Intrinsic value of PulteGroup - PHM

Previous Close

$29.74

  Intrinsic Value

$42.95

stock screener

  Rating & Target

buy

+44%

Previous close

$29.74

 
Intrinsic value

$42.95

 
Up/down potential

+44%

 
Rating

buy

We calculate the intrinsic value of PHM 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  28.18
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  7,668
  8,404
  9,172
  9,973
  10,806
  11,672
  12,573
  13,509
  14,481
  15,492
  16,543
  17,635
  18,772
  19,954
  21,185
  22,467
  23,804
  25,197
  26,650
  28,166
  29,750
  31,403
  33,132
  34,938
  36,828
  38,804
  40,873
  43,038
  45,305
  47,679
  50,166
Variable operating expenses, $m
 
  7,261
  7,925
  8,616
  9,336
  10,085
  10,863
  11,672
  12,512
  13,385
  14,293
  15,237
  16,219
  17,240
  18,304
  19,412
  20,566
  21,770
  23,025
  24,336
  25,704
  27,133
  28,626
  30,187
  31,819
  33,527
  35,314
  37,185
  39,143
  41,195
  43,344
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
  6,735
  7,261
  7,925
  8,616
  9,336
  10,085
  10,863
  11,672
  12,512
  13,385
  14,293
  15,237
  16,219
  17,240
  18,304
  19,412
  20,566
  21,770
  23,025
  24,336
  25,704
  27,133
  28,626
  30,187
  31,819
  33,527
  35,314
  37,185
  39,143
  41,195
  43,344
Operating income, $m
  934
  1,143
  1,247
  1,356
  1,470
  1,587
  1,710
  1,837
  1,969
  2,107
  2,250
  2,398
  2,553
  2,714
  2,881
  3,056
  3,237
  3,427
  3,624
  3,831
  4,046
  4,271
  4,506
  4,752
  5,009
  5,277
  5,559
  5,853
  6,161
  6,484
  6,823
EBITDA, $m
  988
  1,190
  1,299
  1,412
  1,530
  1,653
  1,780
  1,913
  2,051
  2,194
  2,342
  2,497
  2,658
  2,826
  3,000
  3,181
  3,371
  3,568
  3,774
  3,988
  4,213
  4,447
  4,691
  4,947
  5,215
  5,495
  5,788
  6,094
  6,415
  6,751
  7,104
Interest expense (income), $m
  27
  110
  127
  145
  164
  184
  205
  226
  248
  271
  295
  320
  346
  373
  401
  430
  460
  492
  525
  559
  595
  632
  671
  712
  755
  800
  847
  896
  947
  1,000
  1,057
Earnings before tax, $m
  934
  1,033
  1,120
  1,211
  1,305
  1,403
  1,505
  1,611
  1,721
  1,836
  1,955
  2,079
  2,207
  2,341
  2,481
  2,626
  2,777
  2,935
  3,100
  3,272
  3,451
  3,639
  3,834
  4,039
  4,253
  4,478
  4,712
  4,958
  5,215
  5,484
  5,766
Tax expense, $m
  331
  279
  302
  327
  352
  379
  406
  435
  465
  496
  528
  561
  596
  632
  670
  709
  750
  792
  837
  883
  932
  982
  1,035
  1,091
  1,148
  1,209
  1,272
  1,339
  1,408
  1,481
  1,557
Net income, $m
  603
  754
  818
  884
  953
  1,024
  1,099
  1,176
  1,257
  1,340
  1,427
  1,517
  1,611
  1,709
  1,811
  1,917
  2,027
  2,143
  2,263
  2,388
  2,519
  2,656
  2,799
  2,949
  3,105
  3,269
  3,440
  3,619
  3,807
  4,003
  4,209

