MoatScopeSeaport Entertainment Group Inc.SEG
Spin-off from Howard Hughes Holdings (HHH) · Jul 31, 2024 · NYSE American
one share of Seaport Entertainment for every nine shares of Howard Hughes
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
Seaport Entertainment Group owns Howard Hughes' entertainment-related real estate in New York City and Las Vegas, including the Seaport in Lower Manhattan, combining real estate with restaurant, retail and leisure offerings.
Stated rationaleHoward Hughes said separating the entertainment assets would leave it a pure-play developer of master planned communities.
The four questions
Indiscriminate selling
StrongManagement incentives
StrongThe hidden jewel
StrongLeverage
AbsentThe write-up
Howard Hughes Holdings distributed Seaport Entertainment Group on July 31, 2024, one Seaport share for every nine Howard Hughes shares, and paired the separation with a $175 million rights offering to Seaport holders backstopped by Pershing Square, Howard Hughes' controlling shareholder. Seaport holds the Seaport district in Lower Manhattan — Pier 17 and the Tin Building — the Las Vegas Aviators minor-league baseball team and its ballpark, and a 25% stake in Jean-Georges Restaurants. Howard Hughes keeps its master-planned communities. On MoatScope's framework Seaport carries no moat rating and a quality score of 17 at a $330 million market value, with no meaningful earnings-based fair value; Howard Hughes carries a Narrow moat and a quality score of 40 at $3.6 billion, trading at $64.12 against a base-case fair value estimate of $248.77 — 0.26×.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.