Intrinsic value of TopBuild - BLD

Previous Close

$60.70

  Intrinsic Value

$159.10

stock screener

  Rating & Target

str. buy

+162%

  Value-price divergence*

-28%

Previous close

$60.70

 
Intrinsic value

$159.10

 
Up/down potential

+162%

 
Rating

str. buy

 
Value-price divergence*

-28%

*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 2.1

 

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
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  1,743
  1,912
  2,089
  2,272
  2,464
  2,663
  2,870
  3,085
  3,309
  3,541
  3,783
  4,034
  4,295
  4,567
  4,850
  5,145
  5,452
  5,772
  6,106
  6,454
  6,818
  7,198
  7,594
  8,009
  8,443
  8,897
  9,372
  9,869
  10,389
  10,934
  11,505
Variable operating expenses, $m
 
  1,324
  1,437
  1,554
  1,677
  1,804
  1,936
  2,073
  2,216
  2,364
  2,518
  2,574
  2,741
  2,914
  3,095
  3,283
  3,478
  3,683
  3,896
  4,118
  4,350
  4,592
  4,846
  5,110
  5,387
  5,677
  5,980
  6,297
  6,629
  6,977
  7,341
Fixed operating expenses, $m
 
  424
  435
  446
  457
  468
  480
  492
  504
  517
  530
  543
  557
  571
  585
  600
  615
  630
  646
  662
  678
  695
  713
  731
  749
  768
  787
  806
  827
  847
  868
Total operating expenses, $m
  1,621
  1,748
  1,872
  2,000
  2,134
  2,272
  2,416
  2,565
  2,720
  2,881
  3,048
  3,117
  3,298
  3,485
  3,680
  3,883
  4,093
  4,313
  4,542
  4,780
  5,028
  5,287
  5,559
  5,841
  6,136
  6,445
  6,767
  7,103
  7,456
  7,824
  8,209
Operating income, $m
  122
  163
  217
  272
  330
  391
  454
  520
  589
  660
  735
  917
  998
  1,082
  1,171
  1,263
  1,359
  1,459
  1,564
  1,674
  1,789
  1,910
  2,036
  2,168
  2,307
  2,453
  2,605
  2,766
  2,934
  3,111
  3,296
EBITDA, $m
  134
  271
  325
  381
  439
  500
  564
  630
  699
  771
  846
  924
  1,006
  1,091
  1,179
  1,272
  1,369
  1,470
  1,575
  1,686
  1,802
  1,923
  2,050
  2,183
  2,323
  2,469
  2,623
  2,784
  2,953
  3,131
  3,317
Interest expense (income), $m
  4
  6
  8
  10
  13
  16
  18
  21
  24
  27
  31
  34
  38
  41
  45
  49
  53
  57
  62
  67
  72
  77
  82
  87
  93
  99
  106
  112
  119
  127
  134
Earnings before tax, $m
  116
  158
  209
  262
  317
  375
  436
  499
  564
  633
  704
  883
  960
  1,041
  1,125
  1,213
  1,306
  1,402
  1,502
  1,608
  1,718
  1,833
  1,954
  2,081
  2,214
  2,353
  2,500
  2,653
  2,815
  2,984
  3,162
Tax expense, $m
  43
  43
  56
  71
  86
  101
  118
  135
  152
  171
  190
  238
  259
  281
  304
  328
  352
  378
  406
  434
  464
  495
  528
  562
  598
  635
  675
  716
  760
  806
  854
Net income, $m
  73
  115
  152
  191
  232
  274
  318
  364
  412
  462
  514
  644
  701
  760
  822
  886
  953
  1,023
  1,097
  1,174
  1,254
  1,338
  1,427
  1,519
  1,616
  1,718
  1,825
  1,937
  2,055
  2,178
  2,308

