Intrinsic value of Home BancShares - HOMB

Previous Close

$23.27

  Intrinsic Value

$1.14

stock screener

  Rating & Target

str. sell

-95%

Previous close

$23.27

 
Intrinsic value

$1.14

 
Up/down potential

-95%

 
Rating

str. sell

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

We calculate the intrinsic value of HOMB 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, %
  -100.00
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  0
  551
  592
  635
  680
  727
  775
  825
  877
  932
  989
  1,048
  1,109
  1,174
  1,241
  1,311
  1,384
  1,460
  1,540
  1,623
  1,711
  1,802
  1,898
  1,998
  2,103
  2,212
  2,327
  2,448
  2,574
  2,707
  2,846
Variable operating expenses, $m
 
  223
  240
  257
  275
  294
  314
  334
  355
  377
  400
  424
  449
  475
  502
  531
  560
  591
  624
  657
  693
  730
  769
  809
  852
  896
  943
  991
  1,043
  1,096
  1,153
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
  0
  223
  240
  257
  275
  294
  314
  334
  355
  377
  400
  424
  449
  475
  502
  531
  560
  591
  624
  657
  693
  730
  769
  809
  852
  896
  943
  991
  1,043
  1,096
  1,153
Operating income, $m
  0
  328
  352
  378
  405
  432
  461
  491
  522
  555
  588
  623
  660
  698
  738
  780
  823
  869
  916
  966
  1,018
  1,072
  1,129
  1,189
  1,251
  1,316
  1,385
  1,457
  1,532
  1,611
  1,693
EBITDA, $m
  26
  1,635
  1,757
  1,885
  2,018
  2,156
  2,299
  2,449
  2,604
  2,765
  2,934
  3,109
  3,292
  3,482
  3,681
  3,889
  4,106
  4,332
  4,569
  4,817
  5,076
  5,347
  5,631
  5,928
  6,239
  6,565
  6,906
  7,264
  7,639
  8,032
  8,444
Interest expense (income), $m
  30
  654
  639
  680
  723
  767
  814
  861
  911
  963
  1,017
  1,073
  1,132
  1,193
  1,257
  1,323
  1,393
  1,465
  1,541
  1,620
  1,703
  1,790
  1,880
  1,975
  2,074
  2,178
  2,287
  2,401
  2,521
  2,646
  2,778
Earnings before tax, $m
  283
  -326
  -287
  -302
  -318
  -335
  -352
  -371
  -389
  -409
  -429
  -450
  -472
  -495
  -519
  -544
  -570
  -597
  -625
  -654
  -685
  -717
  -751
  -786
  -823
  -862
  -902
  -945
  -989
  -1,036
  -1,084
Tax expense, $m
  106
  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
Net income, $m
  177
  -326
  -287
  -302
  -318
  -335
  -352
  -371
  -389
  -409
  -429
  -450
  -472
  -495
  -519
  -544
  -570
  -597
  -625
  -654
  -685
  -717
  -751
  -786
  -823
  -862
  -902
  -945
  -989
  -1,036
  -1,084

