Intrinsic value of RE/MAX Holdings Cl A - RMAX

Previous Close

$58.15

  Intrinsic Value

$32.55

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

-31%

Previous close

$58.15

 
Intrinsic value

$32.55

 
Up/down potential

-44%

 
Rating

sell

 
Value-price divergence*

-31%

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

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

We calculate the intrinsic value of RMAX 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 1.0

 

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, %
  -0.56
  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
  176
  196
  218
  240
  264
  289
  314
  341
  369
  398
  428
  459
  492
  525
  560
  597
  635
  674
  716
  758
  803
  850
  898
  949
  1,002
  1,057
  1,115
  1,176
  1,239
  1,305
  1,375
Variable operating expenses, $m
 
  112
  123
  135
  147
  159
  172
  186
  200
  215
  230
  233
  250
  267
  285
  303
  322
  342
  363
  385
  408
  432
  456
  482
  509
  537
  566
  597
  629
  663
  698
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
  105
  112
  123
  135
  147
  159
  172
  186
  200
  215
  230
  233
  250
  267
  285
  303
  322
  342
  363
  385
  408
  432
  456
  482
  509
  537
  566
  597
  629
  663
  698
Operating income, $m
  72
  84
  95
  106
  117
  129
  142
  155
  169
  183
  198
  226
  242
  259
  276
  294
  312
  332
  352
  373
  395
  418
  442
  467
  493
  520
  549
  579
  610
  642
  677
EBITDA, $m
  88
  105
  117
  129
  142
  155
  169
  183
  198
  214
  230
  246
  264
  282
  301
  320
  341
  362
  384
  407
  431
  456
  482
  509
  538
  568
  599
  631
  665
  701
  738
Interest expense (income), $m
  8
  8
  8
  8
  8
  8
  8
  8
  7
  7
  7
  7
  7
  7
  6
  6
  6
  6
  5
  5
  5
  5
  4
  4
  4
  3
  3
  3
  2
  2
  2
Earnings before tax, $m
  63
  75
  86
  97
  109
  121
  134
  148
  161
  176
  191
  219
  235
  252
  270
  288
  307
  326
  347
  368
  390
  414
  438
  463
  489
  517
  546
  576
  608
  641
  675
Tax expense, $m
  15
  20
  23
  26
  29
  33
  36
  40
  44
  47
  52
  59
  64
  68
  73
  78
  83
  88
  94
  99
  105
  112
  118
  125
  132
  140
  147
  156
  164
  173
  182
Net income, $m
  23
  55
  63
  71
  80
  89
  98
  108
  118
  128
  139
  160
  172
  184
  197
  210
  224
  238
  253
  269
  285
  302
  320
  338
  357
  377
  398
  420
  444
  468
  493

