Intrinsic value of M/I Homes - MHO

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$25.55

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$25.55

 
Intrinsic value

$46.15

 
Up/down potential

+81%

 
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 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

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 0.6

 

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
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  1,691
  1,885
  2,090
  2,305
  2,529
  2,763
  3,008
  3,262
  3,526
  3,801
  4,087
  4,384
  4,693
  5,013
  5,347
  5,694
  6,055
  6,430
  6,822
  7,229
  7,654
  8,097
  8,560
  9,043
  9,547
  10,074
  10,624
  11,200
  11,803
  12,433
  13,093
Variable operating expenses, $m
 
  1,748
  1,937
  2,136
  2,344
  2,562
  2,788
  3,024
  3,269
  3,524
  3,789
  4,064
  4,350
  4,647
  4,957
  5,278
  5,613
  5,961
  6,324
  6,702
  7,095
  7,506
  7,935
  8,383
  8,850
  9,338
  9,849
  10,383
  10,941
  11,525
  12,137
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
  1,583
  1,748
  1,937
  2,136
  2,344
  2,562
  2,788
  3,024
  3,269
  3,524
  3,789
  4,064
  4,350
  4,647
  4,957
  5,278
  5,613
  5,961
  6,324
  6,702
  7,095
  7,506
  7,935
  8,383
  8,850
  9,338
  9,849
  10,383
  10,941
  11,525
  12,137
Operating income, $m
  109
  138
  153
  168
  185
  202
  220
  238
  257
  277
  298
  320
  343
  366
  390
  416
  442
  469
  498
  528
  559
  591
  625
  660
  697
  735
  776
  818
  862
  908
  956
EBITDA, $m
  120
  142
  157
  173
  190
  208
  226
  245
  265
  286
  307
  330
  353
  377
  402
  428
  455
  484
  513
  544
  576
  609
  644
  680
  718
  758
  799
  842
  888
  935
  985
Interest expense (income), $m
  7
  21
  25
  28
  32
  36
  40
  45
  49
  54
  59
  64
  69
  75
  80
  86
  92
  99
  106
  113
  120
  127
  135
  143
  152
  161
  170
  180
  191
  201
  212
Earnings before tax, $m
  92
  116
  128
  140
  153
  166
  179
  194
  208
  224
  240
  256
  273
  291
  310
  329
  350
  371
  392
  415
  439
  464
  490
  517
  545
  574
  605
  637
  671
  706
  743
Tax expense, $m
  35
  31
  35
  38
  41
  45
  48
  52
  56
  60
  65
  69
  74
  79
  84
  89
  94
  100
  106
  112
  119
  125
  132
  139
  147
  155
  163
  172
  181
  191
  201
Net income, $m
  57
  85
  93
  102
  111
  121
  131
  141
  152
  163
  175
  187
  200
  213
  226
  240
  255
  271
  286
  303
  320
  339
  357
  377
  398
  419
  442
  465
  490
  516
  543

