Intrinsic value of Toll Brothers - TOL

Previous Close

$38.15

  Intrinsic Value

$76.29

stock screener

  Rating & Target

str. buy

+100%

  Value-price divergence*

-47%

Previous close

$38.15

 
Intrinsic value

$76.29

 
Up/down potential

+100%

 
Rating

str. buy

 
Value-price divergence*

-47%

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

We calculate the intrinsic value of TOL 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 6.2

 

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, %
  23.95
  22.20
  20.48
  18.93
  17.54
  16.28
  15.16
  14.14
  13.23
  12.40
  11.66
  11.00
  10.40
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
Revenue, $m
  5,170
  6,318
  7,612
  9,053
  10,640
  12,373
  14,248
  16,263
  18,414
  20,699
  23,113
  25,655
  28,322
  31,114
  34,030
  37,070
  40,237
  43,531
  46,956
  50,516
  54,216
  58,060
  62,056
  66,210
  70,530
  75,024
  79,701
  84,572
  89,647
  94,936
  100,452
Variable operating expenses, $m
 
  5,642
  6,797
  8,084
  9,502
  11,049
  12,724
  14,523
  16,444
  18,484
  20,640
  22,909
  25,292
  27,785
  30,389
  33,104
  35,931
  38,873
  41,932
  45,111
  48,415
  51,848
  55,416
  59,125
  62,983
  66,996
  71,173
  75,523
  80,054
  84,778
  89,704
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
  4,679
  5,642
  6,797
  8,084
  9,502
  11,049
  12,724
  14,523
  16,444
  18,484
  20,640
  22,909
  25,292
  27,785
  30,389
  33,104
  35,931
  38,873
  41,932
  45,111
  48,415
  51,848
  55,416
  59,125
  62,983
  66,996
  71,173
  75,523
  80,054
  84,778
  89,704
Operating income, $m
  490
  676
  814
  969
  1,139
  1,324
  1,525
  1,740
  1,970
  2,215
  2,473
  2,745
  3,030
  3,329
  3,641
  3,967
  4,305
  4,658
  5,024
  5,405
  5,801
  6,212
  6,640
  7,084
  7,547
  8,028
  8,528
  9,049
  9,592
  10,158
  10,748
EBITDA, $m
  513
  695
  837
  996
  1,170
  1,361
  1,567
  1,789
  2,026
  2,277
  2,542
  2,822
  3,115
  3,423
  3,743
  4,078
  4,426
  4,788
  5,165
  5,557
  5,964
  6,387
  6,826
  7,283
  7,758
  8,253
  8,767
  9,303
  9,861
  10,443
  11,050
Interest expense (income), $m
  12
  132
  175
  223
  277
  336
  401
  471
  546
  626
  711
  801
  896
  995
  1,099
  1,208
  1,321
  1,439
  1,562
  1,690
  1,823
  1,961
  2,104
  2,253
  2,408
  2,569
  2,736
  2,911
  3,092
  3,281
  3,479
Earnings before tax, $m
  589
  544
  640
  746
  862
  988
  1,124
  1,270
  1,425
  1,589
  1,762
  1,944
  2,135
  2,334
  2,542
  2,759
  2,984
  3,218
  3,462
  3,715
  3,978
  4,252
  4,536
  4,832
  5,139
  5,459
  5,792
  6,139
  6,500
  6,877
  7,270
Tax expense, $m
  207
  147
  173
  201
  233
  267
  303
  343
  385
  429
  476
  525
  576
  630
  686
  745
  806
  869
  935
  1,003
  1,074
  1,148
  1,225
  1,305
  1,388
  1,474
  1,564
  1,657
  1,755
  1,857
  1,963
Net income, $m
  382
  397
  467
  544
  629
  721
  820
  927
  1,040
  1,160
  1,286
  1,419
  1,558
  1,704
  1,856
  2,014
  2,178
  2,349
  2,527
  2,712
  2,904
  3,104
  3,311
  3,527
  3,751
  3,985
  4,228
  4,481
  4,745
  5,020
  5,307

