Intrinsic value of CoStar Group - CSGP

Previous Close

$282.56

  Intrinsic Value

$60.49

stock screener

  Rating & Target

str. sell

-79%

Previous close

$282.56

 
Intrinsic value

$60.49

 
Up/down potential

-79%

 
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

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 10.2

 

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
  14.50
  13.55
  12.70
  11.93
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.96
  6.76
  6.58
  6.43
  6.28
  6.15
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
Revenue, $m
  838
  960
  1,090
  1,228
  1,374
  1,529
  1,691
  1,861
  2,038
  2,224
  2,417
  2,617
  2,826
  3,044
  3,269
  3,504
  3,747
  4,001
  4,264
  4,538
  4,823
  5,120
  5,429
  5,752
  6,088
  6,438
  6,804
  7,186
  7,585
  8,002
  8,438
Variable operating expenses, $m
 
  925
  1,033
  1,149
  1,271
  1,399
  1,534
  1,676
  1,824
  1,978
  2,139
  2,181
  2,355
  2,536
  2,724
  2,919
  3,123
  3,334
  3,553
  3,781
  4,019
  4,266
  4,524
  4,793
  5,073
  5,365
  5,669
  5,988
  6,320
  6,668
  7,031
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
  925
  1,033
  1,149
  1,271
  1,399
  1,534
  1,676
  1,824
  1,978
  2,139
  2,181
  2,355
  2,536
  2,724
  2,919
  3,123
  3,334
  3,553
  3,781
  4,019
  4,266
  4,524
  4,793
  5,073
  5,365
  5,669
  5,988
  6,320
  6,668
  7,031
Operating income, $m
  145
  35
  56
  79
  104
  129
  156
  185
  214
  245
  277
  436
  471
  508
  545
  584
  625
  667
  711
  757
  804
  854
  905
  959
  1,015
  1,074
  1,135
  1,198
  1,265
  1,334
  1,407
EBITDA, $m
  215
  176
  200
  225
  252
  280
  310
  341
  373
  407
  443
  479
  518
  557
  599
  642
  686
  733
  781
  831
  883
  938
  994
  1,053
  1,115
  1,179
  1,246
  1,316
  1,389
  1,465
  1,545
Interest expense (income), $m
  0
  11
  13
  16
  19
  22
  25
  28
  32
  36
  40
  44
  48
  52
  57
  61
  66
  71
  77
  82
  88
  94
  100
  106
  113
  120
  127
  135
  143
  151
  160
Earnings before tax, $m
  137
  24
  43
  63
  85
  108
  131
  156
  182
  210
  238
  393
  424
  455
  489
  523
  559
  596
  635
  675
  717
  760
  806
  853
  902
  954
  1,007
  1,064
  1,122
  1,183
  1,247
Tax expense, $m
  52
  6
  12
  17
  23
  29
  35
  42
  49
  57
  64
  106
  114
  123
  132
  141
  151
  161
  171
  182
  193
  205
  218
  230
  244
  258
  272
  287
  303
  319
  337
Net income, $m
  85
  17
  31
  46
  62
  79
  96
  114
  133
  153
  174
  287
  309
  332
  357
  382
  408
  435
  463
  493
  523
  555
  588
  623
  659
  696
  735
  776
  819
  864
  911

