Intrinsic value of CalAtlantic Group - CAA

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$37.79

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.79

 
Intrinsic value

$82.70

 
Up/down potential

+119%

 
Rating

str. buy

 
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 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 4.3

 

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, %
  82.97
  16.60
  15.44
  14.40
  13.46
  12.61
  11.85
  11.16
  10.55
  9.99
  9.49
  9.04
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
Revenue, $m
  6,477
  7,552
  8,718
  9,973
  11,315
  12,742
  14,252
  15,843
  17,515
  19,265
  21,094
  23,002
  24,989
  27,057
  29,208
  31,444
  33,767
  36,181
  38,690
  41,298
  44,010
  46,831
  49,767
  52,824
  56,008
  59,327
  62,788
  66,398
  70,165
  74,099
  78,209
Variable operating expenses, $m
 
  6,479
  7,464
  8,525
  9,659
  10,865
  12,140
  13,485
  14,897
  16,376
  17,922
  19,437
  21,117
  22,864
  24,682
  26,571
  28,534
  30,574
  32,694
  34,898
  37,190
  39,574
  42,055
  44,638
  47,329
  50,133
  53,057
  56,107
  59,291
  62,616
  66,089
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
  6,640
  7,629
  8,694
  9,832
  11,043
  12,322
  13,672
  15,088
  16,572
  18,123
  19,643
  21,328
  23,080
  24,904
  26,798
  28,767
  30,813
  32,939
  35,149
  37,447
  39,838
  42,325
  44,915
  47,613
  50,424
  53,355
  56,413
  59,604
  62,937
  66,418
Operating income, $m
  753
  912
  1,089
  1,280
  1,483
  1,700
  1,930
  2,172
  2,426
  2,693
  2,971
  3,359
  3,662
  3,977
  4,305
  4,646
  5,000
  5,368
  5,751
  6,149
  6,563
  6,994
  7,442
  7,909
  8,396
  8,903
  9,432
  9,984
  10,560
  11,162
  11,791
EBITDA, $m
  815
  1,009
  1,186
  1,377
  1,580
  1,797
  2,027
  2,269
  2,523
  2,790
  3,068
  3,359
  3,662
  3,977
  4,305
  4,646
  5,000
  5,368
  5,751
  6,149
  6,563
  6,994
  7,442
  7,909
  8,396
  8,903
  9,432
  9,984
  10,560
  11,162
  11,791
Interest expense (income), $m
  220
  204
  246
  292
  341
  393
  449
  508
  570
  636
  704
  776
  850
  928
  1,009
  1,093
  1,180
  1,271
  1,366
  1,464
  1,566
  1,672
  1,782
  1,897
  2,016
  2,141
  2,271
  2,406
  2,547
  2,694
  2,848
Earnings before tax, $m
  753
  708
  843
  988
  1,143
  1,307
  1,481
  1,664
  1,856
  2,057
  2,267
  2,583
  2,811
  3,049
  3,296
  3,553
  3,820
  4,097
  4,386
  4,686
  4,998
  5,322
  5,661
  6,013
  6,380
  6,762
  7,162
  7,578
  8,013
  8,468
  8,943
Tax expense, $m
  268
  191
  228
  267
  308
  353
  400
  449
  501
  555
  612
  697
  759
  823
  890
  959
  1,031
  1,106
  1,184
  1,265
  1,349
  1,437
  1,528
  1,623
  1,723
  1,826
  1,934
  2,046
  2,164
  2,286
  2,415
Net income, $m
  485
  517
  615
  721
  834
  954
  1,081
  1,214
  1,355
  1,502
  1,655
  1,886
  2,052
  2,226
  2,406
  2,594
  2,788
  2,991
  3,202
  3,421
  3,648
  3,885
  4,132
  4,389
  4,657
  4,937
  5,228
  5,532
  5,850
  6,182
  6,528

