Intrinsic value of Eagle Materials - EXP

Previous Close

$88.25

  Intrinsic Value

$6.28

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

-76%

Previous close

$88.25

 
Intrinsic value

$6.28

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

-76%

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

We calculate the intrinsic value of EXP 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 2017), $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 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.95
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  1,211
  1,341
  1,476
  1,618
  1,767
  1,921
  2,082
  2,249
  2,422
  2,603
  2,791
  2,986
  3,188
  3,399
  3,618
  3,846
  4,084
  4,331
  4,589
  4,858
  5,138
  5,430
  5,736
  6,055
  6,388
  6,737
  7,101
  7,482
  7,881
  8,299
  8,736
Variable operating expenses, $m
 
  1,083
  1,193
  1,308
  1,427
  1,552
  1,682
  1,817
  1,957
  2,103
  2,255
  2,412
  2,576
  2,747
  2,924
  3,108
  3,300
  3,500
  3,708
  3,925
  4,151
  4,388
  4,635
  4,892
  5,162
  5,443
  5,738
  6,046
  6,368
  6,705
  7,059
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
  917
  1,083
  1,193
  1,308
  1,427
  1,552
  1,682
  1,817
  1,957
  2,103
  2,255
  2,412
  2,576
  2,747
  2,924
  3,108
  3,300
  3,500
  3,708
  3,925
  4,151
  4,388
  4,635
  4,892
  5,162
  5,443
  5,738
  6,046
  6,368
  6,705
  7,059
Operating income, $m
  295
  257
  283
  311
  339
  369
  400
  432
  465
  500
  536
  573
  612
  653
  695
  739
  784
  832
  881
  933
  986
  1,043
  1,101
  1,163
  1,227
  1,293
  1,363
  1,437
  1,513
  1,593
  1,677
EBITDA, $m
  392
  360
  397
  435
  475
  516
  560
  605
  651
  700
  750
  803
  857
  914
  973
  1,034
  1,098
  1,164
  1,234
  1,306
  1,381
  1,460
  1,542
  1,628
  1,717
  1,811
  1,909
  2,012
  2,119
  2,231
  2,349
Interest expense (income), $m
  17
  24
  28
  32
  36
  40
  45
  50
  55
  60
  65
  71
  77
  83
  89
  96
  103
  110
  117
  125
  133
  141
  150
  159
  169
  179
  189
  200
  212
  224
  236
Earnings before tax, $m
  295
  234
  256
  279
  303
  328
  355
  382
  410
  440
  470
  502
  535
  570
  605
  643
  681
  722
  764
  808
  854
  901
  951
  1,003
  1,058
  1,115
  1,174
  1,236
  1,302
  1,370
  1,441
Tax expense, $m
  97
  63
  69
  75
  82
  89
  96
  103
  111
  119
  127
  136
  145
  154
  163
  174
  184
  195
  206
  218
  230
  243
  257
  271
  286
  301
  317
  334
  351
  370
  389
Net income, $m
  198
  171
  187
  204
  221
  240
  259
  279
  300
  321
  343
  367
  391
  416
  442
  469
  497
  527
  558
  590
  623
  658
  694
  732
  772
  814
  857
  903
  950
  1,000
  1,052

