Intrinsic value of TopBuild - BLD

Previous Close

$52.39

  Intrinsic Value

$107.41

stock screener

  Rating & Target

str. buy

+105%

  Value-price divergence*

+42%

Previous close

$52.39

 
Intrinsic value

$107.41

 
Up/down potential

+105%

 
Rating

str. buy

 
Value-price divergence*

+42%

*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
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  1,743
  1,856
  1,974
  2,097
  2,225
  2,358
  2,497
  2,641
  2,792
  2,950
  3,115
  3,287
  3,466
  3,654
  3,851
  4,057
  4,272
  4,498
  4,734
  4,981
  5,240
  5,512
  5,796
  6,095
  6,408
  6,736
  7,080
  7,441
  7,819
  8,216
  8,633
Variable operating expenses, $m
 
  1,289
  1,364
  1,442
  1,524
  1,609
  1,697
  1,790
  1,886
  1,987
  2,092
  2,097
  2,212
  2,332
  2,457
  2,588
  2,726
  2,870
  3,020
  3,178
  3,344
  3,517
  3,698
  3,889
  4,088
  4,298
  4,517
  4,747
  4,989
  5,242
  5,508
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
  1,713
  1,799
  1,888
  1,981
  2,077
  2,177
  2,282
  2,390
  2,504
  2,622
  2,640
  2,769
  2,903
  3,042
  3,188
  3,341
  3,500
  3,666
  3,840
  4,022
  4,212
  4,411
  4,620
  4,837
  5,066
  5,304
  5,553
  5,816
  6,089
  6,376
Operating income, $m
  122
  143
  175
  209
  244
  280
  319
  359
  402
  446
  493
  646
  698
  752
  809
  869
  932
  998
  1,068
  1,141
  1,218
  1,300
  1,385
  1,476
  1,570
  1,671
  1,776
  1,887
  2,004
  2,127
  2,256
EBITDA, $m
  134
  251
  283
  317
  352
  389
  428
  469
  511
  556
  603
  652
  704
  759
  816
  876
  940
  1,006
  1,076
  1,150
  1,228
  1,310
  1,396
  1,487
  1,582
  1,683
  1,789
  1,900
  2,018
  2,142
  2,272
Interest expense (income), $m
  4
  6
  7
  9
  11
  12
  14
  16
  18
  20
  22
  25
  27
  30
  32
  35
  38
  41
  44
  47
  51
  55
  58
  62
  66
  71
  75
  80
  85
  91
  96
Earnings before tax, $m
  116
  137
  168
  200
  233
  268
  305
  343
  384
  426
  470
  622
  671
  722
  777
  834
  894
  957
  1,024
  1,094
  1,167
  1,245
  1,327
  1,413
  1,504
  1,600
  1,700
  1,807
  1,918
  2,036
  2,160
Tax expense, $m
  43
  37
  45
  54
  63
  72
  82
  93
  104
  115
  127
  168
  181
  195
  210
  225
  241
  258
  276
  295
  315
  336
  358
  382
  406
  432
  459
  488
  518
  550
  583
Net income, $m
  73
  100
  123
  146
  170
  196
  223
  251
  280
  311
  343
  454
  490
  527
  567
  609
  652
  699
  747
  798
  852
  909
  969
  1,032
  1,098
  1,168
  1,241
  1,319
  1,400
  1,486
  1,577

