Intrinsic value of NVR - NVR

Previous Close

$3,223.25

  Intrinsic Value

$3,047

stock screener

  Rating & Target

hold

-5%

Previous close

$3,223.25

 
Intrinsic value

$3,047

 
Up/down potential

-5%

 
Rating

hold

We calculate the intrinsic value of NVR 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 12.1

 

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, %
  12.86
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  5,835
  6,331
  6,847
  7,383
  7,941
  8,520
  9,122
  9,748
  10,399
  11,076
  11,779
  12,512
  13,275
  14,070
  14,899
  15,763
  16,665
  17,606
  18,589
  19,616
  20,690
  21,813
  22,987
  24,215
  25,501
  26,847
  28,257
  29,734
  31,281
  32,903
  34,602
Variable operating expenses, $m
 
  5,565
  6,018
  6,490
  6,980
  7,489
  8,019
  8,569
  9,141
  9,735
  10,354
  10,998
  11,669
  12,368
  13,096
  13,856
  14,648
  15,476
  16,340
  17,243
  18,186
  19,173
  20,205
  21,285
  22,415
  23,599
  24,838
  26,136
  27,496
  28,921
  30,415
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
  5,151
  5,565
  6,018
  6,490
  6,980
  7,489
  8,019
  8,569
  9,141
  9,735
  10,354
  10,998
  11,669
  12,368
  13,096
  13,856
  14,648
  15,476
  16,340
  17,243
  18,186
  19,173
  20,205
  21,285
  22,415
  23,599
  24,838
  26,136
  27,496
  28,921
  30,415
Operating income, $m
  683
  766
  828
  893
  961
  1,031
  1,104
  1,180
  1,258
  1,340
  1,425
  1,514
  1,606
  1,702
  1,803
  1,907
  2,016
  2,130
  2,249
  2,374
  2,503
  2,639
  2,781
  2,930
  3,086
  3,249
  3,419
  3,598
  3,785
  3,981
  4,187
EBITDA, $m
  705
  783
  846
  913
  982
  1,053
  1,128
  1,205
  1,285
  1,369
  1,456
  1,547
  1,641
  1,739
  1,842
  1,948
  2,060
  2,176
  2,298
  2,425
  2,557
  2,696
  2,841
  2,993
  3,152
  3,318
  3,493
  3,675
  3,866
  4,067
  4,277
Interest expense (income), $m
  21
  21
  25
  29
  33
  38
  42
  47
  52
  58
  63
  69
  75
  81
  87
  94
  101
  108
  116
  123
  132
  140
  149
  159
  169
  179
  190
  201
  213
  226
  239
Earnings before tax, $m
  662
  745
  804
  864
  928
  993
  1,061
  1,132
  1,206
  1,283
  1,362
  1,445
  1,532
  1,622
  1,716
  1,814
  1,916
  2,022
  2,134
  2,250
  2,372
  2,499
  2,632
  2,771
  2,917
  3,070
  3,229
  3,397
  3,572
  3,756
  3,948
Tax expense, $m
  237
  201
  217
  233
  250
  268
  287
  306
  326
  346
  368
  390
  414
  438
  463
  490
  517
  546
  576
  608
  640
  675
  711
  748
  788
  829
  872
  917
  964
  1,014
  1,066
Net income, $m
  425
  544
  587
  631
  677
  725
  775
  827
  880
  936
  994
  1,055
  1,118
  1,184
  1,252
  1,324
  1,398
  1,476
  1,558
  1,643
  1,731
  1,824
  1,921
  2,023
  2,129
  2,241
  2,357
  2,480
  2,608
  2,742
  2,882

