Intrinsic value of AV Homes - AVHI

Previous Close

$17.30

  Intrinsic Value

$20.77

stock screener

  Rating & Target

buy

+20%

Previous close

$17.30

 
Intrinsic value

$20.77

 
Up/down potential

+20%

 
Rating

buy

Our model is not good at valuating stocks of financial companies, such as AVHI.

We calculate the intrinsic value of AVHI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  50.39
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  779
  833
  889
  947
  1,007
  1,070
  1,136
  1,204
  1,275
  1,349
  1,427
  1,507
  1,592
  1,680
  1,772
  1,868
  1,969
  2,074
  2,185
  2,300
  2,421
  2,548
  2,680
  2,819
  2,965
  3,118
  3,278
  3,446
  3,622
  3,807
  4,000
Variable operating expenses, $m
 
  768
  820
  873
  929
  987
  1,047
  1,110
  1,176
  1,244
  1,315
  1,388
  1,465
  1,546
  1,631
  1,720
  1,813
  1,910
  2,011
  2,117
  2,229
  2,345
  2,467
  2,595
  2,729
  2,870
  3,018
  3,172
  3,334
  3,504
  3,683
Fixed operating expenses, $m
 
  19
  20
  20
  21
  21
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
Total operating expenses, $m
  738
  787
  840
  893
  950
  1,008
  1,069
  1,133
  1,199
  1,268
  1,339
  1,413
  1,491
  1,572
  1,658
  1,748
  1,841
  1,939
  2,041
  2,147
  2,260
  2,377
  2,500
  2,629
  2,763
  2,905
  3,054
  3,209
  3,372
  3,543
  3,723
Operating income, $m
  41
  45
  49
  53
  57
  62
  66
  71
  76
  82
  87
  95
  101
  107
  114
  121
  128
  136
  144
  152
  161
  170
  180
  190
  201
  212
  224
  237
  250
  264
  278
EBITDA, $m
  47
  51
  55
  59
  64
  69
  74
  79
  84
  90
  96
  102
  109
  116
  123
  130
  138
  146
  155
  164
  173
  183
  193
  204
  216
  228
  240
  254
  268
  282
  298
Interest expense (income), $m
  2
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
  63
Earnings before tax, $m
  38
  35
  38
  41
  45
  48
  52
  55
  59
  63
  67
  74
  78
  83
  89
  94
  99
  105
  112
  118
  125
  132
  140
  148
  156
  165
  174
  183
  194
  204
  215
Tax expense, $m
  -109
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  50
  52
  55
  58
Net income, $m
  147
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  54
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  68
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  840
  825
  881
  938
  998
  1,061
  1,125
  1,193
  1,264
  1,337
  1,414
  1,494
  1,577
  1,665
  1,756
  1,852
  1,951
  2,056
  2,165
  2,280
  2,399
  2,525
  2,656
  2,794
  2,939
  3,090
  3,249
  3,415
  3,590
  3,773
  3,965
Adjusted assets (=assets-cash), $m
  772
  825
  881
  938
  998
  1,061
  1,125
  1,193
  1,264
  1,337
  1,414
  1,494
  1,577
  1,665
  1,756
  1,852
  1,951
  2,056
  2,165
  2,280
  2,399
  2,525
  2,656
  2,794
  2,939
  3,090
  3,249
  3,415
  3,590
  3,773
  3,965
Revenue / Adjusted assets
  1.009
  1.010
  1.009
  1.010
  1.009
  1.008
  1.010
  1.009
  1.009
  1.009
  1.009
  1.009
  1.010
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
  1.009
Average production assets, $m
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  130
  137
  144
  152
  159
  167
  176
Working capital, $m
  0
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -146
  -154
  -163
  -171
  -180
  -190
  -200
  -211
  -222
  -233
  -245
  -258
  -271
  -285
  -300
  -315
  -331
  -348
Total debt, $m
  276
  303
  331
  360
  390
  422
  454
  488
  524
  561
  600
  640
  682
  726
  772
  820
  870
  923
  978
  1,036
  1,096
  1,160
  1,226
  1,295
  1,368
  1,444
  1,524
  1,608
  1,696
  1,788
  1,885
Total liabilities, $m
  389
  416
  444
  473
  503
  535
  567
  601
  637
  674
  713
  753
  795
  839
  885
  933
  983
  1,036
  1,091
  1,149
  1,209
  1,273
  1,339
  1,408
  1,481
  1,557
  1,637
  1,721
  1,809
  1,901
  1,998
Total equity, $m
  451
  409
  437
  465
  495
  526
  558
  592
  627
  663
  701
  741
  782
  826
  871
  918
  968
  1,020
  1,074
  1,131
  1,190
  1,252
  1,318
  1,386
  1,458
  1,533
  1,611
  1,694
  1,780
  1,871
  1,966
Total liabilities and equity, $m
  840
  825
  881
  938
  998
  1,061
  1,125
  1,193
  1,264
  1,337
  1,414
  1,494
  1,577
  1,665
  1,756
  1,851
  1,951
  2,056
  2,165
  2,280
  2,399
  2,525
  2,657
  2,794
  2,939
  3,090
  3,248
  3,415
  3,589
  3,772
  3,964
Debt-to-equity ratio
  0.612
  0.740
  0.760
  0.770
  0.790
  0.800
  0.810
  0.830
  0.840
  0.850
  0.850
  0.860
  0.870
  0.880
  0.890
  0.890
  0.900
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
Adjusted equity ratio
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  147
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  54
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
Depreciation, amort., depletion, $m
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
Funds from operations, $m
  102
  32
  34
  37
  39
  42
  45
  48
  51
  55
  58
  61
  65
  69
  73
  78
  82
  87
  92
  98
  103
  109
  115
  122
  128
  136
  143
  151
  159
  168
  177
Change in working capital, $m
  28
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
Cash from operations, $m
  74
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  68
  73
  77
  81
  86
  91
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
  166
  174
  184
  194
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
New CAPEX, $m
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
Cash from investing activities, $m
  -2
  -6
  -6
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -15
  -15
  -16
  -16
  -18
  -19
  -19
  -20
  -22
  -22
  -23
  -25
  -26
  -28
Free cash flow, $m
  72
  30
  32
  35
  37
  40
  43
  46
  48
  52
  55
  58
  61
  65
  69
  73
  77
  82
  87
  92
  97
  103
  108
  114
  121
  127
  135
  142
  150
  158
  166
Issuance/(repayment) of debt, $m
  -47
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
Issuance/(repurchase) of shares, $m
  0
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -51
  28
  28
  29
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
Total cash flow (excl. dividends), $m
  21
  58
  60
  64
  68
  71
  75
  80
  84
  89
  94
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  175
  184
  194
  204
  214
  226
  238
  250
  263
Retained Cash Flow (-), $m
  -149
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
Prev. year cash balance distribution, $m
 
