Intrinsic value of Taylor Morrison Home - TMHC

Previous Close

$21.31

  Intrinsic Value

$84.17

stock screener

  Rating & Target

str. buy

+295%

  Value-price divergence*

-85%

Previous close

$21.31

 
Intrinsic value

$84.17

 
Up/down potential

+295%

 
Rating

str. buy

 
Value-price divergence*

-85%

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

We calculate the intrinsic value of TMHC 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 2.5

 

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, %
  19.25
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  3,550
  4,232
  4,984
  5,806
  6,698
  7,657
  8,682
  9,771
  10,923
  12,137
  13,411
  14,746
  16,140
  17,595
  19,109
  20,686
  22,325
  24,028
  25,799
  27,639
  29,551
  31,538
  33,605
  35,756
  37,993
  40,323
  42,751
  45,280
  47,918
  50,670
  53,543
Variable operating expenses, $m
 
  3,841
  4,523
  5,268
  6,076
  6,945
  7,873
  8,860
  9,904
  11,004
  12,159
  13,362
  14,625
  15,943
  17,316
  18,744
  20,229
  21,773
  23,377
  25,045
  26,777
  28,578
  30,451
  32,400
  34,427
  36,539
  38,738
  41,030
  43,421
  45,914
  48,517
Fixed operating expenses, $m
 
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
Total operating expenses, $m
  3,236
  3,855
  4,538
  5,283
  6,091
  6,961
  7,889
  8,877
  9,921
  11,021
  12,177
  13,380
  14,644
  15,962
  17,336
  18,764
  20,250
  21,794
  23,399
  25,067
  26,800
  28,602
  30,475
  32,425
  34,452
  36,565
  38,765
  41,057
  43,449
  45,943
  48,546
Operating income, $m
  314
  376
  446
  523
  607
  696
  792
  894
  1,002
  1,115
  1,234
  1,366
  1,496
  1,632
  1,774
  1,921
  2,075
  2,234
  2,400
  2,572
  2,751
  2,937
  3,130
  3,331
  3,541
  3,759
  3,986
  4,223
  4,470
  4,727
  4,996
EBITDA, $m
  318
  383
  453
  530
  614
  703
  799
  901
  1,009
  1,122
  1,242
  1,367
  1,497
  1,633
  1,775
  1,923
  2,076
  2,235
  2,401
  2,573
  2,752
  2,939
  3,132
  3,333
  3,543
  3,761
  3,989
  4,225
  4,473
  4,730
  4,999
Interest expense (income), $m
  0
  56
  80
  107
  137
  169
  203
  240
  280
  321
  365
  411
  459
  510
  562
  617
  674
  733
  794
  858
  924
  993
  1,065
  1,140
  1,217
  1,298
  1,382
  1,470
  1,561
  1,656
  1,755
Earnings before tax, $m
  314
  321
  367
  416
  470
  527
  589
  653
  722
  794
  869
  955
  1,037
  1,123
  1,212
  1,305
  1,401
  1,501
  1,605
  1,714
  1,826
  1,943
  2,065
  2,192
  2,323
  2,461
  2,604
  2,753
  2,909
  3,071
  3,241
Tax expense, $m
  107
  87
  99
  112
  127
  142
  159
  176
  195
  214
  235
  258
  280
  303
  327
  352
  378
  405
  433
  463
  493
  525
  558
  592
  627
  664
  703
  743
  785
  829
  875
Net income, $m
  53
  234
  268
  304
  343
  385
  430
  477
  527
  579
  635
  697
  757
  820
  885
  952
  1,023
  1,096
  1,172
  1,251
  1,333
  1,419
  1,507
  1,600
  1,696
  1,796
  1,901
  2,010
  2,123
  2,242
  2,366

