Intrinsic value of M.D.C. Holdings - MDC

Previous Close

$30.73

  Intrinsic Value

$19.56

stock screener

  Rating & Target

sell

-36%

Previous close

$30.73

 
Intrinsic value

$19.56

 
Up/down potential

-36%

 
Rating

sell

We calculate the intrinsic value of MDC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  21.90
  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
  2,327
  2,374
  2,428
  2,491
  2,561
  2,638
  2,723
  2,816
  2,917
  3,025
  3,141
  3,265
  3,397
  3,539
  3,689
  3,848
  4,016
  4,195
  4,383
  4,583
  4,793
  5,016
  5,250
  5,497
  5,757
  6,031
  6,320
  6,624
  6,943
  7,280
  7,633
Variable operating expenses, $m
 
  2,067
  2,115
  2,169
  2,230
  2,298
  2,372
  2,453
  2,540
  2,634
  2,735
  2,843
  2,958
  3,081
  3,212
  3,350
  3,497
  3,653
  3,817
  3,991
  4,174
  4,367
  4,571
  4,786
  5,013
  5,252
  5,503
  5,767
  6,046
  6,339
  6,647
Fixed operating expenses, $m
 
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  296
  304
  311
  319
  327
Total operating expenses, $m
  2,178
  2,227
  2,279
  2,337
  2,402
  2,474
  2,553
  2,638
  2,730
  2,829
  2,935
  3,048
  3,168
  3,296
  3,432
  3,576
  3,729
  3,890
  4,060
  4,240
  4,430
  4,629
  4,840
  5,061
  5,295
  5,541
  5,799
  6,071
  6,357
  6,658
  6,974
Operating income, $m
  149
  146
  149
  153
  158
  164
  171
  178
  186
  196
  206
  217
  229
  242
  256
  271
  288
  305
  323
  343
  364
  386
  410
  435
  462
  490
  520
  552
  586
  622
  659
EBITDA, $m
  154
  151
  154
  158
  163
  169
  176
  184
  192
  201
  212
  223
  235
  249
  263
  278
  295
  312
  331
  351
  372
  395
  419
  445
  472
  501
  532
  564
  598
  635
  673
Interest expense (income), $m
  1
  30
  31
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  48
  50
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  112
Earnings before tax, $m
  152
  116
  119
  122
  125
  130
  135
  141
  148
  156
  164
  174
  184
  195
  206
  219
  232
  247
  262
  279
  297
  316
  336
  357
  380
  404
  429
  456
  485
  516
  548
Tax expense, $m
  49
  31
  32
  33
  34
  35
  37
  38
  40
  42
  44
  47
  50
  53
  56
  59
  63
  67
  71
  75
  80
  85
  91
  96
  103
  109
  116
  123
  131
  139
  148
Net income, $m
  103
  85
  87
  89
  92
  95
  99
  103
  108
  114
  120
  127
  134
  142
  151
  160
  170
  180
  192
  204
  217
  230
  245
  261
  277
  295
  313
  333
  354
  376
  400