  68
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  100
  33
  35
  38
  40
  43
  46
  49
  52
  55
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
  109
  115
  122
  129
  136
  143
  151
  159
  168
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  94
  29
  29
  29
  28
  27
  26
  25
  23
  22
  20
  18
  16
  14
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8

AV Homes, Inc. is a homebuilder engaged in the business of homebuilding and community development in Florida, Arizona and the Carolinas. The Company is also engaged in other real estate activities, such as the operation of amenities and the sale of land for third-party development. The Company's segments include Florida, Arizona and the Carolinas. It focuses on the development and construction of primary residential communities serving first-time and move-up buyers, including under its local Bonterra Builders and Royal Oak Homes brands, and active adult communities, which are age-restricted to the age 55 and over active adult demographic. It owns approximately 5,010 developed residential lots, over 3,140 partially developed residential lots, approximately 8,650 undeveloped residential lots, and over 14,450 acres of mixed-use, commercial and industrial land. Its active adult communities include Solivita, CantaMia, Vitalia at Tradition, Encore at Eastmark and Creekside at Bethpage.

FINANCIAL RATIOS  of  AV Homes (AVHI)

Valuation Ratios
P/E Ratio 2.6
Price to Sales 0.5
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 5.4
Growth Rates
Sales Growth Rate 50.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 61.2%
Total Debt to Equity 61.2%
Interest Coverage 20
Management Effectiveness
Return On Assets 19.6%
Ret/ On Assets - 3 Yr. Avg. 8.6%
Return On Total Capital 21.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.8%
Return On Equity 39%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 18.1%
Gross Margin - 3 Yr. Avg. 10.8%
EBITDA Margin 5.9%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 3.6%
Pre-Tax Margin 4.9%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 18.9%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate -286.8%
Eff/ Tax Rate - 3 Yr. Avg. -95.6%
Payout Ratio 0%

AVHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVHI stock intrinsic value calculation we used $779 million for the last fiscal year's total revenue generated by AV Homes. The default revenue input number comes from 2016 income statement of AV Homes. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AVHI stock valuation model: a) initial revenue growth rate of 6.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.3%, whose default value for AVHI is calculated based on our internal credit rating of AV Homes, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AV Homes.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AVHI stock the variable cost ratio is equal to 92.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $19 million in the base year in the intrinsic value calculation for AVHI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for AV Homes.

