Intrinsic value of NVR - NVR

Previous Close

$2,711.88

  Intrinsic Value

$3,725

stock screener

  Rating & Target

buy

+37%

  Value-price divergence*

-17%

Previous close

$2,711.88

 
Intrinsic value

$3,725

 
Up/down potential

+37%

 
Rating

buy

 
Value-price divergence*

-17%

*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 9.9

 

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
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  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
  5.35
  5.31
Revenue, $m
  5,835
  6,512
  7,224
  7,972
  8,754
  9,571
  10,422
  11,309
  12,231
  13,190
  14,187
  15,223
  16,299
  17,418
  18,581
  19,791
  21,049
  22,359
  23,723
  25,144
  26,626
  28,171
  29,783
  31,465
  33,223
  35,059
  36,978
  38,984
  41,083
  43,279
  45,578
Variable operating expenses, $m
 
  5,724
  6,350
  7,007
  7,695
  8,413
  9,161
  9,940
  10,751
  11,594
  12,470
  13,381
  14,327
  15,310
  16,333
  17,396
  18,502
  19,654
  20,853
  22,102
  23,404
  24,762
  26,179
  27,658
  29,203
  30,817
  32,503
  34,267
  36,112
  38,042
  40,063
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
  5,724
  6,350
  7,007
  7,695
  8,413
  9,161
  9,940
  10,751
  11,594
  12,470
  13,381
  14,327
  15,310
  16,333
  17,396
  18,502
  19,654
  20,853
  22,102
  23,404
  24,762
  26,179
  27,658
  29,203
  30,817
  32,503
  34,267
  36,112
  38,042
  40,063
Operating income, $m
  683
  788
  874
  965
  1,059
  1,158
  1,261
  1,368
  1,480
  1,596
  1,717
  1,842
  1,972
  2,108
  2,248
  2,395
  2,547
  2,705
  2,871
  3,042
  3,222
  3,409
  3,604
  3,807
  4,020
  4,242
  4,474
  4,717
  4,971
  5,237
  5,515
EBITDA, $m
  705
  796
  884
  975
  1,071
  1,170
  1,275
  1,383
  1,496
  1,613
  1,735
  1,862
  1,993
  2,130
  2,272
  2,420
  2,574
  2,735
  2,901
  3,075
  3,256
  3,445
  3,642
  3,848
  4,063
  4,288
  4,522
  4,768
  5,024
  5,293
  5,574
Interest expense (income), $m
  21
  21
  26
  32
  38
  44
  51
  58
  65
  72
  80
  88
  96
  105
  114
  123
  133
  143
  154
  165
  176
  188
  200
  213
  227
  241
  256
  271
  287
  304
  322
Earnings before tax, $m
  662
  767
  848
  933
  1,021
  1,114
  1,210
  1,311
  1,415
  1,524
  1,637
  1,754
  1,876
  2,003
  2,134
  2,271
  2,414
  2,562
  2,717
  2,878
  3,046
  3,221
  3,403
  3,594
  3,793
  4,001
  4,218
  4,446
  4,684
  4,932
  5,193
Tax expense, $m
  237
  207
  229
  252
  276
  301
  327
  354
  382
  411
  442
  474
  506
  541
  576
  613
  652
  692
  734
  777
  822
  870
  919
  970
  1,024
  1,080
  1,139
  1,200
  1,265
  1,332
  1,402
Net income, $m
  425
  560
  619
  681
  745
  813
  883
  957
  1,033
  1,112
  1,195
  1,280
  1,369
  1,462
  1,558
  1,658
  1,762
  1,870
  1,983
  2,101
  2,223
  2,351
  2,484
  2,624
  2,769
  2,921
  3,079
  3,245
  3,419
  3,601
  3,791

