Intrinsic value of CoStar Group - CSGP

Previous Close

$278.96

  Intrinsic Value

$65.80

stock screener

  Rating & Target

str. sell

-76%

  Value-price divergence*

-91%

Previous close

$278.96

 
Intrinsic value

$65.80

 
Up/down potential

-76%

 
Rating

str. sell

 
Value-price divergence*

-91%

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

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

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

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 9.1

 

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
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
Revenue, $m
  838
  951
  1,071
  1,199
  1,333
  1,474
  1,622
  1,776
  1,937
  2,105
  2,279
  2,461
  2,650
  2,846
  3,049
  3,261
  3,481
  3,710
  3,948
  4,196
  4,454
  4,723
  5,003
  5,295
  5,599
  5,917
  6,249
  6,596
  6,959
  7,337
  7,734
Variable operating expenses, $m
 
  918
  1,018
  1,124
  1,236
  1,354
  1,477
  1,605
  1,740
  1,879
  2,025
  2,050
  2,208
  2,371
  2,541
  2,717
  2,901
  3,091
  3,290
  3,496
  3,711
  3,935
  4,169
  4,412
  4,666
  4,931
  5,207
  5,496
  5,798
  6,114
  6,444
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
  918
  1,018
  1,124
  1,236
  1,354
  1,477
  1,605
  1,740
  1,879
  2,025
  2,050
  2,208
  2,371
  2,541
  2,717
  2,901
  3,091
  3,290
  3,496
  3,711
  3,935
  4,169
  4,412
  4,666
  4,931
  5,207
  5,496
  5,798
  6,114
  6,444
Operating income, $m
  145
  33
  53
  74
  97
  120
  145
  171
  198
  225
  255
  410
  442
  475
  509
  544
  581
  619
  658
  700
  743
  788
  834
  883
  934
  987
  1,042
  1,100
  1,160
  1,224
  1,290
EBITDA, $m
  215
  174
  196
  220
  244
  270
  297
  325
  355
  385
  417
  451
  485
  521
  558
  597
  638
  679
  723
  768
  816
  865
  916
  970
  1,025
  1,084
  1,144
  1,208
  1,274
  1,344
  1,416
Interest expense (income), $m
  0
  11
  13
  16
  18
  21
  24
  27
  30
  34
  37
  41
  44
  48
  52
  57
  61
  66
  70
  75
  81
  86
  92
  97
  103
  110
  116
  123
  131
  138
  146
Earnings before tax, $m
  137
  22
  40
  59
  79
  99
  121
  144
  167
  192
  218
  370
  397
  426
  456
  487
  519
  553
  588
  624
  662
  702
  743
  786
  830
  877
  926
  977
  1,030
  1,086
  1,144
Tax expense, $m
  52
  6
  11
  16
  21
  27
  33
  39
  45
  52
  59
  100
  107
  115
  123
  132
  140
  149
  159
  169
  179
  189
  201
  212
  224
  237
  250
  264
  278
  293
  309
Net income, $m
  85
  16
  29
  43
  57
  73
  88
  105
  122
  140
  159
  270
  290
  311
  333
  356
  379
  404
  429
  456
  483
  512
  542
  573
  606
  640
  676
  713
  752
  792
  835