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  9,808
  11,242
  12,087
  12,966
  13,879
  14,828
  15,814
  16,840
  17,908
  19,019
  20,176
  21,382
  22,639
  23,950
  25,318
  26,746
  28,238
  29,796
  31,425
  33,128
  34,910
  36,775
  38,726
  40,769
  42,909
  45,150
  47,498
  49,959
  52,538
  55,242
  58,077
Adjusted assets (=assets-cash), $m
  9,808
  11,242
  12,087
  12,966
  13,879
  14,828
  15,814
  16,840
  17,908
  19,019
  20,176
  21,382
  22,639
  23,950
  25,318
  26,746
  28,238
  29,796
  31,425
  33,128
  34,910
  36,775
  38,726
  40,769
  42,909
  45,150
  47,498
  49,959
  52,538
  55,242
  58,077
Revenue / Adjusted assets
  0.000
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
Average production assets, $m
  20
  13,068
  14,051
  15,072
  16,133
  17,236
  18,383
  19,576
  20,817
  22,108
  23,454
  24,855
  26,316
  27,840
  29,431
  31,091
  32,824
  34,636
  36,529
  38,509
  40,581
  42,748
  45,016
  47,391
  49,878
  52,483
  55,213
  58,074
  61,072
  64,215
  67,510
Working capital, $m
  0
  -12,140
  -13,053
  -14,002
  -14,988
  -16,013
  -17,078
  -18,186
  -19,339
  -20,539
  -21,789
  -23,091
  -24,448
  -25,864
  -27,341
  -28,884
  -30,494
  -32,177
  -33,936
  -35,776
  -37,700
  -39,713
  -41,821
  -44,027
  -46,337
  -48,758
  -51,294
  -53,951
  -56,737
  -59,657
  -62,718
Total debt, $m
  182
  11,838
  12,599
  13,390
  14,212
  15,066
  15,954
  16,877
  17,838
  18,838
  19,879
  20,965
  22,096
  23,276
  24,507
  25,792
  27,135
  28,537
  30,003
  31,536
  33,140
  34,818
  36,574
  38,413
  40,338
  42,356
  44,469
  46,684
  49,005
  51,439
  53,990
Total liabilities, $m
  8,481
  10,118
  10,879
  11,669
  12,491
  13,345
  14,233
  15,156
  16,117
  17,117
  18,159
  19,244
  20,375
  21,555
  22,786
  24,072
  25,414
  26,817
  28,283
  29,816
  31,419
  33,097
  34,853
  36,692
  38,618
  40,635
  42,748
  44,963
  47,284
  49,718
  52,269
Total equity, $m
  1,327
  1,124
  1,209
  1,297
  1,388
  1,483
  1,581
  1,684
  1,791
  1,902
  2,018
  2,138
  2,264
  2,395
  2,532
  2,675
  2,824
  2,980
  3,143
  3,313
  3,491
  3,677
  3,873
  4,077
  4,291
  4,515
  4,750
  4,996
  5,254
  5,524
  5,808
Total liabilities and equity, $m
  9,808
  11,242
  12,088
  12,966
  13,879
  14,828
  15,814
  16,840
  17,908
  19,019
  20,177
  21,382
  22,639
  23,950
  25,318
  26,747
  28,238
  29,797
  31,426
  33,129
  34,910
  36,774
  38,726
  40,769
  42,909
  45,150
  47,498
  49,959
  52,538
  55,242
  58,077
Debt-to-equity ratio
  0.137
  10.530
  10.420
  10.330
  10.240
  10.160
  10.090
  10.020
  9.960
  9.900
  9.850
  9.800
  9.760
  9.720
  9.680
  9.640
  9.610
  9.580
  9.550
  9.520
  9.490
  9.470
  9.440
  9.420
  9.400
  9.380
  9.360
  9.340
  9.330
  9.310
  9.300
Adjusted equity ratio
  0.135
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  177
  -326
  -287
  -302
  -318
  -335
  -352
  -371
  -389
  -409
  -429
  -450
  -472
  -495
  -519
  -544
  -570
  -597
  -625
  -654
  -685
  -717
  -751
  -786
  -823
  -862
  -902
  -945
  -989
  -1,036
  -1,084
Depreciation, amort., depletion, $m
  26
  1,307
  1,405
  1,507
  1,613
  1,724
  1,838
  1,958
  2,082
  2,211
  2,345
  2,486
  2,632
  2,784
  2,943
  3,109
  3,282
  3,464
  3,653
  3,851
  4,058
  4,275
  4,502
  4,739
  4,988
  5,248
  5,521
