Intrinsic value of Meritage Homes - MTH

Previous Close

$40.50

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$40.50

 
Intrinsic value

$64.93

 
Up/down potential

+60%

 
Rating

str. buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
Revenue, $m
  3,042
  3,428
  3,837
  4,269
  4,722
  5,196
  5,692
  6,210
  6,749
  7,310
  7,894
  8,500
  9,131
  9,786
  10,467
  11,174
  11,910
  12,676
  13,472
  14,302
  15,165
  16,066
  17,004
  17,983
  19,005
  20,072
  21,187
  22,352
  23,569
  24,843
  26,175
Variable operating expenses, $m
 
  3,178
  3,557
  3,957
  4,377
  4,817
  5,277
  5,756
  6,256
  6,776
  7,317
  7,880
  8,464
  9,071
  9,703
  10,359
  11,041
  11,750
  12,489
  13,258
  14,058
  14,893
  15,763
  16,671
  17,618
  18,607
  19,640
  20,720
  21,849
  23,029
  24,264
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
  3,178
  3,557
  3,957
  4,377
  4,817
  5,277
  5,756
  6,256
  6,776
  7,317
  7,880
  8,464
  9,071
  9,703
  10,359
  11,041
  11,750
  12,489
  13,258
  14,058
  14,893
  15,763
  16,671
  17,618
  18,607
  19,640
  20,720
  21,849
  23,029
  24,264
Operating income, $m
  218
  250
  280
  312
  345
  379
  416
  453
  493
  534
  576
  621
  667
  714
  764
  816
  869
  925
  983
  1,044
  1,107
  1,173
  1,241
  1,313
  1,387
  1,465
  1,547
  1,632
  1,721
  1,814
  1,911
EBITDA, $m
  234
  254
  284
  316
  349
  385
  421
  460
  499
  541
  584
  629
  676
  724
  775
  827
  881
  938
  997
  1,058
  1,122
  1,189
  1,258
  1,331
  1,406
  1,485
  1,568
  1,654
  1,744
  1,838
  1,937
Interest expense (income), $m
  2
  38
  45
  52
  59
  67
  75
  83
  92
  101
  110
  120
  130
  141
  152
  164
  176
  188
  201
  214
  228
  243
  258
  274
  291
  308
  326
  345
  364
  385
  406
Earnings before tax, $m
  218
  212
  235
  260
  286
  313
  341
  370
  401
  433
  466
  500
  536
  573
  612
  652
  694
  737
  783
  830
  879
  930
  983
  1,039
  1,097
  1,158
  1,221
  1,287
  1,356
  1,429
  1,504
Tax expense, $m
  68
  57
  64
  70
  77
  84
  92
  100
  108
  117
  126
  135
  145
  155
  165
  176
  187
  199
  211
  224
  237
  251
  265
  280
  296
  313
  330
  348
  366
  386
  406
Net income, $m
  150
  155
  172
  190
  209
  228
  249
  270
  293
  316
  340
  365
  391
  418
  447
  476
  507
  538
  571
  606
  641
  679
  718
  758
  801
  845
  891
  940
  990
  1,043
  1,098

