Intrinsic value of KB Home - KBH

Previous Close

$27.03

  Intrinsic Value

$80.42

stock screener

  Rating & Target

str. buy

+198%

  Value-price divergence*

+32%

Previous close

$27.03

 
Intrinsic value

$80.42

 
Up/down potential

+198%

 
Rating

str. buy

 
Value-price divergence*

+32%

*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 2.3

 

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
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
Revenue, $m
  3,595
  4,447
  5,418
  6,509
  7,722
  9,056
  10,508
  12,078
  13,762
  15,558
  17,463
  19,475
  21,592
  23,812
  26,134
  28,559
  31,087
  33,718
  36,455
  39,301
  42,259
  45,333
  48,527
  51,847
  55,299
  58,889
  62,624
  66,512
  70,560
  74,779
  79,177
Variable operating expenses, $m
 
  4,234
  5,158
  6,197
  7,351
  8,621
  10,004
  11,498
  13,102
  14,812
  16,625
  18,540
  20,555
  22,669
  24,880
  27,188
  29,594
  32,100
  34,706
  37,415
  40,231
  43,157
  46,198
  49,359
  52,645
  56,062
  59,618
  63,319
  67,173
  71,190
  75,376
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
  4,234
  5,158
  6,197
  7,351
  8,621
  10,004
  11,498
  13,102
  14,812
  16,625
  18,540
  20,555
  22,669
  24,880
  27,188
  29,594
  32,100
  34,706
  37,415
  40,231
  43,157
  46,198
  49,359
  52,645
  56,062
  59,618
  63,319
  67,173
  71,190
  75,376
Operating income, $m
  160
  213
  260
  312
  371
  435
  504
  580
  661
  747
  838
  935
  1,036
  1,143
  1,254
  1,371
  1,492
  1,618
  1,750
  1,886
  2,028
  2,176
  2,329
  2,489
  2,654
  2,827
  3,006
  3,193
  3,387
  3,589
  3,800
EBITDA, $m
  164
  213
  260
  312
  371
  435
  504
  580
  661
  747
  838
  935
  1,036
  1,143
  1,254
  1,371
  1,492
  1,618
  1,750
  1,886
  2,028
  2,176
  2,329
  2,489
  2,654
  2,827
  3,006
  3,193
  3,387
  3,589
  3,800
Interest expense (income), $m
  1
  92
  121
  153
  189
  229
  274
  322
  374
  430
  490
  553
  620
  690
  763
  841
  921
  1,005
  1,092
  1,183
  1,277
  1,376
  1,478
  1,584
  1,694
  1,808
  1,928
  2,052
  2,181
  2,315
  2,455
Earnings before tax, $m
  149
  121
  139
  159
  181
  205
  231
  258
  287
  317
  349
  382
  417
  453
  491
  530
  571
  614
  658
  703
  751
  800
  852
  905
  960
  1,018
  1,078
  1,141
  1,206
  1,274
  1,346
Tax expense, $m
  43
  33
  38
  43
  49
  55
  62
  70
  77
  86
  94
  103
  113
  122
  133
  143
  154
  166
  178
  190
  203
  216
  230
  244
  259
  275
  291
  308
  326
  344
  363
Net income, $m
  106
  88
  102
  116
  132
  150
  168
  188
  209
  231
  255
  279
  304
  331
  358
  387
  417
  448
  480
  514
  548
  584
  622
  661
  701
  743
  787
  833
  881
  930
  982