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  395
  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
  2,644
  2,441
  2,640
  2,846
  3,061
  3,285
  3,517
  3,758
  4,009
  4,270
  4,541
  4,824
  5,118
  5,424
  5,744
  6,077
  6,424
  6,787
  7,166
  7,562
  7,976
  8,409
  8,861
  9,335
  9,831
  10,350
  10,893
  11,463
  12,059
  12,684
  13,339
Adjusted assets (=assets-cash), $m
  2,249
  2,441
  2,640
  2,846
  3,061
  3,285
  3,517
  3,758
  4,009
  4,270
  4,541
  4,824
  5,118
  5,424
  5,744
  6,077
  6,424
  6,787
  7,166
  7,562
  7,976
  8,409
  8,861
  9,335
  9,831
  10,350
  10,893
  11,463
  12,059
  12,684
  13,339
Revenue / Adjusted assets
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
  2.594
Average production assets, $m
  78
  82
  89
  96
  103
  111
  119
  127
  135
  144
  153
  163
  173
  183
  194
  205
  217
  229
  242
  255
  269
  284
  299
  315
  332
  349
  367
  387
  407
  428
  450
Working capital, $m
  0
  -431
  -466
  -502
  -540
  -579
  -620
  -663
  -707
  -753
  -801
  -851
  -903
  -957
  -1,013
  -1,072
  -1,133
  -1,197
  -1,264
  -1,334
  -1,407
  -1,483
  -1,563
  -1,647
  -1,734
  -1,826
  -1,921
  -2,022
  -2,127
  -2,237
  -2,353
Total debt, $m
  596
  711
  829
  952
  1,081
  1,214
  1,352
  1,496
  1,645
  1,801
  1,962
  2,131
  2,306
  2,489
  2,679
  2,878
  3,085
  3,301
  3,527
  3,763
  4,010
  4,268
  4,537
  4,820
  5,115
  5,424
  5,748
  6,088
  6,443
  6,816
  7,206
Total liabilities, $m
  1,340
  1,455
  1,573
  1,696
  1,825
  1,958
  2,096
  2,240
  2,389
  2,545
  2,706
  2,875
  3,050
  3,233
  3,423
  3,622
  3,829
  4,045
  4,271
  4,507
  4,754
  5,012
  5,281
  5,564
  5,859
  6,168
  6,492
  6,832
  7,187
  7,560
  7,950
Total equity, $m
  1,304
  986
  1,066
  1,150
  1,237
  1,327
  1,421
  1,518
  1,620
  1,725
  1,835
  1,949
  2,068
  2,191
  2,320
  2,455
  2,595
  2,742
  2,895
  3,055
  3,222
  3,397
  3,580
  3,771
  3,972
  4,181
  4,401
  4,631
  4,872
  5,124
  5,389
Total liabilities and equity, $m
  2,644
  2,441
  2,639
  2,846
  3,062
  3,285
  3,517
  3,758
  4,009
  4,270
  4,541
  4,824
  5,118
  5,424
  5,743
  6,077
  6,424
  6,787
  7,166
  7,562
  7,976
  8,409
  8,861
  9,335
  9,831
  10,349
  10,893
  11,463
  12,059
  12,684
  13,339
Debt-to-equity ratio
  0.457
  0.720
  0.780
  0.830
  0.870
  0.910
  0.950
  0.990
  1.020
  1.040
  1.070
  1.090
  1.120
  1.140
  1.150
  1.170
  1.190
  1.200
  1.220
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.310
  1.320
  1.330
  1.340
Adjusted equity ratio
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  425
  544
  587
  631
  677
  725
  775
  827
  880
  936
  994
  1,055
  1,118
  1,184
  1,252
  1,324
  1,398
  1,476
  1,558
  1,643
  1,731
  1,824
  1,921
  2,023
  2,129
  2,241
  2,357
  2,480
  2,608
  2,742
  2,882
Depreciation, amort., depletion, $m
  22
  16
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  86
  90
Funds from operations, $m
  332
  560
  604
  650
  698
  747
  798
  852
  907
  965
  1,025
  1,088
  1,153
  1,220
  1,291
  1,365
  1,442
  1,522
  1,606
  1,694
  1,785
  1,881
  1,981
  2,086
  2,196
  2,311
  2,431
  2,557
  2,689
  2,827
  2,972
Change in working capital, $m
  -52
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -87
  -92
  -96
  -100
  -105
  -110
  -116
Cash from operations, $m
  384
  594
  640
  687
  736
  787
  839
  894
  952
  1,011
  1,073
  1,137
  1,205
  1,275
  1,348
  1,424
  1,503
  1,586
  1,673
  1,763
  1,858
  1,957
  2,061
  2,170
  2,283
  2,402
  2,527
  2,657
  2,794
  2,937
  3,088
Maintenance CAPEX, $m
  0
  -16
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -86
New CAPEX, $m
  -22
  -5
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
Cash from investing activities, $m
  -9
  -21
  -23
  -25
  -26
  -29
  -30
  -32
  -33
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -59
  -61
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -108
Free cash flow, $m
  375
  574
  616
  662
  709
  758
  809
  863
  918
  975
  1,035
  1,097
  1,162
  1,230
  1,300
  1,374
  1,450
  1,531
  1,614
  1,702
  1,793
  1,889
  1,989
  2,094
  2,203
  2,318
  2,439
  2,565
  2,697
  2,835
  2,980
Issuance/(repayment) of debt, $m
  0
  115
  119
  123
  128
  133
  138
  144
  149
  155
  162
  168
  175
  183
  190
  199
  207
  216
  226
  236
  247
  258
  270
  282
  295
  309
  324
  339
  355
  373
  390
Issuance/(repurchase) of shares, $m
  -417
  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  
  -404
  115
  119
  123
  128
  133
  138
  144
  149
  155
  162
  168
  175
  183
  190
  199
  207
  216
  226
  236
  247
  258
  270
  282
  295
  309
  324
  339
  355
  373
  390
Total cash flow (excl. dividends), $m
  -29
  688
  735
  785
  837
  891
  948
  1,006
  1,067
  1,131
  1,197
  1,266
  1,337
  1,412
  1,491
  1,572
  1,658
  1,747
  1,840
  1,938
  2,040
  2,147
  2,259
  2,376
  2,499
  2,628
  2,762
  2,904
  3,052
  3,208
  3,371
Retained Cash Flow (-), $m
  -65
  -77
  -80
  -84
  -87
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -129
  -135
  -140
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -210
  -220
  -230
  -241
  -253
  -265
Prev. year cash balance distribution, $m
 