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
  1,852
  2,103
  2,370
  2,653
  2,951
  3,264
  3,592
  3,935
  4,293
  4,665
  5,053
  5,456
  5,876
  6,311
  6,764
  7,234
  7,723
  8,232
  8,761
  9,311
  9,885
  10,482
  11,104
  11,752
  12,429
  13,135
  13,873
  14,643
  15,448
  16,289
Adjusted assets (=assets-cash), $m
  1,618
  1,852
  2,103
  2,370
  2,653
  2,951
  3,264
  3,592
  3,935
  4,293
  4,665
  5,053
  5,456
  5,876
  6,311
  6,764
  7,234
  7,723
  8,232
  8,761
  9,311
  9,885
  10,482
  11,104
  11,752
  12,429
  13,135
  13,873
  14,643
  15,448
  16,289
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
  350
  398
  448
  502
  558
  617
  679
  744
  812
  882
  955
  1,032
  1,111
  1,193
  1,279
  1,368
  1,460
  1,556
  1,656
  1,761
  1,869
  1,982
  2,099
  2,222
  2,350
  2,483
  2,623
  2,769
  2,921
  3,080
Working capital, $m
  472
  -72
  -82
  -92
  -103
  -115
  -127
  -140
  -153
  -167
  -181
  -196
  -212
  -228
  -245
  -263
  -281
  -300
  -320
  -340
  -362
  -384
  -407
  -431
  -457
  -483
  -510
  -539
  -569
  -600
  -633
Total debt, $m
  338
  378
  455
  537
  624
  716
  812
  913
  1,019
  1,129
  1,244
  1,363
  1,488
  1,617
  1,751
  1,890
  2,035
  2,186
  2,342
  2,505
  2,675
  2,851
  3,035
  3,227
  3,427
  3,635
  3,853
  4,080
  4,317
  4,565
  4,824
Total liabilities, $m
  531
  571
  648
  730
  817
  909
  1,005
  1,106
  1,212
  1,322
  1,437
  1,556
  1,681
  1,810
  1,944
  2,083
  2,228
  2,379
  2,535
  2,698
  2,868
  3,044
  3,228
  3,420
  3,620
  3,828
  4,046
  4,273
  4,510
  4,758
  5,017
Total equity, $m
  1,654
  1,282
  1,456
  1,640
  1,836
  2,042
  2,259
  2,486
  2,723
  2,970
  3,228
  3,497
  3,776
  4,066
  4,367
  4,681
  5,006
  5,345
  5,697
  6,063
  6,444
  6,840
  7,253
  7,684
  8,133
  8,601
  9,090
  9,600
  10,133
  10,690
  11,272
Total liabilities and equity, $m
  2,185
  1,853
  2,104
  2,370
  2,653
  2,951
  3,264
  3,592
  3,935
  4,292
  4,665
  5,053
  5,457
  5,876
  6,311
  6,764
  7,234
  7,724
  8,232
  8,761
  9,312
  9,884
  10,481
  11,104
  11,753
  12,429
  13,136
  13,873
  14,643
  15,448
  16,289
Debt-to-equity ratio
  0.204
  0.290
  0.310
  0.330
  0.340
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  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
  0.420
  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
  17
  31
  46
  62
  79
  96
  114
  133
  153
  174
  287
  309
  332
  357
  382
  408
  435
  463
  493
  523
  555
  588
  623
  659
  696
  735
  776
  819
  864
  911
Depreciation, amort., depletion, $m
  70
  141
  143
  146
  148
  151
  153
  156
  159
  162
  165
  43
  46
  50
  54
  57
  61
  65
  70
  74
  79
  84
  89
  94
  100
  105
  111
  118
  124
  131
  138
Funds from operations, $m
  179
  159
  175
  192
  210
  229
  249
  270
  292
  315
  339
  330
  355
  382
  410
  439
  469
  501
  533
  567
  602
  639
  677
  717
  758
  802
  847
  894
  943
  995
  1,049
Change in working capital, $m
  -17
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
Cash from operations, $m
  196
  168
  184
  202
  221
  241
  261
  283
  305
  329
  353
  345
  371
  399
  427
  457
  488
  520
  553
  587
  623
  661
  700
  741
  783
  828
  874
  923
  973
  1,026
  1,081
Maintenance CAPEX, $m
  0
  -14
  -16
  -18
  -20
  -22
  -25
  -28
  -30
  -33
  -36
  -40
  -43
  -46
  -50
  -54
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -118
  -124
  -131
New CAPEX, $m
  -19
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -139
  -146
  -152
  -159
Cash from investing activities, $m
  -23
  -59
  -63
  -68
  -73
  -78
  -84
  -90
  -95
  -101
  -106
  -113
  -119
  -125
  -132
  -140
  -146
  -153
  -161
  -170
  -178
  -187
  -197
  -207
  -217
  -228
  -239
  -250
  -264
  -276
  -290
Free cash flow, $m
  173
  109
  121
  134
  147
  162
  177
  193
  210
  228
  246
  232
  252
  273
  295
  318
  341
  366
  391
  418
  445
  474
  503
  534
  567
  600
  635
  672
  710
  750
  791
Issuance/(repayment) of debt, $m
  -20
  72
  77
  82
  87
  92
  96
  101
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  163
  170
  177
  184
  192
  200
  208
  218
  227
  237
  248
  259
Issuance/(repurchase) of shares, $m
  6
  145
  142
  139
  134
  128
  121
  113
  104
  94
  84
  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
  217
  219
  221
  221
  220
  217
  214
  210
  204
  199
  119
  124
  129
  134
  139
  145
  151
  157
  163
  170
  177
  184
  192
  200
  208
  218
  227
  237
  248
  259
Total cash flow (excl. dividends), $m
  145
  326
  341
  355
  368
  381
  394
  407
  420
  432
  445
  351
  376
  402
  429
  457
  486
  516
  548
  581
  615
  650
  687
  726
  766
  809
  853
  899
  947
  998
  1,050
Retained Cash Flow (-), $m
  -110
  -163
  -174
  -185
  -196
  -206
  -217
  -227
  -237
  -248
  -258
  -268
  -279
  -290
  -301
  -313
  -326
  -338
  -352
  -366
  -381
  -397
  -413
  -431
  -449
  -468
  -489
  -510
  -533
  -557
  -582
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
 
  698
  167
  170
  172
  175
  178
  180
  182
  185
  187
  83
  97
  112
  128
  144
  161
  178
  196
  215
  234
  254
  274
  296
  318
  340
  364
  389
  414
  441
  468
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
 
  670
  153
  148
  142
  136
  129
  122
  114
  106
  98
  39
  41
  43
  43
  42
  41
  39
  36
  33
  30
  26
  23
  19
  16
  13
  11
  8
  6
  5
  4
Current shareholders' claim on cash, %
  100
  97.9
  96.2
  94.7
  93.5
  92.5
  91.6
  90.9
  90.2
  89.7
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3

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 108.4
Price to Sales 11
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 47
Price to Free Cash Flow 52.1
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 14.5% 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 36.134 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 $10.2 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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