Intrinsic value of H&R Block - HRB

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$24.27

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$24.27

 
Intrinsic value

$20.48

 
Up/down potential

-16%

 
Rating

hold

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

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 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 5.0

 

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, %
  -1.33
  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
  3,038
  3,099
  3,170
  3,252
  3,343
  3,444
  3,556
  3,677
  3,808
  3,949
  4,100
  4,263
  4,436
  4,620
  4,816
  5,023
  5,243
  5,476
  5,723
  5,983
  6,258
  6,548
  6,854
  7,177
  7,516
  7,874
  8,251
  8,647
  9,065
  9,504
  9,965
Variable operating expenses, $m
 
  2,298
  2,350
  2,409
  2,476
  2,549
  2,630
  2,718
  2,813
  2,916
  3,026
  3,097
  3,222
  3,356
  3,498
  3,649
  3,809
  3,979
  4,158
  4,347
  4,546
  4,757
  4,979
  5,214
  5,461
  5,721
  5,994
  6,282
  6,585
  6,904
  7,240
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
  2,407
  2,298
  2,350
  2,409
  2,476
  2,549
  2,630
  2,718
  2,813
  2,916
  3,026
  3,097
  3,222
  3,356
  3,498
  3,649
  3,809
  3,979
  4,158
  4,347
  4,546
  4,757
  4,979
  5,214
  5,461
  5,721
  5,994
  6,282
  6,585
  6,904
  7,240
Operating income, $m
  631
  800
  820
  842
  867
  895
  925
  958
  994
  1,033
  1,074
  1,166
  1,213
  1,264
  1,317
  1,374
  1,434
  1,498
  1,565
  1,636
  1,712
  1,791
  1,875
  1,963
  2,056
  2,154
  2,257
  2,365
  2,479
  2,599
  2,726
EBITDA, $m
  805
  956
  978
  1,003
  1,032
  1,063
  1,097
  1,135
  1,175
  1,219
  1,265
  1,315
  1,369
  1,426
  1,486
  1,550
  1,618
  1,690
  1,766
  1,846
  1,931
  2,021
  2,115
  2,215
  2,319
  2,430
  2,546
  2,668
  2,797
  2,933
  3,075
Interest expense (income), $m
  59
  88
  27
  29
  32
  35
  39
  43
  47
  51
  56
  61
  67
  72
  79
  85
  93
  100
  108
  116
  125
  135
  144
  155
  166
  177
  190
  202
  216
  230
  245
Earnings before tax, $m
  569
  712
  793
  813
  835
  860
  887
  916
  948
  982
  1,018
  1,105
  1,147
  1,191
  1,238
  1,288
  1,342
  1,398
  1,457
  1,520
  1,586
  1,656
  1,730
  1,808
  1,890
  1,976
  2,067
  2,163
  2,263
  2,369
  2,480
Tax expense, $m
  185
  192
  214
  219
  225
  232
  239
  247
  256
  265
  275
  298
  310
  322
  334
  348
  362
  377
  393
  410
  428
  447
  467
  488
  510
  534
  558
  584
  611
  640
  670
Net income, $m
  374
  520
  579
  593
  610
  628
  647
  669
  692
  717
  743
  806
  837
  869
  904
  941
  979
  1,020
  1,064
  1,110
  1,158
  1,209
  1,263
  1,320
  1,380
  1,443
  1,509
  1,579
  1,652
  1,729
  1,811

