Intrinsic value of PulteGroup - PHM

Previous Close

$25.28

  Intrinsic Value

$47.86

stock screener

  Rating & Target

str. buy

+89%

  Value-price divergence*

+278%

Previous close

$25.28

 
Intrinsic value

$47.86

 
Up/down potential

+89%

 
Rating

str. buy

 
Value-price divergence*

+278%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

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 8.0

 

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
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  7,668
  8,719
  9,837
  11,022
  12,272
  13,586
  14,964
  16,404
  17,907
  19,473
  21,103
  22,798
  24,560
  26,392
  28,295
  30,273
  32,329
  34,466
  36,690
  39,003
  41,412
  43,920
  46,534
  49,260
  52,103
  55,069
  58,167
  61,402
  64,783
  68,317
  72,013
Variable operating expenses, $m
 
  7,533
  8,499
  9,523
  10,603
  11,739
  12,929
  14,173
  15,471
  16,824
  18,233
  19,697
  21,220
  22,802
  24,447
  26,156
  27,932
  29,779
  31,700
  33,699
  35,780
  37,947
  40,206
  42,560
  45,017
  47,580
  50,256
  53,051
  55,972
  59,026
  62,219
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
  7,533
  8,499
  9,523
  10,603
  11,739
  12,929
  14,173
  15,471
  16,824
  18,233
  19,697
  21,220
  22,802
  24,447
  26,156
  27,932
  29,779
  31,700
  33,699
  35,780
  37,947
  40,206
  42,560
  45,017
  47,580
  50,256
  53,051
  55,972
  59,026
  62,219
Operating income, $m
  934
  1,186
  1,338
  1,499
  1,669
  1,848
  2,035
  2,231
  2,435
  2,648
  2,870
  3,100
  3,340
  3,589
  3,848
  4,117
  4,397
  4,687
  4,990
  5,304
  5,632
  5,973
  6,329
  6,699
  7,086
  7,489
  7,911
  8,351
  8,810
  9,291
  9,794
EBITDA, $m
  988
  1,210
  1,365
  1,530
  1,703
  1,886
  2,077
  2,277
  2,485
  2,703
  2,929
  3,164
  3,409
  3,663
  3,927
  4,202
  4,487
  4,784
  5,093
  5,414
  5,748
  6,096
  6,459
  6,837
  7,232
  7,644
  8,074
  8,523
  8,992
  9,482
  9,995
Interest expense (income), $m
  27
  109
  133
  159
  187
  216
  246
  278
  312
  347
  383
  421
  460
  501
  544
  588
  634
  682
  732
  783
  837
  893
  951
  1,012
  1,075
  1,141
  1,210
  1,282
  1,357
  1,436
  1,518
Earnings before tax, $m
  934
  1,077
  1,205
  1,340
  1,482
  1,632
  1,789
  1,953
  2,123
  2,301
  2,487
  2,679
  2,880
  3,088
  3,304
  3,529
  3,763
  4,006
  4,258
  4,521
  4,795
  5,080
  5,378
  5,687
  6,011
  6,348
  6,701
  7,069
  7,453
  7,855
  8,276
Tax expense, $m
  331
  291
  325
  362
  400
  441
  483
  527
  573
  621
  671
  723
  778
  834
  892
  953
  1,016
  1,082
  1,150
  1,221
  1,295
  1,372
  1,452
  1,536
  1,623
  1,714
  1,809
  1,909
  2,012
  2,121
  2,234
Net income, $m
  603
  786
  879
  978
  1,082
  1,191
  1,306
  1,425
  1,550
  1,680
  1,815
  1,956
  2,102
  2,254
  2,412
  2,576
  2,747
  2,924
  3,109
  3,301
  3,500
  3,709
  3,926
  4,152
  4,388
  4,634
  4,891
  5,160
  5,441
  5,734
  6,041