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
  1,689
  1,873
  2,065
  2,266
  2,476
  2,695
  2,923
  3,160
  3,406
  3,662
  3,928
  4,205
  4,492
  4,791
  5,102
  5,425
  5,762
  6,113
  6,478
  6,859
  7,256
  7,670
  8,103
  8,555
  9,027
  9,520
  10,036
  10,576
  11,141
  11,732
Adjusted assets (=assets-cash), $m
  1,515
  1,689
  1,873
  2,065
  2,266
  2,476
  2,695
  2,923
  3,160
  3,406
  3,662
  3,928
  4,205
  4,492
  4,791
  5,102
  5,425
  5,762
  6,113
  6,478
  6,859
  7,256
  7,670
  8,103
  8,555
  9,027
  9,520
  10,036
  10,576
  11,141
  11,732
Revenue / Adjusted assets
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
  1.116
Average production assets, $m
  18
  21
  23
  25
  28
  30
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  144
Working capital, $m
  0
  26
  29
  32
  35
  39
  42
  46
  49
  53
  57
  61
  66
  70
  75
  80
  85
  90
  96
  101
  107
  113
  120
  127
  134
  141
  149
  157
  165
  174
  183
Total debt, $m
  638
  703
  807
  916
  1,030
  1,149
  1,274
  1,403
  1,538
  1,678
  1,823
  1,974
  2,131
  2,295
  2,464
  2,641
  2,825
  3,016
  3,215
  3,422
  3,639
  3,864
  4,100
  4,345
  4,602
  4,870
  5,150
  5,443
  5,750
  6,071
  6,407
Total liabilities, $m
  894
  960
  1,064
  1,173
  1,287
  1,406
  1,531
  1,660
  1,795
  1,935
  2,080
  2,231
  2,388
  2,552
  2,721
  2,898
  3,082
  3,273
  3,472
  3,679
  3,896
  4,121
  4,357
  4,602
  4,859
  5,127
  5,407
  5,700
  6,007
  6,328
  6,664
Total equity, $m
  654
  730
  809
  892
  979
  1,070
  1,164
  1,263
  1,365
  1,471
  1,582
  1,697
  1,817
  1,941
  2,070
  2,204
  2,344
  2,489
  2,641
  2,798
  2,963
  3,134
  3,313
  3,500
  3,696
  3,900
  4,113
  4,336
  4,569
  4,813
  5,068
Total liabilities and equity, $m
  1,548
  1,690
  1,873
  2,065
  2,266
  2,476
  2,695
  2,923
  3,160
  3,406
  3,662
  3,928
  4,205
  4,493
  4,791
  5,102
  5,426
  5,762
  6,113
  6,477
  6,859
  7,255
  7,670
  8,102
  8,555
  9,027
  9,520
  10,036
  10,576
  11,141
  11,732
Debt-to-equity ratio
  0.976
  0.960
  1.000
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
  1.250
  1.260
  1.260
  1.260
  1.260
Adjusted equity ratio
  0.409
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  85
  93
  102
  111
  121
  131
  141
  152
  163
  175
  187
  200
  213
  226
  240
  255
  271
  286
  303
  320
  339
  357
  377
  398
  419
  442
  465
  490
  516
  543
Depreciation, amort., depletion, $m
  11
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
Funds from operations, $m
  -9
  89
  98
  107
  117
  127
  138
  148
  160
  172
  184
  197
  210
  224
  238
  253
  269
  285
  301
  319
  337
  356
  376
  397
  419
  441
  465
  490
  516
  543
  571
Change in working capital, $m
  -43
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Cash from operations, $m
  34
  91
  95
  104
  114
  124
  134
  145
  156
  168
  180
  193
  206
  219
  233
  248
  263
  279
  296
  313
  331
  350
  370
  390
  412
  434
  457
  482
  507
  534
  562
Maintenance CAPEX, $m
  0
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
New CAPEX, $m
  -13
  -3
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from investing activities, $m
  -32
  -7
  -6
  -7
  -7
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -32
  -33
  -34
Free cash flow, $m
  2
  85
  89
  97
  106
  116
  125
  135
  146
  157
  168
  180
  193
  205
  219
  233
  247
  262
  278
  294
  311
  328
  347
  366
  386
  407
  429
  452
  476
  501
  528
Issuance/(repayment) of debt, $m
  24
  99
  104
  109
  114
  119
  124
  129
  135
  140
  145
  151
  157
  163
  170
  177
  184
  191
  199
  207
  216
  226
  235
  246
  257
  268
  280
  293
  307
  321
  336
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  
  24
  99
  104
  109
  114
  119
  124
  129
  135
  140
  145
  151
  157
  163
  170
  177
  184
  191
  199
  207
  216
  226
  235
  246
  257
  268
  280
  293
  307
  321
  336
Total cash flow (excl. dividends), $m
  26
  184
  193
  207
  220
  235
  250
  265
  281
  297
  314
  331
  350
  369
  388
  409
  431
  453
  477
  501
  527
  554
  582
  612
  643
  675
  709
  745
  783
  822
  863
Retained Cash Flow (-), $m
  -57
  -76
  -79
  -83
  -87
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -119
  -124
  -129
  -134
  -140
  -145
  -151
  -158
  -164
  -172
  -179
  -187
  -195
  -204
  -213
  -223
  -233
  -244
  -255
Prev. year cash balance distribution, $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 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
 
