln $Prod. assets / Revenue, %Working capital / Revenue, %Interest rate on debt, %Initial discount rate, %Shares outstanding, mlnAdjusted equity ratioAdjusted assets / RevenueCash & ST InvestmentsTotal debt

This valuation is based on fiscal year data as of 2024 and quarterly data as of 2024-12-31.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049

INCOME STATEMENT

Revenue growth rate, %-0.5-0.20.00.30.50.71.01.21.41.51.71.92.02.22.32.52.62.72.82.93.03.13.23.33.4
Revenue, $826824824827831837845855866880895912930950972996102210491079111111441180121812581301
Variable operating expenses, $m165165165165166167169171173176179182186190194199204210216222229236244252260
Fixed operating expenses, $m16117418920522324226228430933536339442846450354659364369875782189196710491138
Total operating expenses, $m32633935437038940943145548251154257661465469774579785391497910501127121113011398
Operating income, $m50048547045644242841440038536935333531629627425122519716613194538-42-97
EBITDA, $m50048547045644242841440038536935333531629627425122519716613194538-42-97
Interest expense (income), $m132120120120120121122123125127129132135138142146150155160165171177183190197
Earnings before tax, $m36836535133732230729227626024222320318115813210575426-34-77-124-176-232-295
Tax expense, $m9999959187837975706560554943362820112000000
Net income, $m269266256246235224213202190177163148132115977654304-34-77-124-176-232-295

BALANCE SHEET

Cash and short-term investments, $m0000000000000000000000000
Total assets, $m6161614761496167619962456305637864646563667568006938708972537431762378298049828585358802908693879705
Adjusted assets (=assets-cash), $m6161614761496167619962456305637864646563667568006938708972537431762378298049828585358802908693879705
Average production assets, $m0000000000000000000000000
Working capital, $m202202202203204205207209212216219223228233238244250257264272280289298308319
Total debt, $m2996298829893000301930473082312631783237330533803462355336523758387339974129427044214581475149315123
Total liabilities, $m3697368836903700371937473783382738783938400540804163425343524459457446974830497151215281545256325823
Total equity, $m2464245924602467248024982522255125862625267027202775283629012973304931323220331434143521363437553882
Debt-to-equity ratio1.3361.2181.2151.2121.2101.2081.2081.2081.2091.2111.2121.2151.2181.2211.2251.2281.2331.2371.2411.2461.2511.2561.2601.2651.270
Adjusted equity ratio0.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.4000.400

CASH FLOW

Net income, $m269266256246235224213202190177163148132115977654304-34-77-124-176-232-295
Depreciation, amort., depletion, $m0000000000000000000000000
Funds from operations, $m269266256246235224213202190177163148132115977654304-34-77-124-176-232-295
Change in working capital, $m-100112223344555667788991010
Cash from operations, $m27026725624523422321119918717315914412811091714824-3-41-85-133-185-242-305
Maintenance CAPEX, $m0000000000000000000000000
New CAPEX, $m0000000000000000000000000
Total CAPEX, $m0000000000000000000000000
Free cash flow, $m27026725624523422321119918717315914412811091714824-3-41-85-133-185-242-305
Issuance/(repurchase) of shares, $m0000000000000001295991136185240298363433
Retained Cash Flow, $m606-1-7-13-18-24-29-34-40-45-50-55-60-66-71-77-82-88-94-100-107-113-120-127
Pot'l extraordinary dividend, $m-163
Cash available for distribution, $m155271255238221204187170152134114947350250000000000
Discount rate, %5.505.786.066.376.697.027.377.748.138.538.969.419.8810.3710.8911.4312.0112.6113.2413.9014.5915.3216.0916.8917.74
PV of cash for distribution, $m1472432141861601361149475594532211350000000000
Current shareholders' claim on cash, %100100100100100100100100100100100100100100100100999896938984797468