Intrinsic value of KB Home - KBH

Previous Close

$22.21

  Intrinsic Value

$63.15

stock screener

  Rating & Target

str. buy

+184%

  Value-price divergence*

-91%

Previous close

$22.21

 
Intrinsic value

$63.15

 
Up/down potential

+184%

 
Rating

str. buy

 
Value-price divergence*

-91%

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

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 1.9

 

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
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
Revenue, $m
  3,595
  4,343
  5,177
  6,099
  7,106
  8,198
  9,373
  10,629
  11,964
  13,375
  14,863
  16,425
  18,060
  19,769
  21,552
  23,408
  25,340
  27,349
  29,437
  31,607
  33,862
  36,206
  38,642
  41,176
  43,811
  46,554
  49,409
  52,384
  55,485
  58,718
  62,091
Variable operating expenses, $m
 
  4,134
  4,929
  5,806
  6,765
  7,805
  8,923
  10,119
  11,389
  12,733
  14,149
  15,636
  17,194
  18,820
  20,517
  22,285
  24,124
  26,037
  28,024
  30,090
  32,237
  34,468
  36,787
  39,199
  41,708
  44,319
  47,038
  49,870
  52,821
  55,899
  59,110
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
  4,134
  4,929
  5,806
  6,765
  7,805
  8,923
  10,119
  11,389
  12,733
  14,149
  15,636
  17,194
  18,820
  20,517
  22,285
  24,124
  26,037
  28,024
  30,090
  32,237
  34,468
  36,787
  39,199
  41,708
  44,319
  47,038
  49,870
  52,821
  55,899
  59,110
Operating income, $m
  160
  208
  249
  293
  341
  394
  450
  510
  574
  642
  713
  788
  867
  949
  1,034
  1,124
  1,216
  1,313
  1,413
  1,517
  1,625
  1,738
  1,855
  1,976
  2,103
  2,235
  2,372
  2,514
  2,663
  2,818
  2,980
EBITDA, $m
  164
  208
  249
  293
  341
  394
  450
  510
  574
  642
  713
  788
  867
  949
  1,034
  1,124
  1,216
  1,313
  1,413
  1,517
  1,625
  1,738
  1,855
  1,976
  2,103
  2,235
  2,372
  2,514
  2,663
  2,818
  2,980
Interest expense (income), $m
  1
  92
  117
  145
  176
  209
  245
  284
  326
  370
  417
  466
  518
  573
  629
  688
  750
  814
  881
  950
  1,022
  1,097
  1,175
  1,256
  1,340
  1,427
  1,518
  1,613
  1,712
  1,815
  1,922
Earnings before tax, $m
  149
  116
  131
  148
  166
  185
  205
  226
  248
  272
  296
  322
  349
  376
  405
  435
  466
  499
  532
  567
  603
  641
  680
  721
  763
  807
  853
  901
  952
  1,004
  1,058
Tax expense, $m
  43
  31
  35
  40
  45
  50
  55
  61
  67
  73
  80
  87
  94
  102
  109
  117
  126
  135
  144
  153
  163
  173
  184
  195
  206
  218
  230
  243
  257
  271
  286
Net income, $m
  106
  85
  96
  108
  121
  135
  149
  165
  181
  198
  216
  235
  255
  275
  296
  318
  340
  364
  388
  414
  440
  468
  496
  526
  557
  589
  623
  658
  695
  733
  773