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  699
  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
  10,178
  10,388
  11,338
  12,327
  13,357
  14,428
  15,541
  16,698
  17,900
  19,150
  20,449
  21,799
  23,204
  24,665
  26,187
  27,772
  29,423
  31,145
  32,942
  34,816
  36,773
  38,818
  40,954
  43,187
  45,523
  47,966
  50,522
  53,199
  56,001
  58,936
  62,010
Adjusted assets (=assets-cash), $m
  9,479
  10,388
  11,338
  12,327
  13,357
  14,428
  15,541
  16,698
  17,900
  19,150
  20,449
  21,799
  23,204
  24,665
  26,187
  27,772
  29,423
  31,145
  32,942
  34,816
  36,773
  38,818
  40,954
  43,187
  45,523
  47,966
  50,522
  53,199
  56,001
  58,936
  62,010
Revenue / Adjusted assets
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
  0.809
Average production assets, $m
  214
  235
  257
  279
  303
  327
  352
  378
  405
  434
  463
  494
  526
  559
  593
  629
  667
  706
  746
  789
  833
  879
  928
  978
  1,031
  1,087
  1,144
  1,205
  1,269
  1,335
  1,405
Working capital, $m
  0
  -403
  -440
  -479
  -519
  -560
  -603
  -648
  -695
  -744
  -794
  -846
  -901
  -958
  -1,017
  -1,078
  -1,143
  -1,209
  -1,279
  -1,352
  -1,428
  -1,507
  -1,590
  -1,677
  -1,768
  -1,863
  -1,962
  -2,066
  -2,175
  -2,289
  -2,408
Total debt, $m
  3,471
  3,634
  4,154
  4,695
  5,258
  5,844
  6,453
  7,086
  7,743
  8,427
  9,137
  9,876
  10,644
  11,444
  12,276
  13,143
  14,047
  14,989
  15,971
  16,996
  18,067
  19,185
  20,354
  21,575
  22,853
  24,189
  25,588
  27,052
  28,585
  30,190
  31,872
Total liabilities, $m
  5,519
  5,682
  6,202
  6,743
  7,306
  7,892
  8,501
  9,134
  9,791
  10,475
  11,185
  11,924
  12,692
  13,492
  14,324
  15,191
  16,095
  17,037
  18,019
  19,044
  20,115
  21,233
  22,402
  23,623
  24,901
  26,237
  27,636
  29,100
  30,633
  32,238
  33,920
Total equity, $m
  4,659
  4,706
  5,136
  5,584
  6,051
  6,536
  7,040
  7,564
  8,109
  8,675
  9,263
  9,875
  10,511
  11,173
  11,863
  12,581
  13,329
  14,109
  14,923
  15,772
  16,658
  17,584
  18,552
  19,564
  20,622
  21,728
  22,887
  24,099
  25,368
  26,698
  28,091
Total liabilities and equity, $m
  10,178
  10,388
  11,338
  12,327
  13,357
  14,428
  15,541
  16,698
  17,900
  19,150
  20,448
  21,799
  23,203
  24,665
  26,187
  27,772
  29,424
  31,146
  32,942
  34,816
  36,773
  38,817
  40,954
  43,187
  45,523
  47,965
  50,523
  53,199
  56,001
  58,936
  62,011
Debt-to-equity ratio
  0.745
  0.770
  0.810
  0.840
  0.870
  0.890
  0.920
  0.940
  0.950
  0.970
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.100
  1.100
  1.110
  1.110
  1.120
  1.120
  1.130
  1.130
  1.130
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  603
  754
  818
  884
  953
  1,024
  1,099
  1,176
  1,257
  1,340
  1,427
  1,517
  1,611
  1,709
  1,811
  1,917
  2,027