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
  1,836
  2,068
  2,314
  2,573
  2,846
  3,131
  3,429
  3,739
  4,063
  4,400
  4,751
  5,115
  5,493
  5,887
  6,296
  6,721
  7,162
  7,622
  8,100
  8,598
  9,117
  9,658
  10,222
  10,810
  11,423
  12,064
  12,734
  13,433
  14,165
  14,930
Adjusted assets (=assets-cash), $m
  1,618
  1,836
  2,068
  2,314
  2,573
  2,846
  3,131
  3,429
  3,739
  4,063
  4,400
  4,751
  5,115
  5,493
  5,887
  6,296
  6,721
  7,162
  7,622
  8,100
  8,598
  9,117
  9,658
  10,222
  10,810
  11,423
  12,064
  12,734
  13,433
  14,165
  14,930
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
  347
  391
  438
  487
  538
  592
  648
  707
  768
  832
  898
  967
  1,039
  1,113
  1,190
  1,271
  1,354
  1,441
  1,532
  1,626
  1,724
  1,826
  1,933
  2,044
  2,160
  2,281
  2,408
  2,540
  2,678
  2,823
Working capital, $m
  472
  -71
  -80
  -90
  -100
  -111
  -122
  -133
  -145
  -158
  -171
  -185
  -199
  -213
  -229
  -245
  -261
  -278
  -296
  -315
  -334
  -354
  -375
  -397
  -420
  -444
  -469
  -495
  -522
  -550
  -580
Total debt, $m
  338
  373
  444
  520
  600
  683
  771
  863
  959
  1,058
  1,162
  1,270
  1,382
  1,499
  1,620
  1,746
  1,877
  2,013
  2,155
  2,302
  2,455
  2,615
  2,782
  2,955
  3,136
  3,325
  3,523
  3,729
  3,945
  4,170
  4,405
Total liabilities, $m
  531
  566
  637
  713
  793
  876
  964
  1,056
  1,152
  1,251
  1,355
  1,463
  1,575
  1,692
  1,813
  1,939
  2,070
  2,206
  2,348
  2,495
  2,648
  2,808
  2,975
  3,148
  3,329
  3,518
  3,716
  3,922
  4,138
  4,363
  4,598
Total equity, $m
  1,654
  1,271
  1,431
  1,601
  1,781
  1,969
  2,166
  2,373
  2,588
  2,812
  3,045
  3,287
  3,539
  3,801
  4,074
  4,357
  4,651
  4,956
  5,274
  5,605
  5,950
  6,309
  6,683
  7,073
  7,480
  7,905
  8,349
  8,812
  9,296
  9,802
  10,331
Total liabilities and equity, $m
  2,185
  1,837
  2,068
  2,314
  2,574
  2,845
  3,130
  3,429
  3,740
  4,063
  4,400
  4,750
  5,114
  5,493
  5,887
  6,296
  6,721
  7,162
  7,622
  8,100
  8,598
  9,117
  9,658
  10,221
  10,809
  11,423
  12,065
  12,734
  13,434
  14,165
  14,929
Debt-to-equity ratio
  0.204
  0.290
  0.310
  0.320
  0.340
  0.350
  0.360
  0.360
  0.370
  0.380
  0.380
  0.390
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  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
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
  16
  29
  43
  57
  73
  88
  105
  122
  140
  159
  270
  290
  311
  333
  356
  379
  404
  429
  456
  483
  512
  542
  573
  606
  640
  676
  713
  752
  792
  835
Depreciation, amort., depletion, $m
  70
  141
  143
  145
  147
  150
  152
  155
  157
  160
  163
  40
  43
  47
  50
  53
  57
  61
  65
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  127
Funds from operations, $m
  179
  157
  172
  188
  205
  222
  240
  259
  279
  300
  322
  310
  333
  358
  383
  409
  436
  464
  494
  524
  556
  589
  624
  660
  698
  737
  778
  821
  866
  913
  962
Change in working capital, $m
  -17
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
Cash from operations, $m
  196
  166
  181
  198
  215
  233
  251
  271
  291
  313
  335
  324
  348
  372
  398
  425
  453
  482
  512
  543
  576
  610
  645
  682
  721
  761
  803
  847
  893
  941
  991
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -47
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
New CAPEX, $m
  -19
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
Cash from investing activities, $m
  -23
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -133
  -141
  -148
  -155
  -163
  -171
  -179
  -189
  -198
  -208
  -218
  -229
  -240
  -252
  -265
Free cash flow, $m
  173
  111
  122
  134
  146
  159
  173
  188
  204
  220
  237
  220
  238
  257
  277
  298
  319
  341
  364
  388
  413
  439
  466
  494
  523
  553
  585
  618
  653
  689
  726
Issuance/(repayment) of debt, $m
  -20
  67
  72
  76
  80
  84
  88
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  147
  153
  160
  167
  174
  181
  189
  197
  206
  215
  225
  236
Issuance/(repurchase) of shares, $m
  6
  135
  131
  127
  122
  116
  109
  101
  93
  84
  74
  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  
  -26
  202
  203
  203
  202
  200
  197
  193
  189
  184
  178
  108
  112
  117
  121
  126
  131
  136
  142
  147
  153
  160
  167
  174
  181
  189
  197
  206
  215
  225
  236
Total cash flow (excl. dividends), $m
  145
  312
  325
  336
  348
  359
  370
  381
  392
  403
  415
  328
  351
  374
  398
  424
  450
  477
  506
  535
  566
  598
  632
  667
  704
  742
  782
  824
  868
  914
  962
Retained Cash Flow (-), $m
  -110
  -152
  -161
  -170
  -179
  -188
  -197
  -206
  -215
  -224
  -233
  -242
  -252
  -262
  -272
  -283
  -294
  -306
  -318
  -331
  -345
  -359
  -374
  -390
  -407
  -425
  -443
  -463
  -484
  -506
  -529
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
 
