Intrinsic value of Taylor Morrison Home - TMHC

Previous Close

$22.84

  Intrinsic Value

$30.47

stock screener

  Rating & Target

buy

+33%

Previous close

$22.84

 
Intrinsic value

$30.47

 
Up/down potential

+33%

 
Rating

buy

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 2.7

 

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
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  3,550
  3,774
  4,006
  4,249
  4,502
  4,765
  5,040
  5,327
  5,626
  5,939
  6,266
  6,608
  6,965
  7,339
  7,730
  8,140
  8,568
  9,017
  9,488
  9,981
  10,497
  11,039
  11,606
  12,202
  12,826
  13,480
  14,167
  14,887
  15,643
  16,435
  17,267
Variable operating expenses, $m
 
  3,426
  3,637
  3,857
  4,086
  4,325
  4,574
  4,833
  5,105
  5,388
  5,684
  5,988
  6,311
  6,650
  7,005
  7,376
  7,764
  8,171
  8,597
  9,044
  9,512
  10,003
  10,517
  11,056
  11,622
  12,215
  12,837
  13,490
  14,174
  14,893
  15,647
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
  3,440
  3,652
  3,872
  4,101
  4,341
  4,590
  4,850
  5,122
  5,405
  5,702
  6,006
  6,330
  6,669
  7,025
  7,396
  7,785
  8,192
  8,619
  9,066
  9,535
  10,027
  10,541
  11,081
  11,647
  12,241
  12,864
  13,517
  14,202
  14,922
  15,676
Operating income, $m
  314
  333
  355
  377
  400
  425
  450
  477
  504
  533
  564
  602
  635
  670
  706
  744
  783
  825
  869
  914
  962
  1,013
  1,065
  1,121
  1,178
  1,239
  1,303
  1,370
  1,440
  1,514
  1,591
EBITDA, $m
  318
  340
  362
  384
  407
  432
  457
  484
  511
  540
  571
  602
  635
  670
  706
  744
  784
  826
  869
  915
  963
  1,013
  1,066
  1,121
  1,179
  1,240
  1,304
  1,371
  1,441
  1,515
  1,592
Interest expense (income), $m
  0
  56
  58
  67
  75
  84
  93
  103
  113
  123
  134
  145
  157
  170
  183
  196
  210
  225
  241
  257
  275
  293
  311
  331
  352
  374
  396
  420
  445
  472
  499
Earnings before tax, $m
  314
  278
  296
  311
  325
  341
  357
  374
  392
  410
  430
  457
  478
  500
  523
  548
  573
  600
  628
  657
  688
  720
  754
  789
  827
  866
  907
  950
  995
  1,042
  1,092
Tax expense, $m
  107
  75
  80
  84
  88
  92
  96
  101
  106
  111
  116
  123
  129
  135
  141
  148
  155
  162
  169
  177
  186
  194
  204
  213
  223
  234
  245
  256
  269
  281
  295
Net income, $m
  53
  203
  216
  227
  238
  249
  261
  273
  286
  300
  314
  333
  349
  365
  382
  400
  418
  438
  458
  480
  502
  526
  550
  576
  603
  632
  662
  693
  726
  761
  797