  2,143
  2,263
  2,388
  2,519
  2,656
  2,799
  2,949
  3,105
  3,269
  3,440
  3,619
  3,807
  4,003
  4,209
Depreciation, amort., depletion, $m
  54
  47
  51
  56
  61
  65
  70
  76
  81
  87
  93
  99
  105
  112
  119
  126
  133
  141
  149
  158
  167
  176
  186
  196
  206
  217
  229
  241
  254
  267
  281
Funds from operations, $m
  -899
  801
  869
  940
  1,013
  1,090
  1,169
  1,252
  1,338
  1,427
  1,520
  1,616
  1,716
  1,821
  1,930
  2,043
  2,161
  2,284
  2,412
  2,546
  2,686
  2,832
  2,985
  3,144
  3,311
  3,486
  3,669
  3,860
  4,060
  4,270
  4,490
Change in working capital, $m
  -967
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
Cash from operations, $m
  68
  837
  906
  978
  1,053
  1,131
  1,213
  1,297
  1,384
  1,475
  1,570
  1,669
  1,771
  1,878
  1,989
  2,104
  2,225
  2,351
  2,482
  2,619
  2,762
  2,911
  3,068
  3,231
  3,402
  3,581
  3,768
  3,964
  4,169
  4,384
  4,609
Maintenance CAPEX, $m
  0
  -43
  -47
  -51
  -56
  -61
  -65
  -70
  -76
  -81
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -167
  -176
  -186
  -196
  -206
  -217
  -229
  -241
  -254
  -267
New CAPEX, $m
  -39
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
Cash from investing activities, $m
  -471
  -64
  -69
  -73
  -79
  -85
  -90
  -96
  -103
  -109
  -116
  -124
  -131
  -138
  -146
  -155
  -163
  -172
  -182
  -191
  -202
  -213
  -224
  -237
  -249
  -261
  -275
  -290
  -304
  -320
  -337
Free cash flow, $m
  -403
  772
  837
  904
  974
  1,047
  1,122
  1,200
  1,282
  1,366
  1,454
  1,545
  1,640
  1,739
  1,842
  1,950
  2,062
  2,178
  2,300
  2,427
  2,560
  2,698
  2,843
  2,995
  3,153
  3,319
  3,493
  3,674
  3,865
  4,064
  4,273
Issuance/(repayment) of debt, $m
  1,073
  495
  519
  541
  563
  586
  609
  633
  658
  683
  710
  739
  768
  800
  832
  867
  903
  942
  983
  1,025
  1,071
  1,118
  1,169
  1,222
  1,277
  1,336
  1,399
  1,464
  1,533
  1,605
  1,682
Issuance/(repurchase) of shares, $m
  -597
  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  
  476
  495
  519
  541
  563
  586
  609
  633
  658
  683
  710
  739
  768
  800
  832
  867
  903
  942
  983
  1,025
  1,071
  1,118
  1,169
  1,222
  1,277
  1,336
  1,399
  1,464
  1,533
  1,605
  1,682
Total cash flow (excl. dividends), $m
  73
  1,268
  1,357
  1,446
  1,537
  1,632
  1,731
  1,833
  1,939
  2,050
  2,164
  2,284
  2,409
  2,539
  2,675
  2,817
  2,965
  3,120
  3,283
  3,452
  3,630
  3,817
  4,012
  4,216
  4,431
  4,656
  4,891
  5,138
  5,398
  5,669
  5,955
Retained Cash Flow (-), $m
  100
  -414
  -430
  -448
  -466
  -485
  -504
  -524
  -545
  -566
  -588
  -612
  -636
  -662
  -689
  -718
  -748
  -780
  -814
  -849
  -887
  -926
  -968
  -1,012
  -1,058
  -1,107
  -1,158
  -1,212
  -1,269
  -1,329
  -1,393
Prev. year cash balance distribution, $m
 
