Intrinsic value of M/I Homes - MHO

Previous Close

$25.64

  Intrinsic Value

$160.78

stock screener

  Rating & Target

str. buy

+527%

Previous close

$25.64

 
Intrinsic value

$160.78

 
Up/down potential

+527%

 
Rating

str. buy

We calculate the intrinsic value of MHO 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, %
  19.25
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  1,691
  2,276
  2,615
  2,979
  3,367
  3,778
  4,212
  4,669
  5,148
  5,649
  6,173
  6,718
  7,286
  7,876
  8,490
  9,129
  9,792
  10,481
  11,197
  11,942
  12,716
  13,522
  14,361
  15,235
  16,145
  17,094
  18,084
  19,116
  20,195
  21,320
  22,497
Variable operating expenses, $m
 
  2,021
  2,321
  2,642
  2,985
  3,348
  3,731
  4,135
  4,558
  5,000
  5,462
  5,932
  6,434
  6,955
  7,497
  8,061
  8,646
  9,255
  9,888
  10,545
  11,229
  11,941
  12,681
  13,453
  14,257
  15,095
  15,969
  16,880
  17,832
  18,827
  19,866
Fixed operating expenses, $m
 
  82
  84
  85
  87
  89
  91
  93
  95
  97
  99
  102
  104
  106
  108
  111
  113
  116
  118
  121
  124
  126
  129
  132
  135
  138
  141
  144
  147
  150
  154
Total operating expenses, $m
  1,583
  2,103
  2,405
  2,727
  3,072
  3,437
  3,822
  4,228
  4,653
  5,097
  5,561
  6,034
  6,538
  7,061
  7,605
  8,172
  8,759
  9,371
  10,006
  10,666
  11,353
  12,067
  12,810
  13,585
  14,392
  15,233
  16,110
  17,024
  17,979
  18,977
  20,020
Operating income, $m
  109
  173
  211
  251
  295
  341
  390
  441
  495
  552
  611
  684
  748
  815
  885
  957
  1,032
  1,110
  1,191
  1,276
  1,364
  1,455
  1,551
  1,650
  1,754
  1,862
  1,974
  2,092
  2,215
  2,343
  2,478
EBITDA, $m
  120
  395
  464
  539
  618
  703
  792
  885
  984
  1,087
  1,194
  1,306
  1,423
  1,544
  1,671
  1,802
  1,939
  2,081
  2,228
  2,382
  2,541
  2,707
  2,880
  3,061
  3,249
  3,444
  3,649
  3,862
  4,085
  4,318
  4,561
Interest expense (income), $m
  7
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  40
  41
  43
  44
  46
Earnings before tax, $m
  92
  153
  191
  231
  274
  320
  368
  419
  472
  528
  586
  659
  722
  788
  857
  928
  1,003
  1,080
  1,160
  1,244
  1,331
  1,421
  1,515
  1,614
  1,716
  1,823
  1,934
  2,051
  2,172
  2,299
  2,432
Tax expense, $m
  35
  41
  52
  62
  74
  86
  99
  113
  127
  143
  158
  178
  195
  213
  231
  251
  271
  292
  313
  336
  359
  384
  409
  436
  463
  492
  522
  554
  586
  621
  657
Net income, $m
  57
  112
  139
  169
  200
  233
  269
  306
  345
  385
  428
  481
  527
  576
  626
  678
  732
  788
  847
  908
  971
  1,037
  1,106
  1,178
  1,253
  1,331
  1,412
  1,497
  1,586
  1,678
  1,775