  5,807
  6,107
  6,421
  6,751
Funds from operations, $m
  217
  980
  1,118
  1,205
  1,295
  1,388
  1,486
  1,587
  1,692
  1,802
  1,916
  2,035
  2,160
  2,289
  2,424
  2,565
  2,713
  2,867
  3,028
  3,197
  3,373
  3,557
  3,750
  3,953
  4,165
  4,386
  4,619
  4,863
  5,118
  5,386
  5,667
Change in working capital, $m
  -1
  -878
  -913
  -949
  -986
  -1,025
  -1,065
  -1,108
  -1,153
  -1,200
  -1,250
  -1,302
  -1,357
  -1,416
  -1,477
  -1,542
  -1,611
  -1,683
  -1,759
  -1,839
  -1,924
  -2,013
  -2,107
  -2,206
  -2,311
  -2,420
  -2,536
  -2,657
  -2,785
  -2,920
  -3,062
Cash from operations, $m
  218
  1,859
  2,031
  2,154
  2,281
  2,413
  2,551
  2,695
  2,845
  3,002
  3,166
  3,338
  3,517
  3,705
  3,902
  4,108
  4,324
  4,550
  4,787
  5,036
  5,297
  5,571
  5,858
  6,159
  6,475
  6,807
  7,155
  7,520
  7,903
  8,306
  8,728
Maintenance CAPEX, $m
  0
  -1,213
  -1,307
  -1,405
  -1,507
  -1,613
  -1,724
  -1,838
  -1,958
  -2,082
  -2,211
  -2,345
  -2,486
  -2,632
  -2,784
  -2,943
  -3,109
  -3,282
  -3,464
  -3,653
  -3,851
  -4,058
  -4,275
  -4,502
  -4,739
  -4,988
  -5,248
  -5,521
  -5,807
  -6,107
  -6,421
New CAPEX, $m
  -3
  -939
  -983
  -1,021
  -1,061
  -1,103
  -1,147
  -1,193
  -1,241
  -1,292
  -1,345
  -1,402
  -1,461
  -1,524
  -1,590
  -1,660
  -1,734
  -1,812
  -1,894
  -1,980
  -2,071
  -2,167
  -2,268
  -2,375
  -2,487
  -2,605
  -2,730
  -2,861
  -2,998
  -3,143
  -3,295
Cash from investing activities, $m
  -601
  -2,152
  -2,290
  -2,426
  -2,568
  -2,716
  -2,871
  -3,031
  -3,199
  -3,374
  -3,556
  -3,747
  -3,947
  -4,156
  -4,374
  -4,603
  -4,843
  -5,094
  -5,358
  -5,633
  -5,922
  -6,225
  -6,543
  -6,877
  -7,226
  -7,593
  -7,978
  -8,382
  -8,805
  -9,250
  -9,716
Free cash flow, $m
  -383
  -293
  -258
  -273
  -288
  -303
  -319
  -336
  -353
  -371
  -390
  -409
  -430
  -451
  -473
  -495
  -519
  -544
  -570
  -597
  -625
  -655
  -685
  -717
  -751
  -786
  -823
  -862
  -902
  -944
  -989
Issuance/(repayment) of debt, $m
  0
  -274
  761
  791
  822
  854
  888
  923
  961
  1,000
  1,042
  1,085
  1,131
  1,180
  1,231
  1,285
  1,342
  1,403
  1,466
  1,533
  1,604
  1,678
  1,756
  1,839
  1,926
  2,017
  2,113
  2,215
  2,321
  2,434
  2,551
Issuance/(repurchase) of shares, $m
  -8
  1,454
  371
  390
  410
  430
  451
  473
  496
  520
  545
  571
  598
  626
  656
  686
  719
  752
  788
  825
  863
  904
  946
  991
  1,037
  1,086
  1,137
  1,191
  1,247
  1,306
  1,368
Cash from financing (excl. dividends), $m  
  392
  1,180
  1,132
  1,181
  1,232
  1,284
  1,339
  1,396
  1,457
  1,520
  1,587
  1,656
  1,729
  1,806
  1,887
  1,971
  2,061
  2,155
  2,254
  2,358
  2,467
  2,582
  2,702
  2,830
  2,963
  3,103
  3,250
  3,406
  3,568
  3,740
  3,919
Total cash flow (excl. dividends), $m
  9
  887
  874
  908
  944
  981
  1,020
  1,061
  1,104
  1,149
  1,196
  1,246
  1,299
  1,355
  1,414
  1,476
  1,542
  1,611
  1,684
  1,761
  1,842
  1,927
  2,017
  2,112
  2,212
  2,317
  2,427
  2,544
  2,666
  2,795
  2,931
Retained Cash Flow (-), $m
  -127
  -1,454
  -371
  -390
  -410
  -430
  -451
  -473
  -496
  -520
  -545
  -571
  -598
  -626
  -656
  -686
  -719
  -752
  -788
  -825
  -863
  -904
  -946
  -991
  -1,037
  -1,086
  -1,137
  -1,191
  -1,247
  -1,306
  -1,368
Prev. year cash balance distribution, $m
 