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  898
  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
  2,847
  1,988
  2,033
  2,086
  2,144
  2,209
  2,281
  2,358
  2,442
  2,533
  2,630
  2,734
  2,845
  2,963
  3,089
  3,222
  3,363
  3,513
  3,671
  3,838
  4,014
  4,200
  4,396
  4,603
  4,821
  5,051
  5,292
  5,547
  5,814
  6,096
  6,392
Adjusted assets (=assets-cash), $m
  1,949
  1,988
  2,033
  2,086
  2,144
  2,209
  2,281
  2,358
  2,442
  2,533
  2,630
  2,734
  2,845
  2,963
  3,089
  3,222
  3,363
  3,513
  3,671
  3,838
  4,014
  4,200
  4,396
  4,603
  4,821
  5,051
  5,292
  5,547
  5,814
  6,096
  6,392
Revenue / Adjusted assets
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
  1.559
Average production assets, $m
  736
  750
  767
  787
  809
  834
  860
  890
  921
  956
  992
  1,032
  1,073
  1,118
  1,165
  1,216
  1,269
  1,325
  1,385
  1,448
  1,514
  1,585
  1,659
  1,737
  1,819
  1,906
  1,997
  2,093
  2,194
  2,300
  2,412
Working capital, $m
  181
  -731
  -748
  -767
  -789
  -813
  -839
  -868
  -899
  -932
  -968
  -1,006
  -1,047
  -1,090
  -1,136
  -1,185
  -1,237
  -1,292
  -1,351
  -1,412
  -1,477
  -1,545
  -1,618
  -1,694
  -1,774
  -1,858
  -1,947
  -2,041
  -2,139
  -2,243
  -2,352
Total debt, $m
  1,492
  457
  498
  545
  598
  656
  721
  790
  866
  948
  1,035
  1,129
  1,229
  1,335
  1,448
  1,568
  1,695
  1,829
  1,972
  2,122
  2,281
  2,448
  2,625
  2,811
  3,007
  3,214
  3,431
  3,660
  3,901
  4,154
  4,421
Total liabilities, $m
  2,824
  1,789
  1,830
  1,877
  1,930
  1,988
  2,053
  2,122
  2,198
  2,280
  2,367
  2,461
  2,561
  2,667
  2,780
  2,900
  3,027
  3,161
  3,304
  3,454
  3,613
  3,780
  3,957
  4,143
  4,339
  4,546
  4,763
  4,992
  5,233
  5,486
  5,753
Total equity, $m
  23
  199
  203
  209
  214
  221
  228
  236
  244
  253
  263
  273
  285
  296
  309
  322
  336
  351
  367
  384
  401
  420
  440
  460
  482
  505
  529
  555
  581
  610
  639
Total liabilities and equity, $m
  2,847
  1,988
  2,033
  2,086
  2,144
  2,209
  2,281
  2,358
  2,442
  2,533
  2,630
  2,734
  2,846
  2,963
  3,089
  3,222
  3,363
  3,512
  3,671
  3,838
  4,014
  4,200
  4,397
  4,603
  4,821
  5,051
  5,292
  5,547
  5,814
  6,096
  6,392
Debt-to-equity ratio
  64.870
  2.300
  2.450
  2.610
  2.790
  2.970
  3.160
  3.350
  3.550
  3.740
  3.940
  4.130
  4.320
  4.500
  4.690
  4.870
  5.040
  5.210
  5.370
  5.530
  5.680
  5.830
  5.970
  6.110
  6.240
  6.360
  6.480
  6.600
  6.710
  6.810
  6.920
Adjusted equity ratio
  -0.449
  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
  374
  520
  579
  593
  610
  628
  647
  669
  692
  717
  743
  806
  837
  869
  904
  941
  979
  1,020
  1,064
  1,110
  1,158
  1,209
  1,263
  1,320
  1,380
  1,443
  1,509
  1,579
  1,652
  1,729
  1,811
Depreciation, amort., depletion, $m
  174
  156
  158
  161
  164
  168
  172
  176
  181
  186
  191
  149
  156
  162
  169
  176
  184
  192
  201
  210
  219
  230
  240
  252
  264
  276
  289
  303
  318
  333
  350
Funds from operations, $m
  381
  676
  737
  754
  774
  795
  819
  845
  872
  902
  934
  956
  993
  1,031
  1,073
  1,117
  1,163
  1,212
  1,265
  1,320
  1,378
  1,439
  1,503
  1,572
  1,643
  1,719
  1,798
  1,882
  1,970
  2,063
  2,160
Change in working capital, $m
  -151
  -14
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -98
  -104
  -109
Cash from operations, $m
  532
  683
  754
  774
  796
  819
  845
  873
  903
  936
  970
  994
  1,033
  1,075
  1,119
  1,166
  1,215
  1,267
  1,323
  1,381
  1,442
  1,507
  1,576
  1,648
  1,723
  1,803
  1,887
  1,976
  2,069
  2,166
  2,269
Maintenance CAPEX, $m
  0
  -107
  -109
  -111
  -114
  -117
  -121
  -125
  -129
  -134
  -138
  -144
  -149
  -156
  -162
  -169
  -176
  -184
  -192
  -201
  -210
  -219
  -230
  -240
  -252
  -264
  -276
  -289
  -303
  -318
  -333
New CAPEX, $m
  -100
  -14
  -17
  -20
  -22
  -25
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
Cash from investing activities, $m
  330
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -175
  -183
  -191
  -201
  -209
  -219
  -229
  -240
  -252
  -264
  -277
  -289
  -304
  -318
  -334
  -351
  -367
  -385
  -404
  -424
  -445
Free cash flow, $m
  862
  562
  628
  643
  659
  678
  698
  719
  743
  768
  795
  811
  842
  875
  910
  947
  986
  1,027
  1,071
  1,117
  1,166
  1,218
  1,272
  1,329
  1,389
  1,453
  1,520
  1,590
  1,664
  1,742
  1,824
Issuance/(repayment) of debt, $m
  997
  -1,034
  41
  47
  53
  59
  64
  70
  76
  82
  87
  94
  100
  106
  113
  120
  127
  135
  142
  150
  159
  167
  177
  186
  196
  207
  217
  229
  241
  253
  267
Issuance/(repurchase) of shares, $m
  -1,993
  648
  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  
  -1,760
  -386
  41
  47
  53
  59
  64
  70
  76
  82
  87
  94
  100
  106
  113
  120
  127
  135
  142
  150
  159
  167
  177
  186
  196
  207
  217
  229
  241
  253
  267
Total cash flow (excl. dividends), $m
  -908
  -472
  669
  690
  712
  736
  762
  789
  818
  849
  882
  905
  942
  981
  1,023
  1,067
  1,113
  1,162
  1,213
  1,268
  1,325
  1,385
  1,449
  1,515
  1,586
  1,660
  1,737
  1,819
  1,905
  1,996
  2,091
Retained Cash Flow (-), $m
  1,810
  -1,073
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
Prev. year cash balance distribution, $m
 