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
  10,777
  12,160
  13,624
  15,170
  16,794
  18,497
  20,277
  22,134
  24,070
  26,085
  28,180
  30,359
  32,622
  34,975
  37,420
  39,961
  42,603
  45,352
  48,212
  51,189
  54,290
  57,521
  60,890
  64,404
  68,071
  71,899
  75,899
  80,078
  84,446
  89,014
Adjusted assets (=assets-cash), $m
  9,479
  10,777
  12,160
  13,624
  15,170
  16,794
  18,497
  20,277
  22,134
  24,070
  26,085
  28,180
  30,359
  32,622
  34,975
  37,420
  39,961
  42,603
  45,352
  48,212
  51,189
  54,290
  57,521
  60,890
  64,404
  68,071
  71,899
  75,899
  80,078
  84,446
  89,014
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
  244
  275
  309
  344
  380
  419
  459
  501
  545
  591
  638
  688
  739
  792
  848
  905
  965
  1,027
  1,092
  1,160
  1,230
  1,303
  1,379
  1,459
  1,542
  1,629
  1,719
  1,814
  1,913
  2,016
Working capital, $m
  0
  -305
  -344
  -386
  -430
  -476
  -524
  -574
  -627
  -682
  -739
  -798
  -860
  -924
  -990
  -1,060
  -1,131
  -1,206
  -1,284
  -1,365
  -1,449
  -1,537
  -1,629
  -1,724
  -1,824
  -1,927
  -2,036
  -2,149
  -2,267
  -2,391
  -2,520
Total debt, $m
  3,541
  3,809
  4,552
  5,338
  6,168
  7,040
  7,955
  8,911
  9,908
  10,948
  12,029
  13,155
  14,325
  15,540
  16,804
  18,116
  19,481
  20,900
  22,376
  23,912
  25,510
  27,175
  28,911
  30,720
  32,607
  34,576
  36,632
  38,780
  41,024
  43,369
  45,823
Total liabilities, $m
  5,519
  5,787
  6,530
  7,316
  8,146
  9,018
  9,933
  10,889
  11,886
  12,926
  14,007
  15,133
  16,303
  17,518
  18,782
  20,094
  21,459
  22,878
  24,354
  25,890
  27,488
  29,153
  30,889
  32,698
  34,585
  36,554
  38,610
  40,758
  43,002
  45,347
  47,801
Total equity, $m
  4,659
  4,990
  5,630
  6,308
  7,024
  7,776
  8,564
  9,388
  10,248
  11,144
  12,077
  13,047
  14,056
  15,104
  16,193
  17,325
  18,502
  19,725
  20,998
  22,322
  23,700
  25,136
  26,632
  28,192
  29,819
  31,517
  33,289
  35,141
  37,076
  39,098
  41,214
Total liabilities and equity, $m
  10,178
  10,777
  12,160
  13,624
  15,170
  16,794
  18,497
  20,277
  22,134
  24,070
  26,084
  28,180
  30,359
  32,622
  34,975
  37,419
  39,961
  42,603
  45,352
  48,212
  51,188
  54,289
  57,521
  60,890
  64,404
  68,071
  71,899
  75,899
  80,078
  84,445
  89,015
Debt-to-equity ratio
  0.760
  0.760
  0.810
  0.850
  0.880
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.070
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
Adjusted equity ratio
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463
  0.463

