Intrinsic value of CoStar Group - CSGP

Previous Close

$341.95

  Intrinsic Value

$63.43

stock screener

  Rating & Target

str. sell

-81%

Previous close

$341.95

 
Intrinsic value

$63.43

 
Up/down potential

-81%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as CSGP.

We calculate the intrinsic value of CSGP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  17.70
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  838
  975
  1,124
  1,284
  1,455
  1,637
  1,829
  2,031
  2,243
  2,466
  2,698
  2,940
  3,192
  3,455
  3,727
  4,011
  4,306
  4,612
  4,930
  5,261
  5,605
  5,963
  6,336
  6,724
  7,128
  7,549
  7,988
  8,446
  8,925
  9,424
  9,946
Variable operating expenses, $m
 
  938
  1,062
  1,196
  1,338
  1,489
  1,649
  1,818
  1,995
  2,180
  2,374
  2,450
  2,660
  2,879
  3,106
  3,342
  3,588
  3,843
  4,108
  4,384
  4,670
  4,969
  5,279
  5,602
  5,939
  6,290
  6,656
  7,038
  7,436
  7,853
  8,287
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
  693
  938
  1,062
  1,196
  1,338
  1,489
  1,649
  1,818
  1,995
  2,180
  2,374
  2,450
  2,660
  2,879
  3,106
  3,342
  3,588
  3,843
  4,108
  4,384
  4,670
  4,969
  5,279
  5,602
  5,939
  6,290
  6,656
  7,038
  7,436
  7,853
  8,287
Operating income, $m
  145
  37
  62
  89
  117
  147
  179
  213
  249
  286
  324
  490
  532
  576
  622
  669
  718
  769
  822
  877
  935
  994
  1,057
  1,121
  1,189
  1,259
  1,332
  1,409
  1,488
  1,572
  1,659
EBITDA, $m
  215
  179
  206
  235
  267
  300
  335
  372
  411
  452
  494
  538
  585
  633
  683
  735
  789
  845
  903
  963
  1,026
  1,092
  1,160
  1,231
  1,305
  1,382
  1,463
  1,547
  1,634
  1,726
  1,821
Interest expense (income), $m
  0
  11
  14
  17
  20
  24
  27
  31
  36
  40
  45
  49
  54
  60
  65
  71
  77
  83
  89
  96
  103
  110
  117
  125
  133
  142
  150
  159
  169
  179
  189
Earnings before tax, $m
  137
  26
  48
  72
  97
  124
  152
  182
  213
  246
  280
  441
  478
  516
  556
  598
  641
  686
  733
  782
  832
  885
  939
  996
  1,055
  1,117
  1,182
  1,249
  1,319
  1,393
  1,469
Tax expense, $m
  52
  7
  13
  19
  26
  33
  41
  49
  58
  66
  76
  119
  129
  139
  150
  161
  173
  185
  198
  211
  225
  239
  254
  269
  285
  302
  319
  337
  356
  376
  397
Net income, $m
  85
  19
  35
  53
  71
  90
  111
  133
  156
  179
  204
  322
  349
  377
  406
  437
  468
  501
  535
  571
  607
  646
  686
  727
  770
  816
  863
  912
  963
  1,017
  1,073

