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InsideArbitrage May 2024 Mid-Month Update – Howard Hughes

  • May 16, 2024
Howard Hughes, Inc. (HHH): $68.13 Market Cap: $3.40B Sum-of-the-Parts Estimate Per Share: $129 (as of June 30, 2023) Howard Hughes is probably one of most misunderstood companies on Wall Street and also one that has generated a lot of interest following a series of insider purchases by Bill Ackman through Pershing Square Capital Management late last year. The company was our spotlight idea for the December 2023 newsletter. I live in a master planned community (MPC) in Northern California and I often admire the grand vision and the execution that went into creating this community. It houses not such single family homes and apartments but also includes both large retail chains as well small stores and restaurants. In addition, it is the world headquarters of two large Fortune 100 companies and numerous publicly traded companies. Another example of a successful MCP is Irvine in Southern California. Howard Hughes, among multiple other things, builds master planned communities. I got a chance to spend some time with their SVP, Investor Relations this week during his visit to San Francisco and I figured I would provide an update on the idea for this mid-month article. Howard Hughes Overview (source: Q1 2024...

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