Intrinsic value of Hovnanian Enterprises Cl A - HOV

Previous Close

$2.47

  Intrinsic Value

$0.99

stock screener

  Rating & Target

str. sell

-60%

Previous close

$2.47

 
Intrinsic value

$0.99

 
Up/down potential

-60%

 
Rating

str. sell

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

We calculate the intrinsic value of HOV 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 0.4

 

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, %
  28.12
  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
  2,752
  2,807
  2,872
  2,945
  3,028
  3,120
  3,221
  3,330
  3,449
  3,577
  3,714
  3,861
  4,018
  4,185
  4,362
  4,550
  4,750
  4,961
  5,184
  5,420
  5,669
  5,932
  6,209
  6,501
  6,809
  7,133
  7,474
  7,833
  8,211
  8,609
  9,027
Variable operating expenses, $m
 
  2,630
  2,691
  2,760
  2,837
  2,923
  3,018
  3,121
  3,232
  3,352
  3,480
  3,618
  3,765
  3,921
  4,087
  4,264
  4,451
  4,648
  4,857
  5,078
  5,312
  5,558
  5,818
  6,091
  6,380
  6,683
  7,003
  7,340
  7,694
  8,067
  8,459
Fixed operating expenses, $m
 
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
Total operating expenses, $m
  2,617
  2,670
  2,732
  2,802
  2,880
  2,967
  3,063
  3,167
  3,280
  3,401
  3,530
  3,669
  3,817
  3,975
  4,142
  4,320
  4,509
  4,707
  4,918
  5,140
  5,376
  5,624
  5,885
  6,160
  6,451
  6,755
  7,077
  7,416
  7,772
  8,147
  8,541
Operating income, $m
  135
  137
  140
  144
  148
  152
  158
  163
  170
  177
  184
  192
  201
  210
  220
  230
  241
  253
  266
  279
  293
  308
  324
  341
  358
  377
  397
  418
  439
  463
  487
EBITDA, $m
  139
  141
  144
  148
  152
  157
  162
  168
  175
  182
  189
  197
  206
  216
  226
  236
  248
  260
  273
  287
  301
  316
  333
  350
  368
  387
  407
  428
  451
  474
  499
Interest expense (income), $m
  102
  91
  58
  60
  63
  66
  69
  72
  76
  80
  85
  89
  94
  100
  105
  111
  118
  125
  132
  140
  148
  156
  165
  175
  185
  195
  206
  218
  230
  243
  257
Earnings before tax, $m
  2
  46
  82
  83
  85
  87
  89
  91
  94
  96
  99
  103
  106
  110
  114
  119
  123
  128
  134
  139
  146
  152
  159
  166
  174
  182
  190
  199
  209
  219
  230
Tax expense, $m
  5
  12
  22
  22
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
Net income, $m
  -3
  33
  60
  61
  62
  63
  65
  66
  68
  70
  73
  75
  78
  80
  83
  87
  90
  94
  98
  102
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  340
  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
  2,355
  2,055
  2,102
  2,156
  2,217
  2,284
  2,358
  2,438
  2,525
  2,619
  2,719
  2,827
  2,941
  3,064
  3,193
  3,331
  3,477
  3,632
  3,795
  3,968
  4,150
  4,342
  4,545
  4,759
  4,984
  5,222
  5,472
  5,735
  6,011
  6,302
  6,609
Adjusted assets (=assets-cash), $m
  2,015
  2,055
  2,102
  2,156
  2,217
  2,284
  2,358
  2,438
  2,525
  2,619
  2,719
  2,827
  2,941
  3,064
  3,193
  3,331
  3,477
  3,632
  3,795
  3,968
  4,150
  4,342
  4,545
  4,759
  4,984
  5,222
  5,472
  5,735
  6,011
  6,302
  6,609
Revenue / Adjusted assets
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
Average production assets, $m
  23
  22
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
  72
Working capital, $m
  0
  -348
  -356
  -365
  -376
  -387
  -399
  -413
  -428
  -444
  -461
  -479
  -498
  -519
  -541
  -564
  -589
  -615
  -643
  -672
  -703
  -736
  -770
  -806
  -844
  -884
  -927
  -971
  -1,018
  -1,068
  -1,119
Total debt, $m
  1,754
  1,119
  1,162
  1,211
  1,265
  1,326
  1,392
  1,464
  1,543
  1,627
  1,717
  1,814
  1,917
  2,027
  2,144
  2,268
  2,399
  2,538
  2,686
  2,841
  3,005
  3,178
  3,361
  3,553
  3,756
  3,970
  4,194
  4,431
  4,680
  4,942
  5,218
Total liabilities, $m
  2,483
  1,849
  1,892
  1,941
  1,995
  2,056
  2,122
  2,194
  2,273
  2,357
  2,447
  2,544
