Intrinsic value of LGI Homes - LGIH

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$30.86

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$30.86

 
Intrinsic value

$217.01

 
Up/down potential

+603%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of LGIH 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 0.7

 

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, %
  33.02
  33.90
  31.01
  28.41
  26.07
  23.96
  22.07
  20.36
  18.82
  17.44
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.90
  8.51
  8.16
  7.85
  7.56
  7.31
  7.07
  6.87
  6.68
  6.51
  6.36
Revenue, $m
  838
  1,122
  1,470
  1,888
  2,380
  2,950
  3,601
  4,334
  5,150
  6,048
  7,027
  8,087
  9,225
  10,439
  11,728
  13,089
  14,523
  16,027
  17,600
  19,244
  20,957
  22,741
  24,598
  26,528
  28,533
  30,618
  32,784
  35,035
  37,376
  39,810
  42,342
Variable operating expenses, $m
 
  949
  1,244
  1,597
  2,013
  2,496
  3,046
  3,667
  4,357
  5,116
  5,945
  6,842
  7,804
  8,831
  9,922
  11,074
  12,286
  13,558
  14,890
  16,280
  17,730
  19,239
  20,810
  22,442
  24,139
  25,903
  27,735
  29,640
  31,620
  33,679
  35,822
Fixed operating expenses, $m
 
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
Total operating expenses, $m
  727
  967
  1,263
  1,616
  2,033
  2,516
  3,067
  3,688
  4,379
  5,138
  5,968
  6,866
  7,828
  8,856
  9,947
  11,100
  12,313
  13,585
  14,918
  16,309
  17,759
  19,269
  20,841
  22,474
  24,172
  25,936
  27,769
  29,675
  31,656
  33,716
  35,860
Operating income, $m
  111
  154
  207
  271
  347
  434
  534
  646
  771
  909
  1,059
  1,222
  1,396
  1,583
  1,781
  1,990
  2,210
  2,441
  2,682
  2,935
  3,198
  3,472
  3,757
  4,053
  4,362
  4,682
  5,015
  5,360
  5,720
  6,094
  6,483
EBITDA, $m
  112
  156
  209
  274
  350
  438
  538
  651
  777
  916
  1,068
  1,232
  1,408
  1,596
  1,795
  2,006
  2,228
  2,460
  2,704
  2,958
  3,224
  3,500
  3,787
  4,086
  4,397
  4,719
  5,055
  5,404
  5,766
  6,143
  6,535
Interest expense (income), $m
  14
  16
  22
  30
  39
  50
  62
  77
  93
  111
  130
  152
  175
  200
  227
  255
  285
  316
  349
  384
  420
  458
  497
  538
  580
  624
  670
  717
  767
  818
  872
Earnings before tax, $m
  114
  138
  185
  241
  308
  384
  471
  569
  678
  798
  929
  1,070
  1,221
  1,383
  1,554
  1,735
  1,925
  2,124
  2,333
  2,551
  2,778
  3,014
  3,260
  3,516
  3,782
  4,058
  4,345
  4,643
  4,953
  5,276
  5,611
Tax expense, $m
  39
  37
  50
  65
  83
  104
  127
  154
  183
  216
  251
  289
  330
  373
  420
  468
  520
  574
  630
  689
  750
  814
  880
  949
  1,021
  1,096
  1,173
  1,254
  1,337
  1,424
  1,515
Net income, $m
  75
  101
  135
  176
  225
  280
  344
  416
  495
  583
  678
  781
  892
  1,009
  1,134
  1,266
  1,405
  1,551
  1,703
  1,862
  2,028
  2,200
  2,380
  2,567
  2,761
  2,962
  3,172
  3,389
  3,616
  3,851
  4,096