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
  9,911
  11,441
  13,088
  14,850
  16,722
  18,704
  20,792
  22,985
  25,282
  27,682
  30,186
  32,794
  35,509
  38,331
  41,265
  44,313
  47,482
  50,774
  54,197
  57,756
  61,458
  65,311
  69,323
  73,502
  77,857
  82,398
  87,136
  92,080
  97,243
  102,637
Adjusted assets (=assets-cash), $m
  8,501
  9,911
  11,441
  13,088
  14,850
  16,722
  18,704
  20,792
  22,985
  25,282
  27,682
  30,186
  32,794
  35,509
  38,331
  41,265
  44,313
  47,482
  50,774
  54,197
  57,756
  61,458
  65,311
  69,323
  73,502
  77,857
  82,398
  87,136
  92,080
  97,243
  102,637
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
  45
  52
  60
  68
  76
  86
  95
  105
  116
  127
  138
  150
  162
  175
  189
  203
  217
  232
  248
  264
  281
  299
  317
  336
  356
  377
  398
  421
  445
  469
Total debt, $m
  3,667
  4,171
  4,944
  5,776
  6,665
  7,611
  8,611
  9,666
  10,773
  11,933
  13,146
  14,410
  15,727
  17,098
  18,523
  20,005
  21,544
  23,144
  24,807
  26,535
  28,333
  30,203
  32,148
  34,174
  36,284
  38,484
  40,777
  43,170
  45,667
  48,274
  50,998
Total liabilities, $m
  4,501
  5,005
  5,778
  6,610
  7,499
  8,445
  9,445
  10,500
  11,607
  12,767
  13,980
  15,244
  16,561
  17,932
  19,357
  20,839
  22,378
  23,978
  25,641
  27,369
  29,167
  31,037
  32,982
  35,008
  37,118
  39,318
  41,611
  44,004
  46,501
  49,108
  51,832
Total equity, $m
  4,208
  4,906
  5,663
  6,479
  7,351
  8,277
  9,258
  10,292
  11,378
  12,515
  13,703
  14,942
  16,233
  17,577
  18,974
  20,426
  21,935
  23,503
  25,133
  26,828
  28,589
  30,422
  32,329
  34,315
  36,383
  38,539
  40,787
  43,132
  45,580
  48,135
  50,805
Total liabilities and equity, $m
  8,709
  9,911
  11,441
  13,089
  14,850
  16,722
  18,703
  20,792
  22,985
  25,282
  27,683
  30,186
  32,794
  35,509
  38,331
  41,265
  44,313
  47,481
  50,774
  54,197
  57,756
  61,459
  65,311
  69,323
  73,501
  77,857
  82,398
  87,136
  92,081
  97,243
  102,637
Debt-to-equity ratio
  0.871
  0.850
  0.870
  0.890
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  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
  517
  615
  721
  834
  954
  1,081
  1,214
  1,355
  1,502
  1,655
  1,886
  2,052
  2,226
  2,406
  2,594
  2,788
  2,991
  3,202
  3,421
  3,648
  3,885
  4,132
  4,389
  4,657
  4,937
  5,228
  5,532
  5,850
  6,182
  6,528
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
  614
  712
  818
  931
  1,051
  1,178
  1,311
  1,452
  1,599
  1,752
  1,886
  2,052
  2,226
  2,406
  2,594
  2,788
  2,991
  3,202
  3,421
  3,648
  3,885
  4,132
  4,389
  4,657
  4,937
  5,228
  5,532
  5,850
  6,182
  6,528
Change in working capital, $m
  -234
  6
  7
  8
  8
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
Cash from operations, $m
  322
  608
  705
  811
  923
  1,042
  1,169
  1,302
  1,442
  1,588
  1,741
  1,874
  2,040
  2,213
  2,393
  2,580
  2,774
  2,976
  3,186
  3,405
  3,632
  3,868
  4,115
  4,371
  4,638
  4,917
  5,207
  5,511
  5,827
  6,158
  6,504
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
  608
  705
  811
  923
  1,042
  1,169
  1,302
  1,442
  1,588
  1,741
  1,874
  2,040
  2,213
  2,393
  2,580
  2,774
  2,976
  3,186
  3,405
  3,632
  3,868
  4,115
  4,371
  4,638
  4,917
  5,207
  5,511
  5,827
  6,158
  6,504
Issuance/(repayment) of debt, $m
  -59
  712
  773
  832
  889
  946
  1,001
  1,055
  1,108
  1,160
  1,212
  1,264
  1,317
  1,371
  1,425
  1,482
  1,540
  1,600
  1,663
  1,728
  1,797
  1,870
  1,946
  2,026
  2,110
  2,199
  2,293
  2,392
  2,497
  2,607
  2,724
Issuance/(repurchase) of shares, $m
  -231
  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  
  -285
  712
  773
  832
  889
  946
  1,001
  1,055
  1,108
  1,160
  1,212
  1,264
  1,317
  1,371
  1,425
  1,482
  1,540
  1,600
  1,663
  1,728
  1,797
  1,870
  1,946
  2,026
  2,110
  2,199
  2,293
  2,392
  2,497
  2,607
  2,724
Total cash flow (excl. dividends), $m
  41
  1,320
  1,478
  1,642
  1,812
  1,988
  2,169
  2,356
  2,549
  2,748
  2,953
  3,139
  3,358
  3,584
  3,818
  4,062
  4,314
  4,576
  4,849
  5,133
  5,429
  5,738
  6,060
  6,397
  6,748
  7,116
  7,501
  7,903
  8,324
  8,765
  9,228
Retained Cash Flow (-), $m
  -347
  -698
  -757
  -815
  -872
  -927
  -981
  -1,034
  -1,086
  -1,137
  -1,188
  -1,239
  -1,291
  -1,343
  -1,397
  -1,452
  -1,509
  -1,568
  -1,630
  -1,694
  -1,762
  -1,833
  -1,907
  -1,986
  -2,069
  -2,156
  -2,248
  -2,345
  -2,448
  -2,556
  -2,670
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
 
  622
  721
  827
  941
  1,061
  1,189
  1,323
  1,464
  1,611
  1,765
  1,899
  2,066
  2,240
  2,421
  2,609
  2,805
  3,008
  3,219
  3,439
  3,668
  3,905
  4,153
  4,411
  4,680
  4,960
  5,253
  5,558
  5,877
  6,210
  6,558
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
 
  577
  616
  646
  666
  675
  673
  660
  636
  604
  563
  510
  460
  408
  355
  303
  253
  208
  167
  131
  100
  75
  55
  39
  27
  18
  12
  7
  5
  3
  2
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

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 8.9
Price to Sales 0.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 13.4
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 16.6% 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 114.286 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 $4.3 billion.


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COMPANY NEWS

▶ 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]
▶ IIROC Trade Resumption - CAA   [11:25AM  PR Newswire]
▶ IIROC Trading Halt - CAA   [08:10AM  PR Newswire]
▶ [$$] Picks in Home Builders for a Volatile 2017   [Dec-30-16 10:13AM  at Barrons.com]
▶ Hedge Funds Are Buying Popular Inc (BPOP)   [Dec-07-16 11:09AM  at Insider Monkey]
▶ Hedge Funds Are Buying CalAtlantic Group Inc (CAA)   [06:06AM  at Insider Monkey]
Stock chart of CAA 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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