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
  5,483
  6,537
  7,701
  8,973
  10,351
  11,835
  13,420
  15,105
  16,888
  18,766
  20,738
  22,804
  24,961
  27,212
  29,556
  31,995
  34,532
  37,168
  39,908
  42,755
  45,715
  48,791
  51,989
  55,317
  58,780
  62,386
  66,142
  70,056
  74,139
  78,397
Adjusted assets (=assets-cash), $m
  4,540
  5,483
  6,537
  7,701
  8,973
  10,351
  11,835
  13,420
  15,105
  16,888
  18,766
  20,738
  22,804
  24,961
  27,212
  29,556
  31,995
  34,532
  37,168
  39,908
  42,755
  45,715
  48,791
  51,989
  55,317
  58,780
  62,386
  66,142
  70,056
  74,139
  78,397
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
  -434
  -518
  -610
  -711
  -820
  -937
  -1,063
  -1,196
  -1,338
  -1,486
  -1,642
  -1,806
  -1,977
  -2,155
  -2,341
  -2,534
  -2,735
  -2,944
  -3,161
  -3,386
  -3,621
  -3,864
  -4,118
  -4,381
  -4,655
  -4,941
  -5,238
  -5,548
  -5,872
  -6,209
Total debt, $m
  2,642
  3,351
  4,142
  5,016
  5,971
  7,007
  8,121
  9,312
  10,577
  11,916
  13,326
  14,808
  16,359
  17,979
  19,669
  21,430
  23,262
  25,166
  27,146
  29,204
  31,342
  33,565
  35,875
  38,277
  40,776
  43,377
  46,085
  48,905
  51,845
  54,911
  58,109
Total liabilities, $m
  3,408
  4,118
  4,909
  5,783
  6,738
  7,774
  8,888
  10,079
  11,344
  12,683
  14,093
  15,575
  17,126
  18,746
  20,436
  22,197
  24,029
  25,933
  27,913
  29,971
  32,109
  34,332
  36,642
  39,044
  41,543
  44,144
  46,852
  49,672
  52,612
  55,678
  58,876
Total equity, $m
  1,723
  1,365
  1,628
  1,917
  2,234
  2,578
  2,947
  3,342
  3,761
  4,205
  4,673
  5,164
  5,678
  6,215
  6,776
  7,359
  7,967
  8,598
  9,255
  9,937
  10,646
  11,383
  12,149
  12,945
  13,774
  14,636
  15,534
  16,469
  17,444
  18,460
  19,521
Total liabilities and equity, $m
  5,131
  5,483
  6,537
  7,700
  8,972
  10,352
  11,835
  13,421
  15,105
  16,888
  18,766
  20,739
  22,804
  24,961
  27,212
  29,556
  31,996
  34,531
  37,168
  39,908
  42,755
  45,715
  48,791
  51,989
  55,317
  58,780
  62,386
  66,141
  70,056
  74,138
  78,397
Debt-to-equity ratio
  1.533
  2.450
  2.540
  2.620
  2.670
  2.720
  2.760
  2.790
  2.810
  2.830
  2.850
  2.870
  2.880
  2.890
  2.900
  2.910
  2.920
  2.930
  2.930
  2.940
  2.940
  2.950
  2.950
  2.960
  2.960
  2.960
  2.970
  2.970
  2.970
  2.970
  2.980
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
  85
  96
  108
  121
  135
  149
  165
  181
  198
  216
  235
  255
  275
  296
  318
  340
  364
  388
  414
  440
  468
  496
  526
  557
  589
  623
  658
  695
  733
  773
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
  85
  96
  108
  121
  135
  149
  165
  181
  198
  216
  235
  255
  275
  296
  318
  340
  364
  388
  414
  440
  468
  496
  526
  557
  589
  623
  658
  695
  733
  773
Change in working capital, $m
  -46
  -75
  -83
  -92
  -101
  -109
  -117
  -126
  -133
  -141
  -149
  -156
  -164
  -171
  -178
  -186
  -193
  -201
  -209
  -217
  -225
  -234
  -244
  -253
  -264
  -274
  -286
  -297
  -310
  -323
  -337
Cash from operations, $m
  189
  159
  179
  200
  222
  244
  267
  291
  315
  340
  365
  391
  418
  446
  474
  503
  534
  565
  597
  631
  666
  702
  740
  780
  821
  864
  909
  956
  1,005
  1,056
  1,110
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
  159
  179
  200
  222
  244
  267
  291
  315
  340
  365
  391
  418
  446
  474
  503
  534
  565
  597
  631
  666
  702
  740
  780
  821
  864
  909
  956
  1,005
  1,056
  1,110
Issuance/(repayment) of debt, $m
  -68
  709
  791
  874
  955
  1,035
  1,114
  1,191
  1,266
  1,339
  1,411
  1,481
  1,551
  1,620
  1,690
  1,760
  1,832
  1,905
  1,980
  2,058
  2,138
  2,222
  2,310
  2,402
  2,499
  2,601
  2,708
  2,821
  2,940
  3,066
  3,198
Issuance/(repurchase) of shares, $m
  -83
  150
  167
  182
  196
  209
  220
  230
  238
  245
  251
  256
  260
  263
  265
  266
  267
  268
  268
  268
  269
  269
  269
  270
  271
  273
  275
  277
  280
  284
  288
Cash from financing (excl. dividends), $m  
  -141
  859
  958
  1,056
  1,151
  1,244
  1,334
  1,421
  1,504
  1,584
  1,662
  1,737
  1,811
  1,883
  1,955
  2,026
  2,099
  2,173
  2,248
  2,326
  2,407
  2,491
  2,579
  2,672
  2,770
  2,874
  2,983
  3,098
  3,220
  3,350
  3,486
Total cash flow (excl. dividends), $m
  42
  1,018
  1,137
  1,256
  1,373
  1,488
  1,601
  1,711
  1,819
  1,924
  2,027
  2,128
  2,229
  2,329
  2,429
  2,530
  2,632
  2,737
  2,845
  2,957
  3,073
  3,193
  3,320
  3,452
  3,591
  3,737
  3,891
  4,054
  4,225
  4,405
  4,596
Retained Cash Flow (-), $m
  -32
  -234
  -262
  -290
  -317
  -343
  -369
  -395
  -420
  -444
  -468
  -491
  -514
  -537
  -560
  -584
  -607
  -632
  -656
  -682
  -709
  -737
  -766
  -796
  -829
  -862
  -898
  -935
  -975
  -1,016
  -1,060
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
 
