Intrinsic value of Black Knight Financial Services - BKFS

Previous Close

$42.50

  Intrinsic Value

$28.62

stock screener

  Rating & Target

sell

-33%

  Value-price divergence*

0%

Previous close

$42.50

 
Intrinsic value

$28.62

 
Up/down potential

-33%

 
Rating

sell

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BKFS 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 6.6

 

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, %
  10.20
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  1,026
  1,094
  1,164
  1,237
  1,314
  1,393
  1,476
  1,562
  1,652
  1,746
  1,845
  1,947
  2,054
  2,166
  2,283
  2,406
  2,534
  2,668
  2,809
  2,956
  3,110
  3,272
  3,441
  3,619
  3,805
  4,000
  4,204
  4,419
  4,644
  4,880
  5,128
Variable operating expenses, $m
 
  584
  607
  631
  655
  681
  708
  736
  765
  795
  827
  630
  664
  701
  739
  778
  820
  863
  909
  956
  1,006
  1,058
  1,113
  1,170
  1,231
  1,294
  1,360
  1,429
  1,502
  1,578
  1,659
Fixed operating expenses, $m
 
  243
  249
  255
  262
  268
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  361
  370
  379
  388
  398
  408
  418
  429
  439
  450
  462
  473
  485
  497
Total operating expenses, $m
  793
  827
  856
  886
  917
  949
  983
  1,018
  1,054
  1,091
  1,130
  941
  983
  1,028
  1,074
  1,121
  1,172
  1,224
  1,279
  1,335
  1,394
  1,456
  1,521
  1,588
  1,660
  1,733
  1,810
  1,891
  1,975
  2,063
  2,156
Operating income, $m
  233
  267
  308
  352
  397
  444
  493
  545
  599
  655
  714
  1,006
  1,071
  1,139
  1,210
  1,285
  1,363
  1,445
  1,531
  1,621
  1,716
  1,816
  1,920
  2,030
  2,145
  2,267
  2,394
  2,528
  2,669
  2,817
  2,972
EBITDA, $m
  441
  562
  608
  655
  705
  757
  811
  868
  927
  989
  1,054
  1,122
  1,193
  1,267
  1,345
  1,427
  1,513
  1,603
  1,697
  1,796
  1,900
  2,009
  2,124
  2,244
  2,371
  2,504
  2,643
  2,790
  2,944
  3,106
  3,276
Interest expense (income), $m
  60
  56
  63
  70
  77
  85
  93
  101
  110
  119
  129
  139
  149
  160
  172
  184
  196
  209
  223
  237
  252
  268
  284
  301
  319
  338
  358
  379
  401
  424
  448
Earnings before tax, $m
  159
  211
  246
  282
  320
  359
  400
  443
  489
  536
  585
  867
  922
  979
  1,038
  1,101
  1,167
  1,236
  1,308
  1,384
  1,464
  1,548
  1,636
  1,729
  1,826
  1,928
  2,036
  2,149
  2,268
  2,393
  2,524
Tax expense, $m
  26
  57
  66
  76
  86
  97
  108
  120
  132
  145
  158
  234
  249
  264
  280
  297
  315
  334
  353
  374
  395
  418
  442
  467
  493
  521
  550
  580
  612
  646
  682
Net income, $m
  46
  154
  179
  206
  233
  262
  292
  324
  357
  391
  427
  633
  673
  714
  758
  804
  852
  902
  955
  1,010
  1,069
  1,130
  1,194
  1,262
  1,333
  1,408
  1,486
  1,569
  1,656
  1,747
  1,843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  134
  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
  3,762
  3,865
  4,114
  4,373
  4,642
  4,923
  5,216
  5,521
  5,839
  6,171
  6,518
  6,880
  7,259
  7,655
  8,069
  8,502
  8,955
  9,429
  9,926
  10,446
  10,991
  11,561
  12,160
  12,787
  13,444
  14,134
  14,857
  15,615
  16,410
  17,244
  18,120
Adjusted assets (=assets-cash), $m
  3,628
  3,865
  4,114
  4,373
  4,642
  4,923
  5,216
  5,521
  5,839
  6,171
  6,518
  6,880
  7,259
  7,655
  8,069
  8,502
  8,955
  9,429
  9,926
  10,446
  10,991
  11,561
  12,160
  12,787
  13,444
  14,134
  14,857
  15,615
  16,410
  17,244
  18,120
Revenue / Adjusted assets
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
Average production assets, $m
  936
  997
  1,062
  1,129
  1,198
  1,271
  1,346
  1,425
  1,507
  1,593
  1,682
  1,776
  1,874
  1,976
  2,082
  2,194
  2,311
  2,434
  2,562
  2,696
  2,837
  2,984
  3,138
  3,300
  3,470
  3,648
  3,834
  4,030
  4,235
  4,451
  4,677
Working capital, $m
  112
  44
  47
  49
  53
  56
  59
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
  152
  160
  168
  177
  186
  195
  205
Total debt, $m
  1,570
  1,691
