Intrinsic value of Beazer Homes USA - BZH

Previous Close

$16.31

  Intrinsic Value

$12.13

stock screener

  Rating & Target

sell

-26%

  Value-price divergence*

-146%

Previous close

$16.31

 
Intrinsic value

$12.13

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence*

-146%

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

We calculate the intrinsic value of BZH 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 0.5

 

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, %
  11.99
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  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
Revenue, $m
  1,822
  2,006
  2,198
  2,399
  2,608
  2,826
  3,052
  3,288
  3,532
  3,786
  4,051
  4,325
  4,611
  4,908
  5,217
  5,538
  5,873
  6,223
  6,587
  6,966
  7,363
  7,776
  8,209
  8,660
  9,132
  9,626
  10,143
  10,683
  11,249
  11,842
  12,462
Variable operating expenses, $m
 
  1,944
  2,130
  2,325
  2,527
  2,738
  2,958
  3,186
  3,423
  3,669
  3,925
  4,191
  4,468
  4,755
  5,055
  5,367
  5,691
  6,030
  6,382
  6,750
  7,134
  7,535
  7,954
  8,392
  8,849
  9,328
  9,828
  10,352
  10,901
  11,475
  12,076
Fixed operating expenses, $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
Total operating expenses, $m
  1,776
  1,944
  2,130
  2,325
  2,527
  2,738
  2,958
  3,186
  3,423
  3,669
  3,925
  4,191
  4,468
  4,755
  5,055
  5,367
  5,691
  6,030
  6,382
  6,750
  7,134
  7,535
  7,954
  8,392
  8,849
  9,328
  9,828
  10,352
  10,901
  11,475
  12,076
Operating income, $m
  46
  62
  68
  74
  81
  88
  95
  102
  110
  117
  126
  134
  143
  152
  162
  172
  182
  193
  204
  216
  228
  241
  254
  268
  283
  298
  314
  331
  349
  367
  386
EBITDA, $m
  60
  65
  71
  77
  84
  91
  98
  106
  114
  122
  130
  139
  148
  158
  168
  178
  189
  200
  212
  224
  237
  250
  264
  279
  294
  310
  327
  344
  362
  381
  401
Interest expense (income), $m
  132
  124
  139
  154
  170
  187
  204
  222
  241
  261
  281
  302
  324
  347
  371
  396
  422
  449
  477
  506
  536
  568
  601
  636
  672
  710
  749
  791
  834
  879
  927
Earnings before tax, $m
  22
  -62
  -70
  -80
  -89
  -99
  -110
  -121
  -132
  -144
  -156
  -168
  -182
  -195
  -209
  -224
  -240
  -256
  -272
  -290
  -308
  -327
  -347
  -367
  -389
  -411
  -435
  -459
  -485
  -512
  -540
Tax expense, $m
  17
  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
Net income, $m
  5
  -62
  -70
  -80
  -89
  -99
  -110
  -121
  -132
  -144
  -156
  -168
  -182
  -195
  -209
  -224
  -240
  -256
  -272
  -290
  -308
  -327
  -347
  -367
  -389
  -411
  -435
  -459
  -485
  -512
  -540