  2,647
  2,757
  2,874
  2,998
  3,129
  3,268
  3,416
  3,571
  3,735
  3,908
  4,091
  4,283
  4,486
  4,700
  4,924
  5,161
  5,410
  5,672
  5,948
Total equity, $m
  -129
  205
  210
  216
  222
  228
  236
  244
  253
  262
  272
  283
  294
  306
  319
  333
  348
  363
  380
  397
  415
  434
  455
  476
  498
  522
  547
  573
  601
  630
  661
Total liabilities and equity, $m
  2,354
  2,054
  2,102
  2,157
  2,217
  2,284
  2,358
  2,438
  2,526
  2,619
  2,719
  2,827
  2,941
  3,063
  3,193
  3,331
  3,477
  3,631
  3,796
  3,968
  4,150
  4,342
  4,546
  4,759
  4,984
  5,222
  5,471
  5,734
  6,011
  6,302
  6,609
Debt-to-equity ratio
  -13.597
  5.450
  5.530
  5.610
  5.710
  5.800
  5.900
  6.010
  6.110
  6.210
  6.320
  6.420
  6.520
  6.620
  6.710
  6.810
  6.900
  6.990
  7.080
  7.160
  7.240
  7.320
  7.390
  7.470
  7.540
  7.600
  7.670
  7.730
  7.790
  7.840
  7.900
Adjusted equity ratio
  -0.233
  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
  -3
  33
  60
  61
  62
  63
  65
  66
  68
  70
  73
  75
  78
  80
  83
  87
  90
  94
  98
  102
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
Depreciation, amort., depletion, $m
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
Funds from operations, $m
  711
  37
  64
  65
  66
  68
  69
  71
  73
  75
  78
  80
  83
  86
  89
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  143
  149
  156
  164
  172
  180
Change in working capital, $m
  323
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
Cash from operations, $m
  388
  44
  72
  74
  76
  79
  82
  85
  88
  91
  95
  99
  103
  107
  111
  116
  121
  127
  132
  139
  145
  152
  159
  166
  174
  183
  192
  201
  211
  221
  232
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
New CAPEX, $m
  -8
  1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  -49
  -3
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
Free cash flow, $m
  339
  41
  67
  69
  72
  74
  77
  79
  82
  85
  89
  92
  96
  100
  104
  109
  113
  119
  124
  129
  135
  142
  148
  155
  163
  171
  179
  188
  197
  207
  217
Issuance/(repayment) of debt, $m
  -234
  -635
  43
  49
  55
  60
  66
  72
  78
  84
  90
  97
  103
  110
  117
  124
  131
  139
  147
  155
  164
  173
  183
  192
  203
  214
  225
  237
  249
  262
  276
Issuance/(repurchase) of shares, $m
  0
  641
  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  
  -246
  6
  43
  49
  55
  60
  66
  72
  78
  84
  90
  97
  103
  110
  117
  124
  131
  139
  147
  155
  164
  173
  183
  192
  203
  214
  225
  237
  249
  262
  276
Total cash flow (excl. dividends), $m
  93
  47
  110
  118
  126
  135
  143
  152
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  271
  285
  300
  315
  331
  348
  366
  384
  404
  424
  446
  469
  493
Retained Cash Flow (-), $m
  1
  -674
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
Prev. year cash balance distribution, $m
 
  340
  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
 
  -287
  105
  113
  120
  128
  136
  144
  152
  160
  169
  178
  188
  198
  208
  219
  230
  242
  255
  268
  281
  296
  311
  327
  343
  361
  379
  398
  418
  440
  462
Discount rate, %
 
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
 
  -253
  80
  74
  67
  59
  52
  44
  37
  31
  25
  20
  15
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Hovnanian Enterprises, Inc. is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast: New Jersey and Pennsylvania; Mid-Atlantic: Delaware, Maryland, Virginia, Washington, District of Columbia, and West Virginia; Midwest: Illinois and Ohio; Southeast: Florida, Georgia and South Carolina; Southwest: Arizona and Texas, and West: California. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. The Company markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers and empty nesters.