  1,884
  2,086
  2,296
  2,514
  2,742
  2,979
  3,227
  3,485
  3,755
  4,037
  4,332
  4,639
  4,961
  5,298
  5,651
  6,020
  6,406
  6,811
  7,235
  7,679
  8,144
  8,632
  9,144
  9,680
  10,243
  10,832
  11,451
  12,100
  12,781
Total liabilities, $m
  2,886
  3,007
  3,200
  3,402
  3,612
  3,830
  4,058
  4,295
  4,543
  4,801
  5,071
  5,353
  5,648
  5,955
  6,277
  6,614
  6,967
  7,336
  7,722
  8,127
  8,551
  8,995
  9,460
  9,948
  10,460
  10,996
  11,559
  12,148
  12,767
  13,416
  14,097
Total equity, $m
  876
  858
  913
  971
  1,031
  1,093
  1,158
  1,226
  1,296
  1,370
  1,447
  1,527
  1,612
  1,699
  1,791
  1,887
  1,988
  2,093
  2,203
  2,319
  2,440
  2,567
  2,699
  2,839
  2,985
  3,138
  3,298
  3,467
  3,643
  3,828
  4,023
Total liabilities and equity, $m
  3,762
  3,865
  4,113
  4,373
  4,643
  4,923
  5,216
  5,521
  5,839
  6,171
  6,518
  6,880
  7,260
  7,654
  8,068
  8,501
  8,955
  9,429
  9,925
  10,446
  10,991
  11,562
  12,159
  12,787
  13,445
  14,134
  14,857
  15,615
  16,410
  17,244
  18,120
Debt-to-equity ratio
  1.792
  1.970
  2.060
  2.150
  2.230
  2.300
  2.370
  2.430
  2.490
  2.540
  2.600
  2.640
  2.690
  2.730
  2.770
  2.810
  2.840
  2.880
  2.910
  2.940
  2.970
  2.990
  3.020
  3.040
  3.060
  3.090
  3.110
  3.120
  3.140
  3.160
  3.180
Adjusted equity ratio
  0.205
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  46
  154
  179
  206
  233
  262
  292
  324
  357
  391
  427
  633
  673
  714
  758
  804
  852
  902
  955
  1,010
  1,069
  1,130
  1,194
  1,262
  1,333
  1,408
  1,486
  1,569
  1,656
  1,747
  1,843
Depreciation, amort., depletion, $m
  208
  295
  299
  304
  308
  313
  318
  323
  328
  334
  340
  115
  122
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
  225
  237
  249
  262
  275
  289
  304
Funds from operations, $m
  292
  449
  479
  509
  542
  575
  610
  647
  685
  725
  767
  749
  795
  843
  893
  946
  1,002
  1,060
  1,121
  1,185
  1,253
  1,324
  1,398
  1,476
  1,558
  1,645
  1,735
  1,831
  1,931
  2,036
  2,147
Change in working capital, $m
  -34
  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
  9
  9
  10
Cash from operations, $m
  326
  446
  476
  507
  538
  572
  607
  643
  681
  721
  763
  744
  790
  838
  889
  941
  997
  1,055
  1,116
  1,180
  1,247
  1,317
  1,391
  1,469
  1,551
  1,637
  1,727
  1,822
  1,922
  2,026
  2,137
Maintenance CAPEX, $m
  0
  -61
  -65
  -69
  -73
  -78
  -83
  -87
  -93
  -98
  -103
  -109
  -115
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -214
  -225
  -237
  -249
  -262
  -275
  -289
New CAPEX, $m
  -80
  -61
  -64
  -67
  -70
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -226
Cash from investing activities, $m
  -230
  -122
  -129
  -136
  -143
  -150
  -159
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -286
  -300
  -316
  -331
  -348
  -366
  -384
  -403
  -424
  -445
  -467
  -490
  -515
Free cash flow, $m
  96
  324
  347
  371
  396
  422
  449
  477
  507
  538
  570
  542
  577
  614
  653
  694
  737
  782
  829
  879
  931
  986
  1,043
  1,104
  1,167
  1,234
  1,304
  1,377
  1,455
  1,536
  1,622
Issuance/(repayment) of debt, $m
  -5
  184
  194
  201
  210
  218
  228
  237
  248
  258
  270
  282
  295
  308
  322
  337
  353
  369
  386
  405
  424
  444
  465
  488
  512
  536
  562
  590
  619
  649
  681
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -99
  184
  194
  201
  210
  218
  228
  237
  248
  258
  270
  282
  295
  308
  322
  337
  353
  369
  386
  405
  424
  444
  465
  488
  512
  536
  562
  590
  619
  649
  681
Total cash flow (excl. dividends), $m
  -3
  508
  540
  572
  605
  640
  676
  714
  754
  796
  840
  824
  872
  922
  975
  1,031
  1,090
  1,151
  1,216
  1,284
  1,355
  1,430
  1,509
  1,591
  1,678
  1,770
  1,866
  1,967
  2,073
  2,185
  2,303
Retained Cash Flow (-), $m
  -57
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -177
  -185
  -194
Prev. year cash balance distribution, $m
 