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  634
  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
  9,737
  11,123
  13,401
  15,938
  18,733
  21,784
  25,085
  28,633
  32,420
  36,441
  40,691
  45,166
  49,863
  54,778
  59,912
  65,265
  70,839
  76,639
  82,669
  88,937
  95,450
  102,219
  109,253
  116,567
  124,172
  132,084
  140,319
  148,895
  157,829
  167,141
  176,852
Adjusted assets (=assets-cash), $m
  9,103
  11,123
  13,401
  15,938
  18,733
  21,784
  25,085
  28,633
  32,420
  36,441
  40,691
  45,166
  49,863
  54,778
  59,912
  65,265
  70,839
  76,639
  82,669
  88,937
  95,450
  102,219
  109,253
  116,567
  124,172
  132,084
  140,319
  148,895
  157,829
  167,141
  176,852
Revenue / Adjusted assets
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
Average production assets, $m
  153
  190
  228
  272
  319
  371
  427
  488
  552
  621
  693
  770
  850
  933
  1,021
  1,112
  1,207
  1,306
  1,409
  1,515
  1,626
  1,742
  1,862
  1,986
  2,116
  2,251
  2,391
  2,537
  2,689
  2,848
  3,014
Working capital, $m
  0
  -632
  -761
  -905
  -1,064
  -1,237
  -1,425
  -1,626
  -1,841
  -2,070
  -2,311
  -2,565
  -2,832
  -3,111
  -3,403
  -3,707
  -4,024
  -4,353
  -4,696
  -5,052
  -5,422
  -5,806
  -6,206
  -6,621
  -7,053
  -7,502
  -7,970
  -8,457
  -8,965
  -9,494
  -10,045
Total debt, $m
  3,775
  4,996
  6,374
  7,909
  9,600
  11,446
  13,444
  15,590
  17,881
  20,314
  22,885
  25,593
  28,434
  31,408
  34,514
  37,752
  41,125
  44,634
  48,282
  52,074
  56,014
  60,109
  64,365
  68,790
  73,391
  78,178
  83,160
  88,348
  93,753
  99,387
  105,262
Total liabilities, $m
  5,508
  6,729
  8,107
  9,642
  11,333
  13,179
  15,177
  17,323
  19,614
  22,047
  24,618
  27,326
  30,167
  33,141
  36,247
  39,485
  42,858
  46,367
  50,015
  53,807
  57,747
  61,842
  66,098
  70,523
  75,124
  79,911
  84,893
  90,081
  95,486
  101,120
  106,995
Total equity, $m
  4,229
  4,393
  5,293
  6,295
  7,400
  8,605
  9,909
  11,310
  12,806
  14,394
  16,073
  17,841
  19,696
  21,637
  23,665
  25,780
  27,981
  30,272
  32,654
  35,130
  37,703
  40,376
  43,155
  46,044
  49,048
  52,173
  55,426
  58,813
  62,342
  66,021
  69,856
Total liabilities and equity, $m
  9,737
  11,122
  13,400
  15,937
  18,733
  21,784
  25,086
  28,633
  32,420
  36,441
  40,691
  45,167
  49,863
  54,778
  59,912
  65,265
  70,839
  76,639
  82,669
  88,937
  95,450
  102,218
  109,253
  116,567
  124,172
  132,084
  140,319
  148,894
  157,828
  167,141
  176,851
Debt-to-equity ratio
  0.893
  1.140
  1.200
  1.260
  1.300
  1.330
  1.360
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
  1.500
  1.500
  1.510
  1.510
Adjusted equity ratio
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  382
  397
  467
  544
  629
  721
  820
  927
  1,040
  1,160
  1,286
  1,419
  1,558
  1,704
  1,856
  2,014
  2,178
  2,349
  2,527
  2,712
  2,904
  3,104
  3,311
  3,527
  3,751
  3,985
  4,228
  4,481
  4,745
  5,020
  5,307
Depreciation, amort., depletion, $m
  23
  19
  23
  27
  32
  37
  43
  49
  55
  62
  69
  77
  85
  93
  102
  111
  121
  131
  141
  152
  163
  174
  186
  199
  212
  225
  239
  254
  269
  285
  301
Funds from operations, $m
  -131
  416
  490
  571
  661
  758
  863
  976
  1,095
  1,222
  1,356
  1,496
  1,643
  1,797
  1,958
  2,125
  2,299
  2,480
  2,668
  2,864
  3,067
  3,278
  3,498
  3,726
  3,963
  4,210
  4,467
  4,735
  5,014
  5,305
  5,608
Change in working capital, $m
  -280
  -115
  -129
  -144
  -159
  -173
  -188
  -201
  -215
  -228
  -241
  -254
  -267
  -279
  -292
  -304
  -317
  -329
  -343
  -356
  -370
  -384
  -400
  -415
  -432
  -449
  -468
  -487
  -507
  -529
  -552
Cash from operations, $m
  149
  531
  619
  715
  820
  932
  1,051
  1,177
  1,310
  1,450
  1,597
  1,750
  1,910
  2,076
  2,249
  2,429
  2,616
  2,809
  3,011
  3,220
  3,437
  3,663
  3,897
  4,141
  4,395
  4,659
  4,935
  5,222
  5,521
  5,834
  6,160
Maintenance CAPEX, $m
  0
  -15
  -19
  -23
  -27
  -32
  -37
  -43
  -49
  -55
  -62
  -69
  -77
  -85
  -93
  -102
  -111
  -121
  -131
  -141
  -152
  -163
  -174
  -186
  -199
  -212
  -225
  -239
  -254
  -269
  -285
New CAPEX, $m
  -28
  -37
  -39
  -43
  -48
  -52
  -56
  -60
  -65
  -69
  -72
  -76
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -159
  -165
Cash from investing activities, $m
  8
  -52
  -58
  -66
  -75
  -84
  -93
  -103
  -114
  -124
  -134
  -145
  -157
  -169
  -180
  -193
  -206
  -220
  -234
  -248
  -263
  -278
  -294
  -311
  -329
  -347
  -365
  -385
  -406
  -428
  -450
Free cash flow, $m
  157
  479
  561
  649
  745
  848
  957
  1,074
  1,197
  1,327
  1,463
  1,605
  1,753
  1,908
  2,068
  2,236
  2,409
  2,590
  2,777
  2,972
  3,174
  3,385
  3,603
  3,830
  4,067
  4,313
  4,569
  4,837
  5,115
  5,406
  5,710
Issuance/(repayment) of debt, $m
  -54
  1,221
  1,378
  1,535
  1,691
  1,846
  1,997
  2,146
  2,291
  2,433
  2,571
  2,707
  2,841
  2,974
  3,106
  3,239
  3,373
  3,509
  3,648
  3,792
  3,941
  4,095
  4,256
  4,424
  4,601
  4,787
  4,982
  5,188
  5,405
  5,634
  5,875
Issuance/(repurchase) of shares, $m
  -386
  401
  433
  458
  475
  484
  484
  474
  456
  429
  393
  348
  297
  238
  172
  101
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -442
  1,622
  1,811
  1,993
  2,166
  2,330
  2,481
  2,620
  2,747
  2,862
  2,964
  3,055
  3,138
  3,212
  3,278
  3,340
  3,397
  3,509
  3,648
  3,792
  3,941
  4,095
  4,256
  4,424
  4,601
  4,787
  4,982
  5,188
  5,405
  5,634
  5,875
Total cash flow (excl. dividends), $m
  -285
  2,102
  2,372
  2,642
  2,911
  3,177
  3,439
  3,694
  3,944
  4,188
  4,427
  4,660
  4,891
  5,119
  5,347
  5,575
  5,806
  6,099
  6,426
  6,764
  7,115
  7,480
  7,859
  8,255
  8,668
  9,100
  9,552
  10,025
  10,520
  11,040
  11,585
Retained Cash Flow (-), $m
  -6
  -798
  -900
  -1,002
  -1,104
  -1,205
  -1,304
  -1,401
  -1,496
  -1,588
  -1,679
  -1,768
  -1,855
  -1,942
  -2,028
  -2,114
  -2,202
  -2,291
  -2,382
  -2,476
  -2,573
  -2,674
  -2,779
  -2,889
  -3,004
  -3,125
  -3,253
  -3,387
  -3,529
  -3,678
  -3,836
Prev. year cash balance distribution, $m
 
