Intrinsic value of Realogy Holdings - RLGY

Previous Close

$26.24

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$26.24

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as RLGY.

We calculate the intrinsic value of RLGY 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 2013), $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 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2013(a)
   2014
   2015
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.21
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  5,289
  5,564
  5,852
  6,154
  6,471
  6,803
  7,151
  7,516
  7,899
  8,301
  8,723
  9,165
  9,629
  10,116
  10,627
  11,163
  11,726
  12,316
  12,936
  13,587
  14,270
  14,987
  15,740
  16,530
  17,359
  18,230
  19,144
  20,104
  21,111
  22,169
  23,279
Variable operating expenses, $m
 
  6,214
  6,519
  6,838
  7,173
  7,524
  7,892
  8,278
  8,683
  9,107
  9,553
  9,687
  10,177
  10,692
  11,232
  11,799
  12,393
  13,018
  13,673
  14,361
  15,083
  15,840
  16,636
  17,471
  18,348
  19,268
  20,234
  21,248
  22,313
  23,431
  24,605
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
  5,114
  6,214
  6,519
  6,838
  7,173
  7,524
  7,892
  8,278
  8,683
  9,107
  9,553
  9,687
  10,177
  10,692
  11,232
  11,799
  12,393
  13,018
  13,673
  14,361
  15,083
  15,840
  16,636
  17,471
  18,348
  19,268
  20,234
  21,248
  22,313
  23,431
  24,605
Operating income, $m
  175
  -650
  -667
  -684
  -702
  -721
  -741
  -762
  -783
  -806
  -830
  -522
  -548
  -576
  -605
  -636
  -668
  -701
  -737
  -774
  -813
  -853
  -896
  -941
  -989
  -1,038
  -1,090
  -1,145
  -1,202
  -1,262
  -1,326
EBITDA, $m
  351
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -305
  -321
  -337
  -354
  -372
  -391
  -411
  -431
  -453
  -476
  -500
  -525
  -551
  -579
  -608
  -639
  -671
  -704
  -740
  -777
  -816
  -857
  -900
Interest expense (income), $m
  312
  278
  297
  317
  338
  359
  382
  406
  431
  457
  484
  513
  543
  575
  608
  643
  679
  718
  758
  800
  845
  891
  940
  992
  1,046
  1,102
  1,162
  1,224
  1,290
  1,358
  1,431
Earnings before tax, $m
  175
  -929
  -964
  -1,001
  -1,040
  -1,080
  -1,123
  -1,167
  -1,214
  -1,263
  -1,314
  -1,035
  -1,091
  -1,151
  -1,213
  -1,279
  -1,347
  -1,419
  -1,495
  -1,574
  -1,657
  -1,745
  -1,837
  -1,933
  -2,034
  -2,140
  -2,252
  -2,369
  -2,492
  -2,621
  -2,756
Tax expense, $m
  -242
  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
Net income, $m
  438
  -929
  -964
  -1,001
  -1,040
  -1,080
  -1,123
  -1,167
  -1,214
  -1,263
  -1,314
  -1,035
  -1,091
  -1,151
  -1,213
  -1,279
  -1,347
  -1,419
  -1,495
  -1,574
  -1,657
  -1,745
  -1,837
  -1,933
  -2,034
  -2,140
  -2,252
  -2,369
  -2,492
  -2,621
  -2,756