  71
  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
 
  526
  485
  515
  546
  578
  611
  647
  684
  722
  763
  743
  788
  834
  884
  935
  989
  1,046
  1,106
  1,168
  1,234
  1,303
  1,376
  1,452
  1,532
  1,617
  1,706
  1,799
  1,897
  2,000
  2,108
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  486
  411
  396
  378
  357
  334
  309
  283
  255
  227
  184
  160
  137
  115
  95
  77
  62
  48
  37
  27
  20
  14
  10
  7
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Black Knight Financial Services, Inc. provides integrated technology, workflow automation, and data and analytics to mortgage and real estate industries primarily in the United States. The company operates through two segments, Technology; and Data and Analytics. It offers software and hosting solutions, such as mortgage origination and servicing, processing, and workflow management software applications, as well as related support and services. The company also provides mortgage servicing platform, a software as a service application that automates loan servicing to the secondary mortgage market, and investor reporting; and LoanSphere Bankruptcy and LoanSphere Foreclosure solutions, which are Web-based workflow information systems for managing and automating a range of workflow processes involving non-performing loans. In addition, it offers LoanSphere Invoicing to organize images of paper documents within a particular file, capture information from imaged documents, manage invoices, and provide various users access to data needed for monitoring and process management. Further, the company provides Empower, which supports retail and wholesale loan originations; LendingSpace that supports correspondent loan originations; Exchange, a platform, which provides interconnected network of originators, agents, settlement services providers, and investors; and Insight suite of solutions designed to help lenders meet loan quality and disclosure requirements established by the government-sponsored enterprises. Additionally, it offers data and analytics solutions consisting of property, mortgage performance data, and MLS; mortgage and real estate analytics services, such as automated valuation models, collateral risk scores, appraisal review services, and valuation reconciliation services; and enterprise business intelligence solutions, as well as eLending solutions. The company was founded in 2013 and is headquartered in Jacksonville, Florida.

FINANCIAL RATIOS  of  Black Knight Financial Services (BKFS)

Valuation Ratios
P/E Ratio 142.2
Price to Sales 6.4
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 20.1
Price to Free Cash Flow 26.6
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 172%
Total Debt to Equity 179.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 2.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.6%
EBITDA Margin - 3 Yr. Avg. 35.6%
Operating Margin 22.7%
Oper. Margin - 3 Yr. Avg. 15.5%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 16.4%
Eff/ Tax Rate - 3 Yr. Avg. 12.1%
Payout Ratio 106.5%

BKFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKFS stock intrinsic value calculation we used $1026 million for the last fiscal year's total revenue generated by Black Knight Financial Services. The default revenue input number comes from 2016 income statement of Black Knight Financial Services. 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 BKFS stock valuation model: a) initial revenue growth rate of 6.6% 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 8.3%, whose default value for BKFS is calculated based on our internal credit rating of Black Knight Financial Services, 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 Black Knight Financial Services.
    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 BKFS stock the variable cost ratio is equal to 54.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $237 million in the base year in the intrinsic value calculation for BKFS 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 3.7% for Black Knight Financial Services.

Corporate tax rate of 27% is the nominal tax rate for Black Knight Financial Services. 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 BKFS 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 BKFS are equal to 91.2%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Black Knight Financial Services 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 BKFS is equal to 4%. 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 - $876 million for Black Knight Financial Services - 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 155.15 million for Black Knight Financial Services 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 Black Knight Financial Services at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Black Knight beats 2Q profit forecasts   [Jul-19-17 09:47PM  Associated Press]
▶ Black Knight meets 1Q profit forecasts   [May-04-17 05:02AM  Associated Press]
▶ Denver, Colorado home price gains stay strong, reports show   [Apr-25-17 04:26PM  American City Business Journals]
▶ Housing demand may keep market afloat, even if rates rise   [Feb-06-17 03:03PM  at MarketWatch]
Stock chart of BKFS Financial statements of BKFS
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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