Intrinsic value of TopBuild - BLD

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$43.90

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$43.90

 
Intrinsic value

$116.04

 
Up/down potential

+164%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of BLD 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 1.7

 

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, %
  7.79
  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
  1,743
  1,729
  1,845
  1,965
  2,091
  2,221
  2,357
  2,499
  2,647
  2,801
  2,961
  3,129
  3,304
  3,487
  3,678
  3,878
  4,087
  4,306
  4,535
  4,774
  5,025
  5,288
  5,564
  5,852
  6,155
  6,472
  6,804
  7,153
  7,518
  7,902
  8,304
Variable operating expenses, $m
 
  1,014
  1,075
  1,139
  1,205
  1,274
  1,345
  1,420
  1,498
  1,579
  1,663
  1,647
  1,739
  1,836
  1,936
  2,041
  2,152
  2,267
  2,387
  2,513
  2,646
  2,784
  2,929
  3,081
  3,240
  3,407
  3,582
  3,765
  3,958
  4,160
  4,371
Fixed operating expenses, $m
 
  607
  622
  638
  653
  670
  687
  704
  721
  739
  758
  777
  796
  816
  836
  857
  879
  901
  923
  946
  970
  994
  1,019
  1,045
  1,071
  1,098
  1,125
  1,153
  1,182
  1,211
  1,242
Total operating expenses, $m
  1,621
  1,621
  1,697
  1,777
  1,858
  1,944
  2,032
  2,124
  2,219
  2,318
  2,421
  2,424
  2,535
  2,652
  2,772
  2,898
  3,031
  3,168
  3,310
  3,459
  3,616
  3,778
  3,948
  4,126
  4,311
  4,505
  4,707
  4,918
  5,140
  5,371
  5,613
Operating income, $m
  122
  107
  147
  189
  232
  278
  325
  375
  428
  483
  540
  705
  768
  835
  905
  979
  1,057
  1,138
  1,224
  1,315
  1,410
  1,510
  1,616
  1,727
  1,844
  1,967
  2,097
  2,234
  2,378
  2,530
  2,691
EBITDA, $m
  134
  215
  255
  297
  341
  386
  434
  485
  537
  592
  650
  711
  775
  842
  913
  987
  1,065
  1,147
  1,233
  1,324
  1,420
  1,520
  1,626
  1,738
  1,856
  1,980
  2,111
  2,248
  2,393
  2,546
  2,707
Interest expense (income), $m
  4
  6
  8
  10
  12
  14
  16
  18
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  76
  81
  86
  91
  97
  103
Earnings before tax, $m
  116
  101
  139
  179
  221
  264
  310
  358
  408
  460
  516
  678
  739
  803
  870
  941
  1,016
  1,094
  1,177
  1,263
  1,355
  1,451
  1,553
  1,660
  1,772
  1,891
  2,016
  2,148
  2,287
  2,433
  2,588
Tax expense, $m
  43
  27
  38
  48
  60
  71
  84
  97
  110
  124
  139
  183
  200
  217
  235
  254
  274
  295
  318
  341
  366
  392
  419
  448
  479
  511
  544
  580
  618
  657
  699
Net income, $m
  73
  74
  102
  131
  161
  193
  226
  261
  298
  336
  376
  495
  539
  586
  635
  687
  741
  799
  859
  922
  989
  1,059
  1,134
  1,212
  1,294
  1,381
  1,472
  1,568
  1,670
  1,776
  1,889

