Intrinsic value of Meritage Homes - MTH

Previous Close

$40.50

  Intrinsic Value

$36.60

stock screener

  Rating & Target

hold

-10%

  Value-price divergence*

-80%

Previous close

$40.50

 
Intrinsic value

$36.60

 
Up/down potential

-10%

 
Rating

hold

 
Value-price divergence*

-80%

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

We calculate the intrinsic value of MTH 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 1.7

 

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, %
  17.95
  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
  3,042
  3,103
  3,174
  3,256
  3,347
  3,449
  3,560
  3,681
  3,813
  3,954
  4,106
  4,268
  4,441
  4,626
  4,822
  5,030
  5,250
  5,484
  5,730
  5,991
  6,266
  6,557
  6,863
  7,186
  7,526
  7,885
  8,262
  8,659
  9,077
  9,516
  9,979
Variable operating expenses, $m
 
  2,876
  2,942
  3,018
  3,103
  3,197
  3,300
  3,413
  3,534
  3,665
  3,806
  3,957
  4,117
  4,288
  4,470
  4,663
  4,867
  5,083
  5,312
  5,554
  5,809
  6,078
  6,362
  6,661
  6,977
  7,309
  7,659
  8,027
  8,414
  8,822
  9,250
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
  2,824
  2,876
  2,942
  3,018
  3,103
  3,197
  3,300
  3,413
  3,534
  3,665
  3,806
  3,957
  4,117
  4,288
  4,470
  4,663
  4,867
  5,083
  5,312
  5,554
  5,809
  6,078
  6,362
  6,661
  6,977
  7,309
  7,659
  8,027
  8,414
  8,822
  9,250
Operating income, $m
  218
  227
  232
  238
  244
  252
  260
  269
  278
  289
  300
  312
  324
  338
  352
  367
  383
  400
  418
  437
  457
  479
  501
  525
  549
  576
  603
  632
  663
  695
  728
EBITDA, $m
  234
  230
  235
  241
  248
  255
  263
  272
  282
  293
  304
  316
  329
  342
  357
  372
  389
  406
  424
  443
  464
  485
  508
  532
  557
  583
  611
  641
  672
  704
  738
Interest expense (income), $m
  2
  38
  39
  41
  42
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  114
  120
  126
  133
  140
  148
Earnings before tax, $m
  218
  188
  192
  197
  202
  208
  215
  222
  229
  237
  246
  255
  265
  276
  287
  299
  311
  325
  339
  354
  369
  386
  403
  422
  441
  462
  483
  506
  529
  555
  581
Tax expense, $m
  68
  51
  52
  53
  55
  56
  58
  60
  62
  64
  66
  69
  72
  74
  77
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  125
  130
  137
  143
  150
  157
Net income, $m
  150
  137
  140
  144
  148
  152
  157
  162
  167
  173
  180
  186
  194
  201
  209
  218
  227
  237
  247
  258
  270
  282
  294
  308
  322
  337
  353
  369
  387
  405
  424

