Intrinsic value of H&R Block - HRB

Previous Close

$25.85

  Intrinsic Value

$28.71

stock screener

  Rating & Target

hold

+11%

Previous close

$25.85

 
Intrinsic value

$28.71

 
Up/down potential

+11%

 
Rating

hold

We calculate the intrinsic value of HRB 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 5.4

 

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, %
  -0.07
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
Revenue, $m
  3,036
  3,352
  3,682
  4,027
  4,387
  4,762
  5,152
  5,558
  5,979
  6,417
  6,872
  7,345
  7,837
  8,348
  8,880
  9,434
  10,010
  10,611
  11,237
  11,890
  12,571
  13,282
  14,025
  14,801
  15,612
  16,459
  17,346
  18,274
  19,245
  20,262
  21,326
Variable operating expenses, $m
 
  2,649
  2,906
  3,174
  3,453
  3,744
  4,046
  4,361
  4,688
  5,027
  5,381
  5,698
  6,080
  6,477
  6,889
  7,319
  7,766
  8,232
  8,718
  9,225
  9,753
  10,305
  10,881
  11,483
  12,112
  12,770
  13,458
  14,177
  14,931
  15,720
  16,546
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
  2,320
  2,649
  2,906
  3,174
  3,453
  3,744
  4,046
  4,361
  4,688
  5,027
  5,381
  5,698
  6,080
  6,477
  6,889
  7,319
  7,766
  8,232
  8,718
  9,225
  9,753
  10,305
  10,881
  11,483
  12,112
  12,770
  13,458
  14,177
  14,931
  15,720
  16,546
Operating income, $m
  716
  702
  776
  854
  934
  1,018
  1,106
  1,197
  1,291
  1,389
  1,491
  1,647
  1,757
  1,871
  1,991
  2,115
  2,244
  2,379
  2,519
  2,665
  2,818
  2,978
  3,144
  3,318
  3,500
  3,690
  3,889
  4,097
  4,314
  4,542
  4,781
EBITDA, $m
  898
  870
  956
  1,046
  1,139
  1,237
  1,338
  1,443
  1,553
  1,667
  1,785
  1,908
  2,035
  2,168
  2,306
  2,450
  2,600
  2,756
  2,918
  3,088
  3,265
  3,450
  3,642
  3,844
  4,055
  4,275
  4,505
  4,746
  4,998
  5,262
  5,539
Interest expense (income), $m
  87
  87
  24
  33
  43
  54
  65
  76
  88
  100
  113
  126
  139
  154
  168
  184
  200
  217
  234
  252
  271
  291
  311
  333
  355
  379
  403
  429
  456
  484
  513
Earnings before tax, $m
  629
  616
  753
  820
  891
  965
  1,041
  1,121
  1,204
  1,290
  1,379
  1,521
  1,617
  1,718
  1,822
  1,931
  2,044
  2,162
  2,285
  2,413
  2,547
  2,687
  2,833
  2,985
  3,145
  3,311
  3,485
  3,668
  3,859
  4,058
  4,268
Tax expense, $m
  208
  166
  203
  221
  241
  260
  281
  303
  325
  348
  372
  411
  437
  464
  492
  521
  552
  584
  617
  652
  688
  725
  765
  806
  849
  894
  941
  990
  1,042
  1,096
  1,152
Net income, $m
  409
  449
  549
  599
  650
  704
  760
  818
  879
  941
  1,007
  1,110
  1,181
  1,254
  1,330
  1,410
  1,492
  1,578
  1,668
  1,762
  1,859
  1,961
  2,068
  2,179
  2,296
  2,417
  2,544
  2,677
  2,817
  2,963
  3,115

