Intrinsic value of Gafisa ADR - GFA

Previous Close

$8.54

  Intrinsic Value

$10.94

stock screener

  Rating & Target

buy

+28%

  Value-price divergence*

-504%

Previous close

$8.54

 
Intrinsic value

$10.94

 
Up/down potential

+28%

 
Rating

buy

 
Value-price divergence*

-504%

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

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

We calculate the intrinsic value of GFA 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 0.1

 

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, %
  -36.40
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  290
  296
  303
  310
  319
  329
  339
  351
  363
  377
  391
  407
  423
  441
  460
  480
  501
  523
  546
  571
  597
  625
  654
  685
  717
  752
  788
  825
  865
  907
  951
Variable operating expenses, $m
 
  278
  285
  292
  300
  309
  319
  330
  342
  355
  368
  383
  398
  415
  433
  451
  471
  492
  514
  537
  562
  588
  616
  645
  675
  707
  741
  777
  814
  854
  895
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
  440
  278
  285
  292
  300
  309
  319
  330
  342
  355
  368
  383
  398
  415
  433
  451
  471
  492
  514
  537
  562
  588
  616
  645
  675
  707
  741
  777
  814
  854
  895
Operating income, $m
  -151
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  54
  56
EBITDA, $m
  -140
  22
  23
  23
  24
  25
  26
  27
  27
  28
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
  65
  69
  72
Interest expense (income), $m
  0
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
  57
  61
  65
  69
  73
  77
  82
  87
Earnings before tax, $m
  -159
  2
  2
  1
  1
  1
  0
  0
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -31
Tax expense, $m
  31
  1
  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
Net income, $m
  -368
  2
  1
  1
  1
  0
  0
  0
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -31

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  80
  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
  1,647
  1,599
  1,636
  1,678
  1,725
  1,777
  1,835
  1,897
  1,965
  2,038
  2,116
  2,199
  2,289
  2,384
  2,485
  2,592
  2,706
  2,826
  2,953
  3,087
  3,229
  3,379
  3,537
  3,703
  3,878
  4,063
  4,257
  4,462
  4,677
  4,904
  5,142
Adjusted assets (=assets-cash), $m
  1,567
  1,599
  1,636
  1,678
  1,725
  1,777
  1,835
  1,897
  1,965
  2,038
  2,116
  2,199
  2,289
  2,384
  2,485
  2,592
  2,706
  2,826
  2,953
  3,087
  3,229
  3,379
  3,537
  3,703
  3,878
  4,063
  4,257
  4,462
  4,677
  4,904
  5,142
Revenue / Adjusted assets
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
Average production assets, $m
  24
  25
  25
  26
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
  79
Working capital, $m
  356
  148
  151
  155
  160
  164
  170
  175
  182
  188
  196
  203
  212
  220
  230
  240
  250
  261
  273
  286
  299
  313
  327
  343
  359
  376
  394
  413
  433
  454
  476
Total debt, $m
  518
  458
  480
  506
  535
  567
  602
  640
  681
  726
  774
  825
  879
  937
  999
  1,065
  1,134
  1,208
  1,285
  1,367
  1,454
  1,545
  1,642
  1,744
  1,851
  1,963
  2,082
  2,207
  2,339
  2,477
  2,623
Total liabilities, $m
  1,038
  977
  999
  1,025
  1,054
  1,086
  1,121
  1,159
  1,200
  1,245
  1,293
  1,344
  1,398
  1,456
  1,518
  1,584
  1,653
  1,727
  1,804
  1,886
  1,973
  2,064
  2,161
  2,263
  2,370
  2,482
  2,601
  2,726
  2,858
  2,996
  3,142
Total equity, $m
  610
  622
  636
  653
  671
  691
  714
  738
  764
  793
  823
  856
  890
  927
  967
  1,008
  1,052
  1,099
  1,149
  1,201
  1,256
  1,314
  1,376
  1,440
  1,509
  1,580
  1,656
  1,736
  1,819
  1,908
  2,000
Total liabilities and equity, $m
  1,648
  1,599
  1,635
  1,678
  1,725
  1,777
  1,835
  1,897
  1,964
  2,038
  2,116
  2,200
  2,288
  2,383
  2,485
  2,592
  2,705
  2,826
  2,953
  3,087
  3,229
  3,378
  3,537
  3,703
  3,879
  4,062
  4,257
  4,462
  4,677
  4,904
  5,142
Debt-to-equity ratio
  0.849
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.870
  0.890
  0.920
  0.940
  0.960
  0.990
  1.010
  1.030
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.190
  1.210
  1.230
  1.240
  1.260
  1.270
  1.290
  1.300
  1.310
Adjusted equity ratio
  0.338
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -368
  2
  1
  1
  1
  0
  0
  0
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -31
Depreciation, amort., depletion, $m
  11
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Funds from operations, $m
  151
  6
  6
  6
  6
  6
  6
  5
  5
  5
  4
  4
  3
  3
  2
  1
  1
  0
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -15
Change in working capital, $m
  66
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  85
  4
  3
  2
  2
  1
  0
  0
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -37
Maintenance CAPEX, $m
  0
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
New CAPEX, $m
  -11
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Cash from investing activities, $m
  51
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -19
Free cash flow, $m
  136
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
Issuance/(repayment) of debt, $m
  -116
  20
  22
  26
  29
  32
  35
  38
  41
  45
  48
  51
  55
  58
  62
  65
  69
  73
  78
  82
  87
  91
  96
  102
  107
  113
  119
  125
  132
  138
  146
Issuance/(repurchase) of shares, $m
  -3
  10
  13
  15
  18
  20
  22
  25
  27
  30
  33
  36
  39
  42
  45
  48
  52
  56
  59
  64
  68
  72
  77
  82
  87
  92
  98
  104
  110
  116
  123
Cash from financing (excl. dividends), $m  
  -138
  30
  35
  41
  47
  52
  57
  63
  68
  75
  81
  87
  94
  100
  107
  113
  121
  129
  137
  146
  155
  163
  173
  184
  194
  205
  217
  229
  242
  254
  269
Total cash flow (excl. dividends), $m
  -11
  29
  33
  38
  42
  47
  51
  56
  61
  65
  70
  75
  80
  85
  90
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
  165
  174
  183
  193
  203
  213
Retained Cash Flow (-), $m
  369
  -12
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -52
  -56
  -59
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
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
 
