Intrinsic value of Taylor Morrison Home - TMHC

Previous Close

$27.74

  Intrinsic Value

$30.90

stock screener

  Rating & Target

hold

+11%

Previous close

$27.74

 
Intrinsic value

$30.90

 
Up/down potential

+11%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  3,550
  3,777
  4,014
  4,260
  4,516
  4,784
  5,062
  5,353
  5,657
  5,974
  6,305
  6,651
  7,012
  7,391
  7,787
  8,201
  8,635
  9,089
  9,564
  10,063
  10,585
  11,132
  11,706
  12,307
  12,938
  13,599
  14,293
  15,020
  15,783
  16,584
  17,424
Variable operating expenses, $m
 
  3,429
  3,644
  3,867
  4,099
  4,341
  4,594
  4,857
  5,132
  5,419
  5,719
  6,026
  6,354
  6,697
  7,056
  7,431
  7,824
  8,236
  8,667
  9,118
  9,591
  10,087
  10,607
  11,152
  11,723
  12,323
  12,951
  13,610
  14,302
  15,028
  15,789
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
  3,443
  3,659
  3,882
  4,114
  4,357
  4,610
  4,874
  5,149
  5,436
  5,737
  6,044
  6,373
  6,716
  7,076
  7,451
  7,845
  8,257
  8,689
  9,140
  9,614
  10,111
  10,631
  11,177
  11,748
  12,349
  12,978
  13,637
  14,330
  15,057
  15,818
Operating income, $m
  314
  334
  355
  378
  402
  427
  452
  479
  507
  537
  567
  606
  639
  674
  711
  749
  790
  832
  876
  922
  971
  1,021
  1,075
  1,130
  1,189
  1,250
  1,315
  1,383
  1,453
  1,528
  1,606
EBITDA, $m
  318
  340
  362
  385
  409
  433
  459
  486
  514
  544
  574
  606
  640
  675
  712
  750
  790
  832
  876
  923
  971
  1,022
  1,075
  1,131
  1,190
  1,251
  1,316
  1,383
  1,454
  1,529
  1,607
Interest expense (income), $m
  0
  56
  59
  67
  75
  84
  94
  103
  113
  124
  135
  147
  159
  171
  184
  198
  213
  228
  243
  260
  277
  296
  315
  335
  355
  377
  400
  425
  450
  476
  504
Earnings before tax, $m
  314
  278
  297
  311
  326
  342
  359
  376
  394
  413
  432
  459
  481
  503
  527
  551
  577
  604
  632
  662
  693
  726
  760
  796
  834
  873
  914
  958
  1,004
  1,051
  1,102
Tax expense, $m
  107
  75
  80
  84
  88
  92
  97
  101
  106
  111
  117
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  205
  215
  225
  236
  247
  259
  271
  284
  297
Net income, $m
  53
  203
  217
  227
  238
  250
  262
  274
  287
  301
  315
  335
  351
  367
  384
  402
  421
  441
  462
  483
  506
  530
  555
  581
  608
  637
  668
  699
  733
  768
  804