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
  1,707
  1,865
  2,029
  2,200
  2,378
  2,563
  2,755
  2,955
  3,162
  3,378
  3,602
  3,835
  4,078
  4,330
  4,594
  4,868
  5,153
  5,451
  5,763
  6,087
  6,426
  6,781
  7,151
  7,539
  7,944
  8,368
  8,811
  9,276
  9,763
  10,273
Adjusted assets (=assets-cash), $m
  1,556
  1,707
  1,865
  2,029
  2,200
  2,378
  2,563
  2,755
  2,955
  3,162
  3,378
  3,602
  3,835
  4,078
  4,330
  4,594
  4,868
  5,153
  5,451
  5,763
  6,087
  6,426
  6,781
  7,151
  7,539
  7,944
  8,368
  8,811
  9,276
  9,763
  10,273
Revenue / Adjusted assets
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
Average production assets, $m
  96
  105
  115
  125
  136
  146
  158
  170
  182
  195
  208
  222
  236
  251
  267
  283
  300
  317
  336
  355
  375
  396
  418
  441
  464
  489
  515
  543
  571
  601
  633
Working capital, $m
  201
  96
  104
  114
  123
  133
  144
  154
  165
  177
  189
  202
  215
  228
  243
  257
  273
  289
  305
  323
  341
  360
  380
  400
  422
  445
  469
  493
  519
  547
  575
Total debt, $m
  179
  227
  297
  371
  448
  527
  610
  696
  786
  879
  975
  1,076
  1,180
  1,289
  1,402
  1,520
  1,643
  1,771
  1,904
  2,044
  2,189
  2,341
  2,500
  2,666
  2,839
  3,021
  3,211
  3,410
  3,618
  3,836
  4,064
Total liabilities, $m
  718
  765
  835
  909
  986
  1,065
  1,148
  1,234
  1,324
  1,417
  1,513
  1,614
  1,718
  1,827
  1,940
  2,058
  2,181
  2,309
  2,442
  2,582
  2,727
  2,879
  3,038
  3,204
  3,377
  3,559
  3,749
  3,948
  4,156
  4,374
  4,602
Total equity, $m
  973
  942
  1,029
  1,120
  1,214
  1,313
  1,415
  1,521
  1,631
  1,745
  1,864
  1,988
  2,117
  2,251
  2,390
  2,536
  2,687
  2,845
  3,009
  3,181
  3,360
  3,547
  3,743
  3,947
  4,161
  4,385
  4,619
  4,864
  5,120
  5,389
  5,670
Total liabilities and equity, $m
  1,691
  1,707
  1,864
  2,029
  2,200
  2,378
  2,563
  2,755
  2,955
  3,162
  3,377
  3,602
  3,835
  4,078
  4,330
  4,594
  4,868
  5,154
  5,451
  5,763
  6,087
  6,426
  6,781
  7,151
  7,538
  7,944
  8,368
  8,812
  9,276
  9,763
  10,272
Debt-to-equity ratio
  0.184
  0.240
  0.290
  0.330
  0.370
  0.400
  0.430
  0.460
  0.480
  0.500
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
Adjusted equity ratio
  0.539
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  115
  152
  191
  232
  274
  318
  364
  412
  462
  514
  644
  701
  760
  822
  886
  953
  1,023
  1,097
  1,174
  1,254
  1,338
  1,427
  1,519
  1,616
  1,718
  1,825
  1,937
  2,055
  2,178
  2,308
Depreciation, amort., depletion, $m
  12
  108
  108
  109
  109
  109
  110
  110
  111
  111
  111
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
Funds from operations, $m
  40
  223
  261
  300
  341
  383
  428
  474
  523
  573
  625
  652
  709
  768
  830
  895
  963
  1,034
  1,108
  1,185
  1,266
  1,351
  1,440
  1,534
  1,632
  1,734
  1,842
  1,955
  2,074
  2,198
  2,329
Change in working capital, $m
  -37
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
Cash from operations, $m
  77
  215
  252
  291
  331
  373
  418
  464
  511
  561
  613
  639
  696
  755
  816
  881
  948
  1,018
  1,091
  1,168
  1,248
  1,332
  1,421
  1,513
  1,610
  1,712
  1,818
  1,930
  2,048
  2,171
  2,301
Maintenance CAPEX, $m
  0
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
New CAPEX, $m
  -14
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
Cash from investing activities, $m
  -17
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -21
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -51
Free cash flow, $m
  60
  202
  239
  277
  316
  358
  401
  446
  493
  542
  594
  619
  674
  732
  792
  855
  921
  990
  1,062
  1,138
  1,216
  1,299
  1,386
  1,476
  1,571
  1,671
  1,776
  1,886
  2,001
  2,122
  2,249
Issuance/(repayment) of debt, $m
  -15
  68
  71
  74
  77
  80
  83
  86
  89
  93
  97
  100
  104
  109
  113
  118
  123
  128
  134
  139
  145
  152
  159
  166
  174
  182
  190
  199
  208
  218
  228
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
  68
  71
  74
  77
  80
  83
  86
  89
  93
  97
  100
  104
  109
  113
  118
  123
  128
  134
  139
  145
  152
  159
  166
  174
  182
  190
  199
  208
  218
  228
Total cash flow (excl. dividends), $m
  22
  270
  309
  350
  393
  438
  484
  533
  583
  635
  690
  719
  779
  841
  906
  973
  1,044
  1,118
  1,196
  1,277
  1,362
  1,451
  1,544
  1,642
  1,745
  1,853
  1,966
  2,084
  2,209
  2,340
  2,478
Retained Cash Flow (-), $m
  -57
  -83
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -179
  -187
  -196
  -204
  -214
  -224
  -234
  -245
  -256
  -269
  -281
Prev. year cash balance distribution, $m
 
