Intrinsic value of Walker&Dunlop - WD

Previous Close

$48.64

  Intrinsic Value

$108.87

stock screener

  Rating & Target

str. buy

+124%

Previous close

$48.64

 
Intrinsic value

$108.87

 
Up/down potential

+124%

 
Rating

str. buy

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

We calculate the intrinsic value of WD 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 1.5

 

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, %
  22.86
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  575
  645
  719
  797
  879
  964
  1,053
  1,146
  1,243
  1,344
  1,449
  1,557
  1,671
  1,788
  1,910
  2,037
  2,169
  2,307
  2,450
  2,599
  2,754
  2,916
  3,084
  3,260
  3,444
  3,636
  3,837
  4,046
  4,266
  4,495
  4,735
Variable operating expenses, $m
 
  342
  380
  420
  462
  506
  552
  600
  650
  702
  756
  802
  861
  921
  984
  1,049
  1,117
  1,188
  1,262
  1,339
  1,419
  1,502
  1,589
  1,680
  1,774
  1,873
  1,976
  2,084
  2,197
  2,316
  2,439
Fixed operating expenses, $m
 
  88
  90
  93
  95
  97
  100
  102
  105
  107
  110
  113
  116
  119
  122
  125
  128
  131
  134
  137
  141
  144
  148
  152
  156
  159
  163
  168
  172
  176
  180
Total operating expenses, $m
  390
  430
  470
  513
  557
  603
  652
  702
  755
  809
  866
  915
  977
  1,040
  1,106
  1,174
  1,245
  1,319
  1,396
  1,476
  1,560
  1,646
  1,737
  1,832
  1,930
  2,032
  2,139
  2,252
  2,369
  2,492
  2,619
Operating income, $m
  186
  215
  249
  284
  321
  361
  401
  444
  488
  535
  583
  642
  694
  748
  805
  863
  924
  988
  1,054
  1,122
  1,194
  1,269
  1,347
  1,429
  1,514
  1,604
  1,697
  1,794
  1,897
  2,004
  2,115
EBITDA, $m
  297
  327
  373
  421
  471
  524
  579
  636
  696
  758
  823
  890
  960
  1,033
  1,109
  1,188
  1,269
  1,355
  1,444
  1,536
  1,633
  1,733
  1,838
  1,948
  2,063
  2,183
  2,308
  2,439
  2,576
  2,719
  2,869
Interest expense (income), $m
  39
  75
  86
  97
  108
  121
  133
  147
  160
  175
  190
  205
  222
  238
  256
  274
  293
  313
  333
  354
  376
  400
  424
  449
  475
  502
  531
  561
  592
  624
  659
Earnings before tax, $m
  186
  140
  163
  187
  213
  240
  268
  297
  328
  360
  393
  437
  473
  510
  549
  589
  631
  675
  721
  768
  818
  870
  924
  980
  1,040
  1,101
  1,166
  1,234
  1,305
  1,379
  1,457
Tax expense, $m
  72
  38
  44
  51
  58
  65
  72
  80
  89
  97
  106
  118
  128
  138
  148
  159
  170
  182
  195
  207
  221
  235
  249
  265
  281
  297
  315
  333
  352
  372
  393
Net income, $m
  114
  102
  119
  137
  155
  175
  196
  217
  239
  263
  287
  319
  345
  372
  401
  430
  461
  493
  526
  561
  597
  635
  674
  716
  759
  804
  851
  901
  952
  1,007
  1,064