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  132
  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
  2,889
  2,813
  2,878
  2,952
  3,035
  3,127
  3,228
  3,338
  3,457
  3,585
  3,722
  3,870
  4,027
  4,194
  4,372
  4,560
  4,760
  4,972
  5,195
  5,432
  5,681
  5,945
  6,222
  6,515
  6,823
  7,148
  7,490
  7,850
  8,229
  8,628
  9,047
Adjusted assets (=assets-cash), $m
  2,757
  2,813
  2,878
  2,952
  3,035
  3,127
  3,228
  3,338
  3,457
  3,585
  3,722
  3,870
  4,027
  4,194
  4,372
  4,560
  4,760
  4,972
  5,195
  5,432
  5,681
  5,945
  6,222
  6,515
  6,823
  7,148
  7,490
  7,850
  8,229
  8,628
  9,047
Revenue / Adjusted assets
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
Average production assets, $m
  17
  16
  16
  16
  17
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  48
  50
Working capital, $m
  0
  -133
  -136
  -140
  -144
  -148
  -153
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -226
  -236
  -246
  -258
  -269
  -282
  -295
  -309
  -324
  -339
  -355
  -372
  -390
  -409
  -429
Total debt, $m
  1,095
  1,124
  1,158
  1,197
  1,242
  1,290
  1,344
  1,403
  1,466
  1,534
  1,607
  1,686
  1,769
  1,858
  1,953
  2,053
  2,159
  2,272
  2,391
  2,517
  2,649
  2,789
  2,937
  3,093
  3,257
  3,430
  3,612
  3,803
  4,005
  4,217
  4,440
Total liabilities, $m
  1,467
  1,497
  1,531
  1,570
  1,615
  1,663
  1,717
  1,776
  1,839
  1,907
  1,980
  2,059
  2,142
  2,231
  2,326
  2,426
  2,532
  2,645
  2,764
  2,890
  3,022
  3,162
  3,310
  3,466
  3,630
  3,803
  3,985
  4,176
  4,378
  4,590
  4,813
Total equity, $m
  1,421
  1,317
  1,347
  1,381
  1,420
  1,463
  1,511
  1,562
  1,618
  1,678
  1,742
  1,811
  1,884
  1,963
  2,046
  2,134
  2,228
  2,327
  2,431
  2,542
  2,659
  2,782
  2,912
  3,049
  3,193
  3,345
  3,505
  3,674
  3,851
  4,038
  4,234
Total liabilities and equity, $m
  2,888
  2,814
  2,878
  2,951
  3,035
  3,126
  3,228
  3,338
  3,457
  3,585
  3,722
  3,870
  4,026
  4,194
  4,372
  4,560
  4,760
  4,972
  5,195
  5,432
  5,681
  5,944
  6,222
  6,515
  6,823
  7,148
  7,490
  7,850
  8,229
  8,628
  9,047
Debt-to-equity ratio
  0.771
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.040
  1.050
Adjusted equity ratio
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  150
  137
  140
  144
  148
  152
  157
  162
  167
  173
  180
  186
  194
  201
  209
  218
  227
  237
  247
  258
  270
  282
  294
  308
  322
  337
  353
  369
  387
  405
  424
Depreciation, amort., depletion, $m
  16
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
Funds from operations, $m
  -394
  140
  144
  147
  151
  156
  160
  166
  171
  177
  184
  191
  198
  206
  214
  223
  233
  243
  253
  264
  276
  288
  301
  315
  330
  345
  361
  378
  396
  414
  434
Change in working capital, $m
  -291
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  -103
  143
  147
  151
  155
  160
  165
  171
  177
  183
  190
  198
  206
  214
  223
  232
  242
  253
  264
  275
  288
  301
  314
  329
  344
  360
  377
  395
  414
  433
  454
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
New CAPEX, $m
  -17
  1
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -20
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
Free cash flow, $m
  -123
  141
  143
  147
  151
  156
  161
  167
  172
  179
  186
  193
  200
  209
  217
  226
  236
  246
  257
  268
  280
  293
  306
  320
  335
  351
  367
  385
  403
  422
  442
Issuance/(repayment) of debt, $m
  -6
  29
  34
  39
  44
  49
  54
  58
  63
  68
  73
  78
  84
  89
  95
  100
  106
  113
  119
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
  212
  223
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  
  -7
  29
  34
  39
  44
  49
  54
  58
  63
  68
  73
  78
  84
  89
  95
  100
  106
  113
  119
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
  212
  223
Total cash flow (excl. dividends), $m
  -131
  169
  178
  186
  196
  205
  215
  225
  236
  247
  259
  271
  284
  297
  312
  327
  342
  359
  376
  394
  413
  433
  454
  476
  499
  524
  549
  576
  604
  634
  665
Retained Cash Flow (-), $m
  -162
  -28
  -30
  -35
  -39
  -43
  -47
  -51
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -187
  -196
Prev. year cash balance distribution, $m
 