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  229
  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
  2,213
  2,185
  2,395
  2,613
  2,841
  3,078
  3,325
  3,581
  3,848
  4,125
  4,412
  4,712
  5,023
  5,346
  5,683
  6,033
  6,398
  6,778
  7,175
  7,589
  8,020
  8,471
  8,942
  9,434
  9,948
  10,486
  11,049
  11,638
  12,254
  12,899
  13,575
Adjusted assets (=assets-cash), $m
  1,984
  2,185
  2,395
  2,613
  2,841
  3,078
  3,325
  3,581
  3,848
  4,125
  4,412
  4,712
  5,023
  5,346
  5,683
  6,033
  6,398
  6,778
  7,175
  7,589
  8,020
  8,471
  8,942
  9,434
  9,948
  10,486
  11,049
  11,638
  12,254
  12,899
  13,575
Revenue / Adjusted assets
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
Average production assets, $m
  21
  24
  26
  29
  31
  34
  37
  39
  42
  45
  49
  52
  55
  59
  63
  66
  70
  75
  79
  84
  88
  93
  99
  104
  110
  116
  122
  128
  135
  142
  150
Working capital, $m
  0
  -201
  -220
  -240
  -261
  -283
  -305
  -329
  -353
  -379
  -405
  -433
  -461
  -491
  -522
  -554
  -587
  -622
  -659
  -697
  -736
  -778
  -821
  -866
  -913
  -963
  -1,014
  -1,068
  -1,125
  -1,184
  -1,246
Total debt, $m
  1,332
  1,491
  1,656
  1,829
  2,009
  2,197
  2,392
  2,595
  2,806
  3,025
  3,252
  3,489
  3,735
  3,991
  4,257
  4,534
  4,823
  5,124
  5,437
  5,765
  6,106
  6,463
  6,835
  7,224
  7,631
  8,057
  8,502
  8,967
  9,455
  9,965
  10,500
Total liabilities, $m
  1,570
  1,729
  1,894
  2,067
  2,247
  2,435
  2,630
  2,833
  3,044
  3,263
  3,490
  3,727
  3,973
  4,229
  4,495
  4,772
  5,061
  5,362
  5,675
  6,003
  6,344
  6,701
  7,073
  7,462
  7,869
  8,295
  8,740
  9,205
  9,693
  10,203
  10,738
Total equity, $m
  643
  457
  501
  546
  594
  643
  695
  749
  804
  862
  922
  985
  1,050
  1,117
  1,188
  1,261
  1,337
  1,417
  1,500
  1,586
  1,676
  1,770
  1,869
  1,972
  2,079
  2,192
  2,309
  2,432
  2,561
  2,696
  2,837
Total liabilities and equity, $m
  2,213
  2,186
  2,395
  2,613
  2,841
  3,078
  3,325
  3,582
  3,848
  4,125
  4,412
  4,712
  5,023
  5,346
  5,683
  6,033
  6,398
  6,779
  7,175
  7,589
  8,020
  8,471
  8,942
  9,434
  9,948
  10,487
  11,049
  11,637
  12,254
  12,899
  13,575
Debt-to-equity ratio
  2.072
  3.260
  3.310
  3.350
  3.380
  3.410
  3.440
  3.470
  3.490
  3.510
  3.530
  3.540
  3.560
  3.570
  3.580
  3.600
  3.610
  3.620
  3.630
  3.630
  3.640
  3.650
  3.660
  3.660
  3.670
  3.680
  3.680
  3.690
  3.690
  3.700
  3.700
Adjusted equity ratio
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  -62
  -70
  -80
  -89
  -99
  -110
  -121
  -132
  -144
  -156
  -168
  -182
  -195
  -209
  -224
  -240
  -256
  -272
  -290
  -308
  -327
  -347
  -367
  -389
  -411
  -435
  -459
  -485
  -512
  -540
Depreciation, amort., depletion, $m
  14
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
Funds from operations, $m
  265
  -59
  -68
  -77
  -86
  -96
  -106
  -117
  -128
  -139
  -151
  -163
  -176
  -189
  -203
  -218
  -233
  -248
  -264
  -281
  -299
  -317
  -337
  -357
  -378
  -400
  -423
  -447
  -472
  -498
  -526
Change in working capital, $m
  102
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
Cash from operations, $m
  163
  -41
  -49
  -57
  -65
  -74
  -83
  -93
  -103
  -114
  -124
  -136
  -147
  -160
  -172
  -185
  -199
  -213
  -228
  -243
  -259
  -276
  -293
  -312
  -331
  -350
  -371
  -393
  -415
  -439
  -463
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
New CAPEX, $m
  -12
  -3
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from investing activities, $m
  12
  -5
  -4
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -10
  -10
  -10
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -20
  -21
Free cash flow, $m
  175
  -46
  -53
  -62
  -71
  -80
  -90
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -196
  -210
  -224
  -240
  -256
  -273
  -290
  -308
  -327
  -347
  -367
  -389
  -411
  -435
  -459
  -485
Issuance/(repayment) of debt, $m
  -186
  159
  166
  173
  180
  188
  195
  203
  211
  219
  228
  237
  246
  256
  266
  277
  289
  301
  314
  327
  341
  357
  372
  389
  407
  425
  445
  466
  488
  511
  535
Issuance/(repurchase) of shares, $m
  0
  104
  114
  125
  137
  149
  161
  174
  188
  201
  216
  231
  247
  263
  280
  297
  316
  335
  355
  376
  398
  421
  445
  470
  496
  524
  552
  583
  614
  647
  682
Cash from financing (excl. dividends), $m  
  -198
  263
  280
  298
  317
  337
  356
  377
  399
  420
  444
  468
  493
  519
  546
  574
  605
  636
  669
  703
  739
  778
  817
  859
  903
  949
  997
  1,049
  1,102
  1,158
  1,217
Total cash flow (excl. dividends), $m
  -23
  217
  227
  237
  246
  257
  267
  277
  288
  300
  311
  324
  336
  350
  364
  379
  395
  412
  429
  448
  467
  488
  509
  532
  556
  582
  609
  637
  667
  698
  731
Retained Cash Flow (-), $m
  -13
  -104
  -114
  -125
  -137
  -149
  -161
  -174
  -188
  -201
  -216
  -231
  -247
  -263
  -280
  -297
  -316
  -335
  -355
  -376
  -398
  -421
  -445
  -470
  -496
  -524
  -552
  -583
  -614
  -647
  -682
Prev. year cash balance distribution, $m
 
