Intrinsic value of H&R Block - HRB

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$31.15

  Intrinsic Value

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  Value-price divergence*

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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 6.6

 

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
  2.30
  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
  4.87
Revenue, $m
  3,038
  3,108
  3,188
  3,277
  3,377
  3,486
  3,605
  3,733
  3,871
  4,020
  4,179
  4,349
  4,529
  4,721
  4,925
  5,141
  5,369
  5,611
  5,866
  6,135
  6,420
  6,720
  7,036
  7,369
  7,720
  8,089
  8,478
  8,887
  9,317
  9,770
  10,246
Variable operating expenses, $m
 
  2,305
  2,363
  2,428
  2,500
  2,580
  2,666
  2,759
  2,860
  2,968
  3,083
  3,159
  3,290
  3,430
  3,578
  3,735
  3,901
  4,076
  4,262
  4,457
  4,664
  4,882
  5,112
  5,354
  5,608
  5,877
  6,159
  6,456
  6,769
  7,098
  7,444
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
  2,305
  2,363
  2,428
  2,500
  2,580
  2,666
  2,759
  2,860
  2,968
  3,083
  3,159
  3,290
  3,430
  3,578
  3,735
  3,901
  4,076
  4,262
  4,457
  4,664
  4,882
  5,112
  5,354
  5,608
  5,877
  6,159
  6,456
  6,769
  7,098
  7,444
Operating income, $m
  631
  803
  825
  849
  876
  906
  939
  974
  1,012
  1,052
  1,096
  1,189
  1,239
  1,291
  1,347
  1,406
  1,468
  1,535
  1,604
  1,678
  1,756
  1,838
  1,924
  2,015
  2,111
  2,212
  2,319
  2,431
  2,548
  2,672
  2,802
EBITDA, $m
  805
  959
  984
  1,011
  1,042
  1,076
  1,112
  1,152
  1,195
  1,240
  1,290
  1,342
  1,398
  1,457
  1,520
  1,586
  1,657
  1,731
  1,810
  1,893
  1,981
  2,074
  2,171
  2,274
  2,382
  2,496
  2,616
  2,742
  2,875
  3,015
  3,162
Interest expense (income), $m
  59
  88
  27
  30
  33
  36
  40
  44
  49
  53
  58
  64
  70
  76
  82
  89
  97
  104
  113
  121
  130
  140
  150
  161
  172
  184
  197
  210
  224
  239
  254
Earnings before tax, $m
  569
  715
  797
  819
  843
  870
  899
  930
  963
  999
  1,038
  1,126
  1,169
  1,216
  1,265
  1,317
  1,372
  1,430
  1,492
  1,557
  1,625
  1,698
  1,774
  1,854
  1,939
  2,028
  2,122
  2,220
  2,324
  2,433
  2,548
Tax expense, $m
  185
  193
  215
  221
  228
  235
  243
  251
  260
  270
  280
  304
  316
  328
  341
  356
  370
  386
  403
  420
  439
  458
  479
  501
  524
  548
  573
  600
  628
  657
  688
Net income, $m
  374
  522
  582
  598
  616
  635
  656
  679
  703
  729
  757
  822
  854
  887
  923
  961
  1,002
  1,044
  1,089
  1,137
  1,187
  1,239
  1,295
  1,354
  1,415
  1,480
  1,549
  1,621
  1,697
  1,776
  1,860