FINANCIAL RATIOS  of  Hovnanian Enterprises Cl A (HOV)

Valuation Ratios
P/E Ratio -121.3
Price to Sales 0.1
Price to Book -2.8
Price to Tangible Book
Price to Cash Flow 0.9
Price to Free Cash Flow 1
Growth Rates
Sales Growth Rate 28.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity -1359.7%
Total Debt to Equity -1359.7%
Interest Coverage 1
Management Effectiveness
Return On Assets -6.3%
Ret/ On Assets - 3 Yr. Avg. 25.1%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 2.3%
Return On Equity - 3 Yr. Avg. -32%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 14.4%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 3.9%
EBITDA Margin - 3 Yr. Avg. 4.1%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 0.1%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 250%
Eff/ Tax Rate - 3 Yr. Avg. -385.9%
Payout Ratio 0%

HOV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HOV stock intrinsic value calculation we used $2752 million for the last fiscal year's total revenue generated by Hovnanian Enterprises Cl A. The default revenue input number comes from 2016 income statement of Hovnanian Enterprises Cl A. 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 HOV 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 13.6%, whose default value for HOV is calculated based on our internal credit rating of Hovnanian Enterprises Cl A, 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 Hovnanian Enterprises Cl A.
    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 HOV stock the variable cost ratio is equal to 93.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for HOV 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 5.2% for Hovnanian Enterprises Cl A.

Corporate tax rate of 27% is the nominal tax rate for Hovnanian Enterprises Cl A. 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 HOV 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 HOV are equal to 0.8%.

Life of production assets of 5.8 years is the average useful life of capital assets used in Hovnanian Enterprises Cl A 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 HOV is equal to -12.4%. 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 - $-129 million for Hovnanian Enterprises Cl A - 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 146.85 million for Hovnanian Enterprises Cl A 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 Hovnanian Enterprises Cl A at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
MDC M.D.C. Holding 31.55 52.79  buy
KBH KB Home 31.08 85.04  str.buy
LEN Lennar Cl A 61.40 104.44  str.buy
DHI D.R. Horton 50.58 112.28  str.buy
NVR NVR 3,398.63 3,047.27  hold
TOL Toll Brothers 47.70 68.38  str.buy
MHO M/I Homes 34.19 51.14  str.buy
BZH Beazer Homes U 18.95 6.07  str.sell
MTH Meritage Homes 50.00 37.20  sell
TMHC Taylor Morriso 23.65 30.47  buy

COMPANY NEWS

▶ [$$] Home Builder Accused of Default Swap Scheme With Blackstone Unit   [Dec-02-17 05:00PM  The Wall Street Journal]
▶ The Battle Over Hovnanian's Default Insurance   [Nov-17-17 05:12PM  Bloomberg Video]
▶ Ara Hovnanian Is Optimistic About Homebuilding Industry   [Sep-28-17 02:36PM  Bloomberg Video]
▶ Hovnanian reports 3Q loss   [Sep-07-17 10:24PM  Associated Press]
▶ Housing Data Drives Down Homebuilding Stocks   [Jun-16-17 10:11AM  TheStreet.com]
▶ Hovnanian reports 2Q loss   [09:22AM  Associated Press]
▶ The Real Issue With Housing and the Fed   [Apr-19-17 10:49PM  TheStreet.com]
▶ 3 Top Stocks Under $5   [Apr-17-17 03:31PM  Motley Fool]
▶ Hovnanian posts 1Q loss   [09:28AM  Associated Press]
▶ 10 Best Rated Biggest Home Builders In USA   [Mar-06-17 10:30AM  Insider Monkey]
▶ 10 Best Rated Biggest Home Builders In USA   [10:30AM  at Insider Monkey]
▶ Why Hovnanian Enterprises, Inc. Stock Dropped 11% Today   [Jan-12-17 12:56PM  at Motley Fool]
Financial statements of HOV
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.