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
  5,615
  6,841
  8,219
  9,750
  11,434
  13,268
  15,250
  17,377
  19,644
  22,050
  24,590
  27,262
  30,065
  32,998
  36,059
  39,251
  42,573
  46,030
  49,623
  53,358
  57,239
  61,272
  65,464
  69,822
  74,354
  79,070
  83,979
  89,091
  94,418
  99,970
Adjusted assets (=assets-cash), $m
  4,540
  5,615
  6,841
  8,219
  9,750
  11,434
  13,268
  15,250
  17,377
  19,644
  22,050
  24,590
  27,262
  30,065
  32,998
  36,059
  39,251
  42,573
  46,030
  49,623
  53,358
  57,239
  61,272
  65,464
  69,822
  74,354
  79,070
  83,979
  89,091
  94,418
  99,970
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
  -734
  -894
  -1,074
  -1,274
  -1,494
  -1,734
  -1,993
  -2,271
  -2,567
  -2,881
  -3,213
  -3,563
  -3,929
  -4,312
  -4,712
  -5,129
  -5,563
  -6,015
  -6,485
  -6,973
  -7,480
  -8,007
  -8,555
  -9,124
  -9,717
  -10,333
  -10,974
  -11,642
  -12,339
  -13,064
Total debt, $m
  2,642
  3,450
  4,370
  5,405
  6,555
  7,820
  9,197
  10,686
  12,283
  13,986
  15,792
  17,700
  19,707
  21,812
  24,014
  26,314
  28,710
  31,206
  33,801
  36,500
  39,305
  42,219
  45,248
  48,396
  51,669
  55,073
  58,615
  62,301
  66,141
  70,141
  74,311
Total liabilities, $m
  3,408
  4,217
  5,137
  6,172
  7,322
  8,587
  9,964
  11,453
  13,050
  14,753
  16,559
  18,467
  20,474
  22,579
  24,781
  27,081
  29,477
  31,973
  34,568
  37,267
  40,072
  42,986
  46,015
  49,163
  52,436
  55,840
  59,382
  63,068
  66,908
  70,908
  75,078
Total equity, $m
  1,723
  1,398
  1,703
  2,046
  2,428
  2,847
  3,304
  3,797
  4,327
  4,891
  5,490
  6,123
  6,788
  7,486
  8,216
  8,979
  9,773
  10,601
  11,461
  12,356
  13,286
  14,252
  15,257
  16,300
  17,386
  18,514
  19,689
  20,911
  22,184
  23,510
  24,893
Total liabilities and equity, $m
  5,131
  5,615
  6,840
  8,218
  9,750
  11,434
  13,268
  15,250
  17,377
  19,644
  22,049
  24,590
  27,262
  30,065
  32,997
  36,060
  39,250
  42,574
  46,029
  49,623
  53,358
  57,238
  61,272
  65,463
  69,822
  74,354
  79,071
  83,979
  89,092
  94,418
  99,971
Debt-to-equity ratio
  1.533
  2.470
  2.570
  2.640
  2.700
  2.750
  2.780
  2.810
  2.840
  2.860
  2.880
  2.890
  2.900
  2.910
  2.920
  2.930
  2.940
  2.940
  2.950
  2.950
  2.960
  2.960
  2.970
  2.970
  2.970
  2.970
  2.980
  2.980
  2.980
  2.980
  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
  88
  102
  116
  132
  150
  168
  188
  209
  231
  255
  279
  304
  331
  358
  387
  417
  448
  480
  514
  548
  584
  622
  661
  701
  743
  787
  833
  881
  930
  982
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
  88
  102
  116
  132
  150
  168
  188
  209
  231
  255
  279
  304
  331
  358
  387
  417
  448
  480
  514
  548
  584
  622
  661
  701
  743
  787
  833
  881
  930
  982
Change in working capital, $m
  -46
  -141
  -160
  -180
  -200
  -220
  -240
  -259
  -278
  -296
  -314
  -332
  -349
  -366
  -383
  -400
  -417
  -434
  -452
  -470
  -488
  -507
  -527
  -548
  -570
  -592
  -616
  -641
  -668
  -696
  -726
Cash from operations, $m
  189
  229
  262
  297
  333
  370
  408
  447
  487
  528
  569
  611
  654
  697
  742
  787
  834
  882
  932
  983
  1,036
  1,091
  1,149
  1,208
  1,271
  1,336
  1,403
  1,474
  1,549
  1,626
  1,708
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
  229
  262
  297
  333
  370
  408
  447
  487
  528
  569
  611
  654
  697
  742
  787
  834
  882
  932
  983
  1,036
  1,091
  1,149
  1,208
  1,271
  1,336
  1,403
  1,474
  1,549
  1,626
  1,708
Issuance/(repayment) of debt, $m
  -68
  808
  921
  1,035
  1,150
  1,265
  1,378
  1,488
  1,597
  1,703
  1,806
  1,908
  2,007
  2,105
  2,202
  2,299
  2,397
  2,495
  2,596
  2,699
  2,805
  2,915
  3,029
  3,148
  3,273
  3,404
  3,542
  3,687
  3,839
  4,000
  4,170
Issuance/(repurchase) of shares, $m
  -83
  179
  204
  227
  249
  269
  288
  305
  320
  333
  344
  354
  361
  367
  372
  375
  378
  379
  381
  381
  382
  382
  383
  383
  384
  385
  387
  389
  392
  396
  400
Cash from financing (excl. dividends), $m  
  -141
  987
  1,125
  1,262
  1,399
  1,534
  1,666
  1,793
  1,917
  2,036
  2,150
  2,262
  2,368
  2,472
  2,574
  2,674
  2,775
  2,874
  2,977
  3,080
  3,187
  3,297
  3,412
  3,531
  3,657
  3,789
  3,929
  4,076
  4,231
  4,396
  4,570
Total cash flow (excl. dividends), $m
  42
  1,216
  1,386
  1,558
  1,731
  1,904
  2,074
  2,241
  2,404
  2,564
  2,720
  2,872
  3,022
  3,169
  3,316
  3,462
  3,608
  3,757
  3,908
  4,063
  4,223
  4,388
  4,560
  4,740
  4,928
  5,125
  5,332
  5,550
  5,780
  6,023
  6,278
Retained Cash Flow (-), $m
  -32
  -267
  -305
  -343
  -381
  -419
  -457
  -494
  -530
  -565
  -599
  -633
  -665
  -698
  -730
  -762
  -795
  -827
  -861
  -895
  -930
  -966
  -1,004
  -1,044
  -1,085
  -1,129
  -1,174
  -1,222
  -1,273
  -1,326
  -1,383
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
 
