Intrinsic value of RE/MAX Holdings Cl A - RMAX

Previous Close

$51.25

  Intrinsic Value

$31.01

stock screener

  Rating & Target

sell

-39%

Previous close

$51.25

 
Intrinsic value

$31.01

 
Up/down potential

-39%

 
Rating

sell

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

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 0.9

 

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
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  176
  201
  227
  255
  284
  315
  348
  382
  417
  454
  493
  533
  575
  618
  663
  710
  759
  809
  862
  917
  974
  1,033
  1,095
  1,159
  1,226
  1,296
  1,370
  1,446
  1,526
  1,609
  1,697
Variable operating expenses, $m
 
  115
  128
  142
  157
  173
  189
  207
  225
  243
  263
  271
  292
  314
  337
  361
  385
  411
  438
  465
  494
  525
  556
  589
  623
  658
  696
  734
  775
  817
  862
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
  115
  128
  142
  157
  173
  189
  207
  225
  243
  263
  271
  292
  314
  337
  361
  385
  411
  438
  465
  494
  525
  556
  589
  623
  658
  696
  734
  775
  817
  862
Operating income, $m
  72
  86
  99
  113
  127
  142
  158
  175
  193
  211
  230
  262
  283
  304
  326
  349
  373
  398
  424
  451
  479
  508
  539
  570
  604
  638
  674
  712
  751
  792
  835
EBITDA, $m
  88
  108
  122
  137
  153
  169
  187
  205
  224
  244
  265
  286
  309
  332
  356
  381
  407
  434
  463
  492
  523
  554
  588
  622
  658
  696
  735
  776
  819
  864
  911
Interest expense (income), $m
  8
  8
  8
  8
  8
  8
  8
  7
  7
  7
  7
  7
  6
  6
  6
  5
  5
  5
  5
  4
  4
  4
  3
  3
  2
  2
  2
  1
  1
  0
  0
Earnings before tax, $m
  63
  78
  91
  105
  119
  135
  151
  168
  185
  204
  223
  256
  277
  298
  321
  344
  368
  393
  420
  447
  475
  505
  536
  568
  601
  636
  672
  711
  750
  792
  835
Tax expense, $m
  15
  21
  24
  28
  32
  36
  41
  45
  50
  55
  60
  69
  75
  81
  87
  93
  99
  106
  113
  121
  128
  136
  145
  153
  162
  172
  182
  192
  203
  214
  226
Net income, $m
  23
  57
  66
  76
  87
  98
  110
  122
  135
  149
  163
  187
  202
  218
  234
  251
  269
  287
  306
  326
  347
  368
  391
  414
  439
  464
  491
  519
  548
  578
  610

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
  432
  489
  549
  613
  679
  750
  823
  899
  979
  1,062
  1,149
  1,239
  1,332
  1,429
  1,530
  1,635
  1,744
  1,857
  1,975
  2,098
  2,226
  2,359
  2,498
  2,643
  2,794
  2,952
  3,116
  3,289
  3,469
  3,657
Adjusted assets (=assets-cash), $m
  379
  432
  489
  549
  613
  679
  750
  823
  899
  979
  1,062
  1,149
  1,239
  1,332
  1,429
  1,530
  1,635
  1,744
  1,857
  1,975
  2,098
  2,226
  2,359
  2,498
  2,643
  2,794
  2,952
  3,116
  3,289
  3,469
  3,657
Revenue / Adjusted assets
  0.464
  0.465
  0.464
  0.464
  0.463
  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
  0.464
Average production assets, $m
  96
  109
  124
  139
  155
  172
  190
  208
  227
  248
  269
  291
  313
  337
  361
  387
  413
  441
  470
  500
  531
  563
  597
  632
  668
  707
  746
  788
  832
  877
  925
Working capital, $m
  34
  -25
  -28
  -32
  -36
  -39
  -43
  -48
  -52
  -57
  -62
  -67
  -72
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -201
  -212
Total debt, $m
  231
  225
  220
  216
  211
  206
  200
  195
  189
  183
  176
  170
  163
  155
  148
  140
  132
  124
  115
  106
  96
  87
  76
  66
  54
  43
  31
  18
  5
  -9
  -24
Total liabilities, $m
  -27
  -33
  -38
  -42
  -47
  -52
  -58
  -63
  -69
  -75
  -82
  -88
  -95
  -103
  -110
  -118
  -126
  -134
  -143
  -152
  -162
  -171
  -182
  -192
  -204
  -215
  -227
  -240
  -253
  -267
  -282
Total equity, $m
  464
  466
  527
  591
  660
  732
  807
  886
  969
  1,055
  1,144
  1,237
  1,334
  1,435
  1,539
  1,648
  1,761
  1,878
  2,000
  2,127
  2,260
  2,397
  2,541
  2,690
  2,846
  3,009
  3,179
  3,356
  3,542
  3,736
  3,938
Total liabilities and equity, $m
  437
  433
  489
  549
  613
  680
  749
  823
  900
  980
  1,062
  1,149
  1,239
  1,332
  1,429
  1,530
  1,635
  1,744
  1,857
  1,975
  2,098
  2,226
  2,359
  2,498
  2,642
  2,794
  2,952
  3,116
  3,289
  3,469
  3,656
Debt-to-equity ratio
  0.498
  0.480
  0.420
  0.360
  0.320
  0.280
  0.250
  0.220
  0.190
  0.170
  0.150
  0.140
  0.120
  0.110
  0.100
  0.090
  0.080
  0.070
  0.060
  0.050
  0.040
  0.040
  0.030
  0.020
  0.020
  0.010
  0.010
  0.010
  0.000
  0.000
  -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
  57
  66
  76
  87
  98
  110
  122
  135
  149
  163
  187
  202
  218
  234
  251
  269
  287
  306
  326
  347
  368
  391
  414
  439
  464
  491
  519
  548
  578
  610
Depreciation, amort., depletion, $m
  16
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
Funds from operations, $m
  56
  78
  89
  100
  112
  125
  138
  152
  167
  182
  198
  211
  228
  245
  264
  283
  303
  323
  345
  367
  390
  415
  440
  466
  494
  522
  552
  583
  616
  650
  686
Change in working capital, $m
  -8
  -3
  -3
  -3
  -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
  -10
  -11
Cash from operations, $m
  64
  81
  92
  104
  116
  129
  142
  157
  171
  187
  202
  216
  233
  251
  269
  289
  309
  330
  351
  374
  398
  422
  448
  474
  502
  531
  561
  593
  626
  660
  697
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
New CAPEX, $m
  -4
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -45
  -48
Cash from investing activities, $m
  -117
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -113
  -120
Free cash flow, $m
  -53
  60
  69
  79
  89
  99
  111
  122
  135
  148
  161
  172
  186
  201
  217
  234
  251
  268
  287
  306
  326
  346
  368
  390
  414
  438
  463
  490
  518
  547
  577
Issuance/(repayment) of debt, $m
  31
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
Issuance/(repurchase) of shares, $m
  0
  1
  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
  -3
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
Total cash flow (excl. dividends), $m
  -42
  57
  65
  74
  84
  94
  105
  117
  129
  142
  155
  165
  179
  194
  210
  226
  242
  260
  278
  297
  316
  336
  357
  379
  402
  426
  451
  477
  505
  533
  563
Retained Cash Flow (-), $m
  -14
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -117
  -122
  -127
  -132
  -138
  -143
  -150
  -156
  -163
  -170
  -177
  -185
  -194
  -203
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
 