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  283
  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
  2,529
  2,291
  2,344
  2,404
  2,472
  2,547
  2,629
  2,718
  2,815
  2,920
  3,032
  3,152
  3,279
  3,416
  3,560
  3,714
  3,877
  4,049
  4,231
  4,424
  4,627
  4,841
  5,068
  5,306
  5,557
  5,822
  6,100
  6,393
  6,702
  7,027
  7,368
Adjusted assets (=assets-cash), $m
  2,246
  2,291
  2,344
  2,404
  2,472
  2,547
  2,629
  2,718
  2,815
  2,920
  3,032
  3,152
  3,279
  3,416
  3,560
  3,714
  3,877
  4,049
  4,231
  4,424
  4,627
  4,841
  5,068
  5,306
  5,557
  5,822
  6,100
  6,393
  6,702
  7,027
  7,368
Revenue / Adjusted assets
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
  1.036
Average production assets, $m
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
Working capital, $m
  0
  -173
  -177
  -182
  -187
  -193
  -199
  -206
  -213
  -221
  -229
  -238
  -248
  -258
  -269
  -281
  -293
  -306
  -320
  -335
  -350
  -366
  -383
  -401
  -420
  -440
  -461
  -484
  -507
  -531
  -557
Total debt, $m
  971
  880
  906
  935
  968
  1,005
  1,045
  1,089
  1,136
  1,187
  1,241
  1,300
  1,362
  1,429
  1,499
  1,574
  1,654
  1,738
  1,827
  1,921
  2,020
  2,125
  2,235
  2,351
  2,474
  2,603
  2,739
  2,882
  3,033
  3,191
  3,358
Total liabilities, $m
  1,209
  1,118
  1,144
  1,173
  1,206
  1,243
  1,283
  1,327
  1,374
  1,425
  1,479
  1,538
  1,600
  1,667
  1,737
  1,812
  1,892
  1,976
  2,065
  2,159
  2,258
  2,363
  2,473
  2,589
  2,712
  2,841
  2,977
  3,120
  3,271
  3,429
  3,596
Total equity, $m
  1,320
  1,173
  1,200
  1,231
  1,265
  1,304
  1,346
  1,392
  1,441
  1,495
  1,552
  1,614
  1,679
  1,749
  1,823
  1,902
  1,985
  2,073
  2,166
  2,265
  2,369
  2,479
  2,595
  2,717
  2,845
  2,981
  3,123
  3,273
  3,431
  3,598
  3,772
Total liabilities and equity, $m
  2,529
  2,291
  2,344
  2,404
  2,471
  2,547
  2,629
  2,719
  2,815
  2,920
  3,031
  3,152
  3,279
  3,416
  3,560
  3,714
  3,877
  4,049
  4,231
  4,424
  4,627
  4,842
  5,068
  5,306
  5,557
  5,822
  6,100
  6,393
  6,702
  7,027
  7,368
Debt-to-equity ratio
  0.736
  0.750
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.890
  0.890
Adjusted equity ratio
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  103
  85
  87
  89
  92
  95
  99
  103
  108
  114
  120
  127
  134
  142
  151
  160
  170
  180
  192
  204
  217
  230
  245
  261
  277
  295
  313
  333
  354
  376
  400
Depreciation, amort., depletion, $m
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Funds from operations, $m
  89
  90
  91
  94
  97
  100
  104
  109
  114
  120
  126
  133
  140
  148
  157
  167
  177
  188
  199
  212
  225
  239
  254
  270
  287
  305
  325
  345
  366
  389
  413
Change in working capital, $m
  -27
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
Cash from operations, $m
  116
  93
  95
  98
  102
  106
  110
  116
  121
  128
  134
  142
  150
  159
  168
  178
  189
  201
  213
  226
  240
  255
  271
  288
  306
  325
  346
  367
  390
  414
  439
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
New CAPEX, $m
  -4
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  9
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
Free cash flow, $m
  125
  88
  91
  93
  97
  100
  105
  110
  115
  121
  128
  135
  143
  151
  160
  170
  180
  191
  203
  216
  230
  244
  260
  276
  294
  312
  332
  352
  374
  397
  422
Issuance/(repayment) of debt, $m
  26
  23
  26
  29
  33
  37
  40
  44
  47
  51
  55
  58
  62
  66
  71
  75
  79
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  151
  158
  167
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  26
  23
  26
  29
  33
  37
  40
  44
  47
  51
  55
  58
  62
  66
  71
  75
  79
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  151
  158
  167
Total cash flow (excl. dividends), $m
  151
  112
  116
  123
  130
  137
  145
  153
  162
  172
  182
  193
  205
  217
  231
  245
  260
  276
  292
  310
  329
  349
  370
  392
  416
  441
  467
  495
  525
  556
  589
Retained Cash Flow (-), $m
  -64
  -22
  -27
  -31
  -35
  -38
  -42
  -46
  -50
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -135
  -143
  -150
  -158
  -166
  -175
Prev. year cash balance distribution, $m
 
  169
  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
 
  259
  89
  92
  95
  99
  103
  107
  113
  119
  125
  132
  139
  148
  157
  166
  176
  187
  199
  212
  225
  239
  254
  270
  287
  306
  325
  345
  367
  390
  414
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  243
  78
  75
  71
  67
  64
  60
  56
  52
  48
  44
  39
  35
  31
  27
  23
  20
  16
  13
  11
  8
  7
  5
  4
  3
  2
  1
  1
  1
  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

M.D.C. Holdings, Inc. is engaged in two primary operations, including homebuilding and financial services. The Company's segments include West, including segments located in Arizona, California, Nevada and Washington; Mountain, including segments located in Colorado and Utah; East, including segments located in Virginia, Florida and Maryland, which includes Pennsylvania and New Jersey; mortgage operations, including HomeAmerican Mortgage Corporation, and Other, which includes Allegiant Insurance Company, Inc., StarAmerican Insurance Ltd., American Home Insurance Agency, Inc. and American Home Title and Escrow Company. The homebuilding operations consist of subsidiary companies that purchases finished lots or develop lots necessary for the construction and sale of single-family detached homes to first-time and first-time move-up homebuyers under the name Richmond American Homes. It also includes land acquisition and development, home construction, and sales and marketing.

FINANCIAL RATIOS  of  M.D.C. Holdings (MDC)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 0.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 15.3
Growth Rates
Sales Growth Rate 21.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 2
Current Ratio NaN
LT Debt to Equity 64.9%
Total Debt to Equity 73.6%
Interest Coverage 153
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.2%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 5.3%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 32.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 47.6%

MDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDC stock intrinsic value calculation we used $2327 million for the last fiscal year's total revenue generated by M.D.C. Holdings. The default revenue input number comes from 2016 income statement of M.D.C. Holdings. 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 MDC 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 6.5%, whose default value for MDC is calculated based on our internal credit rating of M.D.C. Holdings, 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 M.D.C. Holdings.
    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 MDC stock the variable cost ratio is equal to 87.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $156 million in the base year in the intrinsic value calculation for MDC 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 M.D.C. Holdings.

