Intrinsic value of Builders FirstSource - BLDR

Previous Close

$20.05

  Intrinsic Value

$13.53

stock screener

  Rating & Target

sell

-33%

Previous close

$20.05

 
Intrinsic value

$13.53

 
Up/down potential

-33%

 
Rating

sell

We calculate the intrinsic value of BLDR 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 2.3

 

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, %
  78.65
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  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
  5.28
  5.26
  5.23
Revenue, $m
  6,367
  6,997
  7,656
  8,342
  9,058
  9,802
  10,575
  11,379
  12,215
  13,084
  13,986
  14,924
  15,900
  16,915
  17,972
  19,072
  20,218
  21,412
  22,658
  23,957
  25,313
  26,730
  28,210
  29,756
  31,373
  33,065
  34,834
  36,686
  38,625
  40,655
  42,782
Variable operating expenses, $m
 
  6,626
  7,243
  7,886
  8,555
  9,252
  9,976
  10,729
  11,512
  12,325
  13,170
  13,975
  14,888
  15,839
  16,828
  17,858
  18,931
  20,050
  21,216
  22,433
  23,703
  25,029
  26,415
  27,863
  29,377
  30,961
  32,618
  34,352
  36,168
  38,069
  40,060
Fixed operating expenses, $m
 
  100
  103
  106
  108
  111
  114
  116
  119
  122
  125
  129
  132
  135
  138
  142
  145
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
Total operating expenses, $m
  6,131
  6,726
  7,346
  7,992
  8,663
  9,363
  10,090
  10,845
  11,631
  12,447
  13,295
  14,104
  15,020
  15,974
  16,966
  18,000
  19,076
  20,199
  21,369
  22,590
  23,864
  25,194
  26,584
  28,036
  29,554
  31,143
  32,804
  34,543
  36,364
  38,270
  40,266
Operating income, $m
  236
  271
  310
  351
  394
  439
  485
  533
  584
  636
  690
  821
  880
  941
  1,005
  1,071
  1,141
  1,213
  1,289
  1,368
  1,450
  1,536
  1,626
  1,720
  1,819
  1,922
  2,030
  2,143
  2,262
  2,386
  2,516
EBITDA, $m
  346
  410
  456
  504
  553
  605
  658
  714
  772
  833
  896
  961
  1,029
  1,100
  1,174
  1,250
  1,331
  1,414
  1,501
  1,592
  1,687
  1,787
  1,891
  1,999
  2,113
  2,232
  2,357
  2,487
  2,624
  2,768
  2,918
Interest expense (income), $m
  197
  188
  214
  242
  270
  300
  331
  364
  397
  432
  469
  507
  546
  587
  629
  673
  719
  767
  817
  869
  924
  980
  1,040
  1,101
  1,166
  1,234
  1,305
  1,379
  1,456
  1,537
  1,622
Earnings before tax, $m
  22
  83
  96
  109
  124
  138
  154
  170
  186
  204
  222
  314
  334
  355
  376
  398
  422
  446
  472
  498
  526
  556
  586
  619
  653
  688
  725
  765
  806
  849
  894
Tax expense, $m
  -122
  22
  26
  30
  33
  37
  41
  46
  50
  55
  60
  85
  90
  96
  101
  108
  114
  120
  127
  135
  142
  150
  158
  167
  176
  186
  196
  206
  218
  229
  241
Net income, $m
  144
  60
  70
  80
  90
  101
  112
  124
  136
  149
  162
  230
  244
  259
  274
  291
  308
  326
  344
  364
  384
  406
  428
  452
  476
  502
  530
  558
  588
  620
  653