  17
  19
  21
  24
  26
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  86
  90
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  15
  16
  16
  16
  16
  16
  15
  14
  12
  11
  10
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.6
  94.8
  91.7
  88.3
  84.7
  81.0
  77.2
  73.3
  69.4
  65.5
  61.7
  58.0
  54.3
  50.8
  47.4
  44.2
  41.1
  38.1
  35.3
  32.7
  30.2
  27.9
  25.7
  23.7
  21.8
  20.0
  18.4
  16.8
  15.4
  14.1

Gafisa S.A. is a diversified national homebuilder. The Company's segments are Gafisa (for ventures targeted at high and medium income) and Tenda (for ventures targeted at low income). The Company's brands include Tenda, which serves the affordable entry-level housing segments, Gafisa, which offers a range of residential options to the mid to higher income segments and Alphaville (equity method investment), which focuses on the identification, development and sale of residential communities. In addition, it provides construction services to third parties on certain developments in the Gafisa segment where it retains an equity interest. Its real estate business activities include developments for sale of residential units, land subdivisions and commercial buildings; construction services, and sale of units through its brokerage subsidiaries, Gafisa Vendas Intermediacao Imobiliaria Ltda and Gafisa Vendas in Rio de Janeiro, jointly referred to as Gafisa Vendas.

FINANCIAL RATIOS  of  Gafisa ADR (GFA)

Valuation Ratios
P/E Ratio -0.6
Price to Sales 0.8
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 3.1
Growth Rates
Sales Growth Rate -36.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -15.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.5
LT Debt to Equity 33.9%
Total Debt to Equity 84.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -19.5%
Ret/ On Assets - 3 Yr. Avg. -6.3%
Return On Total Capital -26.4%
Ret/ On T. Cap. - 3 Yr. Avg. -8.6%
Return On Equity -46.3%
Return On Equity - 3 Yr. Avg. -15.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin -12.4%
Gross Margin - 3 Yr. Avg. 13.4%
EBITDA Margin -51%
EBITDA Margin - 3 Yr. Avg. -12.9%
Operating Margin -51.7%
Oper. Margin - 3 Yr. Avg. -13.3%
Pre-Tax Margin -54.8%
Pre-Tax Margin - 3 Yr. Avg. -15.9%
Net Profit Margin -126.9%
Net Profit Margin - 3 Yr. Avg. -41.4%
Effective Tax Rate -19.5%
Eff/ Tax Rate - 3 Yr. Avg. -2.3%
Payout Ratio -1.6%

GFA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GFA stock intrinsic value calculation we used $290 million for the last fiscal year's total revenue generated by Gafisa ADR. The default revenue input number comes from 2016 income statement of Gafisa ADR. 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 GFA stock valuation model: a) initial revenue growth rate of 2% 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 8.4%, whose default value for GFA is calculated based on our internal credit rating of Gafisa ADR, 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 Gafisa ADR.
    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 GFA stock the variable cost ratio is equal to 94.1%.

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 GFA 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 Gafisa ADR.

Corporate tax rate of 27% is the nominal tax rate for Gafisa ADR. 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 GFA 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 GFA are equal to 8.3%.