  634
  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
 
  1,937
  1,473
  1,640
  1,807
  1,972
  2,134
  2,293
  2,448
  2,600
  2,748
  2,893
  3,036
  3,178
  3,319
  3,461
  3,604
  3,808
  4,044
  4,288
  4,542
  4,806
  5,080
  5,366
  5,664
  5,975
  6,299
  6,638
  6,992
  7,362
  7,749
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  1,800
  1,263
  1,288
  1,290
  1,268
  1,225
  1,163
  1,086
  998
  901
  801
  701
  602
  509
  423
  345
  280
  225
  176
  135
  101
  74
  53
  37
  25
  16
  10
  6
  4
  2
Current shareholders' claim on cash, %
  100
  92.9
  87.0
  82.1
  78.0
  74.7
  71.9
  69.6
  67.7
  66.2
  65.0
  64.0
  63.3
  62.8
  62.5
  62.3
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2

Toll Brothers, Inc., together with its subsidiaries, designs, builds, markets, and arranges finance for detached and attached homes in luxury residential communities. The company operates through two segments, Traditional Home Building and City Living. It also builds and sells homes in urban infill markets under the Toll Brothers City Living name. In addition, the company develops, owns, and operates golf courses and country clubs that are associated with various master planned communities; develops and sells land to other builders; and develops, operates, and rents apartments. The company serves move-up, empty-nester, active-adult, age-qualified, and second-home buyers in 19 states in the United States. Toll Brothers, Inc. was founded in 1967 and is headquartered in Horsham, Pennsylvania.