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  603
  786
  879
  978
  1,082
  1,191
  1,306
  1,425
  1,550
  1,680
  1,815
  1,956
  2,102
  2,254
  2,412
  2,576
  2,747
  2,924
  3,109
  3,301
  3,500
  3,709
  3,926
  4,152
  4,388
  4,634
  4,891
  5,160
  5,441
  5,734
  6,041
Depreciation, amort., depletion, $m
  54
  24
  28
  31
  34
  38
  42
  46
  50
  55
  59
  64
  69
  74
  79
  85
  91
  97
  103
  109
  116
  123
  130
  138
  146
  154
  163
  172
  181
  191
  202
Funds from operations, $m
  -899
  811
  907
  1,009
  1,116
  1,229
  1,348
  1,471
  1,600
  1,735
  1,874
  2,020
  2,171
  2,328
  2,491
  2,661
  2,837
  3,021
  3,211
  3,410
  3,616
  3,832
  4,056
  4,290
  4,534
  4,788
  5,054
  5,332
  5,622
  5,926
  6,243
Change in working capital, $m
  -967
  -37
  -39
  -41
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -124
  -129
Cash from operations, $m
  68
  847
  946
  1,050
  1,160
  1,275
  1,396
  1,522
  1,653
  1,789
  1,931
  2,079
  2,233
  2,392
  2,558
  2,730
  2,909
  3,095
  3,289
  3,491
  3,701
  3,919
  4,147
  4,385
  4,633
  4,892
  5,163
  5,445
  5,741
  6,049
  6,372
Maintenance CAPEX, $m
  0
  -21
  -24
  -28
  -31
  -34
  -38
  -42
  -46
  -50
  -55
  -59
  -64
  -69
  -74
  -79
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -163
  -172
  -181
  -191
New CAPEX, $m
  -39
  -30
  -31
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -103
Cash from investing activities, $m
  -471
  -51
  -55
  -61
  -66
  -71
  -77
  -82
  -88
  -94
  -101
  -106
  -113
  -120
  -127
  -134
  -143
  -151
  -159
  -168
  -176
  -186
  -196
  -206
  -218
  -229
  -241
  -254
  -267
  -280
  -294
Free cash flow, $m
  -403
  796
  890
  990
  1,094
  1,204
  1,319
  1,439
  1,565
  1,695
  1,831
  1,973
  2,119
  2,272
  2,431
  2,596
  2,767
  2,945
  3,130
  3,323
  3,524
  3,733
  3,951
  4,179
  4,416
  4,663
  4,922
  5,192
  5,474
  5,769
  6,078
Issuance/(repayment) of debt, $m
  1,073
  699
  742
  787
  830
  872
  914
  956
  998
  1,039
  1,082
  1,125
  1,170
  1,216
  1,263
  1,313
  1,365
  1,419
  1,476
  1,536
  1,599
  1,665
  1,735
  1,809
  1,887
  1,969
  2,056
  2,148
  2,244
  2,346
  2,453
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
  699
  742
  787
  830
  872
  914
  956
  998
  1,039
  1,082
  1,125
  1,170
  1,216
  1,263
  1,313
  1,365
  1,419
  1,476
  1,536
  1,599
  1,665
  1,735
  1,809
  1,887
  1,969
  2,056
  2,148
  2,244
  2,346
  2,453
Total cash flow (excl. dividends), $m
  73
  1,495
  1,633
  1,776
  1,924
  2,076
  2,233
  2,395
  2,562
  2,735
  2,913
  3,098
  3,289
  3,488
  3,694
  3,908
  4,132
  4,364
  4,606
  4,859
  5,123
  5,398
  5,686
  5,988
  6,303
  6,632
  6,978
  7,339
  7,718
  8,115
  8,531
Retained Cash Flow (-), $m
  100
  -599
  -640
  -678
  -715
  -752
  -788
  -824
  -860
  -896
  -933
  -970
  -1,009
  -1,048
  -1,089
  -1,132
  -1,177
  -1,223
  -1,272
  -1,324
  -1,378
  -1,436
  -1,496
  -1,560
  -1,627
  -1,698
  -1,773
  -1,852
  -1,935
  -2,023
  -2,115
Prev. year cash balance distribution, $m
 
  268
  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
 
  1,164
  993
  1,098
  1,209
  1,324
  1,445
  1,571
  1,702
  1,839
  1,980
  2,128
  2,281
  2,440
  2,605
  2,776
  2,955
  3,141
  3,334
  3,535
  3,744
  3,963
  4,190
  4,428
  4,676
  4,935
  5,205
  5,488
  5,783
  6,092
  6,416
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  1,100
  882
  912
  932
  942
  942
  930
  909
  877
  837
  788
  733
  673
  609
  544
  478
  414
  353
  295
  243
  196
  155
  120
  91
  68
  49
  35
  24
  16
  10
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., through its subsidiaries, engages primarily in the homebuilding business in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on such land. It offers various home designs, including single-family detached, townhouses, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods names. As of December 31, 2016, the company controlled 99,279 owned lots and 43,979 lots under land option agreements. It also arranges financing through the origination of mortgage loans, principally for homebuyers; sells the servicing rights for the originated loans; and provides title insurance policies, and examination and closing services to homebuyers. The company was formerly known as Pulte Homes, Inc. and changed its name to PulteGroup, Inc. in March 2010. PulteGroup, Inc. was founded in 1950 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  PulteGroup (PHM)

Valuation Ratios
P/E Ratio 13.4
Price to Sales 1.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 118.6
Price to Free Cash Flow 278.2
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 66.8%
Total Debt to Equity 76%
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 13.7% 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 5.8%, 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 10 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 -3.5%. 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 317.03 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 $8.0 billion.