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  437
  423
  470
  518
  569
  622
  677
  735
  795
  857
  922
  990
  1,060
  1,132
  1,208
  1,287
  1,368
  1,453
  1,542
  1,635
  1,731
  1,831
  1,936
  2,045
  2,160
  2,279
  2,404
  2,534
  2,671
  2,813
  2,963
Adjusted assets (=assets-cash), $m
  379
  423
  470
  518
  569
  622
  677
  735
  795
  857
  922
  990
  1,060
  1,132
  1,208
  1,287
  1,368
  1,453
  1,542
  1,635
  1,731
  1,831
  1,936
  2,045
  2,160
  2,279
  2,404
  2,534
  2,671
  2,813
  2,963
Revenue / Adjusted assets
  0.464
  0.463
  0.464
  0.463
  0.464
  0.465
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
Average production assets, $m
  96
  107
  119
  131
  144
  157
  171
  186
  201
  217
  233
  250
  268
  286
  305
  325
  346
  368
  390
  413
  438
  463
  490
  517
  546
  576
  608
  641
  675
  711
  749
Working capital, $m
  34
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -63
  -67
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -137
Total debt, $m
  231
  225
  222
  218
  214
  210
  206
  201
  197
  192
  187
  182
  176
  171
  165
  159
  153
  146
  139
  132
  125
  117
  109
  101
  92
  83
  73
  63
  52
  41
  30
Total liabilities, $m
  -27
  -33
  -36
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -228
Total equity, $m
  464
  456
  506
  558
  613
  670
  730
  792
  856
  923
  993
  1,066
  1,141
  1,219
  1,301
  1,386
  1,474
  1,565
  1,661
  1,760
  1,864
  1,972
  2,085
  2,203
  2,326
  2,455
  2,589
  2,729
  2,876
  3,030
  3,191
Total liabilities and equity, $m
  437
  423
  470
  518
  569
  622
  678
  735
  795
  857
  922
  990
  1,059
  1,132
  1,208
  1,287
  1,369
  1,453
  1,542
  1,634
  1,731
  1,831
  1,936
  2,046
  2,160
  2,280
  2,404
  2,534
  2,670
  2,813
  2,963
Debt-to-equity ratio
  0.498
  0.490
  0.440
  0.390
  0.350
  0.310
  0.280
  0.250
  0.230
  0.210
  0.190
  0.170
  0.150
  0.140
  0.130
  0.110
  0.100
  0.090
  0.080
  0.080
  0.070
  0.060
  0.050
  0.050
  0.040
  0.030
  0.030
  0.020
  0.020
  0.010
  0.010
Adjusted equity ratio
  1.071
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  23
  55
  63
  71
  80
  89
  98
  108
  118
  128
  139
  160
  172
  184
  197
  210
  224
  238
  253
  269
  285
  302
  320
  338
  357
  377
  398
  420
  444
  468
  493
Depreciation, amort., depletion, $m
  16
  21
  22
  23
  24
  26
  27
  28
  29
  30
  32
  21
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
Funds from operations, $m
  56
  77
  85
  95
  104
  114
  125
  136
  147
  159
  171
  180
  194
  207
  222
  237
  252
  268
  285
  303
  321
  340
  360
  380
  402
  425
  448
  473
  499
  526
  554
Change in working capital, $m
  -8
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  64
  79
  88
  97
  107
  117
  127
  138
  150
  162
  174
  184
  197
  211
  225
  240
  256
  272
  289
  307
  325
  345
  365
  386
  407
  430
  454
  479
  505
  533
  561
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
New CAPEX, $m
  -4
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
Cash from investing activities, $m
  -117
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -39
  -40
  -42
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -91
  -96
Free cash flow, $m
  -53
  60
  67
  75
  83
  91
  100
  110
  119
  129
  140
  147
  159
  170
  183
  195
  209
  222
  237
  252
  267
  283
  300
  318
  336
  355
  375
  396
  418
  441
  465
Issuance/(repayment) of debt, $m
  31
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  11
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Total cash flow (excl. dividends), $m
  -42
  56
  63
  71
  79
  87
  96
  105
  115
  125
  135
  142
  153
  165
  177
  189
  202
  216
  230
  244
  260
  276
  292
  309
  327
  346
  366
  386
  408
  430
  454
Retained Cash Flow (-), $m
  -14
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -99
  -104
  -108
  -113
  -118
  -123
  -129
  -134
  -140
  -147
  -154
  -161
Prev. year cash balance distribution, $m
 
  56
  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
 
  64
  14
  19
  24
  30
  37
  43
  50
  58
  65
  70
  78
  87
  95
  105
  114
  124
  134
  145
  156
  167
  179
  191
  204
  218
  231
  246
  261
  276
  293
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  61
  12
  16
  19
  23
  25
  27
  29
  30
  31
  29
  29
  28
  27
  25
  23
  21
  19
  17
  14
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
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

RE/MAX Holdings, Inc. operates as a franchisor of real estate and mortgage brokerage services in the United States, Canada, and internationally. The company offers its real estate franchise services under the RE/MAX brand name; and mortgage brokerage services under the Motto Mortgage brand. The company was founded in 1973 and is headquartered in Denver, Colorado.

FINANCIAL RATIOS  of  RE/MAX Holdings Cl A (RMAX)

Valuation Ratios
P/E Ratio 44.6
Price to Sales 5.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 29
Current Ratio 0.1
LT Debt to Equity 49.4%
Total Debt to Equity 49.8%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 49.4%
EBITDA Margin - 3 Yr. Avg. 48.1%
Operating Margin 40.3%
Oper. Margin - 3 Yr. Avg. 39.9%
Pre-Tax Margin 35.8%
Pre-Tax Margin - 3 Yr. Avg. 34.3%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.5%
Payout Ratio 47.8%

RMAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMAX stock intrinsic value calculation we used $176 million for the last fiscal year's total revenue generated by RE/MAX Holdings Cl A. The default revenue input number comes from 2016 income statement of RE/MAX Holdings Cl A. 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 RMAX 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 5%, whose default value for RMAX is calculated based on our internal credit rating of RE/MAX Holdings Cl A, 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 RE/MAX Holdings Cl A.
    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 RMAX stock the variable cost ratio is equal to 58%.

