Intrinsic value of William Lyon Homes - WLH

Previous Close

$23.85

  Intrinsic Value

$61.64

stock screener

  Rating & Target

str. buy

+158%

Previous close

$23.85

 
Intrinsic value

$61.64

 
Up/down potential

+158%

 
Rating

str. buy

We calculate the intrinsic value of WLH 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 0.8

 

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, %
  27.36
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
Revenue, $m
  1,406
  1,825
  2,324
  2,907
  3,577
  4,338
  5,190
  6,134
  7,168
  8,292
  9,503
  10,800
  12,181
  13,643
  15,185
  16,806
  18,505
  20,280
  22,133
  24,063
  26,073
  28,163
  30,335
  32,592
  34,938
  37,377
  39,911
  42,546
  45,287
  48,139
  51,108
Variable operating expenses, $m
 
  1,690
  2,150
  2,687
  3,306
  4,008
  4,794
  5,664
  6,618
  7,654
  8,771
  9,960
  11,234
  12,582
  14,004
  15,499
  17,066
  18,703
  20,412
  22,192
  24,045
  25,972
  27,976
  30,058
  32,221
  34,470
  36,807
  39,237
  41,765
  44,395
  47,134
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
  1,312
  1,690
  2,150
  2,687
  3,306
  4,008
  4,794
  5,664
  6,618
  7,654
  8,771
  9,960
  11,234
  12,582
  14,004
  15,499
  17,066
  18,703
  20,412
  22,192
  24,045
  25,972
  27,976
  30,058
  32,221
  34,470
  36,807
  39,237
  41,765
  44,395
  47,134
Operating income, $m
  94
  135
  174
  219
  271
  331
  397
  470
  551
  638
  732
  840
  947
  1,061
  1,181
  1,307
  1,439
  1,577
  1,721
  1,871
  2,028
  2,190
  2,359
  2,535
  2,717
  2,907
  3,104
  3,309
  3,522
  3,744
  3,974
EBITDA, $m
  96
  142
  181
  227
  279
  338
  405
  478
  559
  646
  741
  842
  949
  1,063
  1,183
  1,310
  1,442
  1,580
  1,725
  1,875
  2,032
  2,195
  2,364
  2,540
  2,723
  2,913
  3,110
  3,316
  3,529
  3,752
  3,983
Interest expense (income), $m
  80
  78
  107
  141
  180
  226
  278
  335
  399
  470
  546
  628
  716
  810
  909
  1,014
  1,124
  1,239
  1,360
  1,486
  1,617
  1,753
  1,895
  2,042
  2,196
  2,355
  2,520
  2,692
  2,871
  3,057
  3,251
Earnings before tax, $m
  103
  57
  67
  79
  91
  105
  119
  135
  151
  168
  186
  212
  231
  251
  272
  293
  315
  338
  361
  386
  411
  437
  464
  492
  521
  552
  583
  616
  650
  686
  723
Tax expense, $m
  35
  15
  18
  21
  25
  28
  32
  36
  41
  45
  50
  57
  62
  68
  73
  79
  85
  91
  98
  104
  111
  118
  125
  133
  141
  149
  157
  166
  176
  185
  195
Net income, $m
  60
  41
  49
  57
  67
  77
  87
  99
  110
  123
  136
  155
  169
  183
  198
  214
  230
  247
  264
  282
  300
  319
  339
  359
  381
  403
  426
  450
  475
  501
  528