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  567
  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
  2,185
  1,883
  2,170
  2,479
  2,809
  3,160
  3,531
  3,921
  4,331
  4,760
  5,208
  5,676
  6,163
  6,669
  7,196
  7,743
  8,312
  8,903
  9,518
  10,157
  10,821
  11,512
  12,231
  12,980
  13,760
  14,573
  15,421
  16,306
  17,229
  18,193
  19,201
Adjusted assets (=assets-cash), $m
  1,618
  1,883
  2,170
  2,479
  2,809
  3,160
  3,531
  3,921
  4,331
  4,760
  5,208
  5,676
  6,163
  6,669
  7,196
  7,743
  8,312
  8,903
  9,518
  10,157
  10,821
  11,512
  12,231
  12,980
  13,760
  14,573
  15,421
  16,306
  17,229
  18,193
  19,201
Revenue / Adjusted assets
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
Average production assets, $m
  306
  356
  410
  469
  531
  597
  668
  741
  819
  900
  985
  1,073
  1,165
  1,261
  1,361
  1,464
  1,572
  1,683
  1,800
  1,920
  2,046
  2,177
  2,313
  2,454
  2,602
  2,755
  2,916
  3,083
  3,258
  3,440
  3,630
Working capital, $m
  472
  -73
  -84
  -96
  -109
  -123
  -137
  -152
  -168
  -185
  -202
  -221
  -239
  -259
  -280
  -301
  -323
  -346
  -370
  -395
  -420
  -447
  -475
  -504
  -535
  -566
  -599
  -633
  -669
  -707
  -746
Total debt, $m
  338
  387
  475
  571
  672
  780
  894
  1,015
  1,141
  1,273
  1,411
  1,555
  1,705
  1,861
  2,023
  2,192
  2,367
  2,549
  2,739
  2,935
  3,140
  3,353
  3,574
  3,805
  4,045
  4,296
  4,557
  4,829
  5,114
  5,411
  5,721
Total liabilities, $m
  531
  580
  668
  764
  865
  973
  1,087
  1,208
  1,334
  1,466
  1,604
  1,748
  1,898
  2,054
  2,216
  2,385
  2,560
  2,742
  2,932
  3,128
  3,333
  3,546
  3,767
  3,998
  4,238
  4,489
  4,750
  5,022
  5,307
  5,604
  5,914
Total equity, $m
  1,654
  1,303
  1,502
  1,716
  1,944
  2,187
  2,443
  2,713
  2,997
  3,294
  3,604
  3,928
  4,265
  4,615
  4,980
  5,358
  5,752
  6,161
  6,586
  7,028
  7,488
  7,966
  8,464
  8,982
  9,522
  10,085
  10,671
  11,284
  11,923
  12,590
  13,287
Total liabilities and equity, $m
  2,185
  1,883
  2,170
  2,480
  2,809
  3,160
  3,530
  3,921
  4,331
  4,760
  5,208
  5,676
  6,163
  6,669
  7,196
  7,743
  8,312
  8,903
  9,518
  10,156
  10,821
  11,512
  12,231
  12,980
  13,760
  14,574
  15,421
  16,306
  17,230
  18,194
  19,201
Debt-to-equity ratio
  0.204
  0.300
  0.320
  0.330
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
Adjusted equity ratio
  0.672
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  85
  19
  35
  53
  71
  90
  111
  133
  156
  179
  204
  322
  349
  377
  406
  437
  468
  501
  535
  571
  607
  646
  686
  727
  770
  816
  863
  912
  963
  1,017
  1,073
Depreciation, amort., depletion, $m
  70
  141
  144
  147
  149
  152
  155
  159
  162
  166
  170
  48
  52
  57
  61
  66
  70
  75
  81
  86
  92
  98
  104
  110
  117
  124
  131
  138
  146
  154
  163
Funds from operations, $m
  179
  161
  179
  199
  220
  243
  267
  292
  318
  345
  374
  370
  401
  434
  467
  502
  539
  576
  616
  657
  699
  743
  789
  837
  887
  939
  993
  1,050
  1,109
  1,171
  1,235
Change in working capital, $m
  -17
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
Cash from operations, $m
  196
  171
  190
  211
  233
  256
  281
  307
  334
  362
  391
  388
  420
  453
  488
  524
  561
  599
  640
  681
  725
  770
  817
  866
  917
  971
  1,026
  1,084
  1,145
  1,208
  1,274
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -70
  -75
  -81
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -138
  -146
  -154
New CAPEX, $m
  -19
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -77
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -160
  -167
  -175
  -182
  -190
Cash from investing activities, $m
  -23
  -65
  -70
  -76
  -83
  -90
  -97
  -104
  -110
  -118
  -125
  -132
  -140
  -148
  -157
  -165
  -174
  -182
  -191
  -202
  -212
  -223
  -234
  -246
  -258
  -271
  -284
  -298
  -313
  -328
  -344
Free cash flow, $m
  173
  107
  120
  134
  150
  166
  184
  203
  223
  244
  266
  256
  280
  305
  332
  359
  388
  417
  448
  480
  513
  548
  584
  621
  660
  700
  743
  786
  832
  880
  930
Issuance/(repayment) of debt, $m
  -20
  81
  89
  95
  102
  108
  114
  120
  126
  132
  138
  144
  150
  156
  162
  169
  175
  182
  189
  197
  205
  213
  222
  231
  240
  250
  261
  272
  284
  297
  310
Issuance/(repurchase) of shares, $m
  6
  165
  163
  161
  157
  152
  145
  137
  128
  118
  106
  2
  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  
  -26
  246
  252
  256
  259
  260
  259
  257
  254
  250
  244
  146
  150
  156
  162
  169
  175
  182
  189
  197
  205
  213
  222
  231
  240
  250
  261
  272
  284
  297
  310
Total cash flow (excl. dividends), $m
  145
  353
  372
  391
  409
  426
  444
  461
  477
  494
  510
  401
  430
  461
  494
  528
  563
  599
  637
  677
  718
  761
  805
  852
  900
  951
  1,004
  1,059
  1,117
  1,177
  1,240
Retained Cash Flow (-), $m
  -110
  -184
  -199
  -214
  -228
  -243
  -257
  -270
  -284
  -297
  -310
  -323
  -337
  -351
  -364
  -379
  -394
  -409
  -425
  -442
  -460
  -478
  -498
  -518
  -540
  -563
  -587
  -612
  -639
  -667
  -697
Prev. year cash balance distribution, $m
 