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  815
  1,025
  1,343
  1,724
  2,173
  2,694
  3,288
  3,958
  4,703
  5,523
  6,418
  7,385
  8,424
  9,533
  10,710
  11,954
  13,263
  14,636
  16,073
  17,574
  19,139
  20,768
  22,464
  24,226
  26,058
  27,962
  29,940
  31,996
  34,133
  36,356
  38,669
Adjusted assets (=assets-cash), $m
  765
  1,025
  1,343
  1,724
  2,173
  2,694
  3,288
  3,958
  4,703
  5,523
  6,418
  7,385
  8,424
  9,533
  10,710
  11,954
  13,263
  14,636
  16,073
  17,574
  19,139
  20,768
  22,464
  24,226
  26,058
  27,962
  29,940
  31,996
  34,133
  36,356
  38,669
Revenue / Adjusted assets
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
Average production assets, $m
  13
  18
  24
  30
  38
  47
  58
  69
  82
  97
  112
  129
  148
  167
  188
  209
  232
  256
  282
  308
  335
  364
  394
  424
  457
  490
  525
  561
  598
  637
  677
Working capital, $m
  0
  -67
  -88
  -113
  -143
  -177
  -216
  -260
  -309
  -363
  -422
  -485
  -553
  -626
  -704
  -785
  -871
  -962
  -1,056
  -1,155
  -1,257
  -1,364
  -1,476
  -1,592
  -1,712
  -1,837
  -1,967
  -2,102
  -2,243
  -2,389
  -2,541
Total debt, $m
  400
  556
  747
  976
  1,246
  1,559
  1,916
  2,319
  2,766
  3,259
  3,797
  4,379
  5,003
  5,669
  6,377
  7,124
  7,911
  8,736
  9,600
  10,502
  11,443
  12,422
  13,441
  14,500
  15,601
  16,745
  17,934
  19,169
  20,454
  21,790
  23,180
Total liabilities, $m
  459
  616
  807
  1,036
  1,306
  1,619
  1,976
  2,379
  2,826
  3,319
  3,857
  4,439
  5,063
  5,729
  6,437
  7,184
  7,971
  8,796
  9,660
  10,562
  11,503
  12,482
  13,501
  14,560
  15,661
  16,805
  17,994
  19,229
  20,514
  21,850
  23,240
Total equity, $m
  355
  409
  536
  688
  867
  1,075
  1,312
  1,579
  1,876
  2,204
  2,561
  2,947
  3,361
  3,804
  4,273
  4,770
  5,292
  5,840
  6,413
  7,012
  7,636
  8,287
  8,963
  9,666
  10,397
  11,157
  11,946
  12,766
  13,619
  14,506
  15,429
Total liabilities and equity, $m
  814
  1,025
  1,343
  1,724
  2,173
  2,694
  3,288
  3,958
  4,702
  5,523
  6,418
  7,386
  8,424
  9,533
  10,710
  11,954
  13,263
  14,636
  16,073
  17,574
  19,139
  20,769
  22,464
  24,226
  26,058
  27,962
  29,940
  31,995
  34,133
  36,356
  38,669
Debt-to-equity ratio
  1.127
  1.360
  1.390
  1.420
  1.440
  1.450
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
Adjusted equity ratio
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  101
  135
  176
  225
  280
  344
  416
  495
  583
  678
  781
  892
  1,009
  1,134
  1,266
  1,405
  1,551
  1,703
  1,862
  2,028
  2,200
  2,380
  2,567
  2,761
  2,962
  3,172
  3,389
  3,616
  3,851
  4,096
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  52
Funds from operations, $m
  -293
  102
  137
  179
  227
  284
  348
  421
  502
  590
  687
  791
  903
  1,022
  1,149
  1,282
  1,423
  1,570
  1,725
  1,886
  2,054
  2,228
  2,410
  2,599
  2,796
  3,000
  3,212
  3,433
  3,662
  3,900
  4,148
Change in working capital, $m
  -185
  -17
  -21
  -25
  -30
  -34
  -39
  -44
  -49
  -54
  -59
  -64
  -68
  -73
  -77
  -82
  -86
  -90
  -94
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
Cash from operations, $m
  -108
  120
  158
  204
  257
  318
  388
  465
  551
  644
  745
  855
  971
  1,095
  1,226
  1,364
  1,509
  1,661
  1,819
  1,984
  2,156
  2,335
  2,522
  2,715
  2,916
  3,125
  3,342
  3,568
  3,802
  4,046
  4,300
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -9
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
New CAPEX, $m
  -1
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
Cash from investing activities, $m
  -1
  -6
  -7
  -9
  -10
  -12
  -14
  -16
  -18
  -20
  -23
  -26
  -28
  -30
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -68
  -73
  -76
  -80
  -85
  -90
Free cash flow, $m
  -109
  114
  151
  195
  247
  306
  373
  449
  532
  623
  722
  829
  943
  1,064
  1,193
  1,328
  1,470
  1,619
  1,774
  1,936
  2,105
  2,281
  2,464
  2,654
  2,851
  3,056
  3,270
  3,491
  3,722
  3,961
  4,211
Issuance/(repayment) of debt, $m
  95
  156
  191
  229
  270
  313
  357
  402
  448
  493
  538
  582
  624
  666
  707
  747
  787
  825
  864
  902
  940
  979
  1,019
  1,059
  1,101
  1,144
  1,189
  1,236
  1,285
  1,336
  1,390
Issuance/(repurchase) of shares, $m
  29
  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 financing (excl. dividends), $m  
  121
  156
  191
  229
  270
  313
  357
  402
  448
  493
  538
  582
  624
  666
  707
  747
  787
  825
  864
  902
  940
  979
  1,019
  1,059
  1,101
  1,144
  1,189
  1,236
  1,285
  1,336
  1,390
Total cash flow (excl. dividends), $m
  12
  270
  342
  424
  517
  619
  731
  851
  980
  1,116
  1,260
  1,410
  1,567
  1,731
  1,900
  2,075
  2,257
  2,444
  2,638
  2,838
  3,046
  3,260
  3,483
  3,713
  3,952
  4,200
  4,459
  4,727
  5,006
  5,297
  5,601
Retained Cash Flow (-), $m
  -108
  -104
  -127
  -152
  -179
  -208
  -237
  -267
  -297
  -327
  -357
  -386
  -415
  -442
  -470
  -496
  -522
  -548
  -573
  -599
  -624
  -650
  -676
  -703
  -731
  -760
  -789
  -820
  -853
  -887
  -923
Prev. year cash balance distribution, $m
 
