Intrinsic value of KB Home - KBH

Previous Close

$31.08

  Intrinsic Value

$90.76

stock screener

  Rating & Target

str. buy

+192%

Previous close

$31.08

 
Intrinsic value

$90.76

 
Up/down potential

+192%

 
Rating

str. buy

We calculate the intrinsic value of KBH 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 2.7

 

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, %
  18.57
  25.30
  23.27
  21.44
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.86
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
Revenue, $m
  3,595
  4,505
  5,553
  6,743
  8,079
  9,558
  11,182
  12,948
  14,852
  16,893
  19,066
  21,368
  23,798
  26,352
  29,030
  31,830
  34,751
  37,796
  40,965
  44,262
  47,689
  51,250
  54,951
  58,797
  62,795
  66,951
  71,275
  75,773
  80,456
  85,334
  90,417
Variable operating expenses, $m
 
  4,288
  5,286
  6,420
  7,691
  9,100
  10,645
  12,326
  14,139
  16,082
  18,151
  20,343
  22,656
  25,088
  27,636
  30,302
  33,083
  35,982
  38,999
  42,137
  45,400
  48,790
  52,313
  55,975
  59,781
  63,738
  67,854
  72,136
  76,595
  81,238
  86,077
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
  3,434
  4,288
  5,286
  6,420
  7,691
  9,100
  10,645
  12,326
  14,139
  16,082
  18,151
  20,343
  22,656
  25,088
  27,636
  30,302
  33,083
  35,982
  38,999
  42,137
  45,400
  48,790
  52,313
  55,975
  59,781
  63,738
  67,854
  72,136
  76,595
  81,238
  86,077
Operating income, $m
  160
  216
  267
  324
  388
  459
  537
  621
  713
  811
  915
  1,026
  1,142
  1,265
  1,393
  1,528
  1,668
  1,814
  1,966
  2,125
  2,289
  2,460
  2,638
  2,822
  3,014
  3,214
  3,421
  3,637
  3,862
  4,096
  4,340
EBITDA, $m
  164
  216
  267
  324
  388
  459
  537
  621
  713
  811
  915
  1,026
  1,142
  1,265
  1,393
  1,528
  1,668
  1,814
  1,966
  2,125
  2,289
  2,460
  2,638
  2,822
  3,014
  3,214
  3,421
  3,637
  3,862
  4,096
  4,340
Interest expense (income), $m
  1
  92
  123
  157
  197
  241
  290
  344
  403
  466
  534
  606
  682
  763
  848
  937
  1,030
  1,126
  1,228
  1,333
  1,442
  1,556
  1,674
  1,797
  1,925
  2,057
  2,195
  2,339
  2,488
  2,643
  2,805
Earnings before tax, $m
  149
  124
  144
  166
  191
  218
  246
  277
  310
  345
  381
  420
  460
  502
  546
  591
  639
  688
  739
  792
  847
  904
  964
  1,025
  1,090
  1,156
  1,226
  1,298
  1,374
  1,453
  1,535
Tax expense, $m
  43
  33
  39
  45
  52
  59
  67
  75
  84
  93
  103
  113
  124
  136
  147
  160
  172
  186
  199
  214
  229
  244
  260
  277
  294
  312
  331
  351
  371
  392
  414
Net income, $m
  106
  90
  105
  121
  139
  159
  180
  202
  226
  252
  278
  306
  336
  366
  398
  432
  466
  502
  539
  578
  618
  660
  703
  749
  795
  844
  895
  948
  1,003
  1,060
  1,120

