- Bill Ackman’s Pershing Square has been buying the dip, increasing the fund’s position to 13,470,008 shares, representing 24.5% of HHC’s 54,922,801 shares outstanding.
- Net Asset Value (NAV) calculations reveal a $170 NAV per share, representing an opportunity for 102% upside to NAV.
- HHC has a unique approach to long-term value creation, allowing it to rapidly compound NAV through a 22% CAGR on NOI growth and 7% CAGR on land value.
- Valuation is sensitive to cap rate assumptions but all plausible cap rate assumptions imply large upside.
For further details see:
Howard Hughes: Bill Ackman Is Buying And I Am Too