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
  1,690
  1,634
  1,743
  1,857
  1,976
  2,099
  2,228
  2,362
  2,501
  2,647
  2,799
  2,957
  3,123
  3,296
  3,476
  3,665
  3,863
  4,070
  4,286
  4,513
  4,750
  4,998
  5,259
  5,531
  5,817
  6,117
  6,431
  6,761
  7,106
  7,468
  7,849
Adjusted assets (=assets-cash), $m
  1,556
  1,634
  1,743
  1,857
  1,976
  2,099
  2,228
  2,362
  2,501
  2,647
  2,799
  2,957
  3,123
  3,296
  3,476
  3,665
  3,863
  4,070
  4,286
  4,513
  4,750
  4,998
  5,259
  5,531
  5,817
  6,117
  6,431
  6,761
  7,106
  7,468
  7,849
Revenue / Adjusted assets
  1.120
  1.058
  1.059
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
  1.058
Average production assets, $m
  96
  102
  109
  116
  123
  131
  139
  147
  156
  165
  175
  185
  195
  206
  217
  229
  241
  254
  268
  282
  296
  312
  328
  345
  363
  382
  401
  422
  444
  466
  490
Working capital, $m
  201
  59
  63
  67
  71
  76
  80
  85
  90
  95
  101
  106
  112
  119
  125
  132
  139
  146
  154
  162
  171
  180
  189
  199
  209
  220
  231
  243
  256
  269
  282
Total debt, $m
  179
  227
  278
  331
  386
  443
  503
  565
  630
  698
  768
  842
  919
  1,000
  1,084
  1,171
  1,263
  1,359
  1,460
  1,565
  1,676
  1,791
  1,912
  2,039
  2,172
  2,311
  2,457
  2,611
  2,771
  2,940
  3,117
Total liabilities, $m
  718
  760
  811
  864
  919
  976
  1,036
  1,098
  1,163
  1,231
  1,301
  1,375
  1,452
  1,533
  1,617
  1,704
  1,796
  1,892
  1,993
  2,098
  2,209
  2,324
  2,445
  2,572
  2,705
  2,844
  2,990
  3,144
  3,304
  3,473
  3,650
Total equity, $m
  973
  874
  933
  994
  1,057
  1,123
  1,192
  1,264
  1,338
  1,416
  1,497
  1,582
  1,671
  1,763
  1,860
  1,961
  2,067
  2,177
  2,293
  2,414
  2,541
  2,674
  2,813
  2,959
  3,112
  3,273
  3,441
  3,617
  3,802
  3,996
  4,199
Total liabilities and equity, $m
  1,691
  1,634
  1,744
  1,858
  1,976
  2,099
  2,228
  2,362
  2,501
  2,647
  2,798
  2,957
  3,123
  3,296
  3,477
  3,665
  3,863
  4,069
  4,286
  4,512
  4,750
  4,998
  5,258
  5,531
  5,817
  6,117
  6,431
  6,761
  7,106
  7,469
  7,849
Debt-to-equity ratio
  0.184
  0.260
  0.300
  0.330
  0.360
  0.390
  0.420
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.570
  0.580
  0.600
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.740
  0.740
Adjusted equity ratio
  0.539
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  74
  102
  131
  161
  193
  226
  261
  298
  336
  376
  495
  539
  586
  635
  687
  741
  799
  859
  922
  989
  1,059
  1,134
  1,212
  1,294
  1,381
  1,472
  1,568
  1,670
  1,776
  1,889
Depreciation, amort., depletion, $m
  12
  108
  108
  108
  109
  109
  109
  109
  110
  110
  110
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  16
Funds from operations, $m
  40
  182
  210
  239
  270
  302
  335
  370
  407
  446
  487
  501
  546
  593
  643
  695
  749
  807
  868
  932
  999
  1,070
  1,145
  1,223
  1,306
  1,393
  1,485
  1,582
  1,684
  1,792
  1,905
Change in working capital, $m
  -37
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Cash from operations, $m
  77
  177
  206
  235
  265
  297
  331
  366
  402
  441
  481
  495
  540
  587
  636
  688
  742
  800
  860
  924
  990
  1,061
  1,135
  1,213
  1,296
  1,383
  1,474
  1,570
  1,672
  1,779
  1,892
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
New CAPEX, $m
  -14
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -17
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -26
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
Free cash flow, $m
  60
  168
  195
  224
  254
  285
  318
  353
  389
  427
  466
  480
  524
  570
  618
  669
  722
  779
  838
  901
  966
  1,036
  1,109
  1,185
  1,266
  1,352
  1,442
  1,536
  1,636
  1,742
  1,852
Issuance/(repayment) of debt, $m
  -15
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  161
  169
  177
Issuance/(repurchase) of shares, $m
  -22
  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  
  -38
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  161
  169
  177
Total cash flow (excl. dividends), $m
  22
  216
  246
  277
  309
  343
  378
  415
  454
  494
  537
  553
  600
  650
  702
  757
  814
  875
  939
  1,006
  1,077
  1,151
  1,230
  1,312
  1,399
  1,491
  1,588
  1,690
  1,797
  1,910
  2,029
Retained Cash Flow (-), $m
  -57
  -56
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -203
Prev. year cash balance distribution, $m
 