  395
  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
 
  1,006
  655
  702
  750
  801
  854
  909
  966
  1,025
  1,087
  1,151
  1,219
  1,289
  1,362
  1,438
  1,517
  1,600
  1,687
  1,778
  1,873
  1,972
  2,076
  2,185
  2,299
  2,418
  2,543
  2,674
  2,811
  2,955
  3,106
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
 
  965
  599
  611
  618
  621
  620
  614
  604
  589
  570
  547
  520
  490
  457
  422
  386
  348
  311
  274
  238
  204
  172
  143
  117
  94
  74
  57
  43
  32
  23
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

NVR, Inc. is engaged in the construction and sale of single-family detached homes, townhomes and condominium buildings. The Company's segments are Homebuilding Mid Atlantic, Homebuilding North East, Homebuilding Mid East, Homebuilding South East and Mortgage Banking. Its Homebuilding Mid Atlantic segment operates in various geographic regions, which include Maryland, Virginia, West Virginia, Delaware and Washington, District of Columbia (D.C.). Its Homebuilding North East segment operates in various geographic regions, which include New Jersey and Eastern Pennsylvania. Its Homebuilding Mid East segment operates in various geographic regions, which include New York, Ohio, Indiana and Illinois, The Homebuilding South East segment operates in various geographic regions, which include North Carolina, South Carolina, Florida and Tennessee. The Mortgage Banking segment provides mortgage-related services to home building customers through its mortgage banking operations.

FINANCIAL RATIOS  of  NVR (NVR)

Valuation Ratios
P/E Ratio 28
Price to Sales 2
Price to Book 9.1
Price to Tangible Book
Price to Cash Flow 31
Price to Free Cash Flow 32.9
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.2%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 45.7%
Total Debt to Equity 45.7%
Interest Coverage 33
Management Effectiveness
Return On Assets 17%
Ret/ On Assets - 3 Yr. Avg. 15.2%
Return On Total Capital 22.8%
Ret/ On T. Cap. - 3 Yr. Avg. 20%
Return On Equity 33.4%
Return On Equity - 3 Yr. Avg. 29.8%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 19.3%
Gross Margin - 3 Yr. Avg. 19.8%
EBITDA Margin 12.1%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 11.5%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 11.1%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 35.8%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 0%

NVR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVR stock intrinsic value calculation we used $5835 million for the last fiscal year's total revenue generated by NVR. The default revenue input number comes from 2016 income statement of NVR. 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 NVR stock valuation model: a) initial revenue growth rate of 8.5% 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 4.3%, whose default value for NVR is calculated based on our internal credit rating of NVR, 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 NVR.
    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 NVR stock the variable cost ratio is equal to 87.9%.

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 NVR 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 NVR.

Corporate tax rate of 27% is the nominal tax rate for NVR. 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 NVR 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 NVR are equal to 1.3%.