  108
  114
  123
  134
  144
  155
  166
  178
  191
  203
  216
  230
  244
  259
  275
  291
  308
  325
  343
  363
  382
  403
  425
  448
  471
  496
  522
  550
  578
  608
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  100
  96
  95
  93
  89
  85
  80
  74
  67
  61
  54
  47
  40
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  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

M/I Homes, Inc., together with its subsidiaries, operates as a builder of single-family homes. The company operates through Midwest Homebuilding, Southern Homebuilding, Mid-Atlantic Homebuilding, and Financial Services segments. It designs, constructs, markets, and sells single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers under the M/I Homes and Showcase Collection brand names. The company also purchases undeveloped land to develop into developed lots of single-family homes, as well as for sale to others. In addition, it originates and sells mortgages; and serves as a title insurance agent by providing title insurance policies, examination, and closing services to purchasers of its homes. M/I Homes, Inc. operates in Ohio, Indiana, Illinois, Minnesota, Maryland, Virginia, North Carolina, Florida, and Texas, the United States. The company was formerly known as M/I Schottenstein Homes, Inc. and changed its name to M/I Homes, Inc. in January 2004. M/I Homes, Inc. was incorporated in 1973 and is based in Columbus, Ohio.

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 18.5
Price to Free Cash Flow 30
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 $1691 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 11.5% 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 8.3%, 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 92.7%.

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 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 3.5% 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%.

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 1.1%.

Life of production assets of 1.6 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 1.4%. 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 - $654 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 24.542 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 $0.6 billion.


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COMPANY NEWS

▶ Housing Could Be Ready to Explode: 5 Top Stocks to Buy Now   [Apr-05-17 10:35AM  24/7 Wall St.]
▶ M/I Homes (MHO) Enters Overbought Territory   [Mar-17-17 10:26AM  Zacks]
▶ National homebuilder Mattamy Homes exiting Minnesota   [Feb-22-17 12:38PM  at bizjournals.com]
▶ National homebuilder Mattamy Homes exiting Minnesota   [12:38PM  American City Business Journals]
▶ ETFs with exposure to M/I Homes, Inc. : February 3, 2017   [Feb-03-17 11:09AM  Capital Cube]
▶ M/I Homes touts record year of homebuilding   [03:33PM  at bizjournals.com]
▶ M/I Homes touts record year of homebuilding   [03:33PM  American City Business Journals]
▶ Home Builders: Will Uncertainty Overwhelm the Fundamentals?   [Dec-29-16 10:37AM  at Barrons.com]
▶ Is M/I Homes Inc (MHO) A Good Stock to Buy?   [Dec-12-16 09:05PM  at Insider Monkey]
▶ CoLucid Pharmaceuticals Inc (CLCD) Draws Hedge Funds Attention   [Dec-09-16 11:27AM  at Insider Monkey]
▶ M/I Homes, Inc. Announces Third Quarter Earnings Webcast   [Oct-13-16 07:45AM  PR Newswire]
▶ Blue Ash airport 'all-star' development team adds homebuilder   [Jul-14-16 06:45AM  at bizjournals.com]
▶ M I HOMES INC Files SEC form 10-Q, Quarterly Report   [May-02-16 12:51PM  EDGAR Online]
▶ M/I Homes posts 1Q profit   [Apr-28-16 09:11AM  AP]
▶ $34M community coming near new high school   [Apr-25-16 06:35AM  at American City Business Journals]
▶ M/I Homes, Inc. Announces First Quarter Earnings Webcast   [Apr-14-16 07:45AM  PR Newswire]
▶ Live the American dream with these homebuilder stocks   [Mar-11-16 10:45AM  at MarketWatch]
▶ M/I Homes exec: Weve got a lot to learn from millennials   [Feb-25-16 12:25PM  at bizjournals.com]
▶ 13G Filing: Gratia Capital and M/I Homes Inc (MHO)   [Feb-11-16 05:30PM  at Insider Monkey]
Stock chart of MHO 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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