Intrinsic value of NVR - NVR

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$2,092.41

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$2,092.41

 
Intrinsic value

$3,923

 
Up/down potential

+87%

 
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 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 7.8

 

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
  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
  5,835
  6,576
  7,361
  8,188
  9,057
  9,967
  10,919
  11,911
  12,946
  14,022
  15,141
  16,305
  17,514
  18,771
  20,077
  21,434
  22,846
  24,314
  25,842
  27,432
  29,089
  30,816
  32,617
  34,495
  36,455
  38,502
  40,640
  42,874
  45,209
  47,652
  50,207
Variable operating expenses, $m
 
  5,780
  6,470
  7,197
  7,961
  8,761
  9,597
  10,470
  11,379
  12,325
  13,309
  14,332
  15,395
  16,499
  17,647
  18,841
  20,081
  21,372
  22,715
  24,113
  25,570
  27,087
  28,670
  30,321
  32,044
  33,843
  35,722
  37,686
  39,739
  41,886
  44,132
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
  5,780
  6,470
  7,197
  7,961
  8,761
  9,597
  10,470
  11,379
  12,325
  13,309
  14,332
  15,395
  16,499
  17,647
  18,841
  20,081
  21,372
  22,715
  24,113
  25,570
  27,087
  28,670
  30,321
  32,044
  33,843
  35,722
  37,686
  39,739
  41,886
  44,132
Operating income, $m
  683
  796
  891
  991
  1,096
  1,206
  1,321
  1,441
  1,566
  1,697
  1,832
  1,973
  2,119
  2,271
  2,429
  2,594
  2,764
  2,942
  3,127
  3,319
  3,520
  3,729
  3,947
  4,174
  4,411
  4,659
  4,917
  5,188
  5,470
  5,766
  6,075
EBITDA, $m
  705
  813
  910
  1,012
  1,119
  1,232
  1,350
  1,472
  1,600
  1,733
  1,871
  2,015
  2,165
  2,320
  2,481
  2,649
  2,824
  3,005
  3,194
  3,391
  3,595
  3,809
  4,031
  4,264
  4,506
  4,759
  5,023
  5,299
  5,588
  5,890
  6,206
Interest expense (income), $m
  21
  21
  27
  33
  40
  47
  54
  62
  70
  78
  87
  96
  105
  115
  125
  135
  146
  158
  169
  182
  195
  208
  222
  236
  251
  267
  284
  301
  319
  338
  357
Earnings before tax, $m
  662
  775
  864
  958
  1,056
  1,159
  1,267
  1,380
  1,497
  1,619
  1,745
  1,877
  2,014
  2,156
  2,304
  2,458
  2,618
  2,784
  2,957
  3,138
  3,325
  3,521
  3,725
  3,938
  4,160
  4,392
  4,634
  4,887
  5,152
  5,428
  5,718
Tax expense, $m
  237
  209
  233
  259
  285
  313
  342
  372
  404
  437
  471
  507
  544
  582
  622
  664
  707
  752
  798
  847
  898
  951
  1,006
  1,063
  1,123
  1,186
  1,251
  1,319
  1,391
  1,466
  1,544
Net income, $m
  425
  566
  631
  699
  771
  846
  925
  1,007
  1,093
  1,182
  1,274
  1,370
  1,470
  1,574
  1,682
  1,794
  1,911
  2,033
  2,159
  2,290
  2,427
  2,570
  2,719
  2,874
  3,037
  3,206
  3,383
  3,567
  3,761
  3,963
  4,174

