Intrinsic value of H&R Block - HRB

Previous Close

$25.88

  Intrinsic Value

$16.87

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

-79%

Previous close

$25.88

 
Intrinsic value

$16.87

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

-79%

*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 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 5.3

 

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
  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
  3,036
  3,097
  3,168
  3,249
  3,341
  3,442
  3,553
  3,674
  3,805
  3,946
  4,098
  4,260
  4,433
  4,617
  4,812
  5,020
  5,240
  5,473
  5,719
  5,979
  6,254
  6,544
  6,850
  7,172
  7,511
  7,869
  8,245
  8,642
  9,059
  9,497
  9,959
Variable operating expenses, $m
 
  2,452
  2,507
  2,570
  2,641
  2,720
  2,806
  2,900
  3,001
  3,111
  3,228
  3,305
  3,439
  3,582
  3,734
  3,895
  4,065
  4,246
  4,437
  4,639
  4,852
  5,077
  5,314
  5,564
  5,828
  6,105
  6,397
  6,705
  7,028
  7,368
  7,726
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
  2,452
  2,507
  2,570
  2,641
  2,720
  2,806
  2,900
  3,001
  3,111
  3,228
  3,305
  3,439
  3,582
  3,734
  3,895
  4,065
  4,246
  4,437
  4,639
  4,852
  5,077
  5,314
  5,564
  5,828
  6,105
  6,397
  6,705
  7,028
  7,368
  7,726
Operating income, $m
  716
  645
  661
  679
  700
  723
  747
  775
  804
  836
  870
  955
  994
  1,035
  1,079
  1,125
  1,175
  1,227
  1,282
  1,340
  1,402
  1,467
  1,535
  1,608
  1,684
  1,764
  1,848
  1,937
  2,031
  2,129
  2,233
EBITDA, $m
  898
  804
  823
  844
  868
  894
  923
  954
  988
  1,025
  1,064
  1,106
  1,151
  1,199
  1,250
  1,304
  1,361
  1,421
  1,485
  1,553
  1,624
  1,700
  1,779
  1,863
  1,951
  2,044
  2,141
  2,244
  2,353
  2,467
  2,586
Interest expense (income), $m
  87
  87
  16
  19
  21
  24
  26
  30
  33
  37
  41
  45
  50
  55
  60
  66
  72
  78
  85
  92
  100
  108
  116
  125
  134
  144
  155
  165
  177
  189
  202
Earnings before tax, $m
  629
  559
  645
  661
  679
  699
  721
  745
  771
  799
  828
  909
  944
  980
  1,018
  1,059
  1,103
  1,148
  1,197
  1,248
  1,302
  1,359
  1,419
  1,483
  1,549
  1,620
  1,694
  1,772
  1,854
  1,940
  2,031
Tax expense, $m
  208
  151
  174
  178
  183
  189
  195
  201
  208
  216
  224
  246
  255
  265
  275
  286
  298
  310
  323
  337
  352
  367
  383
  400
  418
  437
  457
  478
  501
  524
  548
Net income, $m
  409
  408
  471
  482
  496
  510
  526
  544
  563
  583
  605
  664
  689
  715
  743
  773
  805
  838
  874
  911
  951
  992
  1,036
  1,082
  1,131
  1,182
  1,237
  1,293
  1,353
  1,416
  1,483

