Intrinsic value of LGI Homes - LGIH

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$32.41

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$32.41

 
Intrinsic value

$34.42

 
Up/down potential

+6%

 
Rating

hold

 
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
  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
  838
  855
  874
  897
  922
  950
  981
  1,014
  1,050
  1,089
  1,131
  1,176
  1,224
  1,274
  1,328
  1,386
  1,446
  1,511
  1,579
  1,650
  1,726
  1,806
  1,891
  1,980
  2,073
  2,172
  2,276
  2,385
  2,500
  2,622
  2,749
Variable operating expenses, $m
 
  723
  740
  759
  780
  804
  830
  858
  889
  922
  957
  995
  1,035
  1,078
  1,124
  1,172
  1,224
  1,278
  1,335
  1,396
  1,460
  1,528
  1,599
  1,675
  1,754
  1,838
  1,925
  2,018
  2,115
  2,218
  2,326
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
  741
  759
  778
  800
  824
  851
  879
  911
  944
  980
  1,019
  1,059
  1,103
  1,149
  1,198
  1,251
  1,305
  1,363
  1,425
  1,489
  1,558
  1,630
  1,707
  1,787
  1,871
  1,959
  2,053
  2,151
  2,255
  2,364
Operating income, $m
  111
  113
  116
  119
  122
  126
  130
  135
  140
  145
  151
  157
  164
  171
  179
  187
  196
  205
  215
  225
  236
  248
  260
  273
  287
  301
  316
  332
  349
  367
  386
EBITDA, $m
  112
  114
  117
  120
  123
  127
  131
  136
  141
  147
  153
  159
  166
  173
  181
  189
  198
  207
  217
  227
  238
  250
  262
  276
  289
  304
  319
  335
  352
  370
  389
Interest expense (income), $m
  14
  16
  16
  17
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  52
  55
Earnings before tax, $m
  114
  97
  99
  102
  105
  108
  112
  116
  120
  125
  130
  135
  141
  147
  154
  161
  168
  176
  184
  193
  203
  212
  223
  234
  246
  258
  271
  285
  299
  314
  330
Tax expense, $m
  39
  26
  27
  28
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
Net income, $m
  75
  71
  73
  74
  77
  79
  82
  84
  88
  91
  95
  99
  103
  107
  112
  117
  123
  128
  135
  141
  148
  155
  163
  171
  179
  188
  198
  208
  218
  229
  241

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
  781
  799
  819
  842
  868
  896
  926
  959
  995
  1,033
  1,074
  1,117
  1,164
  1,213
  1,265
  1,321
  1,380
  1,442
  1,507
  1,576
  1,650
  1,727
  1,808
  1,893
  1,984
  2,078
  2,178
  2,283
  2,394
  2,510
Adjusted assets (=assets-cash), $m
  765
  781
  799
  819
  842
  868
  896
  926
  959
  995
  1,033
  1,074
  1,117
  1,164
  1,213
  1,265
  1,321
  1,380
  1,442
  1,507
  1,576
  1,650
  1,727
  1,808
  1,893
  1,984
  2,078
  2,178
  2,283
  2,394
  2,510
Revenue / Adjusted assets
  1.095
  1.095
  1.094
  1.095
  1.095
  1.094
  1.095
  1.095
  1.095
  1.094
  1.095
  1.095
  1.096
  1.095
  1.095
  1.096
  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
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
Working capital, $m
  0
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -137
  -143
  -150
  -157
  -165
Total debt, $m
  400
  409
  420
  432
  446
  461
  478
  497
  516
  538
  561
  585
  612
  639
  669
  701
  734
  769
  806
  846
  887
  931
  978
  1,027
  1,078
  1,132
  1,189
  1,249
  1,312
  1,379
  1,449
Total liabilities, $m
  459
  469
  480
  492
  506
  521
  538
  557
  576
  598
  621
  645
  672
  699
  729
  761
  794
  829
  866
  906
  947
  991
  1,038
  1,087
  1,138
  1,192
  1,249
  1,309
  1,372
  1,439
  1,509
Total equity, $m
  355
  311
  319
  327
  336
  346
  357
  370
  383
  397
  412
  428
  446
  464
  484
  505
  527
  550
  575
  601
  629
  658
  689
  721
  755
  791
  829
  869
  911
  955
  1,002
Total liabilities and equity, $m
  814
  780
  799
  819
  842
  867
  895
  927
  959
  995
  1,033
  1,073
  1,118
  1,163
  1,213
  1,266
  1,321
  1,379
  1,441
  1,507
  1,576
  1,649
  1,727
  1,808
  1,893
  1,983
  2,078
  2,178
  2,283
  2,394
  2,511
Debt-to-equity ratio
  1.127
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.390
  1.390
  1.400
  1.400
  1.410
  1.410
  1.420
  1.420
  1.420
  1.430
  1.430
  1.430
  1.440
  1.440
  1.440
  1.450
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
  71
  73
  74
  77
  79
  82
  84
  88
  91
  95
  99
  103
  107
  112
  117
  123
  128
  135
  141
  148
  155
  163
  171
  179
  188
  198
  208
  218
  229
  241
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
Funds from operations, $m
  -293
  72
  74
  76
  78
  80
  83
  86
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  143
  150
  157
  165
  173
  182
  191
  201
  211
  221
  233
  245
Change in working capital, $m
  -185
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  -108
  74
  75
  77
  79
  82
  85
  88
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  141
  147
  155
  162
  170
  179
  188
  197
  207
  217
  228
  240
  252
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
New CAPEX, $m
  -1
  -1
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -1
  -2
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -5
  -5
  -5
  -5
  -5
  -5
Free cash flow, $m
  -109
  72
  73
  75
  78
  80
  83
  86
  89
  93
  97
  101
  105
  110
  115
  120
  125
  131
  138
  144
  151
  159
  167
  175
  184
  193
  203
  213
  224
  235
  247
Issuance/(repayment) of debt, $m
  95
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
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
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
Total cash flow (excl. dividends), $m
  12
  81
  84
  88
  92
  96
  100
  104
  109
  114
  119
  125
  131
  137
  144
  151
  159
  167
  175
  184
  193
  203
  213
  224
  235
  247
  260
  273
  287
  301
  317
Retained Cash Flow (-), $m
  -108
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
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
 
  125
  77
  80
  82
  85
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  137
  143
  150
  157
  165
  173
  182
  191
  201
  211
  222
  233
  245
  257
  270
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
 
  116
  66
  63
  59
  55
  51
  47
  43
  39
  35
  31
  27
  23
  20
  16
  13
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
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 9.2
Price to Sales 0.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow -6.4
Price to Free Cash Flow -6.3
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 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 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 21.727 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

▶ ETFs with exposure to LGI Homes, Inc. : May 25, 2017   [May-25-17 12:42PM  Capital Cube]
▶ ETFs with exposure to LGI Homes, Inc. : May 12, 2017   [May-12-17 04:08PM  Capital Cube]
▶ Two Homebuilders Pop On Earnings As Group Looks To Regroup   [May-09-17 04:33PM  Investor's Business Daily]
▶ Why LGI Homes Stock Soared 10% Today   [12:58PM  Motley Fool]
▶ LGI Homes tops Street 1Q forecasts   [10:15AM  Associated Press]
▶ LGI Homes, Inc. Reports April 2017 Home Closings   [May-03-17 07:58PM  GlobeNewswire]
▶ 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 Annual reports 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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