  696
  164
  166
  169
  171
  173
  175
  177
  179
  182
  86
  99
  112
  126
  141
  156
  171
  188
  204
  222
  239
  258
  277
  297
  318
  339
  361
  384
  408
  433
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
 
  667
  150
  145
  139
  132
  125
  118
  111
  103
  95
  41
  42
  43
  42
  41
  40
  37
  35
  31
  28
  25
  21
  18
  15
  12
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  100
  97.8
  96.0
  94.5
  93.2
  92.1
  91.2
  90.4
  89.8
  89.2
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8
  88.8

CoStar Group, Inc. provides information, analytics, and online marketplace to the commercial real estate industry in North America and internationally. The company offers CoStar Property Professional service that provides inventory of office, industrial, retail, and multifamily properties and land. It also provides CoStar COMPS Professional, that covers comparable commercial real estate sales information; CoStar Tenant, an online business-to-business prospecting and analytical tool; CoStarGo, an iPad application; CoStar Market Analytics, an analytics platform; CoStar Lease Comps, an integrated solution that captures, manages, maintains, and analyzes lease data; CoStar Advertising to market a space for lease or a property for sale; and CoStar Portfolio Strategy to meet the research needs of commercial real estate owners, investors, lenders, and government regulators. In addition, the company offers CoStar Investment Analysis Portfolio Maximizer, CoStar Investment Analysis Request, CoStar Real Estate Manager Corporate Edition, and CoStar Real Estate Manager Retail Edition that are real estate management software solutions; CoStar Private Sale Network, which provides clients with custom-designed and branded Websites; and CoStar Brokerage Applications to manage and optimize business operations. Further, it offers LoopNet Premium Lister for commercial real estate professionals and other customers to market their listings; LoopNet Premium Searcher for members searching for commercial real estate; LoopLink, an online real estate marketing and database services suite; apartment marketing sites, including Apartments.com, ApartmentHomeLiving.com, ApartmentFinder.com, Apartamentos.com, and WestsideRentals.com; LandsofAmerica and LandAndFarm that are online marketplaces for rural land for sale; and BizBuySell and BizQuest that are online marketplaces for operating businesses for sale. The company was founded in 1987 and is headquartered in Washington, the District of Columbia.

FINANCIAL RATIOS  of  CoStar Group (CSGP)

Valuation Ratios
P/E Ratio 107
Price to Sales 10.9
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 46.4
Price to Free Cash Flow 51.4
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 13.5% 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 32.447 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 $9.1 billion.

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MORN Morningstar 81.63 100.42  buy
IBM International 139.70 167.94  hold
TRMB Trimble 37.31 18.20  str.sell
RENX RELX ADR 20.82 22.54  hold
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COMPANY NEWS

▶ 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]
▶ CoStar beats Street 1Q forecasts   [Apr-26-17 07:06PM  Associated Press]
▶ Video: See Houston from a plane that films real estate   [Apr-25-17 09:05AM  American City Business Journals]
▶ CoStar beats Street 4Q forecasts   [Feb-22-17 06:10PM  Associated Press]
▶ CoStar launches Spanish-language version of Apartments.com   [Feb-07-17 02:30PM  at bizjournals.com]
▶ CoStar Group Launches Apartamentos.com   [10:30AM  PR Newswire]
▶ CoStar sues the competitor it bolstered with its LoopNet merger   [Dec-14-16 12:00PM  at bizjournals.com]
▶ [$$] CoStar Sues Longtime Competitor Xceligent, Alleging Data Theft   [Dec-13-16 02:29PM  at The Wall Street Journal]
▶ Is CoStar Group Inc (CSGP) Worthy of Your Portfolio?   [Dec-01-16 05:02PM  at Insider Monkey]
▶ CoStar to establish research hub in Richmond   [Oct-25-16 09:37AM  at bizjournals.com]
Stock chart of CSGP 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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