Intrinsic value of Beazer Homes USA - BZH

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$12.73

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$12.73

 
Intrinsic value

$5.05

 
Up/down potential

-60%

 
Rating

str. sell

 
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 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 0.4

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,822
  1,858
  1,901
  1,950
  2,005
  2,066
  2,132
  2,205
  2,284
  2,368
  2,459
  2,556
  2,660
  2,771
  2,888
  3,013
  3,145
  3,284
  3,432
  3,588
  3,753
  3,927
  4,111
  4,304
  4,508
  4,722
  4,948
  5,186
  5,436
  5,700
  5,977
Variable operating expenses, $m
 
  1,801
  1,842
  1,890
  1,943
  2,002
  2,066
  2,137
  2,213
  2,295
  2,383
  2,477
  2,578
  2,685
  2,799
  2,919
  3,047
  3,183
  3,326
  3,477
  3,637
  3,805
  3,983
  4,171
  4,368
  4,576
  4,795
  5,025
  5,268
  5,523
  5,791
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
  1,801
  1,842
  1,890
  1,943
  2,002
  2,066
  2,137
  2,213
  2,295
  2,383
  2,477
  2,578
  2,685
  2,799
  2,919
  3,047
  3,183
  3,326
  3,477
  3,637
  3,805
  3,983
  4,171
  4,368
  4,576
  4,795
  5,025
  5,268
  5,523
  5,791
Operating income, $m
  46
  58
  59
  60
  62
  64
  66
  68
  71
  73
  76
  79
  82
  86
  90
  93
  97
  102
  106
  111
  116
  122
  127
  133
  140
  146
  153
  161
  169
  177
  185
EBITDA, $m
  60
  62
  63
  65
  67
  69
  71
  74
  76
  79
  82
  85
  89
  93
  96
  101
  105
  110
  115
  120
  125
  131
  137
  144
  151
  158
  165
  173
  182
  190
  200
Interest expense (income), $m
  132
  124
  127
  130
  134
  139
  143
  149
  155
  161
  168
  175
  183
  191
  200
  209
  219
  230
  241
  253
  265
  279
  293
  307
  323
  339
  356
  374
  393
  414
  435
Earnings before tax, $m
  22
  -66
  -68
  -70
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
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
  -66
  -68
  -70
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249