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  2,910
  3,182
  3,481
  3,794
  4,119
  4,457
  4,809
  5,175
  5,555
  5,950
  6,360
  6,787
  7,231
  7,692
  8,173
  8,673
  9,194
  9,737
  10,304
  10,895
  11,511
  12,156
  12,828
  13,532
  14,267
  15,036
  15,841
  16,683
  17,565
  18,488
  19,455
Adjusted assets (=assets-cash), $m
  2,896
  3,182
  3,481
  3,794
  4,119
  4,457
  4,809
  5,175
  5,555
  5,950
  6,360
  6,787
  7,231
  7,692
  8,173
  8,673
  9,194
  9,737
  10,304
  10,895
  11,511
  12,156
  12,828
  13,532
  14,267
  15,036
  15,841
  16,683
  17,565
  18,488
  19,455
Revenue / Adjusted assets
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
  2.199
Average production assets, $m
  870
  959
  1,049
  1,143
  1,241
  1,343
  1,449
  1,559
  1,673
  1,792
  1,916
  2,045
  2,178
  2,317
  2,462
  2,613
  2,770
  2,933
  3,104
  3,282
  3,468
  3,662
  3,865
  4,077
  4,298
  4,530
  4,772
  5,026
  5,292
  5,570
  5,861
Working capital, $m
  461
  546
  597
  651
  706
  765
  825
  888
  953
  1,021
  1,091
  1,164
  1,240
  1,319
  1,402
  1,488
  1,577
  1,670
  1,767
  1,869
  1,974
  2,085
  2,200
  2,321
  2,447
  2,579
  2,717
  2,862
  3,013
  3,171
  3,337
Total debt, $m
  1,838
  2,080
  2,347
  2,626
  2,916
  3,218
  3,533
  3,859
  4,198
  4,551
  4,918
  5,299
  5,695
  6,107
  6,536
  6,983
  7,448
  7,933
  8,439
  8,967
  9,518
  10,093
  10,694
  11,322
  11,979
  12,665
  13,384
  14,136
  14,923
  15,748
  16,612
Total liabilities, $m
  2,600
  2,842
  3,109
  3,388
  3,678
  3,980
  4,295
  4,621
  4,960
  5,313
  5,680
  6,061
  6,457
  6,869
  7,298
  7,745
  8,210
  8,695
  9,201
  9,729
  10,280
  10,855
  11,456
  12,084
  12,741
  13,427
  14,146
  14,898
  15,685
  16,510
  17,374
Total equity, $m
  310
  340
  373
  406
  441
  477
  515
  554
  594
  637
  681
  726
  774
  823
  874
  928
  984
  1,042
  1,102
  1,166
  1,232
  1,301
  1,373
  1,448
  1,527
  1,609
  1,695
  1,785
  1,879
  1,978
  2,082
Total liabilities and equity, $m
  2,910
  3,182
  3,482
  3,794
  4,119
  4,457
  4,810
  5,175
  5,554
  5,950
  6,361
  6,787
  7,231
  7,692
  8,172
  8,673
  9,194
  9,737
  10,303
  10,895
  11,512
  12,156
  12,829
  13,532
  14,268
  15,036
  15,841
  16,683
  17,564
  18,488
  19,456
Debt-to-equity ratio
  5.929
  6.110
  6.300
  6.470
  6.620
  6.750
  6.860
  6.970
  7.060
  7.150
  7.230
  7.300
  7.360
  7.420
  7.470
  7.520
  7.570
  7.610
  7.650
  7.690
  7.730
  7.760
  7.790
  7.820
  7.850
  7.870
  7.900
  7.920
  7.940
  7.960
  7.980
Adjusted equity ratio
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  60
  70
  80
  90
  101
  112
  124
  136
  149
  162
  230
  244
  259
  274
  291
  308
  326
  344
  364
  384
  406
  428
  452
  476
  502
  530
  558
  588
  620
  653
Depreciation, amort., depletion, $m
  110
  140
  146
  152
  159
  166
  173
  181
  189
  197
  205
  140
  149
  159
  169
  179
  190
  201
  213
  225
  238
  251
  265
  279
  294
  310
  327
  344
  362
  381
  401
Funds from operations, $m
  112
  200
  216
  232
  249
  267
  285
  305
  325
  345
  367
  370
  393
  418
  443
  470
  497
  526
  557
  589
  622
  656
  693
  731
  771
  813
  856
  902
  951
  1,001
  1,054
Change in working capital, $m
  -46
  49
  51
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
  144
  151
  158
  166
Cash from operations, $m
  158
  151
  165
  179
  193
  209
  225
  242
  259
  278
  297
  296
  317
  338
  361
  384
  408
  433
  460
  487
  516
  546
  577
  610
  645
  681
  718
  758
  799
  843
  888
Maintenance CAPEX, $m
  0
  -60
  -66
  -72
  -78
  -85
  -92
  -99
  -107
  -115
  -123
  -131
  -140
  -149
  -159
  -169
  -179
  -190
  -201
  -213
  -225
  -238
  -251
  -265
  -279
  -294
  -310
  -327
  -344
  -362
  -381
New CAPEX, $m
  -43
  -89
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -242
  -254
  -266
  -278
  -291
Cash from investing activities, $m
  -38
  -149
  -156
  -166
  -176
  -187
  -198
  -209
  -221
  -234
  -247
  -260
  -274
  -288
  -304
  -320
  -336
  -354
  -372
  -391
  -411
  -432
  -454
  -477
  -501
  -526
  -552
  -581
  -610
  -640
  -672
Free cash flow, $m
  120
  3
  9
  13
  17
  22
  27
  32
  38
  44
  50
  37
  43
  50
  57
  65
  72
  80
  88
  97
  105
  114
  124
  134
  144
  155
  166
  177
  190
  202
  216
Issuance/(repayment) of debt, $m
  -160
  256
  267
  279
  290
  302
  314
  327
  339
  353
  367
  381
  396
  412
  429
  447
  465
  485
  506
  528
  551
  575
  601
  628
  657
  687
  719
  752
  787
  824
  864
Issuance/(repurchase) of shares, $m
  6
  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  
  -171
  256
  267
  279
  290
  302
  314
  327
  339
  353
  367
  381
  396
  412
  429
  447
  465
  485
  506
  528
  551
  575
  601
  628
  657
  687
  719
  752
  787
  824
  864
Total cash flow (excl. dividends), $m
  -51
  258
  276
  292
  308
  324
  341
  359
  378
  397
  417
  418
  439
  462
  486
  511
  537
  565
  594
  624
  656
  690
  725
  762
  801
  841
  884
  929
  977
  1,027
  1,079
Retained Cash Flow (-), $m
  -161
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
Prev. year cash balance distribution, $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 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
 
