Bill Chen on HHC's value and Ackman's pending tender
Nov 07, 2022•1 hr 20 min
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Episode description
Bill Chen, a real estate investor, returns to the podcast to discuss HHC's value and why Bill Ackman's current tender for the company might undervalue HHC.
HHC model: https://t.co/q6lQ69TeXZ
Chapters
- 0:00 Intro
- 2:50 HHC overview
- 7:15 How HHC can create value over time
- 9:15 Valuing HHC's operating assets
- 11:35 Opportunity cost versus other publicly traded real estate
- 17:35 Valuing HHC's unstabilized assets
- 19:30 Valuing HHC's Hawaiian assets (Ward Village)
- 29:55 Valuing HHC's "other" assets
- 31:40 Valuing HHC's MPC
- 45:20 Valuing HHC's Seaport asset
- 50:55 Why is HHC always trading under NAV?
- 54:00 Will non-Ackman shareholders ever realize value from HHC?
- 56:25 HHC's OXY deal
- 1:05:35 HHC's most recent MPC deal versus share buybacks
- 1:13:00 Ackman's long term HHC plan
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