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
  1,994
  2,045
  2,102
  2,166
  2,236
  2,312
  2,394
  2,483
  2,579
  2,681
  2,789
  2,905
  3,028
  3,159
  3,297
  3,444
  3,599
  3,763
  3,935
  4,118
  4,310
  4,513
  4,727
  4,952
  5,189
  5,438
  5,700
  5,977
  6,267
  6,572
Adjusted assets (=assets-cash), $m
  1,949
  1,994
  2,045
  2,102
  2,166
  2,236
  2,312
  2,394
  2,483
  2,579
  2,681
  2,789
  2,905
  3,028
  3,159
  3,297
  3,444
  3,599
  3,763
  3,935
  4,118
  4,310
  4,513
  4,727
  4,952
  5,189
  5,438
  5,700
  5,977
  6,267
  6,572
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
  752
  771
  793
  817
  844
  872
  903
  937
  973
  1,011
  1,052
  1,096
  1,143
  1,192
  1,244
  1,299
  1,358
  1,420
  1,485
  1,554
  1,626
  1,703
  1,783
  1,868
  1,958
  2,052
  2,151
  2,255
  2,364
  2,480
Working capital, $m
  181
  -733
  -752
  -773
  -797
  -823
  -851
  -881
  -914
  -949
  -986
  -1,026
  -1,069
  -1,114
  -1,162
  -1,213
  -1,267
  -1,324
  -1,384
  -1,448
  -1,515
  -1,586
  -1,660
  -1,739
  -1,822
  -1,909
  -2,001
  -2,097
  -2,199
  -2,306
  -2,418
Total debt, $m
  1,492
  462
  508
  560
  617
  680
  749
  823
  903
  989
  1,081
  1,178
  1,283
  1,393
  1,511
  1,636
  1,768
  1,907
  2,054
  2,210
  2,374
  2,547
  2,730
  2,922
  3,125
  3,338
  3,562
  3,798
  4,047
  4,308
  4,583
Total liabilities, $m
  2,824
  1,794
  1,840
  1,892
  1,949
  2,012
  2,081
  2,155
  2,235
  2,321
  2,413
  2,510
  2,615
  2,725
  2,843
  2,968
  3,100
  3,239
  3,386
  3,542
  3,706
  3,879
  4,062
  4,254
  4,457
  4,670
  4,894
  5,130
  5,379
  5,640
  5,915
Total equity, $m
  23
  199
  204
  210
  217
  224
  231
  239
  248
  258
  268
  279
  291
  303
  316
  330
  344
  360
  376
  394
  412
  431
  451
  473
  495
  519
  544
  570
  598
  627
  657
Total liabilities and equity, $m
  2,847
  1,993
  2,044
  2,102
  2,166
  2,236
  2,312
  2,394
  2,483
  2,579
  2,681
  2,789
  2,906
  3,028
  3,159
  3,298
  3,444
  3,599
  3,762
  3,936
  4,118
  4,310
  4,513
  4,727
  4,952
  5,189
  5,438
  5,700
  5,977
  6,267
  6,572
Debt-to-equity ratio
  64.870
  2.320
  2.490
  2.660
  2.850
  3.040
  3.240
  3.440
  3.640
  3.830
  4.030
  4.220
  4.420
  4.600
  4.780
  4.960
  5.130
  5.300
  5.460
  5.620
  5.770
  5.910
  6.050
  6.180
  6.310
  6.430
  6.550
  6.660
  6.770
  6.870
  6.970
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
  522
  582
  598
  616
  635
  656
  679
  703
  729
  757
  822
  854
  887
  923
  961
  1,002
  1,044
  1,089
  1,137
  1,187
  1,239
  1,295
  1,354
  1,415
  1,480
  1,549
  1,621
  1,697
  1,776
  1,860
Depreciation, amort., depletion, $m
  174
  156
  159
  162
  166
  169
  174
  178
  183
  188
  194
  153
  159
  166
  173
  180
  188
  197
  206
  215
  225
  236
  247
  258
  271
  284
  297
  312
  327
  343
  359
Funds from operations, $m
  381
  678
  741
  760
  781
  804
  830
  857
  886
  917
  951
  974
  1,012
  1,053
  1,096
  1,142
  1,190
  1,241
  1,295
  1,352
  1,412
  1,475
  1,542
  1,612
  1,686
  1,764
  1,846
  1,933
  2,023
  2,119
  2,220
Change in working capital, $m
  -151
  -16
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -112
Cash from operations, $m
  532
  687
  760
  781
  805
  830
  858
  887
  919
  953
  989
  1,014
  1,055
  1,098
  1,144
  1,193
  1,244
  1,298
  1,355
  1,415
  1,479
  1,546
  1,616
  1,691
  1,769
  1,851
  1,938
  2,029
  2,125
  2,226
  2,332
Maintenance CAPEX, $m
  0
  -107
  -109
  -112
  -115
  -118
  -122
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -258
  -271
  -284
  -297
  -312
  -327
  -343
New CAPEX, $m
  -100
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -110
  -115
Cash from investing activities, $m
  330
  -124
  -128
  -134
  -139
  -144
  -151
  -157
  -165
  -172
  -179
  -188
  -197
  -205
  -215
  -225
  -235
  -246
  -259
  -271
  -284
  -298
  -313
  -328
  -343
  -360
  -378
  -396
  -416
  -437
  -458
Free cash flow, $m
  862
  564
  632
  648
  666
  685
  707
  730
  754
  781
  809
  827
  859
  893
  929
  968
  1,008
  1,051
  1,096
  1,144
  1,195
  1,248
  1,304
  1,363
  1,426
  1,491
  1,560
  1,633
  1,709
  1,790
  1,874
Issuance/(repayment) of debt, $m
  997
  -1,029
  46
  52
  57
  63
  69
  74
  80
  86
  92
  98
  104
  111
  118
  125
  132
  139
  147
  156
  164
  173
  183
  192
  203
  213
  224
  236
  248
  261
  275
Issuance/(repurchase) of shares, $m
  -1,993
  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  
  -1,760
  -388
  46
  52
  57
  63
  69
  74
  80
  86
  92
  98
  104
  111
  118
  125
  132
  139
  147
  156
  164
  173
  183
  192
  203
  213
  224
  236
  248
  261
  275
Total cash flow (excl. dividends), $m
  -908
  -465
  678
  700
  723
  748
  775
  804
  834
  867
  901
  925
  963
  1,004
  1,047
  1,092
  1,140
  1,191
  1,244
  1,300
  1,359
  1,421
  1,487
  1,556
  1,628
  1,704
  1,785
  1,869
  1,958
  2,051
  2,149
Retained Cash Flow (-), $m
  1,810
  -1,073
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
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
  673
  694
  717
  741
  767
  795
  825
  857
  891
  914
  951
  991
  1,034
  1,078
  1,125
  1,175
  1,227
  1,283
  1,341
  1,402
  1,466
  1,534
  1,606
  1,681
  1,760
  1,843
  1,930
  2,022
  2,118
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
  616
  604
  590
  575
  557
  537
  516
  492
  467
  434
  406
  377
  347
  317
  286
  256
  226
  197
  170
  145
  122
  101
  82
  65
  51
  40
  30
  22
  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 18.4
Price to Sales 2.3
Price to Book 298.7
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 15.9
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 2.3% 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 210.373 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 $6.6 billion.