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,011
  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
  2,694
  1,858
  2,041
  2,232
  2,432
  2,640
  2,856
  3,081
  3,314
  3,557
  3,809
  4,071
  4,344
  4,628
  4,922
  5,229
  5,549
  5,882
  6,229
  6,591
  6,969
  7,363
  7,774
  8,204
  8,654
  9,124
  9,615
  10,130
  10,668
  11,232
  11,822
Adjusted assets (=assets-cash), $m
  1,683
  1,858
  2,041
  2,232
  2,432
  2,640
  2,856
  3,081
  3,314
  3,557
  3,809
  4,071
  4,344
  4,628
  4,922
  5,229
  5,549
  5,882
  6,229
  6,591
  6,969
  7,363
  7,774
  8,204
  8,654
  9,124
  9,615
  10,130
  10,668
  11,232
  11,822
Revenue / Adjusted assets
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
Average production assets, $m
  701
  774
  851
  930
  1,013
  1,100
  1,190
  1,284
  1,381
  1,482
  1,587
  1,697
  1,810
  1,928
  2,051
  2,179
  2,312
  2,451
  2,596
  2,747
  2,904
  3,068
  3,240
  3,419
  3,606
  3,802
  4,007
  4,221
  4,446
  4,680
  4,926
Working capital, $m
  407
  -667
  -733
  -801
  -873
  -948
  -1,025
  -1,106
  -1,190
  -1,277
  -1,368
  -1,462
  -1,559
  -1,661
  -1,767
  -1,877
  -1,992
  -2,112
  -2,236
  -2,366
  -2,502
  -2,643
  -2,791
  -2,945
  -3,107
  -3,275
  -3,452
  -3,637
  -3,830
  -4,032
  -4,244
Total debt, $m
  1,494
  411
  576
  748
  928
  1,115
  1,309
  1,512
  1,722
  1,940
  2,167
  2,403
  2,649
  2,904
  3,169
  3,445
  3,733
  4,033
  4,345
  4,671
  5,011
  5,365
  5,736
  6,123
  6,527
  6,950
  7,393
  7,856
  8,340
  8,847
  9,379
Total liabilities, $m
  2,755
  1,672
  1,837
  2,009
  2,189
  2,376
  2,570
  2,773
  2,983
  3,201
  3,428
  3,664
  3,910
  4,165
  4,430
  4,706
  4,994
  5,294
  5,606
  5,932
  6,272
  6,626
  6,997
  7,384
  7,788
  8,211
  8,654
  9,117
  9,601
  10,108
  10,640
Total equity, $m
  -61
  186
  204
  223
  243
  264
  286
  308
  331
  356
  381
  407
  434
  463
  492
  523
  555
  588
  623
  659
  697
  736
  777
  820
  865
  912
  962
  1,013
  1,067
  1,123
  1,182
Total liabilities and equity, $m
  2,694
  1,858
  2,041
  2,232
  2,432
  2,640
  2,856
  3,081
  3,314
  3,557
  3,809
  4,071
  4,344
  4,628
  4,922
  5,229
  5,549
  5,882
  6,229
  6,591
  6,969
  7,362
  7,774
  8,204
  8,653
  9,123
  9,616
  10,130
  10,668
  11,231
  11,822
Debt-to-equity ratio
  -24.492
  2.210
  2.820
  3.350
  3.810
  4.220
  4.580
  4.910
  5.200
  5.450
  5.690
  5.900
  6.100
  6.270
  6.440
  6.590
  6.730
  6.860
  6.980
  7.090
  7.190
  7.290
  7.380
  7.460
  7.540
  7.620
  7.690
  7.760
  7.820
  7.880
  7.930
Adjusted equity ratio
  -0.637
  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
  409
  449
  549
  599
  650
  704
  760
  818
  879
  941
  1,007
  1,110
  1,181
  1,254
  1,330
  1,410
  1,492
  1,578