  1,376
  875
  966
  1,056
  1,145
  1,231
  1,316
  1,399
  1,480
  1,559
  1,637
  1,715
  1,791
  1,868
  1,946
  2,025
  2,106
  2,189
  2,275
  2,364
  2,457
  2,554
  2,656
  2,762
  2,875
  2,993
  3,118
  3,250
  3,389
  3,536
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
 
  1,268
  737
  738
  725
  700
  664
  619
  567
  510
  452
  393
  336
  283
  233
  189
  150
  117
  89
  66
  48
  34
  24
  16
  11
  7
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  89.2
  80.3
  72.8
  66.6
  61.4
  57.0
  53.2
  49.9
  47.1
  44.7
  42.5
  40.7
  39.0
  37.6
  36.3
  35.1
  34.1
  33.1
  32.3
  31.5
  30.8
  30.1
  29.5
  29.0
  28.5
  28.0
  27.5
  27.1
  26.7
  26.3

KB Home operates as a homebuilding company in the United States. It builds and sells various homes, including attached and detached single-family residential homes, townhomes, and condominiums primarily for first-time, move-up, and active adult homebuyers. The company also provides property and casualty insurance, as well as earthquake, flood, and personal property insurance to its homebuyers; title services; and mortgage banking services, including residential mortgage loan originations to its homebuyers. It has operations in California, Arizona, Nevada, Colorado, Texas, Florida, and North Carolina, The company was formerly known as Kaufman and Broad Home Corporation and changed its name to KB Home in January 2001. KB Home was founded in 1957 and is headquartered in Los Angeles, California.

FINANCIAL RATIOS  of  KB Home (KBH)

Valuation Ratios
P/E Ratio 19.8
Price to Sales 0.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 11.4
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 20.8% 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 10 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 -10%. 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 84.953 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 $1.9 billion.

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LEN Lennar Cl A 51.88 119.06  str.buy
LGIH LGI Homes 45.98 35.36  hold
TOL Toll Brothers 38.15 77.40  str.buy
CAA CalAtlantic Gr 34.26 67.09  str.buy
NSM Nationstar Mor 16.81 206.42  str.buy
NVR NVR 2,683.55 3,724.79  buy

COMPANY NEWS

▶ Bull of the Day: KB Home (KBH)   [06:51AM  Zacks]
▶ Top Fund Managers Are Buying These 4 Highly Rated Stocks   [Aug-04-17 12:45PM  Investor's Business Daily]
▶ ETFs with exposure to KB Home : August 1, 2017   [Aug-01-17 04:47PM  Capital Cube]
▶ 3 Value Stocks for Shrewd Investors   [Jul-31-17 08:19PM  Motley Fool]
▶ Housing Stocks Could Blow Over Soon for a Number of Reasons   [Jul-15-17 03:11PM  TheStreet.com]
▶ KB Home Declares Third Quarter 2017 Dividend   [Jul-13-17 04:05PM  Business Wire]
▶ 5 Home Builder Stocks That Are Ready To Boom   [Jul-12-17 12:43PM  Zacks]
▶ No. 2-Ranked Homebuilder Constructs Successful Breakout   [Jul-11-17 04:27PM  Investor's Business Daily]
▶ Mizuho Cuts KB Home, PulteGroup To Sell   [09:58AM  Barrons.com]
▶ The Hot Stock: D.R. Horton Gains 3.8%   [Jul-07-17 05:00PM  Barrons.com]
▶ New Strong Buy Stocks for June 30th   [Jun-30-17 10:46AM  Zacks]
▶ Financial Stocks Are Soaring For Now   [07:45AM  InvestorPlace]
▶ Asian shares rally on Wall St rebound as confidence rises   [Jun-28-17 11:10PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:59PM  Motley Fool]
▶ Story Stocks from Briefing.com   [11:19AM  Briefing.com]
▶ Stocks Rebound: These 2 Financials Break Out   [10:56AM  Investor's Business Daily]
▶ KB Home Rallies On Earnings; Peer MDC Breaks Out   [05:34AM  Investor's Business Daily]
▶ KB Home tops Street 2Q forecasts   [Jun-27-17 09:17PM  Associated Press]
▶ KB Home beats the Street   [04:09PM  CNBC Videos]
▶ KB Home Reports 2017 Second Quarter Results   [04:05PM  Business Wire]
▶ KB Home Rises Late On Better-Than-Expected Results   [10:51AM  Investor's Business Daily]
▶ How Much Farther Can KB Home (KBH) Stock REALLY Go?   [Jun-26-17 03:12PM  InvestorPlace]
▶ Why Home Builder Stocks Are Hot Now   [Jun-21-17 03:43PM  Zacks]
Stock chart of KBH 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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