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  43
  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
  2,011
  2,556
  3,254
  4,071
  5,010
  6,076
  7,270
  8,591
  10,040
  11,614
  13,310
  15,127
  17,060
  19,108
  21,268
  23,538
  25,917
  28,404
  30,999
  33,702
  36,516
  39,443
  42,486
  45,648
  48,933
  52,348
  55,898
  59,588
  63,427
  67,421
  71,580
Adjusted assets (=assets-cash), $m
  1,968
  2,556
  3,254
  4,071
  5,010
  6,076
  7,270
  8,591
  10,040
  11,614
  13,310
  15,127
  17,060
  19,108
  21,268
  23,538
  25,917
  28,404
  30,999
  33,702
  36,516
  39,443
  42,486
  45,648
  48,933
  52,348
  55,898
  59,588
  63,427
  67,421
  71,580
Revenue / Adjusted assets
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
Average production assets, $m
  7
  9
  12
  15
  18
  22
  26
  31
  36
  41
  48
  54
  61
  68
  76
  84
  93
  101
  111
  120
  130
  141
  152
  163
  175
  187
  200
  213
  226
  241
  256
Working capital, $m
  0
  -47
  -60
  -76
  -93
  -113
  -135
  -159
  -186
  -216
  -247
  -281
  -317
  -355
  -395
  -437
  -481
  -527
  -575
  -626
  -678
  -732
  -789
  -847
  -908
  -972
  -1,038
  -1,106
  -1,177
  -1,252
  -1,329
Total debt, $m
  1,081
  1,464
  1,928
  2,470
  3,094
  3,801
  4,594
  5,472
  6,433
  7,478
  8,605
  9,811
  11,095
  12,455
  13,889
  15,396
  16,976
  18,627
  20,350
  22,145
  24,014
  25,957
  27,978
  30,077
  32,259
  34,526
  36,883
  39,333
  41,882
  44,535
  47,296
Total liabilities, $m
  1,314
  1,697
  2,161
  2,703
  3,327
  4,034
  4,827
  5,705
  6,666
  7,711
  8,838
  10,044
  11,328
  12,688
  14,122
  15,629
  17,209
  18,860
  20,583
  22,378
  24,247
  26,190
  28,211
  30,310
  32,492
  34,759
  37,116
  39,566
  42,115
  44,768
  47,529
Total equity, $m
  697
  859
  1,093
  1,368
  1,683
  2,042
  2,443
  2,887
  3,373
  3,902
  4,472
  5,083
  5,732
  6,420
  7,146
  7,909
  8,708
  9,544
  10,416
  11,324
  12,270
  13,253
  14,275
  15,338
  16,442
  17,589
  18,782
  20,022
  21,311
  22,654
  24,051
Total liabilities and equity, $m
  2,011
  2,556
  3,254
  4,071
  5,010
  6,076
  7,270
  8,592
  10,039
  11,613
  13,310
  15,127
  17,060
  19,108
  21,268
  23,538
  25,917
  28,404
  30,999
  33,702
  36,517
  39,443
  42,486
  45,648
  48,934
  52,348
  55,898
  59,588
  63,426
  67,422
  71,580
Debt-to-equity ratio
  1.551
  1.700
  1.760
  1.810
  1.840
  1.860
  1.880
  1.900
  1.910
  1.920
  1.920
  1.930
  1.940
  1.940
  1.940
  1.950
  1.950
  1.950
  1.950
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.960
  1.970
  1.970
  1.970
Adjusted equity ratio
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  60
  41
  49
  57
  67
  77
  87
  99
  110
  123
  136
  155
  169
  183
  198
  214
  230
  247
  264
  282
  300
  319
  339
  359
  381
  403
  426
  450
  475
  501
  528
Depreciation, amort., depletion, $m
  2
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
Funds from operations, $m
  -35
  48
  56
  65
  74
  84
  95
  106
  118
  131
  144
  156
  171
  186
  201
  217
  233
  250
  268
  286
  304
  324
  344
  365
  386
  409
  432
  457
  482
  509
  537
Change in working capital, $m
  -57
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
Cash from operations, $m
  22
  59
  69
  80
  91
  104
  117
  131
  145
  160
  176
  190
  207
  224
  241
  259
  277
  296
  316
  336
  357
  378
  400
  423
  447
  472
  498
  525
  554
  583
  614
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
New CAPEX, $m
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
Cash from investing activities, $m
  5
  -2
  -2
  -3
  -3
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -14
  -14
  -14
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Free cash flow, $m
  27
  57
  66
  76
  87
  99
  112
  125
  139
  153
  168
  182
  198
  214
  231
  248
  266
  284
  303
  322
  343
  363
  385
  407
  430
  454
  479
  506
  533
  561
  591
Issuance/(repayment) of debt, $m
  -51
  390
  464
  542
  624
  708
  793
  878
  962
  1,045
  1,126
  1,206
  1,284
  1,360
  1,434
  1,507
  1,580
  1,651
  1,723
  1,795
  1,869
  1,943
  2,020
  2,099
  2,182
  2,267
  2,357
  2,451
  2,549
  2,652
  2,761
Issuance/(repurchase) of shares, $m
  -1
  156
  186
  217
  249
  282
  314
  346
  376
  406
  434
  456
  481
  505
  527
  549
  569
  589
  608
  627
  646
  664
  683
  703
  723
  745
  767
  790
  815
  841
  869
Cash from financing (excl. dividends), $m  
  -34
  546
  650
  759
  873
  990
  1,107
  1,224
  1,338
  1,451
  1,560
  1,662
  1,765
  1,865
  1,961
  2,056
  2,149
  2,240
  2,331
  2,422
  2,515
  2,607
  2,703
  2,802
  2,905
  3,012
  3,124
  3,241
  3,364
  3,493
  3,630
Total cash flow (excl. dividends), $m
  -8
  604
  716
  835
  960
  1,089
  1,218
  1,348
  1,477
  1,604
  1,729
  1,844
  1,963
  2,079
  2,193
  2,304
  2,415
  2,524
  2,634
  2,745
  2,857
  2,971
  3,088
  3,210
  3,335
  3,466
  3,603
  3,746
  3,897
  4,055
  4,221
Retained Cash Flow (-), $m
  -65
  -198
  -235
  -274
  -316
  -358
  -401
  -444
  -487
  -529
  -570
  -610
  -650
  -688
  -726
  -763
  -799
  -836
  -872
  -908
  -946
  -983
  -1,022
  -1,062
  -1,104
  -1,147
  -1,193
  -1,240
  -1,290
  -1,342
  -1,397
Prev. year cash balance distribution, $m
 
