Intrinsic value of William Lyon Homes - WLH

Previous Close

$32.17

  Intrinsic Value

$111.55

stock screener

  Rating & Target

str. buy

+247%

Previous close

$32.17

 
Intrinsic value

$111.55

 
Up/down potential

+247%

 
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

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, %
  27.36
  42.90
  39.11
  35.70
  32.63
  29.87
  27.38
  25.14
  23.13
  21.31
  19.68
  18.21
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.79
Revenue, $m
  1,406
  2,009
  2,795
  3,793
  5,030
  6,533
  8,321
  10,413
  12,822
  15,555
  18,616
  22,007
  25,725
  29,765
  34,120
  38,785
  43,750
  49,011
  54,559
  60,390
  66,502
  72,891
  79,558
  86,506
  93,737
  101,257
  109,075
  117,200
  125,643
  134,417
  143,538
Variable operating expenses, $m
 
  1,860
  2,584
  3,504
  4,646
  6,031
  7,681
  9,610
  11,831
  14,352
  17,175
  20,296
  23,724
  27,450
  31,467
  35,769
  40,348
  45,199
  50,316
  55,694
  61,330
  67,223
  73,372
  79,779
  86,447
  93,383
  100,593
  108,086
  115,872
  123,964
  132,375
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
  1,860
  2,584
  3,504
  4,646
  6,031
  7,681
  9,610
  11,831
  14,352
  17,175
  20,296
  23,724
  27,450
  31,467
  35,769
  40,348
  45,199
  50,316
  55,694
  61,330
  67,223
  73,372
  79,779
  86,447
  93,383
  100,593
  108,086
  115,872
  123,964
  132,375
Operating income, $m
  94
  150
  211
  288
  384
  501
  640
  803
  990
  1,203
  1,441
  1,711
  2,001
  2,315
  2,653
  3,016
  3,402
  3,811
  4,243
  4,696
  5,172
  5,668
  6,187
  6,727
  7,289
  7,874
  8,482
  9,114
  9,771
  10,453
  11,162
EBITDA, $m
  96
  157
  218
  296
  392
  509
  648
  812
  999
  1,212
  1,451
  1,715
  2,005
  2,320
  2,659
  3,023
  3,410
  3,819
  4,252
  4,706
  5,183
  5,681
  6,200
  6,742
  7,305
  7,891
  8,500
  9,134
  9,792
  10,475
  11,186
Interest expense (income), $m
  80
  78
  119
  173
  240
  324
  426
  548
  690
  853
  1,039
  1,247
  1,477
  1,729
  2,004
  2,299
  2,616
  2,953
  3,310
  3,687
  4,083
  4,498
  4,931
  5,384
  5,856
  6,347
  6,857
  7,388
  7,939
  8,513
  9,108
Earnings before tax, $m
  103
  71
  91
  116
  144
  177
  214
  255
  300
  349
  402
  465
  523
  585
  650
  717
  786
  858
  933
  1,009
  1,089
  1,171
  1,255
  1,343
  1,434
  1,528
  1,625
  1,726
  1,831
  1,940
  2,054
Tax expense, $m
  35
  19
  25
  31
  39
  48
  58
  69
  81
  94
  109
  125
  141
  158
  175
  194
  212
  232
  252
  273
  294
  316
  339
  363
  387
  412
  439
  466
  494
  524
  555
Net income, $m
  60
  52
  67
  84
  105
  129
  156
  186
  219
  255
  293
  339
  382
  427
  474
  523
  574
  626
  681
  737
  795
  855
  916
  980
  1,047
  1,115
  1,186
  1,260
  1,337
  1,416
  1,499