  1,540
  1,081
  1,215
  1,350
  1,485
  1,617
  1,747
  1,875
  1,999
  2,121
  2,240
  2,356
  2,471
  2,585
  2,699
  2,814
  2,929
  3,047
  3,168
  3,293
  3,422
  3,556
  3,696
  3,843
  3,996
  4,158
  4,328
  4,507
  4,696
  4,896
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
 
  1,420
  911
  929
  928
  908
  872
  821
  759
  689
  615
  538
  462
  390
  323
  262
  208
  162
  124
  92
  67
  48
  33
  22
  15
  9
  6
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  89.5
  80.8
  73.6
  67.5
  62.4
  58.0
  54.3
  51.1
  48.4
  46.0
  43.9
  42.0
  40.4
  39.0
  37.7
  36.6
  35.5
  34.6
  33.8
  33.0
  32.3
  31.7
  31.1
  30.6
  30.1
  29.7
  29.2
  28.8
  28.4
  28.1

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 24.1
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 13.9
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 23.7% 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 86.105 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 $2.3 billion.

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LEN Lennar Cl A 56.27 107.14  str.buy
LGIH LGI Homes 54.38 374.09  str.buy
TOL Toll Brothers 43.11 63.63  str.buy
CAA CalAtlantic Gr 38.28 175.75  str.buy
NSM Nationstar Mor 20.14 23.77  buy
NVR NVR 2,900.08 3,572.13  buy

COMPANY NEWS

▶ 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]
▶ New High Analysis: Two Fast Growing Retailers Shine Brightly   [04:15PM  Investor's Business Daily]
▶ Here's Why KB Home Stock Is Jumping Today   [03:48PM  Motley Fool]
▶ A stock to focus on in this bull run   [01:21PM  CNBC Videos]
▶ KB Home Rises on Quarterly Results   [01:04PM  GuruFocus.com]
▶ Stocks Open Mixed; Musk Talks Mars; Zogenix Soars On Drug News   [09:41AM  Investor's Business Daily]
▶ KB Home tops Street 3Q forecasts   [Sep-28-17 10:56PM  Associated Press]
▶ KB Home beats the Street   [04:10PM  CNBC Videos]
▶ KB Home Reports 2017 Third Quarter Results   [04:05PM  Business Wire]
▶ These surging stocks have more room to run   [Sep-26-17 05:16PM  CNBC Videos]
▶ How to trade home builders: 4 plays   [05:00PM  CNBC Videos]
▶ Some Companies Have Growth Stories -- and Some Don't   [Sep-22-17 10:57PM  Motley Fool]
▶ [$$] KB Home Cuts CEO's Bonus After His Rant at Kathy Griffin   [Sep-21-17 05:48PM  The Wall Street Journal]
▶ KB Home Cuts CEOs Bonus After His Rant at Kathy Griffin   [05:48PM  The Wall Street Journal]
▶ KB Home, Builders In Focus But Ugly Feud Surfaces: Investing Action Plan   [Sep-20-17 04:04PM  Investor's Business Daily]
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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