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  1,549
  -1,061
  -1,219
  -1,389
  -1,570
  -1,761
  -1,964
  -2,177
  -2,400
  -2,634
  -2,878
  -3,132
  -3,397
  -3,672
  -3,958
  -4,256
  -4,565
  -4,886
  -5,220
  -5,567
  -5,928
  -6,304
  -6,695
  -7,102
  -7,527
  -7,969
  -8,431
  -8,912
  -9,415
  -9,940
  -10,488
Adjusted assets (=assets-cash), $m
  1,515
  -1,061
  -1,219
  -1,389
  -1,570
  -1,761
  -1,964
  -2,177
  -2,400
  -2,634
  -2,878
  -3,132
  -3,397
  -3,672
  -3,958
  -4,256
  -4,565
  -4,886
  -5,220
  -5,567
  -5,928
  -6,304
  -6,695
  -7,102
  -7,527
  -7,969
  -8,431
  -8,912
  -9,415
  -9,940
  -10,488
Revenue / Adjusted assets
  1.116
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
  -2.145
Average production assets, $m
  18
  2,108
  2,422
  2,758
  3,117
  3,498
  3,900
  4,324
  4,767
  5,231
  5,716
  6,221
  6,747
  7,293
  7,862
  8,453
  9,067
  9,705
  10,369
  11,058
  11,775
  12,522
  13,298
  14,107
  14,950
  15,829
  16,746
  17,702
  18,700
  19,743
  20,832
Working capital, $m
  0
  -1,297
  -1,491
  -1,698
  -1,919
  -2,153
  -2,401
  -2,661
  -2,934
  -3,220
  -3,518
  -3,829
  -4,153
  -4,489
  -4,839
  -5,203
  -5,581
  -5,974
  -6,382
  -6,807
  -7,248
  -7,708
  -8,186
  -8,684
  -9,203
  -9,744
  -10,308
  -10,896
  -11,511
  -12,153
  -12,823
Total debt, $m
  638
  196
  201
  206
  211
  217
  223
  229
  235
  242
  249
  257
  264
  272
  281
  289
  298
  307
  317
  327
  338
  349
  360
  372
  384
  397
  410
  424
  439
  454
  470
Total liabilities, $m
  894
  31
  35
  40
  46
  51
  57
  63
  70
  76
  83
  91
  99
  106
  115
  123
  132
  142
  151
  161
  172
  183
  194
  206
  218
  231
  244
  258
  273
  288
  304
Total equity, $m
  654
  -1,092
  -1,254
  -1,429
  -1,615
  -1,812
  -2,021
  -2,240
  -2,470
  -2,710
  -2,961
  -3,223
  -3,495
  -3,778
  -4,073
  -4,379
  -4,697
  -5,028
  -5,372
  -5,729
  -6,100
  -6,487
  -6,889
  -7,308
  -7,745
  -8,200
  -8,675
  -9,171
  -9,688
  -10,228
  -10,792
Total liabilities and equity, $m
  1,548
  -1,061
  -1,219
  -1,389
  -1,569
  -1,761
  -1,964
  -2,177
  -2,400
  -2,634
  -2,878
  -3,132
  -3,396
  -3,672
  -3,958
  -4,256
  -4,565
  -4,886
  -5,221
  -5,568
  -5,928
  -6,304
  -6,695
  -7,102
  -7,527
  -7,969
  -8,431
  -8,913
  -9,415
  -9,940
  -10,488
Debt-to-equity ratio
  0.976
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.409
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029
  1.029