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  2,247
  2,478
  2,729
  2,991
  3,265
  3,551
  3,848
  4,157
  4,478
  4,812
  5,158
  5,519
  5,894
  6,283
  6,688
  7,110
  7,549
  8,006
  8,482
  8,979
  9,497
  10,038
  10,602
  11,192
  11,808
  12,452
  13,126
  13,830
  14,568
  15,340
  16,148
Adjusted assets (=assets-cash), $m
  2,240
  2,478
  2,729
  2,991
  3,265
  3,551
  3,848
  4,157
  4,478
  4,812
  5,158
  5,519
  5,894
  6,283
  6,688
  7,110
  7,549
  8,006
  8,482
  8,979
  9,497
  10,038
  10,602
  11,192
  11,808
  12,452
  13,126
  13,830
  14,568
  15,340
  16,148
Revenue / Adjusted assets
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
Average production assets, $m
  1,535
  1,700
  1,872
  2,052
  2,240
  2,436
  2,639
  2,851
  3,072
  3,301
  3,539
  3,786
  4,043
  4,310
  4,588
  4,877
  5,178
  5,492
  5,819
  6,160
  6,515
  6,886
  7,273
  7,678
  8,100
  8,542
  9,004
  9,487
  9,993
  10,523
  11,077
Working capital, $m
  171
  271
  298
  327
  357
  388
  420
  454
  489
  526
  564
  603
  644
  687
  731
  777
  825
  875
  927
  981
  1,038
  1,097
  1,159
  1,223
  1,290
  1,361
  1,434
  1,511
  1,592
  1,676
  1,765
Total debt, $m
  686
  789
  906
  1,027
  1,154
  1,286
  1,423
  1,567
  1,715
  1,870
  2,030
  2,197
  2,371
  2,551
  2,739
  2,934
  3,137
  3,349
  3,569
  3,799
  4,039
  4,290
  4,551
  4,824
  5,109
  5,407
  5,719
  6,045
  6,387
  6,744
  7,118
Total liabilities, $m
  1,044
  1,147
  1,264
  1,385
  1,512
  1,644
  1,781
  1,925
  2,073
  2,228
  2,388
  2,555
  2,729
  2,909
  3,097
  3,292
  3,495
  3,707
  3,927
  4,157
  4,397
  4,648
  4,909
  5,182
  5,467
  5,765
  6,077
  6,403
  6,745
  7,102
  7,476
Total equity, $m
  1,203
  1,331
  1,465
  1,606
  1,753
  1,907
  2,066
  2,232
  2,405
  2,584
  2,770
  2,964
  3,165
  3,374
  3,592
  3,818
  4,054
  4,299
  4,555
  4,822
  5,100
  5,390
  5,693
  6,010
  6,341
  6,687
  7,049
  7,427
  7,823
  8,237
  8,671
Total liabilities and equity, $m
  2,247
  2,478
  2,729
  2,991
  3,265
  3,551
  3,847
  4,157
  4,478
  4,812
  5,158
  5,519
  5,894
  6,283
  6,689
  7,110
  7,549
  8,006
  8,482
  8,979
  9,497
  10,038
  10,602
  11,192
  11,808
  12,452
  13,126
  13,830
  14,568
  15,339
  16,147
Debt-to-equity ratio
  0.570
  0.590
  0.620
  0.640
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
Adjusted equity ratio
  0.534
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  198
  171
  187
  204
  221
  240
  259
  279
  300
  321
  343
  367
  391
  416
  442
  469
  497
  527
  558
  590
  623
  658
  694
  732
  772
  814
  857
  903
  950
  1,000
  1,052
Depreciation, amort., depletion, $m
  97
  103
  113
  124
  136
  148
  160
  173
  186
  200
  214
  229
  245
  261
  278
  296
  314
  333
  353
  373
  395
  417
  441
  465
  491
  518
  546
  575
  606
  638
  671
Funds from operations, $m
  249
  274
  300
  328
  357
  387
  419
  452
  486
  521
  558
  596
  636
  677
  720
  765
  811
  860
  910
  963
  1,018
  1,075
  1,135
  1,198
  1,263
  1,331
  1,403
  1,478
  1,556
  1,638
  1,723
Change in working capital, $m
  -17
  26
  27
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
Cash from operations, $m
  266
  247
  273
  299
  327
  356
  386
  418
  451
  485
  520
  557
  595
  634
  676
  719
  763
  810
  858
  909
  961
  1,016
  1,073
  1,133
  1,196
  1,261
  1,329
  1,401
  1,475
  1,553
  1,635
Maintenance CAPEX, $m
  0
  -93
  -103
  -113
  -124
  -136
  -148
  -160
  -173
  -186
  -200
  -214
  -229
  -245
  -261
  -278
  -296
  -314
  -333
  -353
  -373
  -395
  -417
  -441
  -465
  -491
  -518
  -546
  -575
  -606
  -638
New CAPEX, $m
  -90
  -165
  -172
  -180
  -188
  -196
  -204
  -212
  -220
  -229
  -238
  -247
  -257
  -267
  -278
  -289
  -301
  -314
  -327
  -341
  -355
  -371
  -387
  -404
  -423
  -442
  -462
  -483
  -506
  -529
  -554
Cash from investing activities, $m
  -122
  -258
  -275
  -293
  -312
  -332
  -352
  -372
  -393
  -415
  -438
  -461
  -486
  -512
  -539
  -567
  -597
  -628
  -660
  -694
  -728
  -766
  -804
  -845
  -888
  -933
  -980
  -1,029
  -1,081
  -1,135
  -1,192
Free cash flow, $m
  144
  -10
  -2
  6
  15
  25
  35
  46
  57
  69
  82
  95
  108
  122
  137
  151
  167
  182
  199
  215
  233
  250
  269
  288
  308
  328
  349
  372
  394
  418
  443
Issuance/(repayment) of debt, $m
  -5
  110
  116
  122
  127
  132
  138
  143
  149
  155
  161
  167
  173
  180
  188
  195
  203
  212
  221
  230
  240
  250
  261
  273
  285
  298
  312
  326
  341
  357
  374
Issuance/(repurchase) of shares, $m
  -121
  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  
  -126
  110
  116
  122
  127
  132
  138
  143
  149
  155
  161
  167
  173
  180
  188
  195
  203
  212
  221
  230
  240
  250
  261
  273
  285
  298
  312
  326
  341
  357
  374
Total cash flow (excl. dividends), $m
  18
  100
  114
  127
  142
  157
  173
  189
  206
  224
  243
  262
  282
  303
  324
  347
  370
  394
  419
  445
  472
  501
  530
  561
  593
  626
  661
  698
  736
  776
  817
Retained Cash Flow (-), $m
  -162
  -128
  -135
  -141
  -147
  -153
  -160
  -166
  -172
  -179
  -186
  -194
  -201
  -209
  -218
  -226
  -236
  -246
  -256
  -267
  -278
  -290
  -303
  -317
  -331
  -346
  -362
  -378
  -396
  -414
  -434
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
 
