Here is yet another solution. This one has a single loop and no recursion.
#!/usr/local/bin/perl
use strict;
use warnings;
use Data::Dumper;
my $h= {
(4,-1),
(2,6),
(6,4),
(3,5),
(5,-1),
(99,-1),
};
my %hh;
my %tails;
while(my ($key, $value) = each %$h) {
my $val;
if($value == -1) {
$val = -1;
} elsif(exists($hh{$value})) {
$val = { $value => $hh{$value} };
delete($hh{$value});
} else {
$val = {};
$tails{$value} = $val;
}
if(exists($tails{$key})) {
$tails{$key}{$key} = $val;
} else {
$hh{$key} = $val;
}
}
print Dumper(\%hh);