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  300
  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
  4,221
  4,847
  5,709
  6,651
  7,672
  8,771
  9,945
  11,192
  12,512
  13,902
  15,362
  16,891
  18,488
  20,154
  21,889
  23,695
  25,572
  27,524
  29,552
  31,659
  33,850
  36,127
  38,494
  40,957
  43,520
  46,189
  48,970
  51,868
  54,889
  58,042
  61,332
Adjusted assets (=assets-cash), $m
  3,921
  4,847
  5,709
  6,651
  7,672
  8,771
  9,945
  11,192
  12,512
  13,902
  15,362
  16,891
  18,488
  20,154
  21,889
  23,695
  25,572
  27,524
  29,552
  31,659
  33,850
  36,127
  38,494
  40,957
  43,520
  46,189
  48,970
  51,868
  54,889
  58,042
  61,332
Revenue / Adjusted assets
  0.905
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
Average production assets, $m
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
Working capital, $m
  0
  -360
  -424
  -494
  -569
  -651
  -738
  -831
  -928
  -1,032
  -1,140
  -1,253
  -1,372
  -1,496
  -1,624
  -1,758
  -1,898
  -2,042
  -2,193
  -2,349
  -2,512
  -2,681
  -2,856
  -3,039
  -3,229
  -3,427
  -3,634
  -3,849
  -4,073
  -4,307
  -4,551
Total debt, $m
  1,587
  2,280
  3,056
  3,904
  4,823
  5,812
  6,868
  7,991
  9,179
  10,430
  11,744
  13,120
  14,557
  16,057
  17,618
  19,243
  20,933
  22,690
  24,515
  26,411
  28,383
  30,432
  32,563
  34,779
  37,086
  39,489
  41,991
  44,599
  47,318
  50,155
  53,117
Total liabilities, $m
  3,669
  4,362
  5,138
  5,986
  6,905
  7,894
  8,950
  10,073
  11,261
  12,512
  13,826
  15,202
  16,639
  18,139
  19,700
  21,325
  23,015
  24,772
  26,597
  28,493
  30,465
  32,514
  34,645
  36,861
  39,168
  41,571
  44,073
  46,681
  49,400
  52,237
  55,199
Total equity, $m
  552
  485
  571
  665
  767
  877
  994
  1,119
  1,251
  1,390
  1,536
  1,689
  1,849
  2,015
  2,189
  2,369
  2,557
  2,752
  2,955
  3,166
  3,385
  3,613
  3,849
  4,096
  4,352
  4,619
  4,897
  5,187
  5,489
  5,804
  6,133
Total liabilities and equity, $m
  4,221
  4,847
  5,709
  6,651
  7,672
  8,771
  9,944
  11,192
  12,512
  13,902
  15,362
  16,891
  18,488
  20,154
  21,889
  23,694
  25,572
  27,524
  29,552
  31,659
  33,850
  36,127
  38,494
  40,957
  43,520
  46,190
  48,970
  51,868
  54,889
  58,041
  61,332
Debt-to-equity ratio
  2.875
  4.700
  5.350
  5.870
  6.290
  6.630
  6.910
  7.140
  7.340
  7.500
  7.640
  7.770
  7.870
  7.970
  8.050
  8.120
  8.190
  8.240
  8.300
  8.340
  8.380
  8.420
  8.460
  8.490
  8.520
  8.550
  8.570
  8.600
  8.620
  8.640
  8.660
Adjusted equity ratio
  0.064
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  234
  268
  304
  343
  385
  430
  477
  527
  579
  635
  697
  757
  820
  885
  952
  1,023
  1,096
  1,172
  1,251
  1,333
  1,419
  1,507
  1,600
  1,696
  1,796
  1,901
  2,010
  2,123
  2,242
  2,366
Depreciation, amort., depletion, $m
  4
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Funds from operations, $m
  489
  241
  275
  311
  350
  392
  437
  484
  534
  587
  642
  698
  758
  821
  886
  954
  1,024
  1,097
  1,174
  1,253
  1,335
  1,421
  1,509
  1,602
  1,698
  1,799
  1,903
  2,012
  2,126
  2,245
  2,369
Change in working capital, $m
  116
  -58
  -64
  -70
  -76
  -82
  -87
  -93
  -98
  -103
  -108
  -113
  -119
  -124
  -129
  -134
  -139
  -145
  -150
  -156
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -215
  -224
  -234
  -244
Cash from operations, $m
  373
  299
  339
  381
  426
  474
  524
  577
  632
  690
  750
  811
  876
  944
  1,015
  1,088
  1,163
  1,242
  1,324
  1,409
  1,498
  1,589
  1,685
  1,785
  1,889
  1,997
  2,110
  2,228
  2,350
  2,479
  2,613
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
New CAPEX, $m
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  -81
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -6
  -6
  -6
  -6
Free cash flow, $m
  292
  298
  338
  380
  425
  472
  522
  575
  630
  688
  748
  809
  874
  942
  1,012
  1,085
  1,161
  1,239
  1,321
  1,406
  1,494
  1,586
  1,681
  1,781
  1,884
  1,992
  2,105
  2,222
  2,345
  2,473
  2,607
Issuance/(repayment) of debt, $m
  286
  693
  776
  848
  919
  989
  1,057
  1,123
  1,188
  1,251
  1,314
  1,376
  1,438
  1,499
  1,562
  1,625
  1,690
  1,756
  1,825
  1,897
  1,971
  2,049
  2,131
  2,217
  2,307
  2,402
  2,502
  2,608
  2,719
  2,837
  2,961
Issuance/(repurchase) of shares, $m
  -28
  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  
  -117
  693
  776
  848
  919
  989
  1,057
  1,123
  1,188
  1,251
  1,314
  1,376
  1,438
  1,499
  1,562
  1,625
  1,690
  1,756
  1,825
  1,897
  1,971
  2,049
  2,131
  2,217
  2,307
  2,402
  2,502
  2,608
  2,719
  2,837
  2,961
Total cash flow (excl. dividends), $m
  174
  992
  1,113
  1,228
  1,344
  1,461
  1,579
  1,698
  1,818
  1,939
  2,062
  2,185
  2,312
  2,441
  2,574
  2,710
  2,850
  2,996
  3,146
  3,302
  3,465
  3,635
  3,812
  3,997
  4,191
  4,394
  4,607
  4,830
  5,065
  5,310
  5,568
Retained Cash Flow (-), $m
  -32
  -88
  -86
  -94
  -102
  -110
  -117
  -125
  -132
  -139
  -146
  -153
  -160
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -267
  -278
  -290
  -302
  -315
  -329
Prev. year cash balance distribution, $m
 
