Intrinsic value of CalAtlantic Group - CAA

Previous Close

$34.17

  Intrinsic Value

$67.02

stock screener

  Rating & Target

str. buy

+96%

  Value-price divergence*

+372%

Previous close

$34.17

 
Intrinsic value

$67.02

 
Up/down potential

+96%

 
Rating

str. buy

 
Value-price divergence*

+372%

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

We calculate the intrinsic value of CAA 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 3.9

 

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, %
  82.97
  12.90
  12.11
  11.40
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
Revenue, $m
  6,477
  7,313
  8,198
  9,133
  10,115
  11,145
  12,222
  13,347
  14,518
  15,738
  17,006
  18,325
  19,696
  21,120
  22,600
  24,139
  25,738
  27,402
  29,133
  30,935
  32,812
  34,768
  36,807
  38,933
  41,153
  43,470
  45,890
  48,418
  51,062
  53,826
  56,717
Variable operating expenses, $m
 
  6,276
  7,025
  7,814
  8,645
  9,515
  10,425
  11,375
  12,365
  13,396
  14,468
  15,485
  16,643
  17,847
  19,098
  20,398
  21,749
  23,155
  24,618
  26,141
  27,727
  29,380
  31,103
  32,900
  34,775
  36,733
  38,778
  40,915
  43,148
  45,484
  47,928
Fixed operating expenses, $m
 
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
Total operating expenses, $m
  5,724
  6,437
  7,190
  7,983
  8,818
  9,693
  10,607
  11,562
  12,556
  13,592
  14,669
  15,691
  16,854
  18,063
  19,320
  20,625
  21,982
  23,394
  24,863
  26,392
  27,984
  29,644
  31,373
  33,177
  35,059
  37,024
  39,076
  41,221
  43,461
  45,805
  48,257
Operating income, $m
  753
  875
  1,009
  1,149
  1,297
  1,453
  1,615
  1,785
  1,962
  2,146
  2,338
  2,634
  2,841
  3,057
  3,281
  3,514
  3,756
  4,008
  4,270
  4,543
  4,828
  5,124
  5,434
  5,757
  6,094
  6,446
  6,813
  7,198
  7,600
  8,020
  8,461
EBITDA, $m
  815
  972
  1,106
  1,246
  1,394
  1,550
  1,712
  1,882
  2,059
  2,243
  2,435
  2,634
  2,841
  3,057
  3,281
  3,514
  3,756
  4,008
  4,270
  4,543
  4,828
  5,124
  5,434
  5,757
  6,094
  6,446
  6,813
  7,198
  7,600
  8,020
  8,461
Interest expense (income), $m
  220
  204
  237
  271
  308
  346
  387
  429
  473
  518
  566
  616
  667
  721
  777
  834
  895
  957
  1,022
  1,090
  1,160
  1,234
  1,310
  1,390
  1,473
  1,560
  1,650
  1,745
  1,844
  1,947
  2,055
Earnings before tax, $m
  753
  671
  772
  878
  989
  1,106
  1,229
  1,356
  1,489
  1,627
  1,771
  2,018
  2,174
  2,336
  2,504
  2,679
  2,861
  3,051
  3,248
  3,453
  3,667
  3,891
  4,124
  4,367
  4,621
  4,886
  5,163
  5,453
  5,756
  6,073
  6,405
Tax expense, $m
  268
  181
  208
  237
  267
  299
  332
  366
  402
  439
  478
  545
  587
  631
  676
  723
  772
  824
  877
  932
  990
  1,050
  1,113
  1,179
  1,248
  1,319
  1,394
  1,472
  1,554
  1,640
  1,729
Net income, $m
  485
  490
  563
  641
  722
  808
  897
  990
  1,087
  1,188
  1,293
  1,473
  1,587
  1,705
  1,828
  1,956
  2,089
  2,227
  2,371
  2,521
  2,677
  2,840
  3,010
  3,188
  3,373
  3,567
  3,769
  3,981
  4,202
  4,433
  4,676