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  236
  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
  7,326
  7,458
  7,845
  8,250
  8,674
  9,119
  9,586
  10,076
  10,589
  11,128
  11,693
  12,285
  12,907
  13,560
  14,245
  14,964
  15,718
  16,510
  17,341
  18,213
  19,129
  20,090
  21,099
  22,158
  23,269
  24,437
  25,662
  26,948
  28,299
  29,717
  31,206
Adjusted assets (=assets-cash), $m
  7,090
  7,458
  7,845
  8,250
  8,674
  9,119
  9,586
  10,076
  10,589
  11,128
  11,693
  12,285
  12,907
  13,560
  14,245
  14,964
  15,718
  16,510
  17,341
  18,213
  19,129
  20,090
  21,099
  22,158
  23,269
  24,437
  25,662
  26,948
  28,299
  29,717
  31,206
Revenue / Adjusted assets
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
  0.746
Average production assets, $m
  2,906
  3,055
  3,213
  3,379
  3,553
  3,735
  3,926
  4,127
  4,337
  4,557
  4,789
  5,032
  5,286
  5,554
  5,834
  6,128
  6,437
  6,762
  7,102
  7,459
  7,834
  8,228
  8,641
  9,075
  9,530
  10,008
  10,510
  11,037
  11,590
  12,171
  12,780
Working capital, $m
  6
  45
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  94
  99
  103
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
Total debt, $m
  4,157
  4,189
  4,466
  4,756
  5,060
  5,380
  5,714
  6,065
  6,433
  6,820
  7,225
  7,650
  8,096
  8,564
  9,055
  9,570
  10,111
  10,679
  11,274
  11,900
  12,556
  13,245
  13,969
  14,728
  15,525
  16,362
  17,241
  18,163
  19,131
  20,148
  21,215
Total liabilities, $m
  5,316
  5,348
  5,625
  5,915
  6,219
  6,539
  6,873
  7,224
  7,592
  7,979
  8,384
  8,809
  9,255
  9,723
  10,214
  10,729
  11,270
  11,838
  12,433
  13,059
  13,715
  14,404
  15,128
  15,887
  16,684
  17,521
  18,400
  19,322
  20,290
  21,307
  22,374
Total equity, $m
  2,010
  2,111
  2,220
  2,335
  2,455
  2,581
  2,713
  2,851
  2,997
  3,149
  3,309
  3,477
  3,653
  3,837
  4,031
  4,235
  4,448
  4,672
  4,907
  5,154
  5,413
  5,685
  5,971
  6,271
  6,585
  6,916
  7,262
  7,626
  8,009
  8,410
  8,831
Total liabilities and equity, $m
  7,326
  7,459
  7,845
  8,250
  8,674
  9,120
  9,586
  10,075
  10,589
  11,128
  11,693
  12,286
  12,908
  13,560
  14,245
  14,964
  15,718
  16,510
  17,340
  18,213
  19,128
  20,089
  21,099
  22,158
  23,269
  24,437
  25,662
  26,948
  28,299
  29,717
  31,205
Debt-to-equity ratio
  2.068
  1.980
  2.010
  2.040
  2.060
  2.080
  2.110
  2.130
  2.150
  2.170
  2.180
  2.200
  2.220
  2.230
  2.250
  2.260
  2.270
  2.290
  2.300
  2.310
  2.320
  2.330
  2.340
  2.350
  2.360
  2.370
  2.370
  2.380
  2.390
  2.400
  2.400
Adjusted equity ratio
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  438
  -929
  -964
  -1,001
  -1,040
  -1,080
  -1,123
  -1,167
  -1,214
  -1,263
  -1,314
  -1,035
  -1,091
  -1,151
  -1,213
  -1,279
  -1,347
  -1,419
  -1,495
  -1,574
  -1,657
  -1,745
  -1,837
  -1,933
  -2,034
  -2,140
  -2,252
  -2,369
  -2,492
  -2,621
  -2,756
Depreciation, amort., depletion, $m
  176
  435
  441
  446
  452
  458
  464
  471
  478
  485
  493
  168
  176
  185
  194
  204
  215
  225