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
  1,657
  1,763
  1,872
  1,986
  2,105
  2,229
  2,358
  2,493
  2,634
  2,781
  2,934
  3,095
  3,263
  3,438
  3,622
  3,814
  4,016
  4,227
  4,447
  4,679
  4,921
  5,175
  5,442
  5,721
  6,014
  6,321
  6,643
  6,981
  7,336
  7,708
Adjusted assets (=assets-cash), $m
  1,556
  1,657
  1,763
  1,872
  1,986
  2,105
  2,229
  2,358
  2,493
  2,634
  2,781
  2,934
  3,095
  3,263
  3,438
  3,622
  3,814
  4,016
  4,227
  4,447
  4,679
  4,921
  5,175
  5,442
  5,721
  6,014
  6,321
  6,643
  6,981
  7,336
  7,708
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
  102
  109
  115
  122
  130
  137
  145
  154
  162
  171
  181
  191
  201
  212
  223
  235
  247
  260
  274
  288
  303
  319
  335
  352
  370
  389
  409
  430
  452
  475
Working capital, $m
  201
  93
  99
  105
  111
  118
  125
  132
  140
  147
  156
  164
  173
  183
  193
  203
  214
  225
  237
  249
  262
  276
  290
  305
  320
  337
  354
  372
  391
  411
  432
Total debt, $m
  179
  205
  252
  301
  352
  405
  461
  519
  579
  642
  708
  777
  849
  924
  1,002
  1,085
  1,171
  1,261
  1,356
  1,454
  1,558
  1,667
  1,781
  1,900
  2,025
  2,156
  2,294
  2,438
  2,590
  2,749
  2,915
Total liabilities, $m
  718
  743
  790
  839
  890
  943
  999
  1,057
  1,117
  1,180
  1,246
  1,315
  1,387
  1,462
  1,540
  1,623
  1,709
  1,799
  1,894
  1,992
  2,096
  2,205
  2,319
  2,438
  2,563
  2,694
  2,832
  2,976
  3,128
  3,287
  3,453
Total equity, $m
  973
  915
  973
  1,033
  1,096
  1,162
  1,230
  1,302
  1,376
  1,454
  1,535
  1,620
  1,708
  1,801
  1,898
  1,999
  2,106
  2,217
  2,333
  2,455
  2,583
  2,717
  2,857
  3,004
  3,158
  3,320
  3,489
  3,667
  3,854
  4,049
  4,255
Total liabilities and equity, $m
  1,691
  1,658
  1,763
  1,872
  1,986
  2,105
  2,229
  2,359
  2,493
  2,634
  2,781
  2,935
  3,095
  3,263
  3,438
  3,622
  3,815
  4,016
  4,227
  4,447
  4,679
  4,922
  5,176
  5,442
  5,721
  6,014
  6,321
  6,643
  6,982
  7,336
  7,708
Debt-to-equity ratio
  0.184
  0.220
  0.260
  0.290
  0.320
  0.350
  0.370
  0.400
  0.420
  0.440
  0.460
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.690
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
  100
  123
  146
  170
  196
  223
  251
  280
  311
  343
  454
  490
  527
  567
  609
  652
  699
  747
  798
  852
  909
  969
  1,032
  1,098
  1,168
  1,241
  1,319
  1,400
  1,486
  1,577
Depreciation, amort., depletion, $m
  12
  108
  108
  108
  109
  109
  109
  109
  110
  110
  110
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Funds from operations, $m
  40
  208
  231
  254
  279
  305
  332
  360
  390
  421
  454
  460
  496
  534
  574
  616
  660
  707
  756
  808
  862
  919
  979
  1,043
  1,110
  1,180
  1,254
  1,332
  1,415
  1,501
  1,593
Change in working capital, $m
  -37
  6
  6
  6
  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
Cash from operations, $m
  77
  203
  225
  248
  272
  298
  325
  353
  382
  413
  445
  451
  487
  525
  564
  606
  650
  696
  744
  795
  849
  905
  965
  1,028
  1,094
  1,164
  1,237
  1,314
  1,396
  1,482
  1,572
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
New CAPEX, $m
  -14
  -7
  -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
Cash from investing activities, $m
  -17
  -10
  -9
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -18
  -18
  -19
  -20
  -21
  -23
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
Free cash flow, $m
  60
  193
  215
  238
  262
  287
  313
  340
  369
  399
  431
  436
  471
  508
  547
  587
  630
  675
  723
  773
  826
  881
  939
  1,001
  1,066
  1,134
  1,206
  1,282
  1,361
  1,445
  1,534
Issuance/(repayment) of debt, $m
  -15
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  144
  151
  159
  167
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
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  144
  151
  159
  167
Total cash flow (excl. dividends), $m
  22
  238
  262
  287
  313
  340
  368
  398
  429
  462
  497
  505
  543
  583
  625
  670
  716
  766
  817
  872
  929
  990
  1,053
  1,120
  1,191
  1,265
  1,343
  1,426
  1,513
  1,604
  1,701
Retained Cash Flow (-), $m
  -57
  -56
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -205
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
 
  296
  204
  226
  250
  274
  300
  327
  355
  385
  416
  420
  454
  490
  528
  568
  610
  654
  701
  750
  801
  856
  913
  973
  1,037
  1,103
  1,174
  1,248
  1,326
  1,408
  1,495
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
 
  284
  187
  197
  206
  213
  218
  221
  222
  221
  218
  199
  194
  186
  177
  167
  155
  142
  129
  115
  102
  89
  76
  64
  53
  43
  34
  27
  21
  15
  11
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 27.1
Price to Sales 1.1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 25.7
Price to Free Cash Flow 31.5
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 6.5% 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 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 $2.1 billion.

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MAS Masco 38.29 14.38  str.sell
BMCH BMC Stock Hold 22.00 4.40  str.sell
HDS HD Supply Hold 32.41 22.68  sell

COMPANY NEWS

▶ 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]
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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