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  592
  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
  5,132
  5,688
  7,011
  8,514
  10,200
  12,069
  14,119
  16,348
  18,753
  21,329
  24,073
  26,980
  30,048
  33,273
  36,654
  40,189
  43,878
  47,722
  51,724
  55,886
  60,213
  64,710
  69,383
  74,239
  79,286
  84,535
  89,993
  95,673
  101,586
  107,745
  114,162
Adjusted assets (=assets-cash), $m
  4,540
  5,688
  7,011
  8,514
  10,200
  12,069
  14,119
  16,348
  18,753
  21,329
  24,073
  26,980
  30,048
  33,273
  36,654
  40,189
  43,878
  47,722
  51,724
  55,886
  60,213
  64,710
  69,383
  74,239
  79,286
  84,535
  89,993
  95,673
  101,586
  107,745
  114,162
Revenue / Adjusted assets
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
Average production assets, $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
  0
Working capital, $m
  0
  -743
  -916
  -1,113
  -1,333
  -1,577
  -1,845
  -2,136
  -2,451
  -2,787
  -3,146
  -3,526
  -3,927
  -4,348
  -4,790
  -5,252
  -5,734
  -6,236
  -6,759
  -7,303
  -7,869
  -8,456
  -9,067
  -9,702
  -10,361
  -11,047
  -11,760
  -12,503
  -13,275
  -14,080
  -14,919
Total debt, $m
  2,642
  3,504
  4,498
  5,627
  6,893
  8,297
  9,836
  11,510
  13,316
  15,251
  17,312
  19,495
  21,799
  24,221
  26,760
  29,415
  32,185
  35,072
  38,078
  41,204
  44,453
  47,830
  51,339
  54,986
  58,777
  62,719
  66,818
  71,084
  75,524
  80,149
  84,969
Total liabilities, $m
  3,408
  4,271
  5,265
  6,394
  7,660
  9,064
  10,603
  12,277
  14,083
  16,018
  18,079
  20,262
  22,566
  24,988
  27,527
  30,182
  32,952
  35,839
  38,845
  41,971
  45,220
  48,597
  52,106
  55,753
  59,544
  63,486
  67,585
  71,851
  76,291
  80,916
  85,736
Total equity, $m
  1,723
  1,416
  1,746
  2,120
  2,540
  3,005
  3,516
  4,071
  4,669
  5,311
  5,994
  6,718
  7,482
  8,285
  9,127
  10,007
  10,926
  11,883
  12,879
  13,916
  14,993
  16,113
  17,276
  18,485
  19,742
  21,049
  22,408
  23,823
  25,295
  26,828
  28,426
Total liabilities and equity, $m
  5,131
  5,687
  7,011
  8,514
  10,200
  12,069
  14,119
  16,348
  18,752
  21,329
  24,073
  26,980
  30,048
  33,273
  36,654
  40,189
  43,878
  47,722
  51,724
  55,887
  60,213
  64,710
  69,382
  74,238
  79,286
  84,535
  89,993
  95,674
  101,586
  107,744
  114,162
Debt-to-equity ratio
  1.533
  2.470
  2.580
  2.650
  2.710
  2.760
  2.800
  2.830
  2.850
  2.870
  2.890
  2.900
  2.910
  2.920
  2.930
  2.940
  2.950
  2.950
  2.960
  2.960
  2.960
  2.970
  2.970
  2.970
  2.980
  2.980
  2.980
  2.980
  2.990
  2.990
  2.990
Adjusted equity ratio
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  106
  90
  105
  121
  139
  159
  180
  202
  226
  252
  278
  306
  336
  366
  398
  432
  466
  502
  539
  578
  618
  660
  703
  749
  795
  844
  895
  948
  1,003
  1,060
  1,120
Depreciation, amort., depletion, $m
  4
  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
Funds from operations, $m
  143
  90
  105
  121
  139
  159
  180
  202
  226
  252
  278
  306
  336
  366
  398
  432
  466
  502
  539
  578
  618
  660
  703
  749
  795
  844
  895
  948
  1,003
  1,060
  1,120
Change in working capital, $m
  -46
  -150
  -173
  -196
  -220
  -244
  -268
  -291
  -314
  -337
  -359
  -380
  -401
  -421
  -442
  -462
  -482
  -502
  -523
  -544
  -565
  -588
  -611
  -635
  -660
  -686
  -713
  -742
  -773
  -805
  -839
Cash from operations, $m
  189
  240
  278
  318
  360
  403
  448
  494
  541
  588
  637
  686
  737
  788
  840
  894
  948
  1,004
  1,062
  1,122
  1,184
  1,248
  1,314
  1,383
  1,455
  1,530
  1,608
  1,690
  1,776
  1,865
  1,959
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -5
  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 from investing activities, $m
  -6
  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
Free cash flow, $m
  183
  240
  278
  318
  360
  403
  448
  494
  541
  588
  637
  686
  737
  788
  840
  894
  948
  1,004
  1,062
  1,122
  1,184
  1,248
  1,314
  1,383
  1,455
  1,530
  1,608
  1,690
  1,776
  1,865
  1,959
Issuance/(repayment) of debt, $m
  -68
  862
  994
  1,129
  1,266
  1,403
  1,540
  1,674
  1,806
  1,935
  2,061
  2,184
  2,304
  2,422
  2,539
  2,655
  2,771
  2,887
  3,005
  3,126
  3,249
  3,377
  3,509
  3,647
  3,791
  3,941
  4,099
  4,266
  4,441
  4,625
  4,820
Issuance/(repurchase) of shares, $m
  -83
  195
  225
  253
  280
  306
  331
  353
  372
  390
  405
  418
  428
  437
  443
  449
  452
  455
  457
  458
  459
  460
  460
  461
  461
  463
  464
  466
  469
  473
  478
Cash from financing (excl. dividends), $m  
  -141
  1,057
  1,219
  1,382
  1,546
  1,709
  1,871
  2,027
  2,178
  2,325
  2,466
  2,602
  2,732
  2,859
  2,982
  3,104
  3,223
  3,342
  3,462
  3,584
  3,708
  3,837
  3,969
  4,108
  4,252
  4,404
  4,563
  4,732
  4,910
  5,098
  5,298
Total cash flow (excl. dividends), $m
  42
  1,298
  1,496
  1,700
  1,906
  2,113
  2,318
  2,520
  2,719
  2,913
  3,102
  3,288
  3,469
  3,647
  3,822
  3,997
  4,171
  4,347
  4,525
  4,706
  4,892
  5,084
  5,283
  5,491
  5,707
  5,934
  6,172
  6,422
  6,686
  6,963
  7,256
Retained Cash Flow (-), $m
  -32
  -285
  -330
  -374
  -420
  -465
  -510
  -555
  -599
  -642
  -683
  -724
  -764
  -803
  -842
  -880
  -919
  -957
  -996
  -1,036
  -1,077
  -1,120
  -1,164
  -1,209
  -1,257
  -1,307
  -1,359
  -1,414
  -1,472
  -1,533
  -1,598
Prev. year cash balance distribution, $m
 