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  119
  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
  3,052
  3,292
  3,669
  4,067
  4,484
  4,920
  5,375
  5,849
  6,343
  6,857
  7,391
  7,946
  8,523
  9,122
  9,746
  10,393
  11,067
  11,768
  12,498
  13,258
  14,050
  14,875
  15,736
  16,634
  17,572
  18,552
  19,575
  20,645
  21,764
  22,934
  24,158
Adjusted assets (=assets-cash), $m
  2,933
  3,292
  3,669
  4,067
  4,484
  4,920
  5,375
  5,849
  6,343
  6,857
  7,391
  7,946
  8,523
  9,122
  9,746
  10,393
  11,067
  11,768
  12,498
  13,258
  14,050
  14,875
  15,736
  16,634
  17,572
  18,552
  19,575
  20,645
  21,764
  22,934
  24,158
Revenue / Adjusted assets
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
Average production assets, $m
  467
  524
  584
  647
  714
  783
  855
  931
  1,010
  1,091
  1,176
  1,265
  1,356
  1,452
  1,551
  1,654
  1,761
  1,873
  1,989
  2,110
  2,236
  2,367
  2,504
  2,647
  2,797
  2,953
  3,115
  3,286
  3,464
  3,650
  3,845
Working capital, $m
  0
  -134
  -149
  -165
  -182
  -200
  -218
  -237
  -257
  -278
  -300
  -322
  -346
  -370
  -395
  -422
  -449
  -477
  -507
  -538
  -570
  -604
  -638
  -675
  -713
  -753
  -794
  -838
  -883
  -930
  -980
Total debt, $m
  2,154
  2,454
  2,769
  3,100
  3,447
  3,810
  4,189
  4,584
  4,996
  5,424
  5,869
  6,331
  6,812
  7,311
  7,830
  8,370
  8,931
  9,515
  10,123
  10,756
  11,415
  12,103
  12,820
  13,568
  14,350
  15,166
  16,018
  16,909
  17,841
  18,816
  19,836
Total liabilities, $m
  2,442
  2,742
  3,057
  3,388
  3,735
  4,098
  4,477
  4,872
  5,284
  5,712
  6,157
  6,619
  7,100
  7,599
  8,118
  8,658
  9,219
  9,803
  10,411
  11,044
  11,703
  12,391
  13,108
  13,856
  14,638
  15,454
  16,306
  17,197
  18,129
  19,104
  20,124
Total equity, $m
  610
  550
  613
  679
  749
  822
  898
  977
  1,059
  1,145
  1,234
  1,327
  1,423
  1,523
  1,628
  1,736
  1,848
  1,965
  2,087
  2,214
  2,346
  2,484
  2,628
  2,778
  2,935
  3,098
  3,269
  3,448
  3,635
  3,830
  4,034
Total liabilities and equity, $m
  3,052
  3,292
  3,670
  4,067
  4,484
  4,920
  5,375
  5,849
  6,343
  6,857
  7,391
  7,946
  8,523
  9,122
  9,746
  10,394
  11,067
  11,768
  12,498
  13,258
  14,049
  14,875
  15,736
  16,634
  17,573
  18,552
  19,575
  20,645
  21,764
  22,934
  24,158
Debt-to-equity ratio
  3.531
  4.460
  4.520
  4.560
  4.600
  4.640
  4.670
  4.690
  4.720
  4.740
  4.750
  4.770
  4.790
  4.800
  4.810
  4.820
  4.830
  4.840
  4.850
  4.860
  4.870
  4.870
  4.880
  4.880
  4.890
  4.900
  4.900
  4.900
  4.910
  4.910
  4.920
Adjusted equity ratio
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  114