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  112
  139
  169
  200
  233
  269
  306
  345
  385
  428
  481
  527
  576
  626
  678
  732
  788
  847
  908
  971
  1,037
  1,106
  1,178
  1,253
  1,331
  1,412
  1,497
  1,586
  1,678
  1,775
Depreciation, amort., depletion, $m
  11
  222
  254
  288
  323
  362
  402
  444
  488
  535
  583
  622
  675
  729
  786
  845
  907
  971
  1,037
  1,106
  1,178
  1,252
  1,330
  1,411
  1,495
  1,583
  1,675
  1,770
  1,870
  1,974
  2,083
Funds from operations, $m
  -9
  334
  393
  456
  523
  595
  670
  750
  833
  920
  1,011
  1,103
  1,202
  1,305
  1,412
  1,523
  1,639
  1,759
  1,884
  2,014
  2,149
  2,290
  2,436
  2,589
  2,748
  2,914
  3,087
  3,267
  3,456
  3,653
  3,858
Change in working capital, $m
  -43
  -179
  -193
  -207
  -221
  -234
  -248
  -260
  -273
  -286
  -298
  -311
  -324
  -337
  -350
  -364
  -378
  -393
  -408
  -424
  -441
  -459
  -478
  -498
  -519
  -541
  -564
  -589
  -615
  -642
  -671
Cash from operations, $m
  34
  513
  586
  664
  745
  829
  918
  1,010
  1,106
  1,206
  1,310
  1,414
  1,526
  1,642
  1,762
  1,887
  2,017
  2,152
  2,292
  2,438
  2,590
  2,749
  2,914
  3,087
  3,267
  3,454
  3,651
  3,856
  4,070
  4,294
  4,529
Maintenance CAPEX, $m
  0
  -182
  -211
  -242
  -276
  -312
  -350
  -390
  -432
  -477
  -523
  -572
  -622
  -675
  -729
  -786
  -845
  -907
  -971
  -1,037
  -1,106
  -1,178
  -1,252
  -1,330
  -1,411
  -1,495
  -1,583
  -1,675
  -1,770
  -1,870
  -1,974
New CAPEX, $m
  -13
  -291
  -314
  -337
  -359
  -381
  -402
  -423
  -444
  -464
  -484
  -505
  -526
  -547
  -569
  -591
  -614
  -638
  -663
  -690
  -717
  -746
  -777
  -809
  -843
  -879
  -916
  -956
  -998
  -1,043
  -1,089
Cash from investing activities, $m
  -32
  -473
  -525
  -579
  -635
  -693
  -752
  -813
  -876
  -941
  -1,007
  -1,077
  -1,148
  -1,222
  -1,298
  -1,377
  -1,459
  -1,545
  -1,634
  -1,727
  -1,823
  -1,924
  -2,029
  -2,139
  -2,254
  -2,374
  -2,499
  -2,631
  -2,768
  -2,913
  -3,063
Free cash flow, $m
  2
  41
  62
  85
  110
  137
  166
  197
  230
  265
  302
  337
  378
  420
  464
  510
  557
  607
  658
  712
  767
  825
  885
  948
  1,013
  1,081
  1,151
  1,225
  1,302
  1,382
  1,465
Issuance/(repayment) of debt, $m
  24
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
Issuance/(repurchase) of shares, $m
  0
  -151
  -163
  -174
  -186
  -197
  -208
  -219
  -230
  -240
  -251
  -262
  -272
  -283
  -295
  -306
  -318
  -331
  -344
  -357
  -372
  -387
  -402
  -419
  -437
  -455
  -475
  -495
  -517
  -540
  -564
Cash from financing (excl. dividends), $m  
  24
  -147
  -158
  -169
  -181
  -191
  -202
  -213
  -224
  -233
  -244
  -255
  -264
  -275
  -287
  -297
  -309
  -322
  -334
  -347
  -362
  -376
  -391
  -407
  -425
  -442
  -462
  -481
  -502
  -525
  -548
Total cash flow (excl. dividends), $m
  26
  -105
  -96
  -85
  -71
  -55
  -37
  -16
  7
  31
  58
  83
  113
  145
  178
  212
  248
  286
  324
  365
  406
  449
  494
  541
  589
  638
  690
  743
  799
  857
  917
Retained Cash Flow (-), $m
  -57
  151
  163
  174
  186
  197
  208
  219
  230
  240
  251
  262
  272
  283
  295
  306
  318
  331
  344
  357
  372
  387
  402
  419
  437
  455
  475
  495
  517
  540
  564
Prev. year cash balance distribution, $m
 
  941
  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
 
  6
  0
  0
  0
  0
  0
  0
  14
  15
  17
  19
  20
  22
  24
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  61
  64
Cash available for distribution, $m
 
  987
  163
  174
  186
  197
  208
  219
  237
  272
  309
  345
  385
  428
  472
  518
  566
  616
  668
  722
  778
  836
  897
  960
  1,025
  1,093
  1,165
  1,239
  1,316
  1,397
  1,481
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  946
  149
  152
  153
  153
  151
  148
  148
  156
  162
  164
  164
  163
  159
  152
  144
  134
  123
  111
  99
  86
  74
  63
  52
  43
  34
  27
  20
  15
  11
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/I Homes, Inc. is a builder of single-family homes. The Company consists of two operations: homebuilding and financial services. It operates through Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations segments. The Company and its subsidiaries are engaged primarily in the construction and sale of single-family residential homes in 15 markets: Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Orlando and Sarasota, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C. The Company's financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations. It markets and sells homes primarily under the M/I Homes brand (M/I Homes and Showcase Collection (by M/I)).

FINANCIAL RATIOS  of  M/I Homes (MHO)

Valuation Ratios
P/E Ratio 11.1
Price to Sales 0.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 30.1
Growth Rates
Sales Growth Rate 19.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 225%
Cap. Spend. - 3 Yr. Gr. Rate 45.4%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity 88.8%
Total Debt to Equity 97.6%
Interest Coverage 14
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 19.7%
Gross Margin - 3 Yr. Avg. 20.7%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 7.1%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 3.4%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 38%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 8.8%

MHO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MHO stock intrinsic value calculation we used $1962 million for the last fiscal year's total revenue generated by M/I Homes. The default revenue input number comes from 2016 income statement of M/I 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 MHO stock valuation model: a) initial revenue growth rate of 16% 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 4.3%, whose default value for MHO is calculated based on our internal credit rating of M/I 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 M/I 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 MHO stock the variable cost ratio is equal to 88.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $80 million in the base year in the intrinsic value calculation for MHO 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 10.1% for M/I Homes.