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
  4,174
  4,435
  4,707
  4,990
  5,286
  5,594
  5,915
  6,250
  6,601
  6,966
  7,349
  7,748
  8,167
  8,604
  9,062
  9,541
  10,043
  10,568
  11,119
  11,696
  12,301
  12,934
  13,599
  14,296
  15,027
  15,793
  16,597
  17,440
  18,325
  19,253
Adjusted assets (=assets-cash), $m
  3,921
  4,174
  4,435
  4,707
  4,990
  5,286
  5,594
  5,915
  6,250
  6,601
  6,966
  7,349
  7,748
  8,167
  8,604
  9,062
  9,541
  10,043
  10,568
  11,119
  11,696
  12,301
  12,934
  13,599
  14,296
  15,027
  15,793
  16,597
  17,440
  18,325
  19,253
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
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
Working capital, $m
  0
  -321
  -341
  -362
  -384
  -407
  -430
  -455
  -481
  -508
  -536
  -565
  -596
  -628
  -662
  -697
  -734
  -773
  -813
  -855
  -900
  -946
  -995
  -1,046
  -1,100
  -1,156
  -1,215
  -1,277
  -1,342
  -1,410
  -1,481
Total debt, $m
  1,587
  1,674
  1,909
  2,154
  2,409
  2,675
  2,952
  3,242
  3,543
  3,859
  4,188
  4,532
  4,892
  5,268
  5,662
  6,074
  6,505
  6,956
  7,429
  7,925
  8,444
  8,989
  9,559
  10,157
  10,784
  11,442
  12,132
  12,855
  13,614
  14,411
  15,246
Total liabilities, $m
  3,669
  3,756
  3,991
  4,236
  4,491
  4,757
  5,034
  5,324
  5,625
  5,941
  6,270
  6,614
  6,974
  7,350
  7,744
  8,156
  8,587
  9,038
  9,511
  10,007
  10,526
  11,071
  11,641
  12,239
  12,866
  13,524
  14,214
  14,937
  15,696
  16,493
  17,328
Total equity, $m
  552
  417
  443
  471
  499
  529
  559
  592
  625
  660
  697
  735
  775
  817
  860
  906
  954
  1,004
  1,057
  1,112
  1,170
  1,230
  1,293
  1,360
  1,430
  1,503
  1,579
  1,660
  1,744
  1,833
  1,925
Total liabilities and equity, $m
  4,221
  4,173
  4,434
  4,707
  4,990
  5,286
  5,593
  5,916
  6,250
  6,601
  6,967
  7,349
  7,749
  8,167
  8,604
  9,062
  9,541
  10,042
  10,568
  11,119
  11,696
  12,301
  12,934
  13,599
  14,296
  15,027
  15,793
  16,597
  17,440
  18,326
  19,253
Debt-to-equity ratio
  2.875
  4.010
  4.310
  4.580
  4.830
  5.060
  5.280
  5.480
  5.670
  5.850
  6.010
  6.170
  6.310
  6.450
  6.580
  6.700
  6.820
  6.930
  7.030
  7.130
  7.220
  7.310
  7.390
  7.470
  7.540
  7.610
  7.680
  7.750
  7.810
  7.860
  7.920
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
  217
  227
  238
  250
  262
  274
  287
  301
  315
  335
  351
  367
  384
  402
  421
  441
  462
  483
  506
  530
  555
  581
  608
  637
  668
  699
  733
  768
  804
Depreciation, amort., depletion, $m
  4
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  489
  210
  224
  234
  245
  257
  269
  281
  294
  308
  322
  336
  351
  368
  385
  403
  422
  442
  462
  484
  507
  530
  556
  582
  609
  638
  668
  700
  734
  769
  805
Change in working capital, $m
  116
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
Cash from operations, $m
  373
  229
  244
  255
  267
  279
  292
  306
  320
  335
  351
  365
  382
  400
  419
  438
  459
  480
  503
  526
  551
  577
  604
  633
  663
  694
  727
  762
  798
  837
  877
Maintenance CAPEX, $m
  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
  -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
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Free cash flow, $m
  292
  229
  243
  255
  266
  279
  292
  305
  320
  334
  350
  364
  381
  399
  418
  437
  458
  479
  502
  525
  550
  576
  603
  632
  661
  693
  726
  760
  797
  835
  875
Issuance/(repayment) of debt, $m
  286
  87
  235
  245
  255
  266
  277
  289
  302
  315
  329
  344
  360
  376
  394
  412
  431
  452
  473
  496
  519
  544
  570
  598
  627
  658
  690
  724
  759
  796
  836
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
  87
  235
  245
  255
  266
  277
  289
  302
  315
  329
  344
  360
  376
  394
  412
  431
  452
  473
  496
  519
  544
  570
  598
  627
  658
  690
  724
  759
  796
  836
Total cash flow (excl. dividends), $m
  174
  316
  478
  499
  522
  545
  569
  595
  621
  650
  679
  708
  741
  775
  811
  849
  889
  931
  975
  1,021
  1,069
  1,120
  1,173
  1,230
  1,289
  1,351
  1,416
  1,484
  1,556
  1,631
  1,710
Retained Cash Flow (-), $m
  -32
  -165
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -88
  -93
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
 
  451
  452
  472
  493
  515
  538
  562
  588
  615
  643
  670
  701
  734
  768
  803
  841
  881
  922
  966
  1,011
  1,060
  1,110
  1,163
  1,219
  1,277
  1,339
  1,404
  1,471
  1,543
  1,618
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
 
  414
  378
  357
  333
  308
  282
  256
  229
  202
  176
  151
  128
  107
  87
  70
  56
  43
  33
  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 62.5
Price to Sales 0.9
Price to Book 6
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 8.9
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 6.4% 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 119.33 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 $3.3 billion.

RELATED COMPANIES Price Int.Val. Rating
TOL Toll Brothers 51.88 71.02  buy
LEN Lennar Cl A 71.82 102.56  str.buy
DHI D.R. Horton 51.48 62.39  buy
LGIH LGI Homes 71.33 754.40  str.buy
MTH Meritage Homes 52.15 47.98  hold
PHM PulteGroup 34.60 42.95  buy
KBH KB Home 34.99 91.38  str.buy
MHO M/I Homes 36.46 33.46  hold

COMPANY NEWS

▶ Taylor Morrison Home Trying To Close In On Key Technical Measure   [Dec-29-17 03:00AM  Investor's Business Daily]
▶ Taylor Morrison Home Sees RS Rating Improve To 72   [Dec-19-17 03:00AM  Investor's Business Daily]
▶ Taylor Morrison Builds Joy Nationwide   [06:13AM  PR Newswire]
▶ Stocks With Rising Relative Strength: Taylor Morrison Home   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ Taylor Morrison tops Street 3Q forecasts   [07:03AM  Associated Press]
▶ Taylor Morrison Home Sees IBD RS Rating Rise To 76   [03:00AM  Investor's Business Daily]
▶ 7 Amazing Investments on America's New Housing Boom   [Oct-25-17 10:00PM  TheStreet.com]
▶ 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]
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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