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
  4,170
  4,427
  4,695
  4,974
  5,265
  5,569
  5,886
  6,217
  6,563
  6,924
  7,301
  7,696
  8,109
  8,541
  8,994
  9,468
  9,964
  10,484
  11,028
  11,599
  12,197
  12,825
  13,482
  14,172
  14,895
  15,654
  16,450
  17,285
  18,161
  19,080
Adjusted assets (=assets-cash), $m
  3,921
  4,170
  4,427
  4,695
  4,974
  5,265
  5,569
  5,886
  6,217
  6,563
  6,924
  7,301
  7,696
  8,109
  8,541
  8,994
  9,468
  9,964
  10,484
  11,028
  11,599
  12,197
  12,825
  13,482
  14,172
  14,895
  15,654
  16,450
  17,285
  18,161
  19,080
Revenue / Adjusted assets
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
  0.905
Average production assets, $m
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
Working capital, $m
  0
  -321
  -341
  -361
  -383
  -405
  -428
  -453
  -478
  -505
  -533
  -562
  -592
  -624
  -657
  -692
  -728
  -766
  -806
  -848
  -892
  -938
  -987
  -1,037
  -1,090
  -1,146
  -1,204
  -1,265
  -1,330
  -1,397
  -1,468
Total debt, $m
  1,587
  1,671
  1,902
  2,144
  2,395
  2,657
  2,930
  3,215
  3,513
  3,824
  4,149
  4,489
  4,845
  5,216
  5,605
  6,013
  6,439
  6,886
  7,353
  7,844
  8,357
  8,896
  9,460
  10,052
  10,673
  11,324
  12,007
  12,723
  13,474
  14,263
  15,090
Total liabilities, $m
  3,669
  3,753
  3,984
  4,226
  4,477
  4,739
  5,012
  5,297
  5,595
  5,906
  6,231
  6,571
  6,927
  7,298
  7,687
  8,095
  8,521
  8,968
  9,435
  9,926
  10,439
  10,978
  11,542
  12,134
  12,755
  13,406
  14,089
  14,805
  15,556
  16,345
  17,172
Total equity, $m
  552
  417
  443
  470
  497
  527
  557
  589
  622
  656
  692
  730
  770
  811
  854
  899
  947
  996
  1,048
  1,103
  1,160
  1,220
  1,282
  1,348
  1,417
  1,490
  1,565
  1,645
  1,728
  1,816
  1,908
Total liabilities and equity, $m
  4,221
  4,170
  4,427
  4,696
  4,974
  5,266
  5,569
  5,886
  6,217
  6,562
  6,923
  7,301
  7,697
  8,109
  8,541
  8,994
  9,468
  9,964
  10,483
  11,029
  11,599
  12,198
  12,824
  13,482
  14,172
  14,896
  15,654
  16,450
  17,284
  18,161
  19,080
Debt-to-equity ratio
  2.875
  4.010
  4.300
  4.570
  4.810
  5.050
  5.260
  5.460
  5.650
  5.830
  5.990
  6.150
  6.290
  6.430
  6.560
  6.690
  6.800
  6.910
  7.010
  7.110
  7.210
  7.290
  7.380
  7.460
  7.530
  7.600
  7.670
  7.730
  7.800
  7.850
  7.910
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
  203
  216
  227
  238
  249
  261
  273
  286
  300
  314
  333
  349
  365
  382
  400
  418
  438
  458
  480
  502
  526
  550
  576
  603
  632
  662
  693
  726
  761
  797
Depreciation, amort., depletion, $m
  4
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  489
  210
  223
  234
  244
  256
  268
  280
  293
  307
  321
  334
  349
  365
  382
  400
  419
  438
  459
  480
  503
  526
  551
  577
  604
  633
  663
  694
  727
  762
  798
Change in working capital, $m
  116
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
Cash from operations, $m
  373
  229
  243
  254
  266
  278
  291
  304
  318
  333
  348
  363
  380
  397
  416
  435
  455
  476
  499
  522
  547
  572
  599
  628
  657
  688
  721
  755
  791
  829
  869
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
New CAPEX, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -81
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Free cash flow, $m
  292
  228
  242
  254
  265
  278
  290
  304
  318
  332
  348
  362
  379
  396
  415
  434
  454
  476
  498
  521
  546
  571
  598
  626
  656
  687
  720
  754
  790
  828
  867
Issuance/(repayment) of debt, $m
  286
  84
  232
  241
  251
  262
  273
  285
  298
  311
  325
  340
  355
  372
  389
  407
  426
  447
  468
  490
  514
  538
  565
  592
  621
  651
  683
  716
  751
  788
  827
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
  84
  232
  241
  251
  262
  273
  285
  298
  311
  325
  340
  355
  372
  389
  407
  426
  447
  468
  490
  514
  538
  565
  592
  621
  651
  683
  716
  751
  788
  827
Total cash flow (excl. dividends), $m
  174
  312
  474
  495
  517
  540
  564
  589
  616
  644
  673
  702
  734
  768
  804
  841
  881
  922
  966
  1,011
  1,059
  1,110
  1,163
  1,218
  1,277
  1,338
  1,402
  1,470
  1,541
  1,616
  1,694
Retained Cash Flow (-), $m
  -32
  -165
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
  -88
  -92
Prev. year cash balance distribution, $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
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
 
  447
  448
  468
  489
  511
  533
  557
  583
  609
  637
  664
  695
  727
  761
  796
  833
  872
  914
  957
  1,002
  1,050
  1,100
  1,152
  1,208
  1,266
  1,327
  1,391
  1,458
  1,528
  1,603
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
 
  410
  375
  353
  330
  306
  280
  253
  227
  200
  175
  150
  127
  106
  87
  70
  55
  43
  32
  24
  17
  12
  8
  6
  4
  2
  1
  1
  0
  0
  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 is a homebuilder, which designs, builds and sells single-family detached and attached homes. The Company is also a land developer, with a portfolio of lifestyle and master-planned communities. Its segments include East, which includes Atlanta, Charlotte, North Florida, Raleigh, Southwest Florida and Tampa; Central, which includes Austin, Dallas, and Houston (each of the Dallas and Houston markets include both a Taylor Morrison division and a Darling Homes division); West, which includes Bay Area, Chicago, Denver, Phoenix, Sacramento and Southern California, and Mortgage Operations, which includes Taylor Morrison Home Funding, LLC (TMHF) and Inspired Title Services, LLC (Inspired Title). It operates under the Taylor Morrison and Darling Homes brand names. The Company also provides financial services to customers through its mortgage subsidiary, TMHF, and title insurance and closing settlement services through its title company, Inspired Title.

FINANCIAL RATIOS  of  Taylor Morrison Home (TMHC)

Valuation Ratios
P/E Ratio 51.5
Price to Sales 0.8
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 7.4
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 6.3% 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 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 119.965 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 $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
TOL Toll Brothers 44.21 68.38  str.buy
LEN Lennar Cl A 57.50 104.44  str.buy
HOV Hovnanian Ente 2.26 0.99  str.sell
DHI D.R. Horton 42.67 112.28  str.buy
LGIH LGI Homes 55.92 378.59  str.buy
MTH Meritage Homes 48.40 37.20  sell
PHM PulteGroup 28.00 101.57  str.buy
KBH KB Home 27.05 85.04  str.buy
MHO M/I Homes 28.79 51.14  str.buy

COMPANY NEWS

▶ Taylor Morrison CEO on Impact of Hurricane Harvey   [Sep-06-17 12:47PM  Bloomberg Video]
▶ Updated: Here's what Phoenix companies are doing to help Hurricane Harvey victims   [Sep-05-17 12:56PM  American City Business Journals]
▶ 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]
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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