Corporate tax rate of 27% is the nominal tax rate for M/I 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 MHO stock is equal to 0.3%.

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 MHO are equal to 92.6%.

Life of production assets of 10 years is the average useful life of capital assets used in M/I 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 MHO is equal to -57%. 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 - $0 million for M/I 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 26 million for M/I 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 M/I Homes at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 1.54 21.54  str.buy
MDC M.D.C. Holding 31.38 70.36  str.buy
LGIH LGI Homes 55.96 1,110.29  str.buy
TOL Toll Brothers 34.40 91.56  str.buy
LEN Lennar Cl A 50.57 113.93  str.buy
KBH KB Home 23.56 168.65  str.buy
NVR NVR 2,627.75 4,144.22  buy
BEN Franklin Resou 32.72 52.41  str.buy

COMPANY NEWS

▶ M/I Homes Announces Share Repurchase Program   [Aug-14-18 05:31PM  PR Newswire]
▶ National builder is reviving Bretagne a decade after the residential project stalled   [Aug-03-18 02:43PM  American City Business Journals]
▶ M/I Homes booming in the hot housing market, setting several 2Q records   [Jul-27-18 06:41AM  American City Business Journals]
▶ M/I Homes: 2Q Earnings Snapshot   [Jul-25-18 08:46AM  Associated Press]
▶ M/I Homes breaks a record for new home contracts   [02:35PM  American City Business Journals]
▶ M/I Homes: 1Q Earnings Snapshot   [08:51AM  Associated Press]
▶ M/I Homes, Inc. Announces First Quarter Earnings Webcast   [Apr-11-18 07:45AM  PR Newswire]
▶ M/I Homes Closes Detroit Acquisition - Pinnacle Homes   [Mar-02-18 08:30AM  PR Newswire]
▶ M/I Homes acquiring Detroit homebuilder Pinnacle   [Feb-26-18 11:45AM  American City Business Journals]
▶ 5 Small Cap Value Stocks That are on Sale   [Feb-08-18 02:45PM  InvestorPlace]
▶ Small Cap Value Stocks are on Sale   [Feb-07-18 07:06PM  Zacks]
▶ M/I Homes posts 4Q profit   [Feb-01-18 09:35AM  Associated Press]
▶ ETFs with exposure to M/I Homes, Inc. : December 28, 2017   [Dec-28-17 12:24PM  Capital Cube]
▶ ETFs with exposure to M/I Homes, Inc. : November 17, 2017   [Nov-17-17 12:24PM  Capital Cube]
▶ ETFs with exposure to M/I Homes, Inc. : November 1, 2017   [Nov-01-17 12:23PM  Capital Cube]
▶ M/I Homes posts 3Q profit   [Oct-25-17 08:37AM  Associated Press]
▶ M/I Homes, Inc. Announces Third Quarter Earnings Webcast   [Oct-10-17 07:45AM  PR Newswire]
▶ 3 Top Homebuilders With Solid Growth to Buy Now   [Sep-15-17 09:55AM  Zacks]
▶ 5 Small Cap Value Stocks to Buy Now   [Aug-09-17 08:30PM  Zacks]
▶ M/I Homes posts 2Q profit   [Jul-26-17 08:54PM  Associated Press]
▶ Top-Rated Stock In Top-10 Group Just Beat Earnings Views   [04:24PM  Investor's Business Daily]
▶ M/I Homes, Inc. Value Analysis (NYSE:MHO) : June 26, 2017   [Jun-26-17 05:57PM  Capital Cube]
▶ Why M/I Homes (MHO) Stock Might be a Great Pick   [May-30-17 08:49AM  Zacks]
▶ 5 Home Building Stocks to Buy Post Q1 Earnings   [May-15-17 08:58AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 5th   [May-05-17 10:19AM  Zacks]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [03:30PM  Investor's Business Daily]
▶ M/I Homes posts 1Q profit   [Apr-26-17 08:36AM  Associated Press]
Financial statements of MHO
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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