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  208
  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
  8,709
  9,597
  10,759
  11,985
  13,274
  14,626
  16,040
  17,515
  19,053
  20,653
  22,318
  24,049
  25,848
  27,717
  29,659
  31,678
  33,777
  35,960
  38,232
  40,597
  43,060
  45,627
  48,303
  51,094
  54,006
  57,047
  60,223
  63,541
  67,010
  70,638
  74,432
Adjusted assets (=assets-cash), $m
  8,501
  9,597
  10,759
  11,985
  13,274
  14,626
  16,040
  17,515
  19,053
  20,653
  22,318
  24,049
  25,848
  27,717
  29,659
  31,678
  33,777
  35,960
  38,232
  40,597
  43,060
  45,627
  48,303
  51,094
  54,006
  57,047
  60,223
  63,541
  67,010
  70,638
  74,432
Revenue / Adjusted assets
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
Average production assets, $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
  0
Working capital, $m
  0
  44
  49
  55
  61
  67
  73
  80
  87
  94
  102
  110
  118
  127
  136
  145
  154
  164
  175
  186
  197
  209
  221
  234
  247
  261
  275
  291
  306
  323
  340
Total debt, $m
  3,667
  4,012
  4,599
  5,218
  5,870
  6,552
  7,266
  8,011
  8,788
  9,596
  10,437
  11,311
  12,219
  13,163
  14,144
  15,163
  16,223
  17,326
  18,473
  19,668
  20,911
  22,208
  23,559
  24,968
  26,439
  27,975
  29,578
  31,254
  33,006
  34,838
  36,754
Total liabilities, $m
  4,501
  4,846
  5,433
  6,052
  6,704
  7,386
  8,100
  8,845
  9,622
  10,430
  11,271
  12,145
  13,053
  13,997
  14,978
  15,997
  17,057
  18,160
  19,307
  20,502
  21,745
  23,042
  24,393
  25,802
  27,273
  28,809
  30,412
  32,088
  33,840
  35,672
  37,588
Total equity, $m
  4,208
  4,750
  5,326
  5,933
  6,571
  7,240
  7,940
  8,670
  9,431
  10,223
  11,048
  11,904
  12,795
  13,720
  14,681
  15,681
  16,720
  17,800
  18,925
  20,096
  21,315
  22,585
  23,910
  25,291
  26,733
  28,238
  29,810
  31,453
  33,170
  34,966
  36,844
Total liabilities and equity, $m
  8,709
  9,596
  10,759
  11,985
  13,275
  14,626
  16,040
  17,515
  19,053
  20,653
  22,319
  24,049
  25,848
  27,717
  29,659
  31,678
  33,777
  35,960
  38,232
  40,598
  43,060
  45,627
  48,303
  51,093
  54,006
  57,047
  60,222
  63,541
  67,010
  70,638
  74,432
Debt-to-equity ratio
  0.871
  0.840
  0.860
  0.880
  0.890
  0.910
  0.920
  0.920
  0.930
  0.940
  0.940
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
Adjusted equity ratio
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  485
  490
  563
  641
  722
  808
  897
  990
  1,087
  1,188
  1,293
  1,473
  1,587
  1,705
  1,828
  1,956
  2,089
  2,227
  2,371
  2,521
  2,677
  2,840
  3,010
  3,188
  3,373
  3,567
  3,769
  3,981
  4,202
  4,433
  4,676
Depreciation, amort., depletion, $m
  62
  97
  97
  97
  97
  97
  97
  97
  97
  97
  97
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  88
  587
  660
  738
  819
  905
  994
  1,087
  1,184
  1,285
  1,390
  1,473
  1,587
  1,705
  1,828
  1,956
  2,089
  2,227
  2,371
  2,521
  2,677
  2,840
  3,010
  3,188
  3,373
  3,567
  3,769
  3,981
  4,202
  4,433
  4,676
Change in working capital, $m
  -234
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
Cash from operations, $m
  322
  582
  655
  732
  813
  898
  987
  1,080
  1,177
  1,278
  1,383
  1,465
  1,579
  1,697
  1,819
  1,946
  2,079
  2,217
  2,361
  2,510
  2,666
  2,828
  2,998
  3,175
  3,360
  3,553
  3,754
  3,965
  4,186
  4,417
  4,658
Maintenance CAPEX, $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
  0
New CAPEX, $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
  0
Cash from investing activities, $m
  3
  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
Free cash flow, $m
  325
  582
  655
  732
  813
  898
  987
  1,080
  1,177
  1,278
  1,383
  1,465
  1,579
  1,697
  1,819
  1,946
  2,079
  2,217
  2,361
  2,510
  2,666
  2,828
  2,998
  3,175
  3,360
  3,553
  3,754
  3,965
  4,186
  4,417
  4,658
Issuance/(repayment) of debt, $m
  -59
  553
  587
  619
  651
  683
  714
  745
  776
  808
  841
  874
  908
  944
  981
  1,020
  1,060
  1,103
  1,147
  1,194
  1,244
  1,296
  1,351
  1,409
  1,471
  1,536
  1,604
  1,676
  1,752
  1,832
  1,916
Issuance/(repurchase) of shares, $m
  -231
  52
  12
  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  
  -285
  605
  599
  619
  651
  683
  714
  745
  776
  808
  841
  874
  908
  944
  981
  1,020
  1,060
  1,103
  1,147
  1,194
  1,244
  1,296
  1,351
  1,409
  1,471
  1,536
  1,604
  1,676
  1,752
  1,832
  1,916
Total cash flow (excl. dividends), $m
  41
  1,187
  1,254
  1,352
  1,465
  1,581
  1,701
  1,825
  1,953
  2,086
  2,223
  2,339
  2,487
  2,640
  2,800
  2,966
  3,139
  3,320
  3,508
  3,704
  3,910
  4,125
  4,349
  4,584
  4,830
  5,088
  5,358
  5,641
  5,938
  6,249
  6,575
Retained Cash Flow (-), $m
  -347
  -542
  -575
  -607
  -638
  -669
  -700
  -730
  -761
  -792
  -824
  -857
  -890
  -925
  -961
  -999
  -1,039
  -1,081
  -1,125
  -1,171
  -1,219
  -1,270
  -1,324
  -1,382
  -1,442
  -1,505
  -1,572
  -1,643
  -1,717
  -1,796
  -1,878
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
 