  897
  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
 
  0
  665
  685
  706
  730
  755
  781
  810
  840
  873
  894
  931
  969
  1,010
  1,053
  1,099
  1,147
  1,197
  1,251
  1,307
  1,366
  1,429
  1,495
  1,564
  1,637
  1,713
  1,794
  1,878
  1,968
  2,061
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
 
  0
  608
  596
  582
  566
  548
  528
  506
  483
  458
  425
  397
  369
  339
  309
  279
  250
  221
  193
  166
  141
  119
  98
  80
  64
  50
  38
  29
  21
  16
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., through its subsidiaries, provides tax preparation and other services to the general public primarily in the United States, Canada, and Australia. The company offers assisted income tax return preparation and related services through a system of retail offices operated directly by the company or by franchisees; and develops and markets do-it-yourself (DIY) online income tax preparation software solutions. It also provides 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; and error checking and electronic filing. In addition, the company develops and markets DIY desktop income tax preparation software solutions through third-party retail stores and direct mail, as well as online; and develops and provides applications for mobile devices, which offer tax preparation and related services. Further, it provides refund anticipation checks, H&R Block Emerald Advance lines of credit and Prepaid MasterCard, Peace of Mind Extended Service Plan, Tax Identity Shield, and Cash Back refund discount programs. H&R Block, Inc. was founded in 1946 and is headquartered in Kansas City, Missouri.

FINANCIAL RATIOS  of  H&R Block (HRB)

Valuation Ratios
P/E Ratio 14.3
Price to Sales 1.8
Price to Book 232.7
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 12.4
Growth Rates
Sales Growth Rate -1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.7%
Cap. Spend. - 3 Yr. Gr. Rate -2.4%
Financial Strength
Quick Ratio 898
Current Ratio 0.1
LT Debt to Equity 6482.6%
Total Debt to Equity 6487%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.2%
Ret/ On Assets - 3 Yr. Avg. 11.1%
Return On Total Capital 19.4%
Ret/ On T. Cap. - 3 Yr. Avg. 19.9%
Return On Equity 40.3%
Return On Equity - 3 Yr. Avg. 34%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 47%
Gross Margin - 3 Yr. Avg. 49%
EBITDA Margin 26.4%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 20.8%
Oper. Margin - 3 Yr. Avg. 24.5%
Pre-Tax Margin 18.7%
Pre-Tax Margin - 3 Yr. Avg. 22.7%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 14.5%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 54%

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 $3038 million for the last fiscal year's total revenue generated by H&R Block. The default revenue input number comes from 2016 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 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 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 74.2%.

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 5.9% 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 24.2%.

Life of production assets of 6.9 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 -23.6%. 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 - $23 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 207.742 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 $5.0 billion.


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COMPANY NEWS

▶ H&R Block tax prep decline brings mixed results   [Apr-27-17 04:04PM  American City Business Journals]
▶ Why Does It Cost $409 Billion To Figure Out What We Owe In Taxes?   [Apr-17-17 04:31PM  Investor's Business Daily]
▶ Filing an Extension? Dont Forget to Pay IRS   [06:00AM  GlobeNewswire]
▶ Last Weekend to Get Taxes Won   [06:00AM  GlobeNewswire]
▶ [$$] The Real Reason Everyone Offered You Free Tax Prep This Year   [Apr-07-17 10:55PM  The Wall Street Journal]
▶ [$$] The Real Reason Everyone Offers You Free Tax Prep   [02:42PM  The Wall Street Journal]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ How to get your taxes done for free   [Mar-31-17 08:30AM  CNBC]
▶ Where to Find Free Tax Preparation Online   [Mar-29-17 03:03PM  Consumer Reports]
▶ Here's How to Find the Best Dividend Stocks   [08:46AM  at Motley Fool]
▶ 3 Dividend Stocks That Prove Boring Is Beautiful   [Mar-15-17 05:50PM  at Motley Fool]
▶ Three Things to Know Before the Tax Deadline   [06:00AM  GlobeNewswire]
▶ H&R Block accuses franchise seller of fraud, breach of contract   [Mar-14-17 01:45PM  at bizjournals.com]
▶ Your future financial adviser could be a robot   [Mar-13-17 03:15PM  at MarketWatch]
▶ [$$] Why More Than a Million Taxpayers Are Reaching for Refund Loans   [Mar-11-17 08:00AM  at The Wall Street Journal]
▶ The Hot Stock: H&R Block Bounces 15%   [04:57PM  at Barrons.com]
▶ Why H&R Block Stock Is Surging Today   [01:57PM  at Motley Fool]
▶ After-hours buzz: GEO, HRB, SNAP & more   [Mar-07-17 05:43PM  at CNBC]
▶ [$$] H&R Block Loss Widens, but Results Still Impress Investors   [05:12PM  at The Wall Street Journal]
Stock chart of HRB 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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