  3
  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
 
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
Cash available for distribution, $m
 
  -564
  503
  518
  534
  551
  569
  588
  608
  629
  652
  676
  702
  729
  759
  790
  823
  859
  896
  936
  978
  1,023
  1,071
  1,121
  1,175
  1,231
  1,290
  1,353
  1,419
  1,489
  1,563
Discount rate, %
 
  12.00
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
PV of cash for distribution, $m
 
  -503
  396
  357
  317
  279
  242
  207
  174
  145
  118
  95
  75
  58
  44
  32
  23
  16
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  37.6
  28.4
  21.6
  16.5
  12.6
  9.7
  7.5
  5.8
  4.5
  3.5
  2.8
  2.2
  1.7
  1.3
  1.1
  0.8
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0

Home BancShares, Inc. is a bank holding company. The Company is engaged in providing a range of commercial and retail banking, and related financial services to businesses, real estate developers and investors, individuals and municipalities through its community bank subsidiary, Centennial Bank (the Bank). It operates through community banking segment. It offers a range of products and services, including Internet banking, mobile banking and voice response information, cash management, overdraft protection, direct deposit, safe deposit boxes, the United States savings bonds and automatic account transfers. The Bank has locations in Arkansas, Florida, South Alabama and New York City. As of September 26, 2017, the Company conducted business principally through 76 branches in Arkansas, 89 branches in Florida, six branches in Alabama and one branch in New York City. It originates loans secured by single and multi-family real estate, residential construction and commercial buildings.

FINANCIAL RATIOS  of  Home BancShares (HOMB)

Valuation Ratios
P/E Ratio 18.5
Price to Sales 0
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -72.7%
Cap. Spend. - 3 Yr. Gr. Rate -25.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 13.7%
Total Debt to Equity 13.7%
Interest Coverage 10
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.8%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 27.1%

HOMB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HOMB stock intrinsic value calculation we used $511 million for the last fiscal year's total revenue generated by Home BancShares. The default revenue input number comes from 2016 income statement of Home BancShares. 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 HOMB stock valuation model: a) initial revenue growth rate of 7.8% 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 12%, whose default value for HOMB is calculated based on our internal credit rating of Home BancShares, 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 Home BancShares.
    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 HOMB stock the variable cost ratio is equal to 40.5%.

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 HOMB 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 5.4% for Home BancShares.

Corporate tax rate of 27% is the nominal tax rate for Home BancShares. 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 HOMB stock is equal to 1.3%.

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 HOMB are equal to 2372.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Home BancShares 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 HOMB is equal to -2203.9%. 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 - $0 million for Home BancShares - 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 174 million for Home BancShares 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 Home BancShares at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ Home BancShares, Inc. to Host Earnings Call   [Jul-19-18 12:00PM  ACCESSWIRE]
▶ Home BancShares: 2Q Earnings Snapshot   [08:24AM  Associated Press]
▶ Former Stonegate Bank CEO appointed to board of Centennial Bank   [Jul-05-18 11:39AM  American City Business Journals]
▶ Whats ahead for banking M&A in Florida   [06:50AM  American City Business Journals]
▶ Developer buys downtown site, cements financing for long-awaited luxury hotel   [May-03-18 08:34AM  American City Business Journals]
▶ Home BancShares, Inc. to Host Earnings Call   [Apr-19-18 10:00AM  ACCESSWIRE]
▶ Home BancShares: 1Q Earnings Snapshot   [08:23AM  Associated Press]
▶ Home BancShares, Inc. Increases Share Repurchase Program   [Feb-22-18 05:15PM  GlobeNewswire]
▶ This Little-Known Bank Is Forbes' No. 1 Pick for 2018   [Jan-25-18 01:47PM  Motley Fool]
▶ Home BancShares posts 4Q profit   [Jan-18-18 08:41AM  Associated Press]
▶ Home BancShares, Inc. Invests in Employees   [Jan-12-18 05:15PM  GlobeNewswire]
▶ 6 Bank Laggards That Will Lead In 2018: Stephens   [Jan-11-18 01:33PM  Investopedia]
▶ America's Best Banks 2018   [08:39AM  Forbes]
▶ Impact of Tax Reform on Home BancShares, Inc.   [Jan-08-18 06:26PM  GlobeNewswire]
▶ Home BancShares posts 3Q profit   [08:23AM  Associated Press]
▶ At $25.64, Is Home Bancshares Inc (Conway AR) (HOMB) A Sell?   [Oct-13-17 01:37PM  Simply Wall St.]
▶ Home BancShares, Inc. Named as a Top-Performer in Nation   [Aug-04-17 09:15AM  GlobeNewswire]
▶ Home BancShares posts 2Q profit   [Jul-21-17 12:20AM  Associated Press]
Financial statements of HOMB
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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