  98
  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
 
  258
  188
  216
  246
  277
  309
  343
  379
  416
  456
  469
  512
  557
  605
  656
  709
  764
  823
  885
  950
  1,018
  1,090
  1,166
  1,246
  1,331
  1,420
  1,513
  1,612
  1,716
  1,826
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  248
  172
  188
  202
  215
  224
  232
  237
  239
  239
  223
  218
  212
  203
  192
  180
  166
  152
  136
  121
  105
  90
  76
  63
  52
  41
  32
  25
  19
  14
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

TopBuild Corp. engages in the installation, distribution, and sale of insulation and other building products to the United States construction industry. The company operates in two segments, Installation and Distribution. It offers rain gutters, garage doors, fireplaces, fireproofing and firestopping products, shower enclosures, closet shelves, accessories, and other building products; and residential insulation services. The company also provides various services and tools that are designed to assist builders in applying the principles of building science to new home construction, which includes pre-construction plan reviews, various inspection services, and diagnostic testing; and home energy rating services. It serves single-family homebuilders, local/single-family custom builders, multi-family builders, commercial general contractors, remodelers, and individual homeowners, as well as insulation contractors, gutter contractors, weatherization contractors, other contractors, dealers, metal building erectors, and modular home builders. TopBuild Corp. has approximately 180 installation branches located in 44 states, and 70 distribution centers in 35 states. The company was formerly known as Masco SpinCo Corp. and changed its name to TopBuild Corp. in March 2015. TopBuild Corp. was incorporated in 2015 and is headquartered in Daytona Beach, Florida.

FINANCIAL RATIOS  of  TopBuild (BLD)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow 26.4
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 16.3%
Total Debt to Equity 18.4%
Interest Coverage 30
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 22.9%
Gross Margin - 3 Yr. Avg. 22.3%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 5.5%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 37.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.3%
Payout Ratio 0%

BLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLD stock intrinsic value calculation we used $1617 million for the last fiscal year's total revenue generated by TopBuild. The default revenue input number comes from 2016 income statement of TopBuild. 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 BLD 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 4.3%, whose default value for BLD is calculated based on our internal credit rating of TopBuild, 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 TopBuild.
    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 BLD stock the variable cost ratio is equal to 59.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $592 million in the base year in the intrinsic value calculation for BLD 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 TopBuild.

Corporate tax rate of 27% is the nominal tax rate for TopBuild. 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 BLD 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 BLD are equal to 5.9%.

Life of production assets of 95 years is the average useful life of capital assets used in TopBuild 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 BLD is equal to 3.4%. 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 - $916 million for TopBuild - 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 39.185 million for TopBuild 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 TopBuild at the current share price and the inputted number of shares is $1.7 billion.


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COMPANY NEWS

▶ TopBuild reports 1Q loss   [May-09-17 08:15AM  Associated Press]
▶ TopBuild Acquires Superior Insulation Products   [Apr-21-17 06:45AM  PR Newswire]
▶ Jacobs (JEC) Clinches Decomplexing Project from ONEgas   [Mar-30-17 09:23AM  Investopedia]
▶ TopBuild Acquires Capital Insulation   [06:45AM  PR Newswire]
▶ TopBuild: Cramer's Top Takeaways   [Mar-09-17 06:25AM  TheStreet.com]
▶ Cramer Remix: Dont abandon oil stocksdo this instead   [Mar-08-17 07:25PM  CNBC Videos]
▶ TopBuild Names President of Service Partners   [Feb-01-17 04:45PM  PR Newswire]
▶ TopBuild Acquires Midwest Fireproofing   [Jan-17-17 04:15PM  PR Newswire]
▶ Should You Avoid TopBuild Corp (BLD)?   [Nov-30-16 04:59AM  at Insider Monkey]
▶ TopBuild Acquires Valley Insulation   [Aug-16-16 04:15PM  PR Newswire]
▶ [$$] Zelman: Housing Hazards and Opportunities   [Jun-04-16 12:01AM  at Barrons.com]
Stock chart of BLD Financial statements of BLD Annual reports of BLD
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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