Intrinsic value of Walker&Dunlop - WD

Previous Close

$46.99

  Intrinsic Value

$147.02

stock screener

  Rating & Target

str. buy

+213%

Previous close

$46.99

 
Intrinsic value

$147.02

 
Up/down potential

+213%

 
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

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, %
  22.86
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
Revenue, $m
  575
  668
  768
  875
  990
  1,111
  1,240
  1,375
  1,516
  1,665
  1,819
  1,981
  2,149
  2,324
  2,505
  2,694
  2,891
  3,095
  3,307
  3,527
  3,756
  3,995
  4,243
  4,502
  4,771
  5,052
  5,345
  5,650
  5,969
  6,302
  6,650
Variable operating expenses, $m
 
  354
  405
  460
  519
  582
  648
  718
  791
  867
  947
  1,020
  1,107
  1,197
  1,291
  1,388
  1,489
  1,594
  1,703
  1,817
  1,935
  2,058
  2,186
  2,319
  2,458
  2,602
  2,753
  2,911
  3,075
  3,246
  3,426
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
  442
  495
  553
  614
  679
  748
  820
  896
  974
  1,057
  1,133
  1,223
  1,316
  1,413
  1,513
  1,617
  1,725
  1,837
  1,954
  2,076
  2,202
  2,334
  2,471
  2,614
  2,761
  2,916
  3,079
  3,247
  3,422
  3,606
Operating income, $m
  186
  226
  272
  322
  375
  432
  492
  555
  621
  690
  762
  848
  926
  1,008
  1,093
  1,182
  1,274
  1,370
  1,469
  1,573
  1,680
  1,793
  1,909
  2,031
  2,158
  2,290
  2,428
  2,572
  2,723
  2,880
  3,044
EBITDA, $m
  297
  342
  404
  471
  542
  618
  699
  783
  872
  965
  1,062
  1,163
  1,268
  1,378
  1,492
  1,611
  1,734
  1,862
  1,996
  2,134
  2,278
  2,429
  2,585
  2,748
  2,917
  3,094
  3,279
  3,472
  3,673
  3,883
  4,103
Interest expense (income), $m
  39
  75
  89
  104
  120
  137
  155
  174
  194
  215
  238
  261
  285
  310
  336
  363
  391
  420
  450
  482
  515
  549
  584
  621
  660
  700
  741
  785
  830
  878
  927
Earnings before tax, $m
  186
  150
  183
  218
  255
  295
  336
  380
  426
  475
  525
  587
  642
  699
  758
  819
  883
  950
  1,019
  1,091
  1,166
  1,244
  1,325
  1,410
  1,498
  1,590
  1,687
  1,787
  1,892
  2,002
  2,117
Tax expense, $m
  72
  41
  49
  59
  69
  80
  91
  103
  115
  128
  142
  159
  173
  189
  205
  221
  238
  256
  275
  295
  315
  336
  358
  381
  405
  429
  455
  483
  511
  541
  572
Net income, $m
  114
  110
  134
  159
  186
  215
  246
  278
  311
  346
  383
  429
  468
  510
  553
  598
  645
  693
  744
  796
  851
  908
  967
  1,029
  1,094
  1,161
  1,231
  1,305
  1,381
  1,461
  1,545