  367
  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
 
  1,221
  927
  997
  1,071
  1,147
  1,227
  1,309
  1,395
  1,484
  1,576
  1,672
  1,772
  1,877
  1,985
  2,099
  2,217
  2,340
  2,469
  2,603
  2,744
  2,891
  3,044
  3,205
  3,373
  3,549
  3,733
  3,926
  4,128
  4,340
  4,562
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  1,155
  825
  831
  829
  821
  805
  782
  752
  717
  675
  630
  580
  529
  475
  422
  369
  319
  271
  226
  186
  150
  119
  92
  70
  52
  38
  27
  19
  13
  8
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

PulteGroup, Inc. is a homebuilder in the United States. The Company's segments include Homebuilding and Financial Services. Its Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on such land. Its Financial Services operations consist principally of mortgage banking and title operations. The Company conducts its financial services business, through Pulte Mortgage LLC (Pulte Mortgage) and other subsidiaries. Pulte Mortgage arranges financing through the origination of mortgage loans. The Company's subsidiaries are engaged in the homebuilding business. It offers a product line to meet the needs of homebuyers in its focused markets. Through its brands, which include Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the Company offers a range of home designs, including single-family detached, townhouses, condominiums and duplexes.

FINANCIAL RATIOS  of  PulteGroup (PHM)

Valuation Ratios
P/E Ratio 15.7
Price to Sales 1.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 139.6
Price to Free Cash Flow 327.2
Growth Rates
Sales Growth Rate 28.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 2
Current Ratio NaN
LT Debt to Equity 67.4%
Total Debt to Equity 74.5%
Interest Coverage 36
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 12.8%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 25.3%
Gross Margin - 3 Yr. Avg. 24.3%
EBITDA Margin 13.2%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 12.6%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 8.1%
Effective Tax Rate 35.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.4%
Payout Ratio 20.7%

PHM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PHM stock intrinsic value calculation we used $7668 million for the last fiscal year's total revenue generated by PulteGroup. The default revenue input number comes from 2016 income statement of PulteGroup. 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 PHM stock valuation model: a) initial revenue growth rate of 9.6% 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 5.7%, whose default value for PHM is calculated based on our internal credit rating of PulteGroup, 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 PulteGroup.
    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 PHM stock the variable cost ratio is equal to 86.4%.

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 PHM 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 PulteGroup.

Corporate tax rate of 27% is the nominal tax rate for PulteGroup. 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 PHM 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 PHM are equal to 2.8%.

Life of production assets of 4 years is the average useful life of capital assets used in PulteGroup 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 PHM is equal to -4.8%. 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 - $4659 million for PulteGroup - 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 298.045 million for PulteGroup 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 PulteGroup at the current share price and the inputted number of shares is $8.9 billion.

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COMPANY NEWS

▶ These construction jobs pay the most   [Feb-16-18 01:36PM  Yahoo Finance Video]
▶ Housing starts, building permits show strength   [01:22PM  Yahoo Finance Video]
▶ Home Sweet Home: 5 Favorite Homebuilders   [06:03AM  Investopedia]
▶ Pulte Homes seeks approval for 646 homes on former Broward golf course   [Feb-05-18 03:37PM  American City Business Journals]
▶ D.R. Horton Earnings Jump 40%, But Homebuilder Stocks Hit Resistance   [Jan-31-18 04:09PM  Investor's Business Daily]
▶ Is this the dip you buy?   [Jan-30-18 05:00PM  CNBC Videos]
▶ PulteGroup Earnings Top; Stock Falls On Margin Concerns   [04:21PM  Investor's Business Daily]
▶ PulteGroup beats 4Q profit forecasts   [06:52AM  Associated Press]
▶ "Fast Money" final trades: INTC, AMD and more   [Jan-25-18 05:59PM  CNBC Videos]
▶ Time to Move Into Homebuilders from Lennar to Meritage   [Jan-22-18 11:11AM  Barrons.com]
▶ 5 Stocks to Buy for Aging Millennial Generation   [Jan-18-18 04:05PM  Zacks]
▶ Homebuilders face rising costs in 2018   [01:45PM  Yahoo Finance]
▶ These Housing Stocks Can Soar in 2018: Here's Why   [Dec-19-17 06:00AM  Investopedia]
▶ 36 Top Funds Just Bought Shares In This Potential Breakout Stock   [Dec-12-17 04:08PM  Investor's Business Daily]
▶ NAILing Down A Leveraged Homebuilders ETF   [Dec-11-17 05:24PM  Benzinga]
▶ "Fast Money" final trades: PHM, MU and more   [Dec-04-17 05:59PM  CNBC Videos]
▶ "Fast Money" final trades: XRT, GLNG and more   [Nov-28-17 05:59PM  CNBC Videos]
▶ Estimating The Fair Value Of PulteGroup Inc (PHM)   [Nov-24-17 04:25PM  Simply Wall St.]
▶ Breaking down 2017's most extended stocks   [Nov-21-17 02:32PM  CNBC Videos]
▶ 6 Trades to make ahead of Thanksgiving week   [Nov-17-17 05:00PM  CNBC Videos]
▶ Fast Money Final Trade: IYT, XOP, PHM & DISCA   [Nov-16-17 05:58PM  CNBC Videos]
▶ PulteGroup Downgraded By Buckingham After 70% Gain   [Nov-14-17 02:13PM  Benzinga]
▶ Home builder stocks slump on tax plan   [Nov-03-17 03:44PM  CNBC Videos]
▶ "Fast Money" final trades: XOP, PHM and more   [Oct-30-17 05:59PM  CNBC Videos]
▶ ETFs with exposure to PulteGroup, Inc. : October 27, 2017   [Oct-27-17 11:10AM  Capital Cube]
▶ 7 Amazing Investments on America's New Housing Boom   [Oct-25-17 10:00PM  TheStreet.com]
▶ PulteGroup beats 3Q profit forecasts   [07:14AM  Associated Press]
▶ PulteGroup, Inc. to Host Earnings Call   [07:01AM  ACCESSWIRE]
Financial statements of PHM
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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