Company Valuation: Highwoods Properties, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,654 2,943 2,427 3,242 2,837 3,440 - -
Change - -36.76% -17.55% 33.6% -12.48% 21.25% - -
Enterprise Value (EV) 1 7,420 6,119 5,615 6,513 6,364 6,792 6,846 6,974
Change - -17.53% -8.24% 16% -2.29% 6.73% 0.8% 1.87%
P/E 15x 18.8x 16.5x 32.5x 17.8x 18.2x 46x 47.3x
PBR 1.93x 1.22x 1.02x 1.39x 1.19x 1.55x 1.66x 1.61x
PEG - -0.4x -2.46x -1x 0.3x 1x -0.8x -17.7x
Capitalization / Revenue 6.06x 3.55x 2.91x 3.93x 3.52x 3.96x 3.83x 3.76x
EV / Revenue 9.66x 7.38x 6.73x 7.89x 7.9x 7.83x 7.63x 7.61x
EV / EBITDA 15.1x 11.6x 10.7x 12.4x 12.4x 12x 11.9x 11.7x
EV / EBIT 32x 30.2x 25.2x 34.6x 30.4x 23.4x 27.1x 25.2x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.96 2 2 2 2 2 1.933 1.93
Rate of return 4.4% 7.15% 8.71% 6.54% 7.75% 6.41% 6.2% 6.19%
EPS 2 2.98 1.49 1.39 0.94 1.45 1.716 0.6781 0.66
Distribution rate 65.8% 134% 144% 213% 138% 117% 285% 292%
Net sales 1 768 828.9 834 825.9 806.1 867.8 897.7 916.1
EBITDA 1 492.4 528.4 526.8 524.1 514 567.9 573 595.2
EBIT 1 231.8 202.7 222.9 188.1 209.5 290 252.8 276.7
Net income 1 310.8 156.6 146.2 99.76 157.3 180 83.23 92.35
Net Debt 1 2,766 3,176 3,188 3,271 3,527 3,352 3,406 3,534
Reference price 2 44.59 27.98 22.96 30.58 25.82 31.19 31.19 31.19
Nbr of stocks (in thousands) 104,383 105,198 105,693 106,020 109,894 110,306 - -
Announcement Date 08/02/22 07/02/23 06/02/24 11/02/25 10/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.17x7.83x11.96x6.41% 3.44B
31.98x7.29x12.85x4.14% 10.81B
24.98x16.27x26.37x4.02% 7.02B
23.16x15.91x26.62x4.4% 5.44B
162.78x7.88x12.27x4.43% 4.79B
9.72x13.42x14.46x6.35% 4.48B
37.96x12.21x15.93x6.34% 4.4B
152.31x7.88x13.71x5.9% 4.32B
24.32x8.4x15.39x3.63% 3.97B
-25.37x10.17x23.04x4.42% 3.94B
Average 46.00x 10.73x 17.26x 5.01% 5.26B
Weighted average by Cap. 44.77x 10.75x 17.39x 4.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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