  535
  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
 
  704
  173
  177
  180
  184
  187
  190
  194
  197
  200
  78
  93
  111
  129
  149
  169
  190
  212
  235
  258
  282
  308
  333
  360
  388
  417
  447
  478
  510
  543
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  675
  159
  154
  149
  142
  136
  129
  121
  113
  105
  37
  40
  42
  43
  44
  43
  41
  39
  36
  33
  29
  26
  22
  18
  15
  12
  10
  7
  6
  4
Current shareholders' claim on cash, %
  100
  98.1
  96.4
  95.1
  93.9
  92.9
  92.1
  91.4
  90.8
  90.4
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0
  90.0

CoStar Group, Inc. (CoStar) is a provider of information, analytics and online marketplaces to the commercial real estate and related business community through its database of commercial real estate information covering the United States, the United Kingdom, and parts of Canada, Spain, Germany and France. The Company provides online marketplaces for commercial real estate, apartment rentals, lands for sale and businesses for sale. It manages its business geographically in two segments: North America, which includes the United States and Canada, and International, which includes the United Kingdom, Spain, Germany and France. Its suite of information, analytics and online marketplaces is branded and marketed to its customers. Its services are primarily derived from a database of building-specific information and offer customers specialized tools for accessing, analyzing and using its information. It has five brands: CoStar, LoopNet, Apartments.com, BizBuySell and LandsofAmerica.