Corporate tax rate of 27% is the nominal tax rate for M.D.C. Holdings. 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 MDC 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 MDC are equal to 1.2%.

Life of production assets of 6.8 years is the average useful life of capital assets used in M.D.C. Holdings 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 MDC is equal to -7.3%. 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 - $1320 million for M.D.C. Holdings - 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 56.462 million for M.D.C. Holdings 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 M.D.C. Holdings at the current share price and the inputted number of shares is $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
KBH KB Home 31.64 91.38  str.buy
LEN Lennar Cl A 60.86 102.56  str.buy
CAA CalAtlantic Gr 53.12 39.43  sell
TOL Toll Brothers 47.07 71.02  buy
DHI D.R. Horton 45.57 62.39  buy
NVR NVR 3,208.23 3,035.12  hold
MHO M/I Homes 32.38 33.46  hold
LGIH LGI Homes 65.77 754.40  str.buy
MTH Meritage Homes 47.20 47.98  hold

COMPANY NEWS

▶ New Seasons Communities Coming To Jacksonville   [Feb-15-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Henderson, Nevada   [Feb-12-18 05:01PM  PR Newswire]
▶ New Richmond American Community In Davenport   [Feb-05-18 05:01PM  PR Newswire]
▶ M.D.C. Holdings, Inc. to Host Earnings Call   [Feb-01-18 09:30AM  ACCESSWIRE]
▶ M.D.C. Holdings Increases Quarterly Cash Dividend By 20%   [Jan-23-18 07:30PM  PR Newswire]
▶ 3 Top Dividend Stocks to Buy Right Now   [03:37PM  Motley Fool]
▶ New Richmond American Community In Tucson, Arizona   [Jan-17-18 05:01PM  PR Newswire]
▶ Grand Opening: Two New Communities In Northern Virginia   [Jan-10-18 05:01PM  PR Newswire]
▶ M.D.C. Holdings Announces Special 8% Stock Dividend   [Nov-21-17 06:00PM  PR Newswire]
▶ What Are America's Fastest-Growing Industries?   [Nov-08-17 06:34AM  Motley Fool]
▶ IBD Rating Upgrades: MDC Holdings Flashes Improved Relative Price Strength   [Nov-06-17 03:00AM  Investor's Business Daily]
▶ Stock Market News For Nov 3, 2017   [Nov-03-17 10:04AM  Zacks]
▶ M.D.C. Holdings beats Street 3Q forecasts   [06:11AM  Associated Press]
▶ Earnings Season Watch List: MDC Holdings   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ 7 Amazing Investments on America's New Housing Boom   [Oct-25-17 10:00PM  TheStreet.com]
▶ M.D.C. Holdings Declares Quarterly Cash Dividend   [Oct-23-17 08:13PM  PR Newswire]
▶ New Phoenix Community Offers Homes With RV Garages   [Oct-20-17 05:01PM  PR Newswire]
▶ Why MDC Holdings Inc (MDC) Could Be A Buy   [Oct-13-17 10:17AM  Simply Wall St.]
▶ Why MDC Holdings Inc (MDC) Could Be A Buy   [Sep-28-17 07:35PM  Simply Wall St.]
▶ Richmond American Homes Enters Oregon Market   [Sep-21-17 05:01PM  PR Newswire]
▶ Richmond American Homes Announces September Sales Event   [Sep-14-17 05:01PM  PR Newswire]
▶ Top Fund Managers Are Buying These 4 Highly Rated Stocks   [Aug-04-17 12:45PM  Investor's Business Daily]
▶ M.D.C. Holdings beats Street 2Q forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ As Homebuilders Wrap Up Earnings Season, 3 Key Names Yet To Report   [Jul-31-17 07:00PM  Investor's Business Daily]
▶ M.D.C. Holdings Declares Quarterly Cash Dividend   [Jul-24-17 08:34PM  PR Newswire]
▶ This Homebuilder Wins By Wooing New Entrants To Homeownership   [Jul-14-17 04:42PM  Investor's Business Daily]
▶ Real Estate Tech Stock Trying To Close On New Breakout   [Jul-07-17 04:10PM  Investor's Business Daily]
▶ As Homebuilders Show Strength, This Breakout Stock Gets Upgraded   [Jul-03-17 12:32PM  Investor's Business Daily]
▶ Nasdaq Cuts Losses; Is It Time To Take Gains In Apple, Other Big-Cap Techs?   [Jun-29-17 04:30PM  Investor's Business Daily]
▶ KB Home Rallies On Earnings; Peer MDC Breaks Out   [Jun-28-17 05:34AM  Investor's Business Daily]
▶ KB Home Earnings, Revenue Beat As These 4 Builders Near Buy Points   [Jun-27-17 04:54PM  Investor's Business Daily]
Financial statements of MDC
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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