Intrinsic value of RE/MAX Holdings Cl A - RMAX

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$54.30

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$54.30

 
Intrinsic value

$34.83

 
Up/down potential

-36%

 
Rating

sell

 
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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
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
Revenue, $m
  176
  180
  185
  190
  196
  202
  209
  216
  224
  233
  242
  252
  262
  274
  285
  298
  311
  325
  340
  355
  372
  389
  408
  427
  447
  469
  491
  515
  540
  566
  594
Variable operating expenses, $m
 
  104
  106
  109
  112
  115
  119
  123
  127
  131
  136
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  227
  238
  249
  261
  274
  287
  301
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
  104
  106
  109
  112
  115
  119
  123
  127
  131
  136
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  227
  238
  249
  261
  274
  287
  301
Operating income, $m
  72
  76
  78
  81
  84
  87
  90
  94
  98
  102
  106
  124
  129
  135
  140
  147
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  253
  266
  279
  292
EBITDA, $m
  88
  97
  99
  102
  105
  108
  112
  116
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  319
Interest expense (income), $m
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  7
  7
  7
  7
  7
  7
  7
  7
  7
  6
  6
  6
Earnings before tax, $m
  63
  67
  70
  72
  75
  78
  82
  85
  89
  94
  98
  116
  121
  127
  133
  139
  145
  152
  160
  167
  176
  184
  193
  203
  213
  224
  235
  247
  259
  272
  286
Tax expense, $m
  15
  18
  19
  20
  20
  21
  22
  23
  24
  25
  27
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  60
  63
  67
  70
  74
  77
Net income, $m
  23
  49
  51
  53
  55
  57
  60
  62
  65
  68
  72
  85
  88
  92
  97
  101
  106
  111
  117
  122
  128
  135
  141
  148
  156
  163
  172
  180
  189
  199
  209

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
  388
  398
  409
  422
  435
  450
  466
  483
  502
  522
  543
  565
  589
  615
  642
  670
  701
  732
  766
  802
  839
  878
  920
  964
  1,010
  1,059
  1,110
  1,163
  1,220
  1,279
Adjusted assets (=assets-cash), $m
  379
  388
  398
  409
  422
  435
  450
  466
  483
  502
  522
  543
  565
  589
  615
  642
  670
  701
  732
  766
  802
  839
  878
  920
  964
  1,010
  1,059
  1,110
  1,163
  1,220
  1,279
Revenue / Adjusted assets
  0.464
  0.464
  0.465
  0.465
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.465
  0.463
  0.464
  0.464
  0.464
  0.464
  0.463
  0.464
  0.464
  0.465
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
  0.464
Average production assets, $m
  96
  98
  101
  103
  107
  110
  114
  118
  122
  127
  132
  137
  143
  149
  155
  162
  170
  177
  185
  194
  203
  212
  222
  233
  244
  255
  268
  281
  294
  308
  324
Working capital, $m
  34
  -23
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -71
  -74
Total debt, $m
  231
  228
  227
  226
  226
  224
  223
  222
  221
  219
  218
  216
  214
  213
  211
  209
  206
  204
  202
  199
  196
  193
  190
  187
  184
  180
  176
  173
  168
  164
  159
Total liabilities, $m
  -27
  -30
  -31
  -32
  -32
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -99
Total equity, $m
  464
  418
  429
  441
  454
  469
  485
  502
  521
  541
  562
  585
  609
  635
  662
  691
  722
  754
  789
  825
  863
  904
  946
  991
  1,038
  1,088
  1,140
  1,195
  1,253
  1,314
  1,378
Total liabilities and equity, $m
  437
  388
  398
  409
  422
  435
  450
  466
  484
  502
  522
  543
  565
  590
  615
  642
  670
  700
  733
  766
  801
  839
  878
  920
  964
  1,010
  1,058
  1,110
  1,163
  1,220
  1,279
Debt-to-equity ratio
  0.498
  0.550
  0.530
  0.510
  0.500
  0.480
  0.460
  0.440
  0.420
  0.410
  0.390
  0.370
  0.350
  0.330
  0.320
  0.300
  0.290
  0.270
  0.260
  0.240
  0.230
  0.210
  0.200
  0.190
  0.180
  0.170
  0.150
  0.140
  0.130
  0.120
  0.120
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
  49
  51
  53
  55
  57
  60
  62
  65
  68
  72
  85
  88
  92
  97
  101
  106
  111
  117
  122
  128
  135
  141
  148
  156
  163
  172
  180
  189
  199
  209
Depreciation, amort., depletion, $m
  16
  21
  21
  21
  21
  22
  22
  22
  23
  23
  24
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Funds from operations, $m
  56
  70
  72
  74
  76
  79
  82
  85
  88
  92
  95
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
  176
  184
  194
  203
  213
  224
  235
Change in working capital, $m
  -8
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  64
  96
  72
  75
  77
  80
  83
  86
  89
  93
  96
  97
  101
  106
  111
  116
  122
  127
  134
  140
  147
  154
  162
  170
  178
  187
  196
  206
  217
  227
  239
Maintenance CAPEX, $m
  0
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
New CAPEX, $m
  -4
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from investing activities, $m
  -117
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -20
  -20
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
Free cash flow, $m
  -53
  86
  62
  64
  65
  68
  70
  72
  75
  78
  81
  81
  85
  88
  92
  97
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  180
  189
  198
Issuance/(repayment) of debt, $m
  31
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
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
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
Total cash flow (excl. dividends), $m
  -42
  86
  61
  63
  64
  66
  69
  71
  74
  76
  80
  79
  83
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
  138
  145
  152
  159
  167
  176
  185
  194
Retained Cash Flow (-), $m
  -14
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
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
 
  132
  50
  51
  51
  52
  53
  54
  55
  57
  58
  57
  58
  61
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  107
  112
  118
  124
  130
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
 
  125
  45
  43
  41
  39
  36
  34
  32
  30
  28
  24
  22
  20
  18
  16
  14
  12
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
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 41.7
Price to Sales 5.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 16
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 2.3% 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 -12.5%. 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 - $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 18.167 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.


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COMPANY NEWS

▶ 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]
▶ RE/MAX Holdings Announces Quarterly Dividend   [Aug-03-16 05:45PM  PR Newswire]
▶ Fifth-Annual Month of Miracles Kicks off in August   [Aug-02-16 01:41PM  PR Newswire]
▶ Real Estate Agents Attend Convention in Bangkok   [Jul-19-16 05:17PM  PR Newswire]
▶ Home Sales Warm Up With Summer Temps   [Jul-14-16 03:52PM  PR Newswire]
▶ National Ranking Identifies America's Best Agents   [Jul-13-16 03:37PM  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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