  55
  4
  9
  15
  22
  30
  38
  46
  56
  65
  72
  83
  94
  105
  117
  130
  142
  156
  170
  184
  199
  214
  230
  246
  264
  281
  300
  319
  339
  360
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
 
  53
  3
  8
  12
  17
  21
  24
  27
  29
  31
  30
  31
  31
  30
  28
  27
  24
  22
  20
  17
  15
  12
  10
  8
  6
  5
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9

RE/MAX Holdings, Inc. is a franchisor in the real estate industry, franchising real estate brokerages around the world under the RE/MAX brand and mortgage brokerages within the United States under the Motto Mortgage brand. The Company is a franchised business, with all of the RE/MAX branded brokerage office locations being operated by franchisees, including RE/MAX, LLC, which owns the RE/MAX brand, and sells franchises and franchising rights; Independent Regional Franchise Owner, which owns rights to sell brokerage franchises in a specified region; Franchisee (or Broker-Owner), which operates a RE/MAX-branded brokerage office, lists properties and recruits agents, and Agent (or Sales Associate), including branded independent contractors operating out of local franchise brokerage offices. Under Motto business, the Company operates as a mortgage brokerage franchisor. As a franchisor, the Company helps its Motto franchisees to establish independent mortgage brokerage companies.

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

Valuation Ratios
P/E Ratio 39.3
Price to Sales 5.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 15.1
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 14% 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 17.761 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 $0.9 billion.

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COMPANY NEWS

▶ RE/MAX Holdings Provides Update On Form 10-Q Filing   [Nov-09-17 04:34PM  PR Newswire]
▶ Re/Max investigates 'allegations of wrongdoing'; delays earnings report   [Nov-04-17 11:40AM  American City Business Journals]
▶ RE/MAX Holdings Announces Quarterly Dividend   [Nov-01-17 01:17PM  PR Newswire]
▶ Motto Mortgage Celebrates First Anniversary   [Oct-25-17 02:31PM  PR Newswire]
▶ Honolulu ranks high for home sales, price increases in Re/Max report   [Oct-18-17 09:30PM  American City Business Journals]
▶ Is Denver housing market cooling a bit?   [09:14AM  American City Business Journals]
▶ Pilot talks balloon price tags, passion and his first Fiesta   [Oct-11-17 09:40AM  American City Business Journals]
▶ RE/MAX and Adwerx Launch Listing Automation   [Aug-22-17 09:00AM  PR Newswire]
▶ What's This? A New Look for an Iconic Brand   [Aug-21-17 01:10PM  CNW Group]
▶ TORCHx by Web.com named RE/MAX Approved Supplier   [Aug-18-17 09:15AM  GlobeNewswire]
▶ Home Sales Decreased in July, but Sold at Faster Pace   [Aug-17-17 10:05AM  PR Newswire]
▶ RE/MAX Holdings Reports Second Quarter 2017 Results   [Aug-03-17 04:01PM  PR Newswire]
▶ RE/MAX Holdings Announces Quarterly Dividend   [Aug-02-17 04:26PM  PR Newswire]
▶ 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]
Financial statements 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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