  237
  249
  261
  274
  288
  302
  318
  334
  350
  368
  386
  406
  426
Funds from operations, $m
  552
  -493
  -524
  -555
  -588
  -622
  -658
  -696
  -736
  -778
  -821
  -867
  -915
  -966
  -1,019
  -1,074
  -1,133
  -1,194
  -1,258
  -1,326
  -1,396
  -1,471
  -1,549
  -1,631
  -1,717
  -1,807
  -1,902
  -2,001
  -2,105
  -2,215
  -2,330
Change in working capital, $m
  60
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  492
  -496
  -526
  -557
  -590
  -625
  -661
  -699
  -739
  -781
  -825
  -871
  -919
  -970
  -1,023
  -1,079
  -1,137
  -1,199
  -1,263
  -1,331
  -1,402
  -1,476
  -1,555
  -1,637
  -1,723
  -1,814
  -1,909
  -2,009
  -2,113
  -2,223
  -2,339
Maintenance CAPEX, $m
  0
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -215
  -225
  -237
  -249
  -261
  -274
  -288
  -302
  -318
  -334
  -350
  -368
  -386
  -406
New CAPEX, $m
  -62
  -149
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -221
  -231
  -243
  -255
  -267
  -281
  -294
  -309
  -324
  -340
  -357
  -375
  -394
  -413
  -434
  -455
  -478
  -502
  -527
  -553
  -581
  -610
Cash from investing activities, $m
  -102
  -246
  -260
  -273
  -287
  -300
  -315
  -331
  -348
  -366
  -383
  -403
  -423
  -443
  -466
  -488
  -513
  -539
  -565
  -594
  -624
  -655
  -687
  -722
  -757
  -796
  -836
  -877
  -921
  -967
  -1,016
Free cash flow, $m
  390
  -741
  -786
  -830
  -877
  -926
  -977
  -1,030
  -1,087
  -1,146
  -1,208
  -1,273
  -1,341
  -1,413
  -1,488
  -1,567
  -1,650
  -1,737
  -1,829
  -1,925
  -2,025
  -2,131
  -2,242
  -2,359
  -2,481
  -2,609
  -2,744
  -2,886
  -3,034
  -3,191
  -3,354
Issuance/(repayment) of debt, $m
  -476
  268
  277
  290
  304
  319
  335
  351
  368
  386
  405
  425
  446
  468
  491
  515
  541
  568
  596
  625
  656
  689
  723
  759
  797
  837
  879
  922
  968
  1,017
  1,067
Issuance/(repurchase) of shares, $m
  5
  1,029
  1,073
  1,116
  1,160
  1,206
  1,255
  1,306
  1,359
  1,415
  1,474
  1,203
  1,267
  1,336
  1,407
  1,482
  1,561
  1,643
  1,730
  1,821
  1,917
  2,017
  2,122
  2,233
  2,349
  2,471
  2,599
  2,733
  2,874
  3,022
  3,177
Cash from financing (excl. dividends), $m  
  -530
  1,297
  1,350
  1,406
  1,464
  1,525
  1,590
  1,657
  1,727
  1,801
  1,879
  1,628
  1,713
  1,804
  1,898
  1,997
  2,102
  2,211
  2,326
  2,446
  2,573
  2,706
  2,845
  2,992
  3,146
  3,308
  3,478
  3,655
  3,842
  4,039
  4,244
Total cash flow (excl. dividends), $m
  -140
  556
  565
  576
  587
  600
  613
  626
  641
  656
  671
  355
  372
  390
  410
  430
  451
  474
  497
  522
  548
  575
  603
  633
  665
  698
  733
  769
  808
  848
  890
Retained Cash Flow (-), $m
  -494
  -1,029
  -1,073
  -1,116
  -1,160
  -1,206
  -1,255
  -1,306
  -1,359
  -1,415
  -1,474
  -1,203
  -1,267
  -1,336
  -1,407
  -1,482
  -1,561
  -1,643
  -1,730
  -1,821
  -1,917
  -2,017
  -2,122
  -2,233
  -2,349
  -2,471
  -2,599
  -2,733
  -2,874
  -3,022
  -3,177
Prev. year cash balance distribution, $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 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
 