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 RMAX 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 3.7% for RE/MAX Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for RE/MAX Holdings Cl A. 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 RMAX 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 RMAX are equal to 54.5%.

Life of production assets of 12.2 years is the average useful life of capital assets used in RE/MAX Holdings Cl A 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 RMAX is equal to -10%. 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 - $464 million for RE/MAX Holdings Cl A - 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 17.347 million for RE/MAX Holdings Cl A 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 RE/MAX Holdings Cl A at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
VGR Vector Group 21.31 5.22  str.sell
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BLK BlackRock 428.65 1,367.78  str.buy
MMI Marcus&Millich 26.61 39.70  buy

COMPANY NEWS

▶ Denver home real estate scorecard for June: Low inventory, homes sell fast   [Jul-17-17 10:09AM  American City Business Journals]
▶ First Half of 2017 Ends with Record Sales, Prices   [Jul-14-17 12:12PM  PR Newswire]
▶ RE/MAX Leads All Brands in "America's Best"   [Jul-06-17 11:40AM  PR Newswire]
▶ RE/MAX Agents Once Again Dominate Annual NAHREP Ranking   [Jun-20-17 11:48AM  PR Newswire]
▶ May's Brisk Home Sales Set Post-Recession Records   [Jun-16-17 11:36AM  PR Newswire]
▶ Re/Max names new co-CEO with founder Dave Liniger   [May-30-17 05:05PM  American City Business Journals]
▶ RE/MAX Names Adam Contos Co-CEO   [04:01PM  PR Newswire]
▶ April Home Sales Cooler Than Typical Spring Season   [May-16-17 12:29PM  PR Newswire]
▶ RE/MAX tops Street 1Q forecasts   [May-04-17 06:05PM  Associated Press]
▶ RE/MAX Holdings Announces Quarterly Dividend   [May-03-17 04:02PM  PR Newswire]
▶ RE/MAX and HouseCanary announce strategic alliance   [Apr-24-17 09:00AM  PR Newswire]
▶ RE/MAX Celebrates Continued Global Growth   [Apr-12-17 04:06PM  PR Newswire]
▶ RE/MAX Celebrates 25 Years of Miracles   [Mar-08-17 04:25PM  PR Newswire]
▶ RE/MAX Hosts Annual R4 Convention in Las Vegas   [Feb-28-17 02:10PM  PR Newswire]
▶ RE/MAX beats 4Q profit forecasts   [Feb-23-17 04:59PM  Associated Press]
▶ RE/MAX Holdings Raises Quarterly Dividend By 20%   [Feb-22-17 04:59PM  PR Newswire]
▶ RE/MAX Named Top 15 Fastest-Growing Franchise   [Feb-21-17 06:09PM  PR Newswire]
▶ Home Sales In January Set Record Pace   [Feb-17-17 12:22PM  PR Newswire]
▶ RE/MAX Launches New Ads Spun from Popular 2016 Campaign   [Feb-08-17 02:49PM  PR Newswire]
▶ Essential Tips for Buying a HUD Home   [Feb-01-17 02:17PM  at Investopedia]
▶ U.S. Home Sales Finish Strong in 2016   [Jan-17-17 03:41PM  PR Newswire]
▶ November Home Sales Defy Seasonal Trend   [Dec-16-16 02:49PM  PR Newswire]
▶ Is LGI Homes Inc (LGIH) A Good Stock To Buy?   [Dec-12-16 04:05PM  at Insider Monkey]
▶ RE/MAX Hosts Annual Ultimate Teams Event In Dallas   [Dec-05-16 03:38PM  PR Newswire]
▶ October Sees Near-Record Sales   [Nov-17-16 01:03PM  PR Newswire]
▶ RE/MAX Holdings, Inc. Launches Motto Mortgage   [Oct-25-16 09:00AM  PR Newswire]
▶ Homebuyer Demand Remains Strong in September   [Oct-17-16 12:32PM  PR Newswire]
▶ RE/MAX Once Again Named Top Real Estate Franchise   [Oct-05-16 02:30PM  PR Newswire]
▶ August Sales Up, Prices Rise Steadily   [Sep-19-16 12:45PM  PR Newswire]
▶ RE/MAX Commercial Again Ranked in Annual Industry Survey   [Aug-29-16 04:53PM  PR Newswire]
▶ Home Sales Cool, Price Increases Moderate   [Aug-19-16 12:37PM  PR Newswire]
Stock chart of RMAX Financial statements of RMAX Annual reports of RMAX
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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