  592
  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
 
  1,604
  1,167
  1,325
  1,486
  1,647
  1,808
  1,965
  2,120
  2,271
  2,419
  2,564
  2,705
  2,844
  2,981
  3,117
  3,253
  3,390
  3,528
  3,670
  3,815
  3,965
  4,120
  4,282
  4,450
  4,627
  4,813
  5,008
  5,213
  5,430
  5,658
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  1,479
  984
  1,013
  1,021
  1,008
  974
  924
  859
  783
  701
  616
  531
  449
  372
  302
  241
  188
  143
  107
  78
  55
  38
  26
  17
  11
  7
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  90.1
  81.8
  74.8
  69.0
  64.0
  59.8
  56.2
  53.1
  50.4
  48.0
  46.0
  44.2
  42.6
  41.2
  39.9
  38.8
  37.8
  36.9
  36.0
  35.3
  34.6
  34.0
  33.4
  32.9
  32.4
  32.0
  31.5
  31.1
  30.8
  30.4

KB HOME is a homebuilding company. The Company is engaged in selling and building a range of new homes designed primarily for first-time, move-up and active adult homebuyers, including attached and detached single-family residential homes. It operates through five segments, which consist of four homebuilding segments and one financial services segment. Its homebuilding segments include West Coast, Southwest, Central and Southeast. The homebuilding segments are engaged in the acquisition and development of land primarily for residential purposes. The financial services segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to its homebuyers in the same markets as its homebuilding segments, and provides title services in the majority of markets located within its Central and Southeast homebuilding segments. It offers homes in development communities, at urban in-fill locations and as part of mixed-use projects.