  155
  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
 
  1,059
  1,027
  1,133
  1,241
  1,351
  1,462
  1,573
  1,686
  1,800
  1,916
  2,032
  2,152
  2,274
  2,400
  2,529
  2,663
  2,800
  2,943
  3,092
  3,246
  3,407
  3,575
  3,751
  3,935
  4,127
  4,329
  4,541
  4,762
  4,995
  5,239
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  972
  859
  856
  839
  808
  766
  715
  656
  592
  526
  458
  393
  331
  273
  222
  176
  137
  104
  77
  56
  40
  27
  18
  12
  8
  5
  3
  2
  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

Taylor Morrison Home Corporation operates as a public homebuilder in the United States. The company designs, builds, and sells single-family detached and attached homes; and develops lifestyle and master planned communities. It operates under the Taylor Morrison and Darling Homes brands in Arizona, California, Colorado, Florida, Georgia, Illinois, North Carolina and Texas. The company also offers mortgage and title services, as well as financial services. Taylor Morrison Home Corporation was founded in 1936 and is headquartered in Scottsdale, Arizona.

FINANCIAL RATIOS  of  Taylor Morrison Home (TMHC)

Valuation Ratios
P/E Ratio 48
Price to Sales 0.7
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 19.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 287.5%
Total Debt to Equity 287.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 9.9%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 19.2%
Gross Margin - 3 Yr. Avg. 19.7%
EBITDA Margin 9%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 8.8%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 31.2%
Payout Ratio 0%

TMHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TMHC stock intrinsic value calculation we used $3550 million for the last fiscal year's total revenue generated by Taylor Morrison Home. The default revenue input number comes from 2016 income statement of Taylor Morrison Home. 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 TMHC stock valuation model: a) initial revenue growth rate of 19.2% 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 8.9%, whose default value for TMHC is calculated based on our internal credit rating of Taylor Morrison Home, 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 Taylor Morrison Home.
    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 TMHC stock the variable cost ratio is equal to 90.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14 million in the base year in the intrinsic value calculation for TMHC 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 Taylor Morrison Home.