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
  2,535
  2,838
  3,156
  3,491
  3,842
  4,209
  4,592
  4,991
  5,406
  5,837
  6,286
  6,752
  7,236
  7,740
  8,263
  8,807
  9,373
  9,962
  10,575
  11,214
  11,880
  12,574
  13,298
  14,054
  14,843
  15,667
  16,528
  17,428
  18,370
  19,355
Adjusted assets (=assets-cash), $m
  2,249
  2,535
  2,838
  3,156
  3,491
  3,842
  4,209
  4,592
  4,991
  5,406
  5,837
  6,286
  6,752
  7,236
  7,740
  8,263
  8,807
  9,373
  9,962
  10,575
  11,214
  11,880
  12,574
  13,298
  14,054
  14,843
  15,667
  16,528
  17,428
  18,370
  19,355
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
  85
  96
  106
  118
  130
  142
  155
  168
  182
  197
  212
  228
  244
  261
  279
  297
  316
  336
  357
  378
  401
  424
  448
  474
  501
  528
  557
  588
  619
  653
Working capital, $m
  0
  -447
  -501
  -557
  -616
  -678
  -742
  -810
  -880
  -953
  -1,030
  -1,109
  -1,191
  -1,276
  -1,365
  -1,458
  -1,553
  -1,653
  -1,757
  -1,865
  -1,978
  -2,096
  -2,218
  -2,346
  -2,479
  -2,618
  -2,763
  -2,915
  -3,074
  -3,240
  -3,414
Total debt, $m
  596
  767
  947
  1,137
  1,337
  1,546
  1,765
  1,993
  2,230
  2,478
  2,735
  3,002
  3,280
  3,569
  3,869
  4,181
  4,505
  4,842
  5,193
  5,559
  5,940
  6,336
  6,750
  7,182
  7,632
  8,102
  8,593
  9,107
  9,643
  10,205
  10,792
Total liabilities, $m
  1,340
  1,511
  1,691
  1,881
  2,081
  2,290
  2,509
  2,737
  2,974
  3,222
  3,479
  3,746
  4,024
  4,313
  4,613
  4,925
  5,249
  5,586
  5,937
  6,303
  6,684
  7,080
  7,494
  7,926
  8,376
  8,846
  9,337
  9,851
  10,387
  10,949
  11,536
Total equity, $m
  1,304
  1,024
  1,146
  1,275
  1,411
  1,552
  1,701
  1,855
  2,016
  2,184
  2,358
  2,539
  2,728
  2,923
  3,127
  3,338
  3,558
  3,787
  4,025
  4,272
  4,531
  4,799
  5,080
  5,372
  5,678
  5,996
  6,329
  6,677
  7,041
  7,422
  7,820
Total liabilities and equity, $m
  2,644
  2,535
  2,837
  3,156
  3,492
  3,842
  4,210
  4,592
  4,990
  5,406
  5,837
  6,285
  6,752
  7,236
  7,740
  8,263
  8,807
  9,373
  9,962
  10,575
  11,215
  11,879
  12,574
  13,298
  14,054
  14,842
  15,666
  16,528
  17,428
  18,371
  19,356
Debt-to-equity ratio
  0.457
  0.750
  0.830
  0.890
  0.950
  1.000
  1.040
  1.070
  1.110
  1.130
  1.160
  1.180
  1.200
  1.220
  1.240
  1.250
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
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
  566
  631
  699
  771
  846
  925
  1,007
  1,093
  1,182
  1,274
  1,370
  1,470
  1,574
  1,682
  1,794
  1,911
  2,033
  2,159
  2,290
  2,427
  2,570
  2,719
  2,874
  3,037
  3,206
  3,383
  3,567
  3,761
  3,963
  4,174
Depreciation, amort., depletion, $m
  22
  17
  19
  21
  24
  26
  28
  31
  34
  36
  39
  42
  46
  49
  52
  56
  59
  63
  67
  71
  76
  80
  85
  90
  95
  100
  106
  111
  118
  124
  131
Funds from operations, $m
  332
  583
  650
  720
  794
  872
  953
  1,038
  1,126
  1,218
  1,313
  1,413
  1,516
  1,623
  1,734
  1,850
  1,971
  2,096
  2,226
  2,362
  2,503
  2,650
  2,804
  2,964
  3,131
  3,306
  3,488
  3,679
  3,878
  4,087
  4,305
Change in working capital, $m
  -52
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -174
Cash from operations, $m
  384
  658
  703
  777
  854
  934
  1,018
  1,106
  1,197
  1,291
  1,390
  1,492
  1,598
  1,708
  1,823
  1,942
  2,067
  2,196
  2,330
  2,470
  2,616
  2,768
  2,926
  3,092
  3,265
  3,445
  3,634
  3,831
  4,037
  4,253
  4,478
Maintenance CAPEX, $m
  0
  -16
  -17
  -19
  -21
  -24
  -26
  -28
  -31
  -34
  -36
  -39
  -42
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -111
  -118
  -124
New CAPEX, $m
  -22
  -8
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
Cash from investing activities, $m
  -9
  -24
  -27
  -30
  -32
  -36
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -122
  -128
  -135
  -141
  -150
  -157
Free cash flow, $m
  375
  634
  676
  747
  821
  899
  980
  1,064
  1,152
  1,244
  1,339
  1,437
  1,540
  1,647
  1,757
  1,873
  1,992
  2,117
  2,247
  2,382
  2,523
  2,670
  2,823
  2,983
  3,149
  3,324
  3,506
  3,696
  3,895
  4,103
  4,321
Issuance/(repayment) of debt, $m
  0
  171
  180
  190
  200
  209
  219
  228
  238
  247
  257
  267
  278
  289
  300
  312
  324
  337
  351
  365
  381
  397
  414
  432
  450
  470
  491
  513
  537
  561
  587
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
  171
  180
  190
  200
  209
  219
  228
  238
  247
  257
  267
  278
  289
  300
  312
  324
  337
  351
  365
  381
  397
  414
  432
  450
  470
  491
  513
  537
  561
  587
Total cash flow (excl. dividends), $m
  -29
  805
  856
  937
  1,021
  1,108
  1,198
  1,292
  1,390
  1,491
  1,596
  1,705
  1,818
  1,935
  2,057
  2,185
  2,317
  2,454
  2,598
  2,748
  2,904
  3,066
  3,237
  3,414
  3,600
  3,794
  3,997
  4,209
  4,432
  4,665
  4,908
Retained Cash Flow (-), $m
  -65
  -115
  -122
  -129
  -135
  -142
  -148
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -203
  -211
  -220
  -229
  -238
  -248
  -258
  -269
  -280
  -293
  -305
  -319
  -333
  -348
  -364
  -380
  -398
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
 