Life of production assets of 2.5 years is the average useful life of capital assets used in Gafisa ADR 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 GFA is equal to 50%. 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 - $610 million for Gafisa ADR - 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 13.936 million for Gafisa ADR 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 Gafisa ADR at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
GGB Gerdau ADR 3.87 0.67  str.sell

COMPANY NEWS

▶ Investor Network: Gafisa S.A. to Host Earnings Call   [Aug-11-17 08:00AM  ACCESSWIRE]
▶ Gafisa reports 1Q loss   [May-11-17 05:01AM  Associated Press]
▶ ETFs with exposure to Gafisa SA : January 19, 2017   [Jan-19-17 01:02PM  Capital Cube]
▶ Is InVitae Corp (NVTA) A Good Stock To Buy?   [09:00AM  Insider Monkey]
▶ Brazil's Gafisa seeks up to $192 mln with unit IPO   [Nov-24-16 07:22AM  Reuters]
▶ Brazil Real Estate To Fall 'Deeper' In 2017   [Oct-25-16 02:29PM  Forbes]
▶ GAFISA S.A. Financials   [May-05-16 01:04PM  EDGAR Online Financials]
▶ Emerging Markets Today: Good Friday For China Metals   [Mar-25-16 09:55AM  at Barrons.com]
▶ Hedge Funds Are Fleeing The Sinking T2 Biosystems Inc (TTOO)   [Dec-07  07:42PM  at Insider Monkey]
▶ Hedge Fund Sentiment Is Stagnant On Gafisa SA (ADR) (GFA)   [Nov-26  12:25PM  at Insider Monkey]
▶ Gafisa 3Q15 results   [Nov-06  06:16PM  PR Newswire]
▶ Brazil Rallies: Will Opportunity Get Impeached?   [Oct-09  09:33AM  at Barrons.com]
▶ Brazil Stocks Slip On Lower Q1 GDP   [May-29  09:40AM  at Barrons.com]
▶ Brazil's Ibovespa Sinks As Unemployment Rises   [Mar-26  01:35PM  at Barrons.com]
▶ Brazil Poll: Impeach President Rousseff?   [Mar-24  11:56AM  at Barrons.com]
▶ Brazil Equities Mixed On Sour Economic Data   [Mar-17  10:36AM  at Barrons.com]
▶ Sell Brazil Homebuilders Given Weak Economy, Citi Says   [Mar-02  10:15AM  at Barrons.com]
▶ Gafisa Releases 4Q14 Results   [09:06AM  Marketwired]
▶ 5 Stocks Under $10 Set to Soar: Cosan, Gafisa and More   [Jan-22  09:41AM  at TheStreet]
▶ Petrobras Lower After 3rd Exec Arrested In Brazil   [Jan-14  01:34PM  at Barrons.com]
▶ Can Brazil Construction Stock Mills, Down 70%, Recover?   [Dec-01  12:12PM  at Barrons.com]
▶ Brazil's Econ: An Unraveling Basket Case, Nomura Says   [Nov-19  01:32PM  at Barrons.com]
▶ Brazil Home Builder Gafisa Downgraded By Citi   [Oct-29  12:49PM  at Barrons.com]
▶ The Case for Yahoo!   [Sep-24  06:30PM  at Barrons.com]
▶ Gafisa (GFA) Upgraded From Sell to Hold   [Sep-15  09:15AM  at TheStreet]
▶ 6 Undervalued Emerging Market Stocks After Six Week Low   [Aug-13  10:41AM  at TheStreet]
▶ Gafisa Releases 2Q14 Results   [Aug-08  11:04PM  Marketwired]
▶ Melvin: Buying Brazilian Bargains   [Jul-30  08:41AM  at TheStreet]
▶ Martin Marietta Reaches Further in TXI Deal   [Jun-30  05:25PM  Zacks]
▶ Lennar Beats on Q2 Earnings & Revenues   [Jun-26  09:35AM  Zacks]
▶ Balanced View on Toll Brothers   [Jun-23  04:25PM  Zacks]
▶ Meritage Homes Down to Strong Sell   [Jun-20  04:25PM  Zacks]
▶ Housing Construction Dips in May   [Jun-19  08:00AM  Zacks]
▶ NVR Unveils Another Model Townhome in NJ   [Jun-10  05:55PM  Zacks]
▶ Balanced View on PulteGroup   [Jun-06  01:00PM  Zacks]
▶ NVR Unveils New Townhome Model   [Jun-05  05:34PM  Zacks]
▶ New KB Home Community in CO   [Jun-02  02:00PM  Zacks]
▶ New KB Home Design Studio in Florida   [May-30  06:00PM  Zacks]
▶ Toll Brothers Beats on Q2 Earnings & Rev   [May-29  08:30AM  Zacks]
▶ KB Home Down to Strong Sell   [May-22  03:27PM  Zacks]
▶ Jacobs Adds New Contracts   [May-21  01:30PM  Zacks]
▶ KB Home Increases Focus on D.C. Area   [May-20  05:10PM  Zacks]
▶ Housing Construction Shoots Up in April   [May-19  01:44PM  Zacks]
▶ D.R. Horton Expands in Southeast   [May-15  01:10PM  Zacks]
Financial statements of GFA
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.