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
  2,510
  2,785
  3,073
  3,375
  3,690
  4,018
  4,360
  4,715
  5,085
  5,469
  5,868
  6,283
  6,715
  7,163
  7,629
  8,115
  8,620
  9,145
  9,693
  10,264
  10,860
  11,481
  12,130
  12,808
  13,515
  14,255
  15,029
  15,838
  16,684
  17,570
Adjusted assets (=assets-cash), $m
  2,249
  2,510
  2,785
  3,073
  3,375
  3,690
  4,018
  4,360
  4,715
  5,085
  5,469
  5,868
  6,283
  6,715
  7,163
  7,629
  8,115
  8,620
  9,145
  9,693
  10,264
  10,860
  11,481
  12,130
  12,808
  13,515
  14,255
  15,029
  15,838
  16,684
  17,570
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
  94
  104
  114
  124
  135
  147
  159
  171
  184
  198
  212
  226
  242
  257
  274
  291
  308
  327
  346
  366
  387
  409
  432
  456
  481
  507
  534
  563
  593
Working capital, $m
  0
  -443
  -491
  -542
  -595
  -651
  -709
  -769
  -832
  -897
  -965
  -1,035
  -1,108
  -1,184
  -1,264
  -1,346
  -1,431
  -1,520
  -1,613
  -1,710
  -1,811
  -1,916
  -2,025
  -2,140
  -2,259
  -2,384
  -2,514
  -2,651
  -2,794
  -2,943
  -3,099
Total debt, $m
  596
  752
  916
  1,088
  1,267
  1,455
  1,651
  1,854
  2,066
  2,287
  2,516
  2,754
  3,001
  3,258
  3,525
  3,803
  4,092
  4,393
  4,707
  5,033
  5,374
  5,729
  6,099
  6,486
  6,889
  7,311
  7,752
  8,213
  8,695
  9,200
  9,728
Total liabilities, $m
  1,340
  1,496
  1,660
  1,832
  2,011
  2,199
  2,395
  2,598
  2,810
  3,031
  3,260
  3,498
  3,745
  4,002
  4,269
  4,547
  4,836
  5,137
  5,451
  5,777
  6,118
  6,473
  6,843
  7,230
  7,633
  8,055
  8,496
  8,957
  9,439
  9,944
  10,472
Total equity, $m
  1,304
  1,014
  1,125
  1,242
  1,363
  1,491
  1,623
  1,761
  1,905
  2,054
  2,210
  2,371
  2,539
  2,713
  2,894
  3,082
  3,278
  3,482
  3,695
  3,916
  4,147
  4,387
  4,638
  4,901
  5,174
  5,460
  5,759
  6,072
  6,398
  6,740
  7,098
Total liabilities and equity, $m
  2,644
  2,510
  2,785
  3,074
  3,374
  3,690
  4,018
  4,359
  4,715
  5,085
  5,470
  5,869
  6,284
  6,715
  7,163
  7,629
  8,114
  8,619
  9,146
  9,693
  10,265
  10,860
  11,481
  12,131
  12,807
  13,515
  14,255
  15,029
  15,837
  16,684
  17,570
Debt-to-equity ratio
  0.457
  0.740
  0.810
  0.880
  0.930
  0.980
  1.020
  1.050
  1.080
  1.110
  1.140
  1.160
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.270
  1.290
  1.300
  1.310
  1.310
  1.320
  1.330
  1.340
  1.350
  1.350
  1.360
  1.360
  1.370
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
  560
  619
  681
  745
  813
  883
  957
  1,033
  1,112
  1,195
  1,280
  1,369
  1,462
  1,558
  1,658
  1,762
  1,870
  1,983
  2,101
  2,223
  2,351
  2,484
  2,624
  2,769
  2,921
  3,079
  3,245
  3,419
  3,601
  3,791
Depreciation, amort., depletion, $m
  22
  8
  9
  10
  11
  12
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
Funds from operations, $m
  332
  568
  628
  691
  757
  825
  897
  971
  1,049
  1,129
  1,213
  1,300
  1,391
  1,485
  1,582
  1,684
  1,789
  1,899
  2,014
  2,133
  2,258
  2,388
  2,523
  2,664
  2,812
  2,966
  3,128
  3,296
  3,472
  3,657
  3,850
Change in working capital, $m
  -52
  -46
  -48
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -125
  -130
  -136
  -143
  -149
  -156
Cash from operations, $m
  384
  614
  677
  742
  810
  881
  955
  1,032
  1,112
  1,195
  1,281
  1,371
  1,464
  1,561
  1,661
  1,766
  1,875
  1,989
  2,107
  2,230
  2,359
  2,493
  2,633
  2,779
  2,932
  3,091
  3,258
  3,433
  3,615
  3,806
  4,006
Maintenance CAPEX, $m
  0
  -8
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
New CAPEX, $m
  -22
  -7
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
Cash from investing activities, $m
  -9
  -15
  -17
  -19
  -20
  -22
  -23
  -26
  -27
  -28
  -30
  -31
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
Free cash flow, $m
  375
  600
  659
  723
  789
  859
  931
  1,007
  1,085
  1,166
  1,251
  1,339
  1,430
  1,525
  1,624
  1,726
  1,833
  1,944
  2,060
  2,181
  2,307
  2,438
  2,575
  2,718
  2,868
  3,024
  3,187
  3,358
  3,537
  3,724
  3,920
Issuance/(repayment) of debt, $m
  0
  156
  164
  172
  180
  188
  196
  204
  212
  220
  229
  238
  247
  257
  267
  278
  289
  301
  313
  327
  340
  355
  370
  387
  404
  422
  441
  461
  482
  505
  528
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
  156
  164
  172
  180
  188
  196
  204
  212
  220
  229
  238
  247
  257
  267
  278
  289
  301
  313
  327
  340
  355
  370
  387
  404
  422
  441
  461
  482
  505
  528
Total cash flow (excl. dividends), $m
  -29
  756
  823
  895
  969
  1,047
  1,127
  1,210
  1,297
  1,387
  1,480
  1,577
  1,677
  1,782
  1,891
  2,004
  2,122
  2,245
  2,373
  2,507
  2,647
  2,793
  2,945
  3,105
  3,272
  3,446
  3,628
  3,819
  4,019
  4,229
  4,448
Retained Cash Flow (-), $m
  -65
  -105
  -111
  -116
  -122
  -127
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -231
  -241
  -251
  -262
  -274
  -286
  -299
  -313
  -327
  -342
  -358
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
 
  1,046
  712
  778
  847
  919
  994
  1,072
  1,153
  1,237
  1,325
  1,415
  1,510
  1,608
  1,710
  1,816
  1,926
  2,041
  2,161
  2,286
  2,416
  2,552
  2,694
  2,843
  2,998
  3,160
  3,330
  3,507
  3,693
  3,887
  4,090
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
 
  1,002
  652
  677
  698
  713
  722
  724
  721
  711
  694
  672
  644
  611
  574
  533
  489
  444
  398
  352
  307
  264
  224
  186
  153
  123
  97
  75
  57
  42
  31
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 23.5
Price to Sales 1.7
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 26.1
Price to Free Cash Flow 27.6
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 11.6% 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 10 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 3.666 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 $9.9 billion.

RELATED COMPANIES Price Int.Val. Rating
HOV Hovnanian Ente 2.04 0.80  str.sell
MDC M.D.C. Holding 31.78 185.04  str.buy
HF HFF Cl A 37.12 52.35  str.buy
LGIH LGI Homes 45.58 35.36  hold
CHCI Comstock Holdi 2.03 5.74  str.buy
TOL Toll Brothers 37.27 77.40  str.buy

COMPANY NEWS

▶ 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]
▶ 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]
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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