  114
  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
 
  300
  222
  260
  299
  339
  382
  426
  473
  521
  571
  595
  650
  707
  766
  828
  893
  960
  1,031
  1,105
  1,183
  1,264
  1,349
  1,438
  1,531
  1,629
  1,732
  1,839
  1,953
  2,071
  2,196
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
 
  288
  203
  226
  246
  263
  277
  288
  295
  299
  299
  283
  277
  269
  257
  243
  227
  209
  190
  170
  150
  131
  112
  94
  78
  63
  51
  39
  30
  23
  17
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. installs and distributes insulation products to the United States construction industry. The Company operates through two segments: Installation (TruTeam) and Distribution (Service Partners). Its Installation segment principally includes the sales and installation of insulation and other building products. Its Distribution segment includes the distribution of insulation and other building products. As of December 31, 2016, the Company provided insulation installation services through its TruTeam contractor services business, which had over 175 installation branches located in 41 states. It installs various insulation applications, which include fiberglass batts and rolls and blown-in loose fill fiberglass. As of December 31, 2016, the Company distributed insulation and other building products, including rain gutters, fireplaces, closet shelving, and roofing materials through its Service Partners business, which had over 70 distribution centers located in 33 states.

FINANCIAL RATIOS  of  TopBuild (BLD)

Valuation Ratios
P/E Ratio 31.4
Price to Sales 1.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 29.8
Price to Free Cash Flow 36.4
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 $1743 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 9.7% 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 69.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $414 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 5.5%.

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 5%. 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 - $973 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 35.408 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 $2.1 billion.

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COMPANY NEWS

▶ Mattamy Homes Announces New Board Member   [Sep-06-17 09:30AM  CNW Group]
▶ TopBuild Reports Strong Second Quarter 2017 Results   [Aug-08-17 06:45AM  GlobeNewswire]
▶ TopBuild Corp. Value Analysis (NYSE:BLD) : August 1, 2017   [Aug-01-17 05:52PM  Capital Cube]
▶ ETFs with exposure to TopBuild Corp. : June 26, 2017   [Jun-26-17 03:26PM  Capital Cube]
▶ TopBuild Acquires Canyon Insulation   [07:00AM  PR Newswire]
▶ 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]
Financial statements 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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