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
  3,406
  3,917
  4,465
  5,049
  5,669
  6,324
  7,013
  7,737
  8,493
  9,283
  10,106
  10,964
  11,856
  12,783
  13,747
  14,748
  15,789
  16,870
  17,995
  19,165
  20,382
  21,648
  22,967
  24,342
  25,774
  27,268
  28,827
  30,455
  32,154
  33,930
Adjusted assets (=assets-cash), $m
  2,933
  3,406
  3,917
  4,465
  5,049
  5,669
  6,324
  7,013
  7,737
  8,493
  9,283
  10,106
  10,964
  11,856
  12,783
  13,747
  14,748
  15,789
  16,870
  17,995
  19,165
  20,382
  21,648
  22,967
  24,342
  25,774
  27,268
  28,827
  30,455
  32,154
  33,930
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
  542
  623
  711
  804
  902
  1,007
  1,116
  1,231
  1,352
  1,477
  1,608
  1,745
  1,887
  2,034
  2,188
  2,347
  2,513
  2,685
  2,864
  3,050
  3,244
  3,445
  3,655
  3,874
  4,102
  4,340
  4,588
  4,847
  5,117
  5,400
Working capital, $m
  0
  -138
  -159
  -181
  -205
  -230
  -257
  -285
  -314
  -345
  -377
  -410
  -445
  -481
  -519
  -558
  -598
  -641
  -684
  -730
  -778
  -827
  -878
  -932
  -988
  -1,046
  -1,106
  -1,170
  -1,236
  -1,305
  -1,377
Total debt, $m
  2,154
  2,549
  2,974
  3,431
  3,918
  4,434
  4,980
  5,554
  6,157
  6,787
  7,445
  8,131
  8,845
  9,588
  10,360
  11,163
  11,997
  12,864
  13,765
  14,702
  15,676
  16,690
  17,745
  18,844
  19,988
  21,182
  22,426
  23,725
  25,081
  26,496
  27,976
Total liabilities, $m
  2,442
  2,837
  3,262
  3,719
  4,206
  4,722
  5,268
  5,842
  6,445
  7,075
  7,733
  8,419
  9,133
  9,876
  10,648
  11,451
  12,285
  13,152
  14,053
  14,990
  15,964
  16,978
  18,033
  19,132
  20,276
  21,470
  22,714
  24,013
  25,369
  26,784
  28,264
Total equity, $m
  610
  569
  654
  746
  843
  947
  1,056
  1,171
  1,292
  1,418
  1,550
  1,688
  1,831
  1,980
  2,135
  2,296
  2,463
  2,637
  2,817
  3,005
  3,201
  3,404
  3,615
  3,836
  4,065
  4,304
  4,554
  4,814
  5,086
  5,370
  5,666
Total liabilities and equity, $m
  3,052
  3,406
  3,916
  4,465
  5,049
  5,669
  6,324
  7,013
  7,737
  8,493
  9,283
  10,107
  10,964
  11,856
  12,783
  13,747
  14,748
  15,789
  16,870
  17,995
  19,165
  20,382
  21,648
  22,968
  24,341
  25,774
  27,268
  28,827
  30,455
  32,154
  33,930
Debt-to-equity ratio
  3.531
  4.480
  4.550
  4.600
  4.650
  4.680
  4.720
  4.740
  4.770
  4.780
  4.800
  4.820
  4.830
  4.840
  4.850
  4.860
  4.870
  4.880
  4.890
  4.890
  4.900
  4.900
  4.910
  4.910
  4.920
  4.920
  4.920
  4.930
  4.930
  4.930
  4.940
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
  110
  134
  159
  186
  215
  246
  278
  311
  346
  383
  429
  468
  510
  553
  598
  645
  693
  744
  796
  851
  908
  967
  1,029
  1,094
  1,161
  1,231
  1,305
  1,381
  1,461
  1,545
Depreciation, amort., depletion, $m
  111
  116
  132
  149
  167
  187
  207
  229
  251
  275
  299
  315
  342
  370
  399
  429
  460
  493
  526
  562
  598
  636
  676
  717
  760
  804
  851
  900
  950
  1,003
  1,059
Funds from operations, $m
  778
  226
  265
  308
  353
  402
  453
  506
  562
  621
  683
  744
  811
  880
  952
  1,027
  1,105
  1,186
  1,270
  1,358
  1,449
  1,544
  1,643
  1,746
  1,853
  1,965
  2,082
  2,204
  2,332
  2,465
  2,604
Change in working capital, $m
  19
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