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
  1,717
  1,756
  1,801
  1,852
  1,908
  1,970
  2,037
  2,109
  2,188
  2,271
  2,361
  2,457
  2,559
  2,668
  2,783
  2,905
  3,034
  3,170
  3,314
  3,467
  3,627
  3,797
  3,976
  4,164
  4,362
  4,571
  4,790
  5,021
  5,265
  5,520
Adjusted assets (=assets-cash), $m
  1,683
  1,717
  1,756
  1,801
  1,852
  1,908
  1,970
  2,037
  2,109
  2,188
  2,271
  2,361
  2,457
  2,559
  2,668
  2,783
  2,905
  3,034
  3,170
  3,314
  3,467
  3,627
  3,797
  3,976
  4,164
  4,362
  4,571
  4,790
  5,021
  5,265
  5,520
Revenue / Adjusted assets
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.804
  1.803
  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
  715
  732
  751
  772
  795
  821
  849
  879
  912
  947
  984
  1,024
  1,066
  1,112
  1,160
  1,210
  1,264
  1,321
  1,381
  1,445
  1,512
  1,582
  1,657
  1,735
  1,818
  1,905
  1,996
  2,093
  2,194
  2,301
Working capital, $m
  407
  -616
  -630
  -647
  -665
  -685
  -707
  -731
  -757
  -785
  -815
  -848
  -882
  -919
  -958
  -999
  -1,043
  -1,089
  -1,138
  -1,190
  -1,245
  -1,302
  -1,363
  -1,427
  -1,495
  -1,566
  -1,641
  -1,720
  -1,803
  -1,890
  -1,982
Total debt, $m
  1,494
  284
  319
  360
  406
  456
  512
  572
  637
  708
  783
  864
  950
  1,042
  1,140
  1,243
  1,353
  1,469
  1,592
  1,722
  1,859
  2,004
  2,156
  2,317
  2,486
  2,665
  2,853
  3,050
  3,258
  3,477
  3,707
Total liabilities, $m
  2,755
  1,545
  1,580
  1,621
  1,667
  1,717
  1,773
  1,833
  1,898
  1,969
  2,044
  2,125
  2,211
  2,303
  2,401
  2,504
  2,614
  2,730
  2,853
  2,983
  3,120
  3,265
  3,417
  3,578
  3,747
  3,926
  4,114
  4,311
  4,519
  4,738
  4,968
Total equity, $m
  -61
  172
  176
  180
  185
  191
  197
  204
  211
  219
  227
  236
  246
  256
  267
  278
  290
  303
  317
  331
  347
  363
  380
  398
  416
  436
  457
  479
  502
  526
  552
Total liabilities and equity, $m
  2,694
  1,717
  1,756
  1,801
  1,852
  1,908
  1,970
  2,037
  2,109
  2,188
  2,271
  2,361
  2,457
  2,559
  2,668
  2,782
  2,904
  3,033
  3,170
  3,314
  3,467
  3,628
  3,797
  3,976
  4,163
  4,362
  4,571
  4,790
  5,021
  5,264
  5,520
Debt-to-equity ratio
  -24.492
  1.650
  1.820
  2.000
  2.190
  2.390
  2.600
  2.810
  3.020
  3.240
  3.450
  3.660
  3.870
  4.070
  4.270
  4.470
  4.660
  4.840
  5.020
  5.200
  5.360
  5.520
  5.680
  5.830
  5.970
  6.110
  6.240
  6.370
  6.490
  6.600
  6.720
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
  408
  471
  482
  496
  510
  526
  544
  563
  583
  605
  664
  689
  715
  743
  773
  805
  838
  874
  911
  951
  992
  1,036
  1,082
  1,131
  1,182
  1,237
  1,293
  1,353
  1,416
  1,483
Depreciation, amort., depletion, $m
  182
  159
  162
  165
  168
  171
  175
  180
  184
  189
  195
  151
  158
  164
  171
  178
  186
  194
  203
  212
  222
  233
  243
  255
  267
  280
  293
  307
  322
  338
  354
Funds from operations, $m
  390
  567
  632
  647
  663
  682
  702
  723
  747
  772
  799
  815
  846
  879
  914
  952
  991
  1,033
  1,077
  1,124
  1,173
  1,225
  1,279
  1,337
  1,398
  1,462
  1,530
  1,601
  1,675
  1,754
  1,836
Change in working capital, $m
  -160
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
Cash from operations, $m
  550
  579
  646
  663
  682
  702
  724
  748
  773
  800
  830
  848
  881
  916
  953
  993
  1,035
  1,079
  1,126
  1,175
  1,227
  1,282
  1,340
  1,401
  1,466
  1,533
  1,604
  1,679
  1,758
  1,841
  1,928
Maintenance CAPEX, $m
  0
  -108
  -110
  -113
  -115
  -119
  -122
  -126
  -131
  -135
  -140
  -146
  -151
  -158
  -164
  -171
  -178
  -186
  -194
  -203
  -212
  -222
  -233
  -243
  -255
  -267
  -280
  -293
  -307
  -322
  -338
New CAPEX, $m
  -89
  -15
  -16
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -71
  -74
  -78
  -83
  -87
  -92
  -96
  -101
  -107
Cash from investing activities, $m
  99
  -123
  -126
  -132
  -136
  -142
  -148
  -154
  -161
  -168
  -175
  -183
  -191
  -201
  -209
  -219
  -229
  -240
  -251
  -263
  -275
  -289
  -304
  -317
  -333
  -350
  -367
  -385
  -403
  -423
  -445
Free cash flow, $m
  649
  456
  520
  532
  545
  560
  576
  593
  612
  633
  654
  665
  689
  716
  744
  774
  806
  839
  875
  912
  952
  993
  1,037
  1,083
  1,132
  1,184
  1,238
  1,295
  1,355
  1,418
  1,484
Issuance/(repayment) of debt, $m
  0
  -1,209
  36
  41
  46
  51
  55
  60
  65
  70
  76
  81
  86
  92
  98
  104
  110
  116
  123
  130
  137
  145
  153
  161
  169
  178
  188
  198
  208
  219
  230
Issuance/(repurchase) of shares, $m
  -320
  835
  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
  -374
  36
  41
  46
  51
  55
  60
  65
  70
  76
  81
  86
  92
  98
  104
  110
  116
  123
  130
  137
  145
  153
  161
  169
  178
  188
  198
  208
  219
  230
Total cash flow (excl. dividends), $m
  302
  82
  555
  572
  591
  610
  631
  654
  678
  703
  730
  745
  776
  808
  842
  878
  915
  955
  997
  1,042
  1,089
  1,138
  1,190
  1,244
  1,302
  1,362
  1,426
  1,493
  1,563
  1,637
  1,714
Retained Cash Flow (-), $m
  84
  -1,243
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
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
 