  229
  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
 
  341
  112
  111
  110
  108
  106
  103
  101
  98
  95
  93
  90
  87
  84
  82
  79
  76
  74
  71
  69
  67
  64
  62
  60
  58
  56
  55
  53
  51
  50
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  311
  92
  82
  71
  61
  52
  43
  35
  29
  23
  18
  14
  10
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.9
  59.2
  45.6
  35.1
  27.0
  20.8
  16.0
  12.3
  9.5
  7.3
  5.6
  4.3
  3.3
  2.6
  2.0
  1.5
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0

Beazer Homes USA, Inc. operates as a homebuilder in the United States. The company designs, constructs, and sells single-family and multi-family homes for entry-level, move-up, or retirement-oriented home buyers under the Beazer Homes brand name. It sells its homes through commissioned new home sales counselors and independent brokers in Arizona, California, Nevada, Texas, Delaware, Indiana, Maryland, Tennessee, Virginia, Florida, Georgia, North Carolina, and South Carolina. Beazer Homes USA, Inc. was founded in 1985 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  Beazer Homes USA (BZH)

Valuation Ratios
P/E Ratio 107.9
Price to Sales 0.3
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 3.6
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 207.2%
Total Debt to Equity 207.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 24%
Return On Total Capital 0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 0.8%
Return On Equity - 3 Yr. Avg. 29.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 16.3%
Gross Margin - 3 Yr. Avg. 17%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 2.7%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 77.3%
Eff/ Tax Rate - 3 Yr. Avg. -266.7%
Payout Ratio 0%

BZH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BZH stock intrinsic value calculation we used $1822 million for the last fiscal year's total revenue generated by Beazer Homes USA. The default revenue input number comes from 2016 income statement of Beazer Homes USA. 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 BZH stock valuation model: a) initial revenue growth rate of 10.1% 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 9.9%, whose default value for BZH is calculated based on our internal credit rating of Beazer Homes USA, 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 Beazer Homes USA.
    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 BZH stock the variable cost ratio is equal to 96.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BZH 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 9.3% for Beazer Homes USA.

Corporate tax rate of 27% is the nominal tax rate for Beazer Homes USA. 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 BZH 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 BZH are equal to 1.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Beazer Homes USA 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 BZH is equal to -10%. 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 - $643 million for Beazer Homes USA - 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 33.03 million for Beazer Homes USA 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 Beazer Homes USA at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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LGIH LGI Homes 46.81 35.36  hold
MDC M.D.C. Holding 33.41 185.04  str.buy
TOL Toll Brothers 39.70 77.40  str.buy
KBH KB Home 23.59 65.01  str.buy
NWHM New Home 10.90 43.00  str.buy
GRBK Green Brick Pa 10.00 15.86  buy
DHI D.R. Horton 36.83 116.35  str.buy
NVR NVR 2,760.18 3,724.79  buy

COMPANY NEWS

▶ Here's Why Investing in EMCOR (EME) Makes Sense   [Aug-14-17 04:26PM  Zacks]
▶ Beazer posts 3Q profit   [Aug-01-17 09:33PM  Associated Press]
▶ Housing Data Drives Down Homebuilding Stocks   [Jun-16-17 10:11AM  TheStreet.com]
▶ As Hawkish Fed Hits Housing, Fannie Mae Eases Mortgage Standards   [Jun-15-17 04:15PM  Investor's Business Daily]
▶ Beazer Homes: Time To Hit The Buy Button?   [09:54AM  Barrons.com]
▶ Beazer's loss widens, but home sales rose   [01:56PM  Associated Press]
▶ 10 Best Home Builders in California   [Apr-26-17 06:20PM  Insider Monkey]
▶ The Real Issue With Housing and the Fed   [Apr-19-17 10:49PM  TheStreet.com]
▶ Is Axcelis Technologies Inc (ACLS) A Good Stock to Buy?   [Dec-14-16 08:29PM  at Insider Monkey]
▶ 10 Stocks Insiders and Hedge Funds Are Crazy About (part 1)   [Dec-02-16 05:39PM  at Insider Monkey]
▶ Beazer Homes Reports Fiscal 2016 Results   [06:30AM  Business Wire]
Stock chart of BZH Financial statements of BZH
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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