  645
  679
  745
  826
  912
  1,001
  1,095
  1,192
  1,294
  1,399
  1,483
  1,597
  1,715
  1,838
  1,967
  2,100
  2,239
  2,383
  2,534
  2,691
  2,854
  3,025
  3,203
  3,389
  3,583
  3,786
  3,999
  4,221
  4,453
  4,696
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  599
  580
  581
  585
  580
  567
  546
  518
  485
  446
  398
  355
  312
  269
  228
  190
  155
  123
  96
  74
  55
  40
  28
  20
  13
  9
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  98.7
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4

CalAtlantic Group, Inc. builds single-family attached and detached homes in the United States. The company operates through four segments: North, Southeast, Southwest, and West. The company offers crafted homes from entry level to luxury in 41 metropolitan statistical areas spanning 17 states and the District of Columbia. It also provides mortgage financing and title examination services for homebuyers. The company was founded in 1965 and is headquartered in Irvine, California.

FINANCIAL RATIOS  of  CalAtlantic Group (CAA)

Valuation Ratios
P/E Ratio 8.1
Price to Sales 0.6
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate 83%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity 81.3%
Total Debt to Equity 87.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 12%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 22.8%
Gross Margin - 3 Yr. Avg. 24.1%
EBITDA Margin 16%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 37.1%
Payout Ratio 3.9%

CAA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAA stock intrinsic value calculation we used $6477 million for the last fiscal year's total revenue generated by CalAtlantic Group. The default revenue input number comes from 2016 income statement of CalAtlantic Group. 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 CAA stock valuation model: a) initial revenue growth rate of 12.9% 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 7.8%, whose default value for CAA is calculated based on our internal credit rating of CalAtlantic Group, 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 CalAtlantic Group.
    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 CAA stock the variable cost ratio is equal to 86%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $157 million in the base year in the intrinsic value calculation for CAA 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 5.9% for CalAtlantic Group.

Corporate tax rate of 27% is the nominal tax rate for CalAtlantic Group. 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 CAA 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 CAA are equal to 0%.

Life of production assets of 15.3 years is the average useful life of capital assets used in CalAtlantic Group 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 CAA is equal to 0.6%. 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 - $4208 million for CalAtlantic Group - 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 115.532 million for CalAtlantic Group 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 CalAtlantic Group at the current share price and the inputted number of shares is $3.9 billion.

RELATED COMPANIES Price Int.Val. Rating
MDC M.D.C. Holding 31.78 185.04  str.buy
LGIH LGI Homes 45.58 35.36  hold
TOL Toll Brothers 37.27 77.40  str.buy
LEN Lennar Cl A 51.93 119.06  str.buy
KBH KB Home 22.32 65.01  str.buy
NVR NVR 2,711.88 3,724.79  buy
DHI D.R. Horton 35.57 116.35  str.buy
HOV Hovnanian Ente 2.04 0.80  str.sell
MHO M/I Homes 24.91 78.01  str.buy

COMPANY NEWS

▶ What Texas Can Tell Us About The Housing Market   [Aug-23-17 12:08PM  Barrons.com]
▶ CalAtlantic Group, Inc. Declares Quarterly Dividend   [Jul-28-17 04:21PM  PR Newswire]
▶ CalAtlantic misses 2Q profit forecasts   [Jul-27-17 09:54PM  Associated Press]
▶ We're going to see home sales growth: Analyst   [Jul-05-17 01:38PM  CNBC Videos]
▶ CalAtlantic Homes Enters Seattle Market   [Jun-13-17 09:00AM  PR Newswire]
▶ [$$] Preferred Stock for the Long Run   [Jun-10-17 12:14AM  Barrons.com]
▶ CalAtlantic Homes Enters Utah Market   [May-04-17 09:00AM  PR Newswire]
▶ CalAtlantic beats Street 1Q forecasts   [Apr-27-17 06:56PM  Associated Press]
▶ CalAtlantic Homes Introduces Summit Bridge Estates   [Mar-31-17 11:56PM  PR Newswire]
▶ CalAtlantic Homes Introduces Whispering Pines Estates   [Mar-28-17 10:00AM  PR Newswire]
▶ CalAtlantic Homes Breaks Ground On Solana Heights   [Mar-22-17 02:00PM  PR Newswire]
▶ IIROC Trading Halt - CAA   [Mar-21-17 03:36PM  PR Newswire]
▶ IIROC Trading Halt - CAA   [03:36PM  CNW Group]
Financial statements of CAA
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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