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
  3,108
  3,479
  3,870
  4,281
  4,711
  5,161
  5,630
  6,119
  6,627
  7,157
  7,707
  8,278
  8,872
  9,489
  10,131
  10,798
  11,492
  12,214
  12,966
  13,749
  14,565
  15,416
  16,304
  17,231
  18,198
  19,208
  20,264
  21,368
  22,523
  23,731
Adjusted assets (=assets-cash), $m
  2,757
  3,108
  3,479
  3,870
  4,281
  4,711
  5,161
  5,630
  6,119
  6,627
  7,157
  7,707
  8,278
  8,872
  9,489
  10,131
  10,798
  11,492
  12,214
  12,966
  13,749
  14,565
  15,416
  16,304
  17,231
  18,198
  19,208
  20,264
  21,368
  22,523
  23,731
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
  17
  19
  21
  24
  26
  28
  31
  34
  37
  39
  43
  46
  49
  52
  56
  60
  63
  67
  72
  76
  80
  85
  90
  95
  100
  106
  112
  118
  124
  131
Working capital, $m
  0
  -147
  -165
  -184
  -203
  -223
  -245
  -267
  -290
  -314
  -339
  -366
  -393
  -421
  -450
  -480
  -512
  -545
  -579
  -615
  -652
  -691
  -731
  -773
  -817
  -863
  -911
  -961
  -1,013
  -1,068
  -1,126
Total debt, $m
  1,095
  1,281
  1,478
  1,686
  1,904
  2,133
  2,372
  2,622
  2,882
  3,153
  3,434
  3,727
  4,031
  4,347
  4,675
  5,017
  5,372
  5,741
  6,125
  6,525
  6,942
  7,376
  7,829
  8,301
  8,794
  9,308
  9,846
  10,408
  10,995
  11,609
  12,252
Total liabilities, $m
  1,467
  1,654
  1,851
  2,059
  2,277
  2,506
  2,745
  2,995
  3,255
  3,526
  3,807
  4,100
  4,404
  4,720
  5,048
  5,390
  5,745
  6,114
  6,498
  6,898
  7,315
  7,749
  8,202
  8,674
  9,167
  9,681
  10,219
  10,781
  11,368
  11,982
  12,625
Total equity, $m
  1,421
  1,455
  1,628
  1,811
  2,003
  2,205
  2,415
  2,635
  2,864
  3,102
  3,349
  3,607
  3,874
  4,152
  4,441
  4,741
  5,053
  5,378
  5,716
  6,068
  6,435
  6,817
  7,215
  7,630
  8,064
  8,517
  8,990
  9,484
  10,000
  10,541
  11,106
Total liabilities and equity, $m
  2,888
  3,109
  3,479
  3,870
  4,280
  4,711
  5,160
  5,630
  6,119
  6,628
  7,156
  7,707
  8,278
  8,872
  9,489
  10,131
  10,798
  11,492
  12,214
  12,966
  13,750
  14,566
  15,417
  16,304
  17,231
  18,198
  19,209
  20,265
  21,368
  22,523
  23,731
Debt-to-equity ratio
  0.771
  0.880
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.030
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
  1.100
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
  155
  172
  190
  209
  228
  249
  270
  293
  316
  340
  365
  391
  418
  447
  476
  507
  538
  571
  606
  641
  679
  718
  758
  801
  845
  891
  940
  990
  1,043
  1,098
Depreciation, amort., depletion, $m
  16
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
Funds from operations, $m
  -394
  158
  176
  194
  213
  233
  255
  277
  299
  323
  348
  374
  400
  428
  457
  487
  518
  551
  585
  620
  657
  695
  735
  776
  820
  865
  912
  962
  1,014
  1,068
  1,124
Change in working capital, $m
  -291
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
Cash from operations, $m
  -103
  191
  193
  213
  233
  254
  276
  299
  323
  347
  373
  400
  428
  456
  486
  518
  550
  584
  619
  656
  694
  734
  775
  818
  864
  911
  960
  1,012
  1,066
  1,123
  1,182
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
New CAPEX, $m
  -17
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from investing activities, $m
  -20
  -4
  -5
  -6
  -6
  -7
  -7
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
Free cash flow, $m
  -123
  187
  188
  207
  226
  247
  268
  290
  314
  338
  363
  389
  416
  444
  473
  504
  535
  568
  602
  638
  675
  714
  754
  797
  841
  887
  935
  985
  1,038
  1,093
  1,150
Issuance/(repayment) of debt, $m
  -6
  186
  197
  208
  219
  229
  239
  250
  260
  271
  281
  293
  304
  316
  328
  341
  355
  369
  384
  400
  417
  434
  453
  472
  493
  515
  538
  562
  587
  614
  643
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
  186
  197
  208
  219
  229
  239
  250
  260
  271
  281
  293
  304
  316
  328
  341
  355
  369
  384
  400
  417
  434
  453
  472
  493
  515
  538
  562
  587
  614
  643
Total cash flow (excl. dividends), $m
  -131
  373
  385
  415
  445
  476
  507
  540
  574
  608
  644
  681
  720
  760
  802
  845
  890
  937
  987
  1,038
  1,092
  1,148
  1,207
  1,269
  1,333
  1,401
  1,472
  1,547
  1,625
  1,707
  1,793
Retained Cash Flow (-), $m
  -162
  -166
  -174
  -183
  -192
  -201
  -210
  -220
  -229
  -238
  -248
  -257
  -267
  -278
  -289
  -300
  -312
  -325
  -338
  -352
  -367
  -382
  -398
  -415
  -434
  -453
  -473
  -494
  -517
  -540
  -565
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
 
  339
  211
  232
  252
  274
  297
  321
  345
  370
  397
  424
  453
  482
  513
  545
  578
  613
  649
  686
  725
  766
  809
  853
  900
  949
  999
  1,053
  1,108
  1,167
  1,228
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
 
  317
  183
  185
  184
  181
  176
  170
  161
  151
  140
  127
  114
  101
  88
  76
  64
  53
  43
  34
  27
  20
  15
  11
  8
  5
  4
  2
  2
  1
  1
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 designs and builds single-family homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for various homebuyers, including first-time, move-up, active adult, and luxury under the Meritage Homes and Monterey Homes brand names. The company also provides warranty and customer services; and insurance and closing/settlement services for its homebuyers. It builds and sells homes in California, Texas, Arizona, Colorado, Florida, North Carolina, South Carolina, Georgia, and Tennessee. As of December 31, 2016, the company had 243 actively-selling communities. Meritage Homes Corporation was founded in 1985 and is based in Scottsdale, Arizona.

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 12.7% 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 40.741 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 2.65 prem.  prem.
MDC M.D.C. Holding 33.97 prem.  prem.
LGIH LGI Homes 32.40 prem.  prem.
TOL Toll Brothers 37.68 prem.  prem.
LEN Lennar Cl A 51.73 prem.  prem.
TMHC Taylor Morriso 23.68 prem.  prem.
KBH KB Home 21.30 prem.  prem.
MHO M/I Homes 28.49 prem.  prem.
NWHM New Home 11.08 prem.  prem.

COMPANY NEWS

▶ 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]
▶ The quest for home utility bills ofzero   [Oct-13-16 06:05AM  at MarketWatch]
▶ Meritage Homes Celebrates Delivery of Its 100,000th Home   [Oct-10-16 09:00AM  GlobeNewswire]
▶ Meritage Homes gives free home to Iraq War veteran   [Sep-23-16 02:45PM  at bizjournals.com]
▶ The Quest for Home Utility Bills ofZero   [Sep-13-16 11:53PM  at The Wall Street Journal]
Stock chart of MTH Financial statements of MTH Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.