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COMPANY NEWS

▶ ETFs with exposure to H&R Block, Inc. : June 22, 2017   [Jun-22-17 03:51PM  Capital Cube]
▶ H&R Block Stock: Time to Consider Selling?   [Jun-21-17 05:26PM  Investopedia]
▶ Top Ranked Income Stocks to Buy for June 20th   [Jun-20-17 10:49AM  Zacks]
▶ The Hot Stock: H&R Block Climbs 3%   [Jun-15-17 04:22PM  Barrons.com]
▶ H&R Block: Cramer's Top Takeaways   [06:35AM  TheStreet.com]
▶ HRB's outgoing CEO: 'Ease of use' part of the brand   [Jun-14-17 06:17PM  CNBC Videos]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ Why H&R Block Stock Jumped 10% Today   [12:57PM  Motley Fool]
▶ Story Stocks from Briefing.com   [09:57AM  Briefing.com]
▶ Cost cutting leads to earnings gain in flat year for H&R Block   [Jun-13-17 05:10PM  American City Business Journals]
▶ H&R Block beats 4Q profit forecasts   [04:34PM  Associated Press]
▶ H&R Block to Release Fiscal 4th-Quarter Results   [Jun-12-17 11:23AM  GuruFocus.com]
▶ 3 Things to Watch in the Stock Market This Week   [Jun-11-17 06:15PM  Motley Fool]
▶ Worst Taxes? Paying Someone Else's   [Jun-08-17 09:02AM  Forbes]
▶ Cramer: How an anti-Trump software stock has rallied   [Jun-07-17 06:43PM  CNBC Videos]
▶ 3 Stocks to Watch in June   [Jun-06-17 09:00AM  Motley Fool]
▶ Top Ranked Income Stocks to Buy for May 26th   [May-26-17 09:36AM  Zacks]
▶ Jim Cramer -- Intuit Is Benefiting From the 'Gig Economy'   [May-24-17 10:31AM  TheStreet.com]
▶ IRS Amnesty Can Cover Broader Tax Evasion Too   [May-23-17 08:52AM  Forbes]
▶ What's in retiring H&R Block CEO Cobb's separation package?   [May-17-17 04:48PM  American City Business Journals]
▶ Cobb retires; H&R Block begins search for a new CEO   [10:45AM  American City Business Journals]
▶ Why Rite Aid, H&R Block, and NantKwest Slumped Today   [May-16-17 05:02PM  Motley Fool]
▶ H&R Block CEO Cobb to Retire   [10:19AM  TheStreet.com]
▶ [$$] H&R Block CEO Bill Cobb to Retire   [08:52AM  The Wall Street Journal]
▶ H&R Block Announces Leadership Transition   [08:00AM  GlobeNewswire]
▶ 5 Skyrocketing Stocks On the Move   [May-03-17 07:25PM  Zacks]
▶ H&R Block tax prep decline brings mixed results   [Apr-27-17 04:04PM  American City Business Journals]
Stock chart of HRB Financial statements of HRB Annual reports 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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