  -473
  -509
  -540
  -572
  -606
  -642
  -679
  -719
  -760
  -803
  -848
  -895
  -945
  -997
  -1,052
  -1,109
  -1,170
  -1,233
  -1,299
  -1,369
  -1,442
  -1,519
  -1,599
  -1,684
  -1,773
  -1,866
  -1,963
  -2,066
  -2,174
  -2,287
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  -430
  -416
  -393
  -368
  -340
  -310
  -279
  -248
  -217
  -187
  -159
  -132
  -108
  -87
  -68
  -53
  -40
  -29
  -21
  -15
  -10
  -6
  -4
  -3
  -2
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.6
  60.4
  47.1
  36.8
  28.8
  22.7
  17.8
  14.1
  11.1
  8.8
  7.3
  6.1
  5.0
  4.2
  3.5
  2.9
  2.4
  2.0
  1.6
  1.3
  1.1
  0.9
  0.8
  0.6
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2

Realogy Holdings Corp. is an integrated provider of residential real estate services in the United States. The Company operates through four segments: Real Estate Franchise Services (RFG), Company Owned Real Estate Brokerage Services (NRT), Relocation Services (Cartus), and Title and Settlement Services (TRG). It is the franchisor of residential real estate brokerages in the world through its portfolio of brokerage brands, including Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby's International Realty and Better Homes and Gardens Real Estate. It owns and operates residential real estate brokerage business in the United States under the Coldwell Banker, Corcoran, Sotheby's International Realty, ZipRealty and Citi Habitats brand names. It is a provider of outsourced employee relocation services. The Company assists with the closing of real estate transactions by providing full-service title and settlement services to customers and real estate companies. _tck('aft');

FINANCIAL RATIOS  of  Realogy Holdings (RLGY)

Valuation Ratios
P/E Ratio 8.8
Price to Sales 0.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate 13.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 193.3%
Total Debt to Equity 206.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 16%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. -3%
Return On Equity 24.8%
Return On Equity - 3 Yr. Avg. -2393.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 23.2%
Gross Margin - 3 Yr. Avg. 22.4%
EBITDA Margin 12.5%
EBITDA Margin - 3 Yr. Avg. 8.4%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. -6.4%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. -6.4%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. -4.7%
Effective Tax Rate -138.3%
Eff/ Tax Rate - 3 Yr. Avg. -50.9%
Payout Ratio 0%

RLGY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RLGY stock intrinsic value calculation we used $5289 million for the last fiscal year's total revenue generated by Realogy Holdings. The default revenue input number comes from 2013 income statement of Realogy Holdings. 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 RLGY stock valuation model: a) initial revenue growth rate of 5.2% 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 10.1%, whose default value for RLGY is calculated based on our internal credit rating of Realogy Holdings, 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 Realogy Holdings.
    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 RLGY stock the variable cost ratio is equal to 112%.

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 RLGY 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 7.1% for Realogy Holdings.

Corporate tax rate of 27% is the nominal tax rate for Realogy Holdings. 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 RLGY 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 RLGY are equal to 54.9%.

Life of production assets of 35.4 years is the average useful life of capital assets used in Realogy Holdings 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 RLGY is equal to 0.8%. 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 - $2010 million for Realogy Holdings - 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 136.294 million for Realogy Holdings 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 Realogy Holdings at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ Weekly Top Insider Buys Highlight for the Week of Dec. 1   [Dec-03-17 10:54AM  GuruFocus.com]
▶ New Strong Sell Stocks for November 8th   [Nov-08-17 08:33AM  Zacks]
▶ Here's Why Realogy Holdings Corp Is Down 10% Today   [Nov-03-17 11:09AM  Motley Fool]
▶ Realogy Holdings misses Street 3Q forecasts   [07:41AM  Associated Press]
▶ Realogy Announces Leadership Succession Plan   [Oct-23-17 04:05PM  PR Newswire]
▶ Cartus Receives Supplier Premier Award from Eaton   [Oct-16-17 03:22PM  PR Newswire]
▶ /C O R R E C T I O N -- Realogy Holdings Corp./   [Sep-07-17 01:01PM  PR Newswire]
▶ NRT Names Roger Favano As Chief Financial Officer   [Aug-17-17 02:05PM  PR Newswire]
▶ Realogy Holdings beats Street 2Q forecasts   [02:44PM  Associated Press]
▶ ERA Real Estate Brand Expands Into Vietnam   [Jul-14-17 09:02AM  PR Newswire]
▶ Cartus Corporation Expands in Brazil   [10:00AM  PR Newswire]
▶ Which Stocks Are Showing Rising Relative Strength?   [Jun-05-17 11:42AM  Investor's Business Daily]
▶ ERA Real Estate Enhances Leadership Team   [May-15-17 03:15PM  PR Newswire]
Financial statements of RLGY
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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