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CHCI Comstock Holdi 2.00 5.74  str.buy
TMHC Taylor Morriso 21.31 84.17  str.buy
PICO PICO Holdings 16.20 68.01  str.buy
TOL Toll Brothers 38.15 77.40  str.buy
UCP UCP Cl A 11.44 93.48  str.buy

COMPANY NEWS

▶ Pay Attention to These Cracks in the Housing Sector   [Aug-18-17 12:10PM  InvestorPlace]
▶ 4 Things PulteGroup's Mangement Thinks You Should Know   [Aug-14-17 07:43PM  Motley Fool]
▶ ETFs with exposure to PulteGroup, Inc. : August 8, 2017   [Aug-08-17 05:02PM  Capital Cube]
▶ As Homebuilders Wrap Up Earnings Season, 3 Key Names Yet To Report   [Jul-31-17 07:00PM  Investor's Business Daily]
▶ Top-Rated Stock In Top-10 Group Just Beat Earnings Views   [Jul-26-17 04:24PM  Investor's Business Daily]
▶ PulteGroup tops 2Q profit forecasts   [Jul-25-17 09:48PM  Associated Press]
▶ PEG Ratio vs. the P/E Ratio   [02:32PM  Zacks]
▶ U.S. home sales stumble as prices hit record high   [Jul-24-17 12:57PM  Reuters]
▶ Housing Stocks Could Blow Over Soon for a Number of Reasons   [Jul-15-17 03:11PM  TheStreet.com]
▶ [$$] US homebuilders retreat after Barclays downgrades   [Jul-11-17 04:36PM  Financial Times]
▶ No. 2-Ranked Homebuilder Constructs Successful Breakout   [04:27PM  Investor's Business Daily]
▶ This Top-Ranked Industry Just Got A Slew Of Stock Rating Upgrades   [Jul-10-17 04:26PM  Investor's Business Daily]
▶ Mizuho Cuts KB Home, PulteGroup To Sell   [09:58AM  Barrons.com]
▶ The Hot Stock: D.R. Horton Gains 3.8%   [Jul-07-17 05:00PM  Barrons.com]
▶ These 2 Stocks With 95+ Composite Ratings Enter Buy Zones   [04:24PM  Investor's Business Daily]
▶ As Homebuilders Show Strength, This Breakout Stock Gets Upgraded   [Jul-03-17 12:32PM  Investor's Business Daily]
▶ KB Home Uptrend Accelerates After Positive Earnings   [Jun-28-17 11:04AM  Investopedia]
▶ 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]
▶ Your first trade for Wednesday, June 21   [Jun-21-17 09:20AM  CNBC]
▶ Fast Money final trades: ORCL, BABA, and more   [Jun-20-17 05:59PM  CNBC Videos]
▶ Housing Industry Stock Outlook - June 2017   [Jun-15-17 05:43PM  Zacks]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-14-17 11:04PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [02:26PM  Investor's Business Daily]
▶ Del Webb at Traditions Now Open For Pre-Selling   [May-30-17 11:00AM  GlobeNewswire]
▶ Toll Bros. Tests New Ceiling As Homebuilder Stocks Hit Resistance   [May-24-17 11:16AM  Investor's Business Daily]
▶ 6 names that still work   [May-18-17 05:00PM  CNBC Videos]
▶ Pull the Plug on PulteGroup   [May-16-17 11:00AM  TheStreet.com]
▶ The 3 Best Dividend Stocks in The Homebuilding Industry   [May-13-17 08:41AM  Motley Fool]
▶ PulteGroup Reports on Annual Meeting of Shareholders   [May-03-17 12:15PM  GlobeNewswire]
Stock chart of PHM 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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