  132
  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
 
  274
  147
  152
  157
  162
  168
  174
  180
  187
  194
  202
  210
  219
  228
  238
  249
  260
  271
  283
  296
  310
  324
  339
  355
  372
  389
  408
  427
  447
  469
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  256
  128
  121
  114
  107
  100
  92
  84
  76
  68
  61
  53
  46
  39
  33
  27
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  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

Meritage Homes Corporation operates as a holding company. The Company is a designer and builder of single-family homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment is engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services. It builds homes in the regions of the United States and offers a range of homes that are designed for a range of homebuyers, including first-time, move-up, active adult and luxury. As of December 31, 2016, it had homebuilding operations in three regions: West, Central and East, which were consisted of nine states: Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee. It also operates Carefree Title Agency, Inc. (Carefree Title) company. Carefree Title's core business includes title insurance and closing/settlement services it offers to its homebuyers.

FINANCIAL RATIOS  of  Meritage Homes (MTH)

Valuation Ratios
P/E Ratio 10.8
Price to Sales 0.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -15.7
Price to Free Cash Flow -13.5
Growth Rates
Sales Growth Rate 18%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 1.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 77.1%
Total Debt to Equity 77.1%
Interest Coverage 110
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 12.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 10.6%
Gross Margin - 3 Yr. Avg. 12.1%
EBITDA Margin 7.8%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 7.2%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 31.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 0%

MTH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTH stock intrinsic value calculation we used $3042 million for the last fiscal year's total revenue generated by Meritage Homes. The default revenue input number comes from 2016 income statement of Meritage 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 MTH 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 7.1%, whose default value for MTH is calculated based on our internal credit rating of Meritage 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 Meritage 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 MTH 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 MTH 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 Meritage Homes.

Corporate tax rate of 27% is the nominal tax rate for Meritage 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 MTH 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 MTH are equal to 0.5%.

Life of production assets of 1 years is the average useful life of capital assets used in Meritage 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 MTH is equal to -4.3%. 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 - $1421 million for Meritage 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 40.958 million for Meritage 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 Meritage Homes at the current share price and the inputted number of shares is $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 1.74 0.96  str.sell
NWHM New Home 10.00 31.12  str.buy
TOL Toll Brothers 39.41 63.63  str.buy
TPH TRI Pointe Gro 12.89 15.26  hold
LEN Lennar Cl A 51.31 107.14  str.buy
KBH KB Home 21.19 72.57  str.buy
MHO M/I Homes 24.93 51.33  str.buy
NVR NVR 2,750.19 3,572.13  buy
LGIH LGI Homes 44.67 374.09  str.buy

COMPANY NEWS

▶ Meritage beats Street 2Q forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ Big builder looks to up the ante on smart homes, Wi-Fi systems   [Jul-14-17 04:05PM  American City Business Journals]
▶ 5 Home Builder Stocks That Are Ready To Boom   [Jul-12-17 12:43PM  Zacks]
▶ 3 Top Stocks You've Been Overlooking   [Jun-19-17 12:33PM  Motley Fool]
▶ ETFs with exposure to Meritage Homes Corp. : May 12, 2017   [May-12-17 04:15PM  Capital Cube]
▶ Meritage Homes Presentation at J.P. Morgan   [May-03-17 10:00AM  GlobeNewswire]
▶ Homebuilder closes on Spring Branch golf course for new community   [03:00PM  American City Business Journals]
▶ Meritage tops Street 1Q forecasts   [Apr-27-17 09:10AM  Associated Press]
▶ 10 Best Home Builders in California   [Apr-26-17 06:20PM  Insider Monkey]
▶ 10 Best Rated Biggest Home Builders In USA   [Mar-06-17 10:30AM  Insider Monkey]
▶ Top Housing Stocks to Buy in 2017   [Dec-17-16 10:06AM  at Motley Fool]
Financial statements of MTH
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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