  -28
  -21
  -14
  -5
  4
  13
  23
  34
  45
  56
  68
  81
  93
  107
  120
  134
  149
  163
  179
  194
  210
  227
  244
  262
  281
  300
  319
  340
  361
  383
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  -26
  -19
  -11
  -4
  3
  9
  14
  18
  22
  24
  26
  27
  27
  26
  25
  23
  21
  19
  16
  14
  11
  9
  7
  6
  4
  3
  2
  2
  1
  1
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

Eagle Materials Inc. produces and sells construction products and building materials for use in residential, industrial, commercial, and infrastructure construction in the United States. It also produces materials used for oil and natural gas extraction. The company operates in five segments: Cement, Gypsum Wallboard, Recycled Paperboard, Concrete and Aggregates, and Oil and Gas Proppants. The Cement segment is involved in the mining of limestone; and manufacture, production, distribution, and sale of Portland cement, as well as specialty oil well cement. The Gypsum Wallboard segment engages in the mining of gypsum; and manufacture and sale of gypsum wallboard used to finish the interior walls and ceilings in residential, commercial, and industrial structures. The Recycled Paperboard manufactures and sells recycled paperboard to gypsum wallboard manufacturers and other industrial users. This segment also offers containerboard grades, lightweight packaging grades, and recycled industrial paperboard grades. The Concrete and Aggregates segment is involved in the sale of readymix concrete; and mining, extraction, production, and sale of crushed stone, sand, and gravel, as well as lightweight aggregates, such as expanded clays and shales. This segmentÂ’s products are used primarily in commercial and residential construction; public construction projects; and projects to build, expand, and repair roads and highways, as well as in oil and natural gas extraction. The Oil and Gas Proppants segment engages in the mining and sale of sand used in hydraulic fracturing in the energy industry. The company, formerly known as Centex Construction Products, Inc., was founded in 1963 and is headquartered in Dallas, Texas.

