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Intrinsic Value of Highwoods Properties, Inc. (HIW)

Previous Close$31.66
Intrinsic Value
Upside potential
Previous Close
$31.66

VALUATION INPUT DATA

This valuation is based on fiscal year data as of 2022-12-31 and quarterly data as of 2023-06-30.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year(a)2023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047

INCOME STATEMENT

Revenue growth rate, %7.9NaN
Revenue, $829NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m626NaN
Operating income, $m203NaN
EBITDA, $m494NaN
Interest expense (income), $mNaN
Earnings before tax, $m157NaN
Tax expense, $m0NaN
Net income, $m157NaN

BALANCE SHEET

Cash and short-term investments, $m26NaN
Total assets, $m6063NaN
Adjusted assets (=assets-cash), $m6037NaN
Average production assets, $m5080NaN
Working capital, $m45NaN
Total debt, $m3204NaN
Total liabilities, $m3564NaN
Total equity, $m2499NaN
Debt-to-equity ratio1.282NaN
Adjusted equity ratio0.411NaN

CASH FLOW

Net income, $m157NaN
Depreciation, amort., depletion, $m292NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m422NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-336NaN
Free cash flow, $m758NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m45
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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