Cash from operations, $m
  759
  245
  286
  330
  377
  427
  479
  534
  592
  652
  715
  777
  845
  916
  990
  1,066
  1,146
  1,228
  1,314
  1,404
  1,497
  1,593
  1,694
  1,799
  1,909
  2,023
  2,143
  2,267
  2,398
  2,534
  2,676
Maintenance CAPEX, $m
  0
  -92
  -106
  -122
  -139
  -158
  -177
  -197
  -219
  -241
  -265
  -290
  -315
  -342
  -370
  -399
  -429
  -460
  -493
  -526
  -562
  -598
  -636
  -676
  -717
  -760
  -804
  -851
  -900
  -950
  -1,003
New CAPEX, $m
  -2
  -75
  -81
  -87
  -93
  -99
  -104
  -110
  -115
  -120
  -126
  -131
  -136
  -142
  -148
  -153
  -159
  -166
  -172
  -179
  -186
  -194
  -202
  -210
  -219
  -228
  -238
  -248
  -259
  -271
  -283
Cash from investing activities, $m
  -67
  -167
  -187
  -209
  -232
  -257
  -281
  -307
  -334
  -361
  -391
  -421
  -451
  -484
  -518
  -552
  -588
  -626
  -665
  -705
  -748
  -792
  -838
  -886
  -936
  -988
  -1,042
  -1,099
  -1,159
  -1,221
  -1,286
Free cash flow, $m
  692
  78
  99
  121
  145
  171
  198
  227
  258
  290
  324
  357
  394
  432
  472
  514
  557
  602
  649
  698
  749
  802
  857
  914
  974
  1,036
  1,101
  1,168
  1,239
  1,313
  1,390
Issuance/(repayment) of debt, $m
  -681
  395
  425
  456
  487
  517
  546
  574
  602
  630
  658
  686
  714
  743
  772
  803
  834
  867
  901
  937
  974
  1,014
  1,055
  1,099
  1,145
  1,193
  1,245
  1,299
  1,356
  1,416
  1,479
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
  395
  425
  456
  487
  517
  546
  574
  602
  630
  658
  686
  714
  743
  772
  803
  834
  867
  901
  937
  974
  1,014
  1,055
  1,099
  1,145
  1,193
  1,245
  1,299
  1,356
  1,416
  1,479
Total cash flow (excl. dividends), $m
  -1
  474
  524
  577
  632
  687
  744
  801
  860
  920
  982
  1,043
  1,108
  1,175
  1,245
  1,317
  1,391
  1,469
  1,550
  1,635
  1,723
  1,815
  1,912
  2,013
  2,118
  2,229
  2,345
  2,467
  2,595
  2,729
  2,869
Retained Cash Flow (-), $m
  -122
  -78
  -85
  -92
  -98
  -104
  -109
  -115
  -121
  -126
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -212
  -220
  -230
  -239
  -250
  -260
  -272
  -284
  -297
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
 
  515
  439
  486
  534
  584
  634
  686
  739
  794
  850
  905
  965
  1,026
  1,090
  1,156
  1,224
  1,295
  1,370
  1,447
  1,528
  1,612
  1,700
  1,792
  1,889
  1,990
  2,096
  2,207
  2,323
  2,445
  2,573
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
 
  474
  369
  370
  365
  355
  340
  320
  296
  271
  243
  214
  186
  159
  133
  109
  88
  70
  54
  41
  30
  22
  15
  10
  7
  4
  3
  2
  1
  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

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 12.2
Price to Sales 2.4
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 1.8
Price to Free Cash Flow 1.8
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 16.1% 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 30.947 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

▶ What is Behind Walker & Dunlop Incs (NYSE:WD) Superior ROE?   [Jan-08-18 12:32PM  Simply Wall St.]
▶ Does Walker & Dunlop Incs (NYSE:WD) PE Ratio Warrant A Buy?   [Dec-22-17 12:55PM  Simply Wall St.]
▶ 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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