Life of production assets of 3.5 years is the average useful life of capital assets used in NVR 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 NVR is equal to -6.8%. 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 - $1304 million for NVR - 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 3.745 million for NVR 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 NVR at the current share price and the inputted number of shares is $12.1 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 2.26 0.99  str.sell
MDC M.D.C. Holding 36.34 52.79  buy
HF HFF Cl A 43.13 44.60  hold
LGIH LGI Homes 55.92 378.59  str.buy
CHCI Comstock Holdi 1.68 6.43  str.buy
TOL Toll Brothers 44.21 68.38  str.buy

COMPANY NEWS

▶ NVR beats 3Q profit forecasts   [09:13AM  Associated Press]
▶ NVR, Inc. Announces Third Quarter Results   [09:00AM  PR Newswire]
▶ 3 Top Housing Stocks   [Oct-18-17 01:16PM  Motley Fool]
▶ Can You Avoid These 5 Common Mistakes In Short Selling?   [Sep-29-17 03:03PM  Investor's Business Daily]
▶ 3 Stocks to Hold for the Next 50 Years   [Sep-26-17 03:32PM  Motley Fool]
▶ Housing Stocks Fall as Fed Leaves Rates Unchanged   [Sep-20-17 02:16PM  TheStreet.com]
▶ Top Homebuilder Stock Builds Base Ahead Of Earnings   [Sep-13-17 11:13AM  Investor's Business Daily]
▶ Stocks To Watch Ahead Of Earnings: KB Home   [03:00AM  Investor's Business Daily]
▶ Homebuilders: Three Themes To Watch   [Aug-30-17 12:12PM  Barrons.com]
▶ 3 Value Stocks for Bold Investors   [Aug-23-17 04:36PM  Motley Fool]
▶ ETFs with exposure to NVR, Inc. : August 15, 2017   [Aug-15-17 04:43PM  Capital Cube]
▶ Top Fund Managers Are Buying These 4 Highly Rated Stocks   [Aug-04-17 12:45PM  Investor's Business Daily]
▶ NVR beats 2Q profit forecasts   [Jul-21-17 08:55PM  Associated Press]
▶ Dow Is A Drag But These Top Stocks Are Enjoying Big Gains   [01:03PM  Investor's Business Daily]
▶ This Homebuilder Wins By Wooing New Entrants To Homeownership   [Jul-14-17 04:42PM  Investor's Business Daily]
▶ 5 Home Builder Stocks That Are Ready To Boom   [Jul-12-17 12:43PM  Zacks]
▶ No. 2-Ranked Homebuilder Constructs Successful Breakout   [Jul-11-17 04:27PM  Investor's Business Daily]
▶ ETFs with exposure to NVR, Inc. : July 6, 2017   [Jul-06-17 02:04PM  Capital Cube]
▶ The Third Stock to Reach $1,000 This Year Is Markel?   [Jul-03-17 11:53AM  The Wall Street Journal]
▶ Homebuilder Stock With 126% Growth, 2.8% Dividend Near Buy Zone   [Jun-27-17 04:25PM  Investor's Business Daily]
▶ How Much Farther Can KB Home (KBH) Stock REALLY Go?   [Jun-26-17 03:12PM  InvestorPlace]
▶ The Best Housing Stock to Buy in 2017   [Jun-22-17 10:18AM  Motley Fool]
▶ Twenty Stocks I Own for Most of My Clients   [Jun-12-17 11:37AM  GuruFocus.com]
▶ Market Undervalues Home Builder's Cash Flows   [Jun-02-17 07:31AM  Forbes]
▶ ETFs with exposure to NVR, Inc. : June 1, 2017   [Jun-01-17 02:01PM  Capital Cube]
▶ Amazon joins the $1,000 club   [May-30-17 01:00PM  Associated Press]
▶ Split Decision: The Pros and Cons of Splitting Shares   [May-26-17 11:50AM  The Wall Street Journal]
▶ Toll Bros. Tests New Ceiling As Homebuilder Stocks Hit Resistance   [May-24-17 11:16AM  Investor's Business Daily]
▶ ETFs with exposure to NVR, Inc. : May 15, 2017   [May-15-17 04:17PM  Capital Cube]
▶ ETFs with exposure to NVR, Inc. : May 3, 2017   [May-03-17 04:11PM  Capital Cube]
▶ These Greater Washington companies may be most affected by Trump's tax reform   [Apr-26-17 03:39PM  American City Business Journals]
▶ NVR posts 1Q profit   [Apr-20-17 09:19AM  Associated Press]
▶ NVR, Inc. Announces First Quarter Results   [09:00AM  PR Newswire]
Financial statements of NVR
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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