Corporate tax rate of 27% is the nominal tax rate for AV Homes. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AVHI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AVHI are equal to 4.4%.

Life of production assets of 8.9 years is the average useful life of capital assets used in AV Homes operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AVHI is equal to -8.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $451 million for AV Homes - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 22.455 million for AV Homes is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AV Homes at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
KBH KB Home 27.05 85.04  str.buy
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HOV Hovnanian Ente 2.26 0.99  str.sell
WLH William Lyon H 23.96 61.84  str.buy
LGIH LGI Homes 55.92 378.59  str.buy
GRBK Green Brick Pa 10.50 7.13  sell
NWHM New Home 11.33 33.65  str.buy
MDC M.D.C. Holding 36.34 52.79  buy
DHI D.R. Horton 42.67 112.28  str.buy

COMPANY NEWS

▶ AV Homes, Inc. Announces Third Quarter 2017 Earnings Call   [Oct-09-17 06:00PM  GlobeNewswire]
▶ Should You Get Rid of AV Homes (AVHI) Now?   [Aug-24-17 08:56AM  Zacks]
▶ ETFs with exposure to AV Homes, Inc. : August 15, 2017   [Aug-15-17 03:24PM  Capital Cube]
▶ A V Homes posts 2Q profit   [Jul-28-17 01:06AM  Associated Press]
▶ AV Homes Reports Results for Second Quarter 2017   [Jul-27-17 04:05PM  GlobeNewswire]
▶ AV Homes, Inc. Announces Second Quarter 2017 Earnings Call   [Jul-10-17 04:10PM  GlobeNewswire]
▶ Can The Uptrend Continue for AV Homes (AVHI)?   [Jun-22-17 04:39AM  Zacks]
▶ ETFs with exposure to AV Homes, Inc. : June 15, 2017   [Jun-15-17 01:09PM  Capital Cube]
▶ New Strong Buy Stocks for May 23rd   [May-23-17 09:46AM  Zacks]
▶ New Strong Buy Stocks for May 19th   [May-19-17 09:50AM  Zacks]
▶ New Strong Buy Stocks for May 12th   [May-12-17 08:47AM  Zacks]
▶ AV Homes Announces Pricing of $400 Million in Senior Notes   [May-04-17 04:15PM  GlobeNewswire]
▶ ETFs with exposure to AV Homes, Inc. : May 3, 2017   [May-03-17 03:37PM  Capital Cube]
▶ A V Homes posts 1Q profit   [Apr-27-17 06:02PM  Associated Press]
▶ AV Homes, Inc. Announces First Quarter 2017 Earnings Call   [Apr-11-17 04:15PM  GlobeNewswire]
▶ AV Homes Completes Acquisition of Savvy Homes   [Apr-03-17 05:30PM  GlobeNewswire]
▶ AV Homes to buy Triangle building company for $50M   [Mar-03-17 02:20PM  at bizjournals.com]
▶ AV Homes to buy Triangle building company for $50M   [02:20PM  American City Business Journals]
▶ A V Homes posts 4Q profit   [Feb-23-17 06:01PM  Associated Press]
▶ Is Tesco Corporation (USA) (TESO) A Good Stock To Buy?   [Dec-20-16 04:18PM  at Insider Monkey]
▶ AV Homes, Inc. Announces Third Quarter 2016 Earnings Call   [Oct-12-16 04:30PM  GlobeNewswire]
▶ AV Homes, Inc. Announces Second Quarter 2016 Earnings Call   [Jul-13-16 04:15PM  GlobeNewswire]
▶ AV Homes: A Cheap Stock With Rich Potential   [Jun-07-16 08:40AM  at Kiplinger]
Financial statements of AVHI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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