  102
  119
  137
  155
  175
  196
  217
  239
  263
  287
  319
  345
  372
  401
  430
  461
  493
  526
  561
  597
  635
  674
  716
  759
  804
  851
  901
  952
  1,007
  1,064
Depreciation, amort., depletion, $m
  111
  112
  124
  137
  150
  163
  177
  192
  208
  224
  240
  248
  266
  285
  304
  324
  345
  367
  390
  414
  438
  464
  491
  519
  548
  579
  611
  644
  679
  716
  754
Funds from operations, $m
  778
  214
  243
  273
  305
  338
  373
  409
  447
  486
  527
  567
  611
  657
  705
  754
  806
  860
  916
  974
  1,035
  1,099
  1,165
  1,235
  1,307
  1,383
  1,462
  1,545
  1,632
  1,722
  1,817
Change in working capital, $m
  19
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -47
  -50
Cash from operations, $m
  759
  229
  258
  289
  322
  356
  392
  429
  467
  507
  549
  589
  634
  681
  730
  781
  833
  888
  946
  1,005
  1,068
  1,133
  1,200
  1,271
  1,345
  1,423
  1,504
  1,588
  1,677
  1,770
  1,867
Maintenance CAPEX, $m
  0
  -92
  -103
  -115
  -127
  -140
  -154
  -168
  -183
  -198
  -214
  -231
  -248
  -266
  -285
  -304
  -324
  -345
  -367
  -390
  -414
  -438
  -464
  -491
  -519
  -548
  -579
  -611
  -644
  -679
  -716
New CAPEX, $m
  -2
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
Cash from investing activities, $m
  -67
  -149
  -163
  -178
  -193
  -209
  -226
  -244
  -262
  -280
  -299
  -319
  -340
  -361
  -384
  -407
  -431
  -457
  -483
  -511
  -540
  -569
  -601
  -634
  -668
  -704
  -742
  -781
  -822
  -865
  -911
Free cash flow, $m
  692
  80
  96
  112
  129
  147
  166
  185
  206
  227
  250
  270
  295
  320
  346
  373
  402
  431
  462
  494
  528
  563
  599
  637
  677
  718
  762
  807
  855
  904
  957
Issuance/(repayment) of debt, $m
  -681
  300
  315
  331
  347
  363
  379
  395
  411
  428
  445
  462
  481
  499
  519
  540
  561
  584
  608
  633
  660
  688
  717
  748
  781
  816
  853
  891
  932
  975
  1,020
Issuance/(repurchase) of shares, $m
  -9
  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  
  -694
  300
  315
  331
  347
  363
  379
  395
  411
  428
  445
  462
  481
  499
  519
  540
  561
  584
  608
  633
  660
  688
  717
  748
  781
  816
  853
  891
  932
  975
  1,020
Total cash flow (excl. dividends), $m
  -1
  380
  410
  443
  476
  510
  545
  580
  617
  655
  695
  733
  775
  819
  865
  913
  963
  1,015
  1,070
  1,127
  1,187
  1,250
  1,316
  1,386
  1,458
  1,534
  1,614
  1,698
  1,787
  1,879
  1,977
Retained Cash Flow (-), $m
  -122
  -59
  -63
  -66
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -195
  -204
Prev. year cash balance distribution, $m
 