Corporate tax rate of 27% is the nominal tax rate for Taylor Morrison Home. 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 TMHC 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 TMHC are equal to 0.1%.

Life of production assets of 16.4 years is the average useful life of capital assets used in Taylor Morrison Home 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 TMHC is equal to -8.5%. 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 - $552 million for Taylor Morrison Home - 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 118.015 million for Taylor Morrison Home 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 Taylor Morrison Home at the current share price and the inputted number of shares is $2.5 billion.

RELATED COMPANIES Price Int.Val. Rating
TOL Toll Brothers 38.15 77.40  str.buy
LEN Lennar Cl A 51.88 119.06  str.buy
HOV Hovnanian Ente 2.02 0.80  str.sell
DHI D.R. Horton 35.69 116.35  str.buy
LGIH LGI Homes 45.98 35.36  hold
MTH Meritage Homes 42.10 65.74  str.buy
PHM PulteGroup 25.28 47.86  str.buy
KBH KB Home 22.21 65.01  str.buy
MHO M/I Homes 25.08 78.01  str.buy

COMPANY NEWS

▶ Taylor Morrison tops Street 2Q forecasts   [12:30AM  Associated Press]
▶ National homebuilder plans 356-home community in Concord   [Aug-01-17 11:50AM  American City Business Journals]
▶ 5 Home Builder Stocks That Are Ready To Boom   [Jul-12-17 12:43PM  Zacks]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-20-17 04:38PM  Investor's Business Daily]
▶ This Hot Sector Is Putting Stocks In Buy Range: Investing Action Plan   [Jun-14-17 04:27PM  Investor's Business Daily]
▶ Yahoo Finance Live: Market Movers - May 17th, 2017   [07:20AM  Yahoo Finance Video]
▶ 5 Home Building Stocks to Buy Post Q1 Earnings   [May-15-17 08:58AM  Zacks]
▶ Greenhaven Associates Inc Buys Taylor Morrison Home   [Apr-27-17 06:38PM  GuruFocus.com]
▶ Taylor Morrison tops Street 1Q forecasts   [08:34AM  Associated Press]
▶ 10 Best Home Builders in California   [Apr-26-17 06:20PM  Insider Monkey]
▶ Existing-Home Sales Fall More Than Expected; Builder Stocks Fall   [Mar-22-17 04:13PM  Investor's Business Daily]
▶ Composite Rating For Taylor Morrison Home Jumps To 96   [Mar-20-17 11:09AM  Investor's Business Daily]
▶ These 2 Builders Near Buy Points As Housing Starts Extend Fed Rally   [Mar-16-17 04:08PM  Investor's Business Daily]
▶ 10 Best Rated Biggest Home Builders In USA   [Mar-06-17 10:30AM  Insider Monkey]
▶ 10 Best Rated Biggest Home Builders In USA   [10:30AM  at Insider Monkey]
▶ New homebuilder to the area says, 'We're going all in on Dallas'   [Mar-01-17 12:30PM  at bizjournals.com]
▶ New homebuilder to the area says, 'We're going all in on Dallas'   [12:30PM  American City Business Journals]
▶ Mill at Broadway gets national notice in three categories   [Jan-19-17 04:50PM  at bizjournals.com]
▶ Is Cardtronics PLC (CATM) Good Stock To Buy?   [Dec-13-16 10:11AM  at Insider Monkey]
▶ Homebuilder to put stake in DFW with $50M investment plan   [Oct-21-16 10:05AM  at bizjournals.com]
Stock chart of TMHC Financial statements of TMHC
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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