FINANCIAL RATIOS  of  Toll Brothers (TOL)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 1.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 41.4
Price to Free Cash Flow 51
Growth Rates
Sales Growth Rate 24%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 211.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 89.3%
Total Debt to Equity 89.3%
Interest Coverage 50
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 9%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 19.8%
Gross Margin - 3 Yr. Avg. 20.9%
EBITDA Margin 12.1%
EBITDA Margin - 3 Yr. Avg. 13.3%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 11.4%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 33.4%
Payout Ratio 0%

TOL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TOL stock intrinsic value calculation we used $5170 million for the last fiscal year's total revenue generated by Toll Brothers. The default revenue input number comes from 2016 income statement of Toll Brothers. 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 TOL stock valuation model: a) initial revenue growth rate of 22.2% 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 7.6%, whose default value for TOL is calculated based on our internal credit rating of Toll Brothers, 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 Toll Brothers.
    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 TOL stock the variable cost ratio is equal to 89.3%.

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 TOL 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 Toll Brothers.

Corporate tax rate of 27% is the nominal tax rate for Toll Brothers. 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 TOL 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 TOL are equal to 3%.

Life of production assets of 10 years is the average useful life of capital assets used in Toll Brothers 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 TOL is equal to -10%. 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 - $4229 million for Toll Brothers - 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 161.226 million for Toll Brothers 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 Toll Brothers at the current share price and the inputted number of shares is $6.2 billion.

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KBH KB Home 22.21 65.01  str.buy
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COMPANY NEWS

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▶ Toll Brothers Rating Slashed at Barclays   [09:53AM  TheStreet.com]
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▶ Toll Brothers Announces Cash Dividend   [04:17PM  GlobeNewswire]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-16-17 05:23PM  Investor's Business Daily]
▶ Toll Bros. in hot water over home damage in Bucks County development   [09:00AM  American City Business Journals]
▶ Industry News And Stocks To Watch   [Jun-15-17 03:35PM  Investor's Business Daily]
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▶ Opening Bell, June 13, 2017   [09:29AM  CNBC Videos]
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▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Jun-12-17 11:29AM  Investor's Business Daily]
▶ ETFs with exposure to Toll Brothers, Inc. : June 8, 2017   [Jun-08-17 01:58PM  Capital Cube]
▶ Toll Brothers, Inc. Prices $150 Million of Senior Notes   [Jun-07-17 06:50PM  GlobeNewswire]
▶ Consumers Spending More on Homes, Less on Fixing Up Cars   [May-31-17 06:45PM  Motley Fool]
▶ Lowe's Guides Low Amid Weak Q1 Results, Housing Data   [May-24-17 04:09PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [12:41PM  Investor's Business Daily]
▶ Toll Bros. Earnings Top On 'Affordable' Luxury Homes, But Builder Stocks Fall   [May-23-17 04:05PM  Investor's Business Daily]
▶ Big drop in April new homes sales   [01:38PM  CNBC Videos]
▶ Story Stocks from Briefing.com   [12:41PM  Briefing.com]
▶ Toll's profit soars 40 percent   [10:47AM  Reuters Videos]
▶ Stock Indexes Mixed; New-Home Sales Weak   [10:23AM  Investor's Business Daily]
▶ Stocks: Slim Gains Turn Mixed; Nokia Surges On Apple Deal   [09:44AM  Investor's Business Daily]
▶ Toll Brothers tops Street 2Q forecasts   [05:19AM  Associated Press]
▶ These Top Housing Stocks Are Near Buy Points: Investing Action Plan   [May-22-17 04:19PM  Investor's Business Daily]
▶ Best bets in homebuilders: Analyst   [02:51PM  CNBC Videos]
▶ Jim Cramer: Toll Brothers Could Trade Higher   [12:34PM  TheStreet.com]
▶ As earnings wind down, look to Fed   [06:21PM  CNBC Videos]
▶ Toll Brothers Continues to Build on Prior Gains   [May-18-17 02:20PM  TheStreet.com]
Stock chart of TOL Financial statements of TOL
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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