  228
  244
  258
  273
  288
  304
  320
  337
  354
  373
  372
  392
  413
  435
  458
  482
  507
  533
  561
  590
  621
  653
  687
  722
  759
  798
  839
  883
  928
  976
Discount rate, %
 
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
 
  203
  191
  175
  159
  142
  125
  108
  92
  77
  63
  48
  38
  30
  22
  17
  12
  8
  6
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  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

Builders FirstSource, Inc. is a supplier and manufacturer of building materials, manufactured components and construction services to professional contractors, sub-contractors, remodelers and consumers. The Company's operating segments include Northeast, Southeast, South and West. As of December 31, 2016, it operated at 400 locations in 40 states across the United States. It offers an integrated solution to its customers providing manufacturing, supply and installation of a range of structural and related building products. Its manufactured products include factory-built roof and floor trusses, wall panels and stairs, vinyl windows, custom millwork and trim, as well as engineered wood that it designs, cuts and assembles for each home. It assembles interior and exterior doors into pre-hung units. Additionally, it supplies customers with offering of professional grade building products, such as dimensional lumber and lumber sheet goods, and various window, door and millwork lines.

FINANCIAL RATIOS  of  Builders FirstSource (BLDR)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 0.4
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 19.5
Growth Rates
Sales Growth Rate 78.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.3%
Cap. Spend. - 3 Yr. Gr. Rate 23.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 576.1%
Total Debt to Equity 592.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 49.5%
Ret/ On Assets - 3 Yr. Avg. 20.1%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 62.7%
Return On Equity - 3 Yr. Avg. 34.6%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 25.1%
Gross Margin - 3 Yr. Avg. 24.2%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 3.8%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 3.1%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 0.3%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate -554.5%
Eff/ Tax Rate - 3 Yr. Avg. -192.4%
Payout Ratio 0%

BLDR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLDR stock intrinsic value calculation we used $6367 million for the last fiscal year's total revenue generated by Builders FirstSource. The default revenue input number comes from 2016 income statement of Builders FirstSource. 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 BLDR stock valuation model: a) initial revenue growth rate of 9.9% 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 12.5%, whose default value for BLDR is calculated based on our internal credit rating of Builders FirstSource, 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 Builders FirstSource.
    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 BLDR stock the variable cost ratio is equal to 94.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $98 million in the base year in the intrinsic value calculation for BLDR 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 10.3% for Builders FirstSource.

Corporate tax rate of 27% is the nominal tax rate for Builders FirstSource. 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 BLDR 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 BLDR are equal to 13.7%.

Life of production assets of 14.6 years is the average useful life of capital assets used in Builders FirstSource 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 BLDR is equal to 7.8%. 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 - $310 million for Builders FirstSource - 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 112.849 million for Builders FirstSource 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 Builders FirstSource at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Builders FirstSource, Inc. to Host Earnings Call   [Nov-09-17 08:00AM  ACCESSWIRE]
▶ Builders FirstSource tops Street 3Q forecasts   [Nov-08-17 06:25PM  Associated Press]
▶ 3 Forces Could Drive These Housing Stocks Higher   [Oct-03-17 06:00AM  Investopedia]
▶ Builders FirstSource, Inc. Announces Secondary Offering   [Sep-06-17 04:46PM  GlobeNewswire]
▶ Builders Firstsource Clears Key Benchmark, Hitting 80-Plus RS Rating   [Aug-29-17 03:00AM  Investor's Business Daily]
▶ What Texas Can Tell Us About The Housing Market   [Aug-23-17 12:08PM  Barrons.com]
▶ Builders FirstSource beats Street 2Q forecasts   [02:34AM  Associated Press]
▶ Builders FirstSource Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  GlobeNewswire]
▶ Story Stocks from Briefing.com   [09:58AM  Briefing.com]
▶ Story Stocks from Briefing.com   [11:32AM  Briefing.com]
▶ Builders FirstSource beats Street 1Q forecasts   [May-08-17 05:06PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for March 27th   [Mar-27-17 11:53AM  Zacks]
▶ Stick to Small, Fast Trades Until the Fed's out of the Way   [Mar-15-17 10:38AM  TheStreet.com]
▶ 5 Top Small-Cap Stock Picks You Can Buy in March   [Mar-04-17 07:01PM  Motley Fool]
▶ Is Cabot Microelectronics Corporation (CCMP) A Good Stock To Buy?   [Dec-08-16 10:40AM  at Insider Monkey]
▶ Hedge Funds Are Betting On Builders FirstSource, Inc. (BLDR)   [Dec-07-16 05:11AM  at Insider Monkey]
Financial statements of BLDR
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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