FINANCIAL RATIOS  of  CoStar Group (CSGP)

Valuation Ratios
P/E Ratio 131.2
Price to Sales 13.3
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 56.9
Price to Free Cash Flow 63
Growth Rates
Sales Growth Rate 17.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.7%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 18
Current Ratio 0
LT Debt to Equity 18.5%
Total Debt to Equity 20.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 79.2%
Gross Margin - 3 Yr. Avg. 75.1%
EBITDA Margin 24.7%
EBITDA Margin - 3 Yr. Avg. 20.2%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 16.3%
Pre-Tax Margin - 3 Yr. Avg. 9.7%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 38%
Eff/ Tax Rate - 3 Yr. Avg. 91.5%
Payout Ratio 0%

CSGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSGP stock intrinsic value calculation we used $838 million for the last fiscal year's total revenue generated by CoStar Group. The default revenue input number comes from 2016 income statement of CoStar 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 CSGP stock valuation model: a) initial revenue growth rate of 16.4% 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 4.3%, whose default value for CSGP is calculated based on our internal credit rating of CoStar 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 CoStar 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 CSGP stock the variable cost ratio is equal to 98.3%.

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 CSGP 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 3.5% for CoStar Group.

Corporate tax rate of 27% is the nominal tax rate for CoStar 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 CSGP 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 CSGP are equal to 36.5%.

Life of production assets of 22.3 years is the average useful life of capital assets used in CoStar 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 CSGP is equal to -7.5%. 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 - $1654 million for CoStar 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 35.966 million for CoStar 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 CoStar Group at the current share price and the inputted number of shares is $12.3 billion.

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TRMB Trimble 44.49 48.37  hold
RENX RELX ADR 22.21 24.59  hold
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COMPANY NEWS

▶ [$$] Despite Xceligent's Bankruptcy, CoStar Plans to Continue Legal Battle   [Dec-15-17 03:33PM  The Wall Street Journal]
▶ Xceligent's legal fight with CoStar leads to bankruptcy   [11:00AM  American City Business Journals]
▶ Property Data Firm Xceligent Files for Chapter 7 Protection   [Dec-14-17 07:02PM  The Wall Street Journal]
▶ [$$] CoStar and Xceligent Near Legal Settlement Over Data-Theft Suit   [Dec-06-17 11:59PM  The Wall Street Journal]
▶ CoStar Group, Inc. Earnings Surge 44%   [Oct-27-17 07:01PM  Motley Fool]
▶ CoStar Group, Inc. to Host Earnings Call   [Oct-26-17 08:40AM  ACCESSWIRE]
▶ CoStar tops Street 3Q forecasts   [05:03AM  Associated Press]
▶ 5 Real Estate Stocks in Gurus' Portfolios   [Oct-02-17 03:54PM  GuruFocus.com]
▶ Should You Sell CoStar Group Inc (CSGP) At This PE Ratio?   [Oct-01-17 08:47AM  Simply Wall St.]
▶ [$$] Matt Damon in Contract to Buy Brooklyn Penthouse   [Sep-13-17 01:37PM  The Wall Street Journal]
▶ [$$] CoStar Agrees to Buy ForRent.com for $385 Million   [12:36AM  The Wall Street Journal]
▶ CoStar Group to acquire ForRent for $385M   [05:49PM  American City Business Journals]
▶ [$$] CoStar to Buy ForRent.com for $385 Million   [09:00AM  The Wall Street Journal]
▶ New Strong Buy Stocks for August 1st   [Aug-01-17 10:21AM  Zacks]
▶ CoStar Group, Inc. Lifts Its Full-Year Outlook   [Jul-30-17 05:00PM  Motley Fool]
▶ CoStar beats Street 2Q forecasts   [Jul-27-17 12:41AM  Associated Press]
▶ Is CoStar a monopoly? One competitor thinks so.   [Jun-29-17 03:00PM  American City Business Journals]
▶ CoStar Commercial Composite Price Indices Advance 1.4%   [May-31-17 04:29PM  PR Newswire]
▶ CoStar Group Acquires Rural Listing Site LandWatch.com   [May-10-17 01:30PM  PR Newswire]
▶ ETFs with exposure to CoStar Group, Inc. : May 2, 2017   [May-02-17 03:53PM  Capital Cube]
▶ CoStar Group, Inc. Earnings Top Forecast   [May-01-17 05:02PM  Motley Fool]
Financial statements of CSGP
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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