  -150
  551
  568
  586
  605
  625
  647
  670
  695
  722
  736
  766
  798
  831
  866
  903
  942
  984
  1,027
  1,073
  1,122
  1,173
  1,226
  1,283
  1,342
  1,405
  1,471
  1,540
  1,612
  1,689
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
 
  -144
  505
  494
  482
  469
  454
  437
  419
  399
  378
  350
  327
  303
  279
  254
  230
  205
  181
  158
  136
  116
  97
  80
  65
  52
  41
  32
  24
  18
  13
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 -87.9
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 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 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 203.972 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 $5.3 billion.

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COMPANY NEWS

▶ 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]
▶ [$$] H&R Block Names Jeffrey Jones President, CEO   [Aug-23-17 01:00AM  The Wall Street Journal]
▶ H&R Block names former Target chief marketing officer as its new CEO   [Aug-22-17 11:30AM  American City Business Journals]
▶ H&R Block names former Uber president as its new CEO   [09:56AM  American City Business Journals]
▶ [$$] H&R Block Names Former Uber Exec Jones CEO   [08:54AM  The Wall Street Journal]
▶ H&R Block taps former Uber exec to serve as CEO   [08:36AM  Associated Press]
▶ H&R Block Announces Quarterly Cash Dividend   [Aug-21-17 05:15PM  GlobeNewswire]
▶ H&R Block Looks Ready to Rock   [Aug-15-17 03:43PM  TheStreet.com]
▶ H&R Block board fights proposal loosening nomination rules   [Aug-03-17 01:20PM  American City Business Journals]
▶ Top Ranked Growth Stocks to Buy for July 28th   [Jul-31-17 10:46AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for July 21st   [Jul-21-17 10:45AM  Zacks]
▶ Top Ranked Value Stocks to Buy for July 19th   [Jul-19-17 12:26PM  Zacks]
▶ Top Ranked Growth Stocks to Buy for July 10th   [Jul-10-17 09:45AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 30th   [Jun-30-17 09:43AM  Zacks]
▶ Bull of the Day: H&R Block (HRB)   [04:56AM  Zacks]
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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