  1,668
  1,762
  1,859
  1,961
  2,068
  2,179
  2,296
  2,417
  2,544
  2,677
  2,817
  2,963
  3,115
Depreciation, amort., depletion, $m
  182
  168
  180
  192
  205
  218
  232
  247
  262
  277
  293
  261
  279
  297
  316
  335
  356
  377
  399
  423
  447
  472
  498
  526
  555
  585
  616
  649
  684
  720
  758
Funds from operations, $m
  390
  618
  729
  791
  855
  923
  992
  1,065
  1,140
  1,218
  1,300
  1,371
  1,459
  1,551
  1,646
  1,745
  1,848
  1,955
  2,068
  2,184
  2,306
  2,433
  2,566
  2,705
  2,850
  3,002
  3,161
  3,327
  3,501
  3,683
  3,873
Change in working capital, $m
  -160
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -154
  -161
  -169
  -176
  -185
  -193
  -202
  -212
Cash from operations, $m
  550
  680
  795
  860
  927
  997
  1,070
  1,145
  1,224
  1,306
  1,390
  1,465
  1,557
  1,652
  1,752
  1,855
  1,963
  2,075
  2,192
  2,314
  2,442
  2,575
  2,714
  2,860
  3,012
  3,171
  3,337
  3,512
  3,694
  3,885
  4,085
Maintenance CAPEX, $m
  0
  -108
  -119
  -131
  -143
  -156
  -169
  -183
  -198
  -212
  -228
  -244
  -261
  -279
  -297
  -316
  -335
  -356
  -377
  -399
  -423
  -447
  -472
  -498
  -526
  -555
  -585
  -616
  -649
  -684
  -720
New CAPEX, $m
  -89
  -74
  -76
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -157
  -164
  -172
  -179
  -187
  -196
  -205
  -214
  -224
  -235
  -246
Cash from investing activities, $m
  99
  -182
  -195
  -211
  -226
  -243
  -259
  -277
  -295
  -313
  -333
  -353
  -375
  -397
  -420
  -444
  -468
  -495
  -522
  -550
  -580
  -611
  -644
  -677
  -713
  -751
  -790
  -830
  -873
  -919
  -966
Free cash flow, $m
  649
  499
  600
  649
  701
  755
  811
  869
  929
  992
  1,057
  1,112
  1,182
  1,256
  1,332
  1,412
  1,494
  1,581
  1,670
  1,764
  1,862
  1,964
  2,071
  2,182
  2,298
  2,420
  2,547
  2,681
  2,820
  2,966
  3,119
Issuance/(repayment) of debt, $m
  0
  -1,082
  165
  172
  180
  187
  195
  202
  210
  218
  227
  236
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  370
  387
  405
  423
  442
  463
  484
  507
  531
Issuance/(repurchase) of shares, $m
  -320
  807
  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  
  -343
  -275
  165
  172
  180
  187
  195
  202
  210
  218
  227
  236
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  370
  387
  405
  423
  442
  463
  484
  507
  531
Total cash flow (excl. dividends), $m
  302
  224
  764
  821
  880
  942
  1,005
  1,071
  1,139
  1,210
  1,284
  1,348
  1,428
  1,511
  1,598
  1,688
  1,782
  1,880
  1,983
  2,090
  2,202
  2,319
  2,441
  2,569
  2,703
  2,843
  2,990
  3,144
  3,305
  3,473
  3,650
Retained Cash Flow (-), $m
  84
  -1,257
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
Prev. year cash balance distribution, $m
 