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
  2,024
  2,071
  2,124
  2,184
  2,250
  2,323
  2,402
  2,488
  2,580
  2,679
  2,785
  2,898
  3,018
  3,146
  3,282
  3,426
  3,578
  3,739
  3,909
  4,088
  4,278
  4,478
  4,689
  4,910
  5,144
  5,390
  5,649
  5,922
  6,209
  6,511
Adjusted assets (=assets-cash), $m
  1,984
  2,024
  2,071
  2,124
  2,184
  2,250
  2,323
  2,402
  2,488
  2,580
  2,679
  2,785
  2,898
  3,018
  3,146
  3,282
  3,426
  3,578
  3,739
  3,909
  4,088
  4,278
  4,478
  4,689
  4,910
  5,144
  5,390
  5,649
  5,922
  6,209
  6,511
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
  22
  23
  23
  24
  25
  26
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
Working capital, $m
  0
  -234
  -240
  -246
  -253
  -260
  -269
  -278
  -288
  -298
  -310
  -322
  -335
  -349
  -364
  -380
  -396
  -414
  -432
  -452
  -473
  -495
  -518
  -542
  -568
  -595
  -623
  -653
  -685
  -718
  -753
Total debt, $m
  1,332
  1,363
  1,400
  1,442
  1,490
  1,542
  1,599
  1,662
  1,730
  1,803
  1,881
  1,965
  2,054
  2,149
  2,251
  2,358
  2,472
  2,592
  2,719
  2,854
  2,996
  3,146
  3,304
  3,471
  3,646
  3,831
  4,026
  4,231
  4,446
  4,673
  4,912
Total liabilities, $m
  1,570
  1,601
  1,638
  1,680
  1,728
  1,780
  1,837
  1,900
  1,968
  2,041
  2,119
  2,203
  2,292
  2,387
  2,489
  2,596
  2,710
  2,830
  2,957
  3,092
  3,234
  3,384
  3,542
  3,709
  3,884
  4,069
  4,264
  4,469
  4,684
  4,911
  5,150
Total equity, $m
  643
  423
  433
  444
  456
  470
  485
  502
  520
  539
  560
  582
  606
  631
  658
  686
  716
  748
  781
  817
  854
  894
  936
  980
  1,026
  1,075
  1,127
  1,181
  1,238
  1,298
  1,361
Total liabilities and equity, $m
  2,213
  2,024
  2,071
  2,124
  2,184
  2,250
  2,322
  2,402
  2,488
  2,580
  2,679
  2,785
  2,898
  3,018
  3,147
  3,282
  3,426
  3,578
  3,738
  3,909
  4,088
  4,278
  4,478
  4,689
  4,910
  5,144
  5,391
  5,650
  5,922
  6,209
  6,511
Debt-to-equity ratio
  2.072
  3.220
  3.230
  3.250
  3.260
  3.280
  3.290
  3.310
  3.330
  3.340
  3.360
  3.380
  3.390
  3.410
  3.420
  3.440
  3.450
  3.470
  3.480
  3.490
  3.510
  3.520
  3.530
  3.540
  3.550
  3.560
  3.570
  3.580
  3.590
  3.600
  3.610
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
  -66
  -68
  -70
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
Depreciation, amort., depletion, $m
  14
  4
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
Funds from operations, $m
  265
  -62
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -164
  -172
  -181
  -191
  -201
  -212
  -223
  -235
Change in working capital, $m
  102
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
Cash from operations, $m
  163
  -59
  -58
  -59
  -60
  -62
  -64
  -66
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -126
  -132
  -139
  -147
  -154
  -163
  -171
  -180
  -190
  -200
Maintenance CAPEX, $m
  0
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
New CAPEX, $m
  -12
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  12
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -14
  -14
  -15
  -15
  -16
  -17
Free cash flow, $m
  175
  -65
  -63
  -64
  -66
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
Issuance/(repayment) of debt, $m
  -186
  31
  37
  42
  47
  52
  57
  63
  68
  73
  78
  84
  89
  95
  101
  107
  114
  120
  127
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  227
  239
Issuance/(repurchase) of shares, $m
  0
  0
  36
  33
  31
  29
  27
  26
  25
  24
  23
  23
  22
  22
  22
  22
  23
  23
  24
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  42
Cash from financing (excl. dividends), $m  
  -198
  31
  73
  75
  78
  81
  84
  89
  93
  97
  101
  107
  111
  117
  123
  129
  137
  143
  151
  159
  167
  176
  185
  196
  206
  217
  228
  240
  253
  266
  281
Total cash flow (excl. dividends), $m
  -23
  -33
  -26
  -22
  -18
  -15
  -12
  -9
  -7
  -5
  -3
  -1
  1
  3
  4
  6
  7
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
Retained Cash Flow (-), $m
  -13
  -9
  -10
  -11
  -12
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
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
 
  187
  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
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
 
  170
  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
Current shareholders' claim on cash, %
  100
  100.0
  89.2
  80.4
  73.2
  67.1
  62.0
  57.6
  53.8
  50.5
  47.6
  45.0
  42.6
  40.5
  38.5
  36.8
  35.1
  33.5
  32.1
  30.7
  29.4
  28.2
  27.0
  25.8
  24.8
  23.7
  22.7
  21.7
  20.8
  19.9
  19.0

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 84.2
Price to Sales 0.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.6
Price to Free Cash Flow 2.8
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 2% 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 1.5 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 -12.6%. 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 33.628 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 $0.4 billion.


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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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