  50
  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
 
  216
  215
  272
  338
  411
  494
  584
  683
  789
  903
  1,024
  1,153
  1,288
  1,430
  1,579
  1,734
  1,896
  2,065
  2,240
  2,421
  2,610
  2,806
  3,010
  3,221
  3,441
  3,669
  3,907
  4,153
  4,410
  4,678
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  201
  185
  214
  242
  266
  285
  299
  306
  306
  300
  288
  271
  249
  224
  198
  171
  144
  119
  96
  75
  58
  43
  31
  22
  15
  10
  7
  4
  3
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

LGI Homes, Inc. engages in the design, construction, marketing, and sale of new homes in Texas, Arizona, Florida, Georgia, New Mexico, South Carolina, North Carolina, Colorado, Washington, and Tennessee markets. Its primary markets include Houston, San Antonio, Dallas/Fort Worth, Austin, Phoenix, Tucson, Tampa, Orlando, Fort Myers, Atlanta, Albuquerque, Charlotte, Denver, Seattle, Colorado Springs, Nashville, and Jacksonville. The company was founded in 2003 and is headquartered in The Woodlands, Texas.

FINANCIAL RATIOS  of  LGI Homes (LGIH)

Valuation Ratios
P/E Ratio 8.8
Price to Sales 0.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow -6.1
Price to Free Cash Flow -6
Growth Rates
Sales Growth Rate 33%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 112.7%
Total Debt to Equity 112.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 11.7%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 24.9%
Return On Equity - 3 Yr. Avg. 21.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 26.5%
Gross Margin - 3 Yr. Avg. 26.6%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 14.1%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 0%

LGIH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LGIH stock intrinsic value calculation we used $838 million for the last fiscal year's total revenue generated by LGI Homes. The default revenue input number comes from 2016 income statement of LGI Homes. 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 LGIH stock valuation model: a) initial revenue growth rate of 33.9% 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 7.5%, whose default value for LGIH is calculated based on our internal credit rating of LGI Homes, 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 LGI Homes.
    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 LGIH stock the variable cost ratio is equal to 84.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18 million in the base year in the intrinsic value calculation for LGIH 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 4% for LGI Homes.

Corporate tax rate of 27% is the nominal tax rate for LGI Homes. 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 LGIH 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 LGIH are equal to 1.6%.

Life of production assets of 13 years is the average useful life of capital assets used in LGI Homes 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 LGIH is equal to -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 - $355 million for LGI Homes - 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 21.368 million for LGI Homes 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 LGI Homes at the current share price and the inputted number of shares is $0.7 billion.


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COMPANY NEWS

▶ Texas builder continues Triad expansion with 18-lot purchase   [Apr-24-17 11:04AM  American City Business Journals]
▶ LGI Homes to Host 2017 First Quarter Conference Call   [Apr-21-17 07:18PM  GlobeNewswire]
▶ Week In Review: Dow Dips As Oil Dives, Jobs Jump; Big Stock Winners, Losers   [Mar-10-17 04:08PM  Investor's Business Daily]
▶ LGI Homes Soars On Earnings; Builder Stocks Show Strength   [Mar-07-17 04:08PM  Investor's Business Daily]
▶ Why LGI Homes Stock Just Jumped 15%   [12:00PM  Motley Fool]
▶ [$$] Millennials Delay the Homeownership Move   [Mar-04-17 02:12AM  at Barrons.com]
▶ LGI Homes, Inc. Reports February 2017 Home Closings   [Mar-03-17 07:04PM  GlobeNewswire]
▶ Rancho Mirage: A New Phoenix-Area Community by LGI Homes   [Feb-24-17 06:26PM  GlobeNewswire]
▶ 4 Legendary Investor Picks For The Trump Rally   [Feb-21-17 10:47AM  at Forbes]
▶ Why LGI Homes Stock Slumped 14% on Monday   [Feb-06-17 12:50PM  at Motley Fool]
▶ LGI Homes, Inc. Reports January 2017 Home Closings   [Feb-03-17 06:36PM  GlobeNewswire]
▶ 5 Stocks That Could Make You Rich   [Dec-16-16 12:04PM  at Motley Fool]
▶ Is LGI Homes Inc (LGIH) A Good Stock To Buy?   [Dec-12-16 04:05PM  at Insider Monkey]
▶ LGI Homes, Inc. Reports November 2016 Home Closings   [Dec-05-16 07:30PM  GlobeNewswire]
▶ LGI Homes, Inc. Reports October 2016 Home Closings   [Nov-03-16 07:00PM  GlobeNewswire]
▶ LGI Homes to Host 2016 Third Quarter Conference Call   [Oct-27-16 07:43PM  GlobeNewswire]
▶ [$$] Texas Builder Aggressively Markets Starter Homes   [12:12AM  at The Wall Street Journal]
▶ [$$] Texas Builder Aggressively Markets Starter Homes   [Oct-18-16 11:01AM  at The Wall Street Journal]
Stock chart of LGIH Financial statements of LGIH
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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