  1,010
  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
 
  -22
  746
  802
  860
  921
  983
  1,049
  1,116
  1,186
  1,259
  1,322
  1,400
  1,483
  1,568
  1,657
  1,750
  1,847
  1,948
  2,054
  2,164
  2,279
  2,400
  2,526
  2,658
  2,796
  2,941
  3,092
  3,251
  3,417
  3,591
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
 
  -21
  683
  698
  708
  714
  714
  708
  698
  681
  660
  628
  598
  564
  526
  486
  445
  402
  359
  316
  275
  236
  199
  166
  135
  109
  86
  66
  50
  37
  27
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

H&R Block, Inc. (H&R Block), through its subsidiaries, provides tax preparation and other services. The Company provides assisted income tax return preparation, digital do-it-yourself (DIY) tax solutions and other services and products related to income tax return preparation to the general public primarily in the United States, Canada, Australia and their respective territories. Assisted income tax return preparation and related services are provided by tax professionals through a system of retail offices operated directly by the Company or its franchisees. It offers tax support, planning, and business accounting and advisory services to its clients. The Company offers a range of online tax services, including preparation of federal and state income tax returns, review of tax returns by a tax professional, access to tax tips, advice and tax-related news, use of calculators for tax planning, error checking and electronic filing.

FINANCIAL RATIOS  of  H&R Block (HRB)

Valuation Ratios
P/E Ratio 13.1
Price to Sales 1.8
Price to Book -87.8
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 11.6
Growth Rates
Sales Growth Rate -0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11%
Cap. Spend. - 3 Yr. Gr. Rate -9.5%
Financial Strength
Quick Ratio 1011
Current Ratio 0.1
LT Debt to Equity -2447.5%
Total Debt to Equity -2449.2%
Interest Coverage 8
Management Effectiveness
Return On Assets 16.9%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 27.7%
Ret/ On T. Cap. - 3 Yr. Avg. 22.3%
Return On Equity -2152.6%
Return On Equity - 3 Yr. Avg. -694.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 47.6%
Gross Margin - 3 Yr. Avg. 48%
EBITDA Margin 29.6%
EBITDA Margin - 3 Yr. Avg. 28.9%
Operating Margin 23.6%
Oper. Margin - 3 Yr. Avg. 23.4%
Pre-Tax Margin 20.7%
Pre-Tax Margin - 3 Yr. Avg. 21.2%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 13.7%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 45.7%

HRB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRB stock intrinsic value calculation we used $3036 million for the last fiscal year's total revenue generated by H&R Block. The default revenue input number comes from 2017 income statement of H&R Block. 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 HRB stock valuation model: a) initial revenue growth rate of 10.4% 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 HRB is calculated based on our internal credit rating of H&R Block, 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 H&R Block.
    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 HRB stock the variable cost ratio is equal to 79.2%.

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 HRB 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 5.8% for H&R Block.

Corporate tax rate of 27% is the nominal tax rate for H&R Block. 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 HRB 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 HRB are equal to 23.1%.

Life of production assets of 6.5 years is the average useful life of capital assets used in H&R Block 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 HRB is equal to -19.9%. 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 - $-61 million for H&R Block - 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 209.176 million for H&R Block 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 H&R Block at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

▶ Trumps tax plan wont really make filing taxes any easier   [Nov-06-17 03:51PM  MarketWatch]
▶ H&R Block Announces Quarterly Cash Dividend   [Nov-03-17 04:15PM  GlobeNewswire]
▶ Open enrollment for health insurance starts November 1   [Oct-30-17 09:00AM  GlobeNewswire]
▶ Tax Evader Who Fled U.S. Gets 7 Years In Prison   [Oct-18-17 08:52AM  Forbes]
▶ Where Will BofI Be in 5 Years?   [Oct-11-17 08:02AM  Motley Fool]
▶ When Should You Buy H&R Block Inc (HRB)?   [Oct-03-17 08:56PM  Simply Wall St.]
▶ The 2 Best Buffett Stocks for Retirees   [07:26AM  Motley Fool]
▶ ETFs with exposure to H&R Block, Inc. : October 2, 2017   [Oct-02-17 10:53AM  Capital Cube]
▶ Trump Republican Tax Plan's 10 Key Cuts   [Sep-28-17 09:05AM  Forbes]
▶ Time to Sell Intuit Stock? 1 Analyst Thinks So   [Sep-27-17 01:28PM  Motley Fool]
▶ New H&R Block CEO meets the troops, investors at annual meeting   [Sep-14-17 02:10PM  American City Business Journals]
▶ Competitor fires Hewitt, a tax visionary and former H&R Block employee   [Sep-07-17 03:10PM  American City Business Journals]
▶ H&R Block Was the S&P 500s Top Loser on August 30   [Aug-31-17 10:38AM  Market Realist]
▶ The Biggest Loser: H&R Block Tumbles 8.3%   [Aug-30-17 05:33PM  Barrons.com]
▶ H&R Block reports 1Q loss   [Aug-29-17 09:21PM  Associated Press]
▶ New H&R Block CEO will get big sign-on bonus   [Aug-24-17 09:40AM  American City Business Journals]
▶ [$$] H&R Block Names Jeffrey Jones President, CEO   [Aug-23-17 01:00AM  The Wall Street Journal]
▶ H&R Block names former Target chief marketing officer as its new CEO   [Aug-22-17 11:30AM  American City Business Journals]
▶ H&R Block names former Uber president as its new CEO   [09:56AM  American City Business Journals]
Financial statements of HRB
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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