  36
  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
 
  442
  481
  561
  645
  730
  817
  904
  990
  1,075
  1,159
  1,234
  1,313
  1,391
  1,467
  1,542
  1,615
  1,689
  1,762
  1,836
  1,911
  1,988
  2,066
  2,147
  2,231
  2,319
  2,410
  2,506
  2,607
  2,713
  2,824
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  402
  395
  411
  418
  414
  400
  378
  349
  315
  278
  238
  201
  166
  134
  105
  81
  61
  44
  32
  22
  15
  10
  6
  4
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  82.2
  68.6
  58.1
  49.8
  43.2
  37.9
  33.5
  30.0
  27.0
  24.5
  22.4
  20.6
  19.1
  17.8
  16.6
  15.6
  14.7
  13.9
  13.1
  12.5
  11.9
  11.4
  10.9
  10.4
  10.0
  9.6
  9.3
  8.9
  8.6
  8.3

William Lyon Homes is a regional homebuilder. The Company is engaged in the design, construction, marketing and sale of single-family detached and attached homes. It operates through six segments: California, Arizona, Nevada, Colorado, Washington and Oregon. Each of the segments has responsibility for the management of the Company's homebuilding and development operations within its geographic boundaries. The California Segment consists of operations in Orange, Los Angeles, San Diego, Riverside, San Bernardino, Alameda, Contra Costa and San Joaquin counties. The Arizona Segment consists of operations in the Phoenix metropolitan area. The Nevada Segment consists of operations in Clark and Nye counties. The Colorado Segment consists of operations in Douglas, Grand, Jefferson, and Larimer counties. The Washington Segment consists of operations in King, Snohomish, and Pierce counties. The Oregon Segment consists of operations in Clackamas and Washington counties. _tck('aft');

FINANCIAL RATIOS  of  William Lyon Homes (WLH)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 0.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 34.4
Price to Free Cash Flow 36
Growth Rates
Sales Growth Rate 27.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -80%
Cap. Spend. - 3 Yr. Gr. Rate -24.2%
Financial Strength
Quick Ratio 6
Current Ratio NaN
LT Debt to Equity 154.1%
Total Debt to Equity 155.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 9%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 17.1%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 13.2%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 31.5%
Payout Ratio 0%

WLH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WLH stock intrinsic value calculation we used $1406 million for the last fiscal year's total revenue generated by William Lyon Homes. The default revenue input number comes from 2016 income statement of William Lyon Homes. 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 WLH stock valuation model: a) initial revenue growth rate of 29.8% 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 9.9%, whose default value for WLH is calculated based on our internal credit rating of William Lyon Homes, 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 William Lyon Homes.
    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 WLH stock the variable cost ratio is equal to 92.7%.

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 WLH 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 7.3% for William Lyon Homes.

Corporate tax rate of 27% is the nominal tax rate for William Lyon Homes. 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 WLH 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 WLH are equal to 0.5%.

Life of production assets of 37 years is the average useful life of capital assets used in William Lyon Homes 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 WLH is equal to -2.6%. 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 - $697 million for William Lyon Homes - 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 31.96 million for William Lyon Homes 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 William Lyon Homes at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
LGIH LGI Homes 56.06 378.59  str.buy
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AVHI AV Homes 17.15 20.77  buy
KBH KB Home 26.93 85.04  str.buy
LEN Lennar Cl A 57.30 104.44  str.buy
NWHM New Home 11.36 33.65  str.buy
MDC M.D.C. Holding 36.46 52.79  buy
DHI D.R. Horton 42.87 112.28  str.buy
BZH Beazer Homes U 19.84 6.07  str.sell

COMPANY NEWS

▶ Lennar Says Hurricane Irma Damage 'Mild,' But Delays Expected   [Sep-14-17 04:01PM  Investor's Business Daily]
▶ William Lyon Homes Reports Second Quarter 2017 Results   [Aug-07-17 06:55AM  Business Wire]
▶ William Lyon Homes Reports First Quarter 2017 Results   [May-09-17 06:50AM  Business Wire]
▶ William Lyon Homes Set to Join S&P SmallCap 600®   [Mar-02-17 08:30AM  Business Wire]
▶ William Lyon Homes Set to Join S&P SmallCap 600   [Feb-28-17 05:45PM  PR Newswire]
▶ Is William Lyon Homes (WLH) A Good Stock To Buy?   [Dec-14-16 05:50AM  at Insider Monkey]
Financial statements of WLH
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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