FINANCIAL RATIOS  of  KB Home (KBH)

Valuation Ratios
P/E Ratio 27.7
Price to Sales 0.8
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 16
Growth Rates
Sales Growth Rate 18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 153.3%
Total Debt to Equity 153.3%
Interest Coverage 150
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 10.1%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 6.2%
Return On Equity - 3 Yr. Avg. 32.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 15.4%
Gross Margin - 3 Yr. Avg. 16.3%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. 4.6%
Operating Margin 4.5%
Oper. Margin - 3 Yr. Avg. 4.8%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 14.7%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. -268.1%
Payout Ratio 8.5%

KBH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KBH stock intrinsic value calculation we used $3595 million for the last fiscal year's total revenue generated by KB Home. The default revenue input number comes from 2016 income statement of KB Home. 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 KBH stock valuation model: a) initial revenue growth rate of 25.3% 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 8.5%, whose default value for KBH is calculated based on our internal credit rating of KB Home, 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 KB Home.
    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 KBH stock the variable cost ratio is equal to 95.2%.

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 KBH 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 3.5% for KB Home.

Corporate tax rate of 27% is the nominal tax rate for KB Home. 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 KBH 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 KBH are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in KB Home 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 KBH is equal to -16.5%. 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 - $1723 million for KB Home - 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 86.506 million for KB Home 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 KB Home at the current share price and the inputted number of shares is $2.7 billion.

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LGIH LGI Homes 72.58 378.59  str.buy
TOL Toll Brothers 47.70 68.38  str.buy
CAA CalAtlantic Gr 54.70 211.29  str.buy
NSM Nationstar Mor 18.20 27.82  buy
NVR NVR 3,398.63 3,047.27  hold

COMPANY NEWS

▶ 12 Largest Construction Companies in US in 2017   [Dec-13-17 10:41AM  Insider Monkey]
▶ Homebuilders' Shares May Be Set for a Teardown   [Dec-04-17 07:30AM  Bloomberg]
▶ 17 Biggest Construction Companies in America in 2017   [Nov-23-17 09:06AM  Insider Monkey]
▶ GOPs tax plan may shake up the housing market   [Nov-03-17 10:31AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Nov 3rd, 2017   [07:20AM  Yahoo Finance Video]
▶ GOP Plan To Cut Mortgage Interest Deduction Hits Home Depot, Builders   [Nov-02-17 04:04PM  Investor's Business Daily]
▶ Homebuilder creates school to help ease labor shortage   [Oct-31-17 01:53PM  CNBC Videos]
▶ Why KB Home (KBH) Is an Impressive Growth Stock   [Oct-26-17 04:45PM  Zacks]
▶ 7 Amazing Investments on America's New Housing Boom   [Oct-25-17 10:00PM  TheStreet.com]
▶ KB Home Just Completed a Multiyear Bottom   [02:00PM  InvestorPlace]
▶ [$$] KB Home Stock's Run May Be Done   [Oct-20-17 10:43AM  Barrons.com]
▶ Analyzing the future of the housing market   [Oct-17-17 11:35AM  Yahoo Finance Video]
▶ Q3 Earnings Season Kicks Off: 4 Housing Picks   [Oct-13-17 04:58PM  Zacks]
▶ Housing Industry Stock Outlook - October 2017   [Oct-09-17 05:49PM  Zacks]
▶ Millennials Graduate From Parents' Basements Into Smart Homes   [08:49AM  Investor's Business Daily]
▶ Millennials Graduate From Parents' Basements Into Smart Homes   [Oct-06-17 01:00PM  Investor's Business Daily]
▶ KB Home Declares Fourth Quarter 2017 Dividend   [Oct-05-17 04:05PM  Business Wire]
▶ Top Ranked Growth Stocks to Buy for October 4th   [Oct-04-17 08:53AM  Zacks]
▶ 5 Auto Stocks Near Sell Territory Ahead Of Key Data: Investing Action Plan   [Oct-02-17 04:15PM  Investor's Business Daily]
▶ Breakout Watch: Top Homebuilder Stock Testing New Buy Zone   [03:00AM  Investor's Business Daily]
▶ What Happened in the Stock Market Today   [Sep-29-17 05:02PM  Motley Fool]
Financial statements of KBH
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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