  119
  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
 
  441
  347
  376
  406
  437
  469
  501
  535
  570
  605
  640
  679
  719
  761
  805
  851
  898
  948
  1,000
  1,055
  1,112
  1,173
  1,236
  1,302
  1,371
  1,443
  1,520
  1,600
  1,684
  1,772
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  406
  292
  287
  278
  266
  251
  234
  214
  194
  173
  151
  131
  111
  93
  76
  61
  48
  37
  28
  21
  15
  10
  7
  5
  3
  2
  1
  1
  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

Walker & Dunlop, Inc. is a holding company, which conducts its operations through Walker & Dunlop, LLC. The Company provides commercial real estate financial products and services primarily to developers and owners of multifamily properties. The Company originates, sells and services a range of multifamily and other commercial real estate financing products, including Multifamily Finance, Federal Housing Administration (FHA) Finance, Capital Markets, and Proprietary Capital. It originates and sells loans through the programs of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac, and together with Fannie Mae, the government-sponsored enterprises (GSEs)), the Government National Mortgage Association (Ginnie Mae) and the Federal Housing Administration, a division of the United States Department of Housing and Urban Development (together with Ginnie Mae, HUD).

FINANCIAL RATIOS  of  Walker&Dunlop (WD)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 2.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 1.9
Price to Free Cash Flow 1.9
Growth Rates
Sales Growth Rate 22.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 353.1%
Total Debt to Equity 353.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 20.8%
Return On Equity - 3 Yr. Avg. 16.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 58.4%
EBITDA Margin - 3 Yr. Avg. 55.8%
Operating Margin 32.2%
Oper. Margin - 3 Yr. Avg. 28.1%
Pre-Tax Margin 32.3%
Pre-Tax Margin - 3 Yr. Avg. 28.2%
Net Profit Margin 19.8%
Net Profit Margin - 3 Yr. Avg. 17.2%
Effective Tax Rate 38.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.8%
Payout Ratio 0%

WD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WD stock intrinsic value calculation we used $575 million for the last fiscal year's total revenue generated by Walker&Dunlop. The default revenue input number comes from 2016 income statement of Walker&Dunlop. 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 WD stock valuation model: a) initial revenue growth rate of 12.2% 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 8.6%, whose default value for WD is calculated based on our internal credit rating of Walker&Dunlop, 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 Walker&Dunlop.
    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 WD stock the variable cost ratio is equal to 53.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $86 million in the base year in the intrinsic value calculation for WD 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 Walker&Dunlop.

Corporate tax rate of 27% is the nominal tax rate for Walker&Dunlop. 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 WD 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 WD are equal to 81.2%.

Life of production assets of 5.1 years is the average useful life of capital assets used in Walker&Dunlop 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 WD is equal to -20.7%. 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 - $610 million for Walker&Dunlop - 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 31.199 million for Walker&Dunlop 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 Walker&Dunlop at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Walker & Dunlop Lowers Its Debt Costs   [Nov-16-17 04:16PM  PR Newswire]
▶ Walker & Dunlop Returns to Faster Growth   [Nov-08-17 10:06AM  Motley Fool]
▶ Walker & Dunlop posts 3Q profit   [06:07AM  Associated Press]
▶ Why Walker & Dunlop Inc (WD) Could Be A Buy   [Nov-07-17 04:43PM  Simply Wall St.]
▶ Walker & Dunlop Gets In The Zone As Earnings Approach   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Walker & Dunlop Launches New Website   [Sep-19-17 06:30AM  PR Newswire]
▶ Walker & Dunlop posts 2Q profit   [Aug-02-17 04:15PM  Associated Press]
▶ Walker & Dunlop Grows Investment Sales Team in Southeast   [Jul-24-17 04:16PM  PR Newswire]
▶ Top Ranked Growth Stocks to Buy for July 14th   [Jul-14-17 08:53AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for July 12th   [Jul-12-17 11:50AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for July 10th   [Jul-10-17 09:45AM  Zacks]
▶ Walker & Dunlop Adds Dallas Capital Markets Expert   [Jun-26-17 04:16PM  PR Newswire]
▶ Top Ranked Growth Stocks to Buy for June 20th   [Jun-20-17 10:50AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 12th   [Jun-12-17 10:41AM  Zacks]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-09-17 05:08PM  Investor's Business Daily]
▶ Top Ranked Growth Stocks to Buy for June 6th   [Jun-06-17 11:10AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 30th   [May-30-17 10:43AM  Zacks]
▶ Why Walker & Dunlop Inc. Stock Jumped Today   [May-03-17 04:31PM  Motley Fool]
▶ Walker & Dunlop posts 1Q profit   [06:06AM  Associated Press]
▶ Walker & Dunlop Achieves "Top Five" Strategic Goal   [Apr-11-17 04:07PM  PR Newswire]
▶ Three Small Caps to Buy for the Second Quarter   [Apr-05-17 12:35PM  Investopedia]
▶ Walker & Dunlop Named a Best Workplace   [Mar-29-17 06:30AM  PR Newswire]
▶ Walker & Dunlop Maintains Growth Momentum with New Hires   [Mar-21-17 04:07PM  PR Newswire]
▶ Top Stock Picks for the Week of March 20th   [Mar-20-17 03:52PM  Zacks]
Financial statements of WD
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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