  1,085
  734
  808
  885
  966
  1,050
  1,138
  1,229
  1,323
  1,421
  1,523
  1,629
  1,740
  1,854
  1,973
  2,097
  2,226
  2,360
  2,500
  2,646
  2,798
  2,956
  3,122
  3,295
  3,475
  3,664
  3,862
  4,068
  4,284
  4,510
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
 
  1,040
  672
  703
  729
  749
  762
  769
  768
  760
  745
  723
  695
  661
  622
  579
  533
  484
  435
  385
  336
  289
  245
  205
  168
  135
  107
  83
  63
  47
  34
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. operates as a homebuilder in the United States. The company operates through four segments: Mid Atlantic, North East, Mid East, and South East. It primarily constructs and sells single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and Heartland Homes names. The company markets its Ryan Homes products to first-time and first-time move-up buyers; and NVHomes and Heartland Homes products to move-up and upscale buyers. It also provides various mortgage related services to its homebuilding customers through its mortgage banking operations; provides title insurance; and performs title searches in connection with mortgage loan closings. The company was founded in 1979 and is headquartered in Reston, Virginia.

FINANCIAL RATIOS  of  NVR (NVR)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 1.3
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 20.1
Price to Free Cash Flow 21.3
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 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 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 3.721 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 $7.8 billion.


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COMPANY NEWS

▶ NVR posts 1Q profit   [Apr-20-17 09:19AM  Associated Press]
▶ NVR, Inc. Announces First Quarter Results   [09:00AM  PR Newswire]
▶ Stocks, Snap Fall; Russell 2000, Builders Up; Time To Buy These 5 New IPOs?   [Apr-11-17 04:45PM  Investor's Business Daily]
▶ Top Homebuilder Gets IBD Rating Upgrade, Hits Profit-Taking Zone   [Mar-20-17 11:14AM  Investor's Business Daily]
▶ NVR, Inc. Announces Share Repurchase   [01:28PM  PR Newswire]
▶ NVR pitches townhouses and multifamily on Ballston church property   [Feb-13-17 03:10PM  at bizjournals.com]
▶ Top Housing Stocks to Buy in 2017   [Dec-17-16 10:06AM  at Motley Fool]
▶ Is NVR, Inc. (NVR) A Good Stock To Buy Right Now?   [Nov-30-16 02:29PM  at Insider Monkey]
▶ NVR Mortgage Reviews: What You Need to Know (NVR)   [Nov-23-16 01:59PM  at Investopedia]
▶ NVR, INC. Announces Share Repurchase   [Nov-02-16 12:23PM  PR Newswire]
▶ NVR, Inc. Announces Third Quarter Results   [09:00AM  PR Newswire]
▶ 3 Cheap Growth Stocks You Can Buy Right Now   [Oct-07-16 02:12PM  at Motley Fool]
▶ [$$] Two Home Builders in the Hottest Markets   [Oct-03-16 04:30PM  at Barrons.com]
▶ 5 Homebuilders That Hedge Funds Love Amid Booming New-Home Sales   [Aug-26-16 09:10AM  at Insider Monkey]
▶ [$$] Websites That Clarify Accounting for Investors   [Jun-25-16 12:01AM  at Barrons.com]
▶ GMU receives $10 million gift from NVR founder   [May-05-16 06:05PM  at bizjournals.com]
Stock chart of NVR 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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