FINANCIAL RATIOS  of  Eagle Materials (EXP)

Valuation Ratios
P/E Ratio 21.6
Price to Sales 3.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 24.3
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.6%
Cap. Spend. - 3 Yr. Gr. Rate 11.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 50.3%
Total Debt to Equity 57%
Interest Coverage 18
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 10.2%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 17.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 25.8%
Gross Margin - 3 Yr. Avg. 23.3%
EBITDA Margin 33.8%
EBITDA Margin - 3 Yr. Avg. 30.9%
Operating Margin 24.3%
Oper. Margin - 3 Yr. Avg. 22.4%
Pre-Tax Margin 24.4%
Pre-Tax Margin - 3 Yr. Avg. 22.4%
Net Profit Margin 16.4%
Net Profit Margin - 3 Yr. Avg. 15.8%
Effective Tax Rate 32.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 10.1%

EXP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXP stock intrinsic value calculation we used $1211 million for the last fiscal year's total revenue generated by Eagle Materials. The default revenue input number comes from 2017 income statement of Eagle Materials. 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 EXP stock valuation model: a) initial revenue growth rate of 10.7% 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 5.6%, whose default value for EXP is calculated based on our internal credit rating of Eagle Materials, 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 Eagle Materials.
    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 EXP stock the variable cost ratio is equal to 80.8%.

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 EXP 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 Eagle Materials.

Corporate tax rate of 27% is the nominal tax rate for Eagle Materials. 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 EXP 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 EXP are equal to 126.8%.

Life of production assets of 16.5 years is the average useful life of capital assets used in Eagle Materials 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 EXP is equal to 20.2%. 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 - $1203 million for Eagle Materials - 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 48.018 million for Eagle Materials 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 Eagle Materials at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Eagle Materials Declares Quarterly Dividend   [Aug-07-17 04:15PM  Business Wire]
▶ Eagle Materials meets 1Q profit forecasts   [01:39AM  Associated Press]
▶ Building Stock With 77% Growth Cements New Breakout   [Jun-20-17 04:23PM  Investor's Business Daily]
▶ 3 Top Dividend Stocks in Cement   [11:00AM  Motley Fool]
▶ Eagle Materials Declares Quarterly Dividend   [May-22-17 04:15PM  Business Wire]
▶ 3 Concrete Picks For Your Portfolio   [May-19-17 11:50AM  Zacks]
▶ Eagle Materials beats 4Q profit forecasts   [06:48AM  Associated Press]
▶ Stock Indexes Close High In Range; Trump Stirs Rally   [Feb-27-17 04:17PM  Investor's Business Daily]
▶ A Close Look at Eagle Materials' Dividend Potential   [Feb-23-17 11:27AM  Motley Fool]
▶ Eagle Materials Declares Quarterly Dividend   [Jan-31-17 04:15PM  Business Wire]
▶ Eagle Materials, Inc. Builds Another Record Quarter   [Jan-24-17 07:30PM  at Motley Fool]
▶ Is Aspen Technology, Inc. (AZPN) Going to Burn These Hedge Funds?   [Dec-08-16 09:29AM  at Insider Monkey]
▶ Is Eagle Materials, Inc. (EXP) A Good Stock To Buy?   [Nov-26-16 08:57AM  at Insider Monkey]
▶ Eagle Materials Declares Quarterly Dividend   [Nov-15-16 04:15PM  Business Wire]
▶ 5 Top Construction Stocks for the Housing Rebound   [Nov-14-16 12:26PM  at Motley Fool]
▶ Eagle Materials, Inc. Earnings Double on Record Revenue   [Oct-24-16 03:00PM  at Motley Fool]
Stock chart of EXP Financial statements of EXP
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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