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
  2,814
  3,915
  5,312
  7,045
  9,149
  11,654
  14,584
  17,957
  21,785
  26,073
  30,822
  36,029
  41,687
  47,788
  54,320
  61,275
  68,642
  76,413
  84,580
  93,140
  102,088
  111,426
  121,156
  131,284
  141,817
  152,767
  164,146
  175,971
  188,260
  201,033
Adjusted assets (=assets-cash), $m
  1,968
  2,814
  3,915
  5,312
  7,045
  9,149
  11,654
  14,584
  17,957
  21,785
  26,073
  30,822
  36,029
  41,687
  47,788
  54,320
  61,275
  68,642
  76,413
  84,580
  93,140
  102,088
  111,426
  121,156
  131,284
  141,817
  152,767
  164,146
  175,971
  188,260
  201,033
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
  10
  14
  19
  25
  33
  42
  52
  64
  78
  93
  110
  129
  149
  171
  194
  219
  245
  273
  302
  333
  364
  398
  433
  469
  506
  545
  586
  628
  672
  718
Working capital, $m
  0
  -52
  -73
  -99
  -131
  -170
  -216
  -271
  -333
  -404
  -484
  -572
  -669
  -774
  -887
  -1,008
  -1,138
  -1,274
  -1,419
  -1,570
  -1,729
  -1,895
  -2,069
  -2,249
  -2,437
  -2,633
  -2,836
  -3,047
  -3,267
  -3,495
  -3,732
Total debt, $m
  1,081
  1,635
  2,366
  3,294
  4,445
  5,842
  7,506
  9,451
  11,691
  14,232
  17,080
  20,233
  23,690
  27,447
  31,498
  35,836
  40,454
  45,345
  50,505
  55,928
  61,612
  67,554
  73,754
  80,215
  86,940
  93,934
  101,204
  108,760
  116,612
  124,771
  133,253
Total liabilities, $m
  1,314
  1,868
  2,599
  3,527
  4,678
  6,075
  7,739
  9,684
  11,924
  14,465
  17,313
  20,466
  23,923
  27,680
  31,731
  36,069
  40,687
  45,578
  50,738
  56,161
  61,845
  67,787
  73,987
  80,448
  87,173
  94,167
  101,437
  108,993
  116,845
  125,004
  133,486
Total equity, $m
  697
  945
  1,315
  1,785
  2,367
  3,074
  3,916
  4,900
  6,034
  7,320
  8,761
  10,356
  12,106
  14,007
  16,057
  18,252
  20,588
  23,064
  25,675
  28,419
  31,295
  34,302
  37,439
  40,709
  44,111
  47,651
  51,330
  55,153
  59,126
  63,255
  67,547
Total liabilities and equity, $m
  2,011
  2,813
  3,914
  5,312
  7,045
  9,149
  11,655
  14,584
  17,958
  21,785
  26,074
  30,822
  36,029
  41,687
  47,788
  54,321
  61,275
  68,642
  76,413
  84,580
  93,140
  102,089
  111,426
  121,157
  131,284
  141,818
  152,767
  164,146
  175,971
  188,259
  201,033
Debt-to-equity ratio
  1.551
  1.730
  1.800
  1.850
  1.880
  1.900
  1.920
  1.930
  1.940
  1.940
  1.950
  1.950
  1.960
  1.960
  1.960
  1.960
  1.960
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  1.970
  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
  52
  67
  84
  105
  129
  156
  186
  219
  255
  293
  339
  382
  427
  474
  523
  574
  626
  681
  737
  795
  855
  916
  980
  1,047
  1,115
  1,186
  1,260
  1,337
  1,416
  1,499
Depreciation, amort., depletion, $m
  2
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  22
  24
Funds from operations, $m
  -35
  59
  74
  92
  113
  137
  164
  195
  228
  264
  303
  343
  386
  432
  480
  530
  581
  635
  690
  747
  806
  867
  930
  995
  1,062
  1,132
  1,205
  1,280
  1,358
  1,439
  1,523
Change in working capital, $m
  -57
  -16
  -20
  -26
  -32
  -39
  -47
  -54
  -63
  -71
  -80
  -88
  -97
  -105
  -113
  -121
  -129
  -137
  -144
  -152
  -159
  -166
  -173
  -181
  -188
  -196
  -203
  -211
  -220
  -228
  -237
Cash from operations, $m
  22
  75
  94
  118
  145
  176
  211
  249
  291
  335
  383
  431
  483
  537
  593
  651
  710
  771
  834
  899
  965
  1,033
  1,103
  1,176
  1,250
  1,328
  1,408
  1,491
  1,577
  1,667
  1,760
Maintenance CAPEX, $m
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
New CAPEX, $m
  -1
  -3
  -4
  -5
  -6
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
Cash from investing activities, $m
  5
  -3
  -4
  -5
  -7
  -9
  -10
  -11
  -14
  -16
  -18
  -20
  -23
  -24
  -27
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -54
  -56
  -59
  -62
  -65
  -68
Free cash flow, $m
  27
  71
  90
  112
  138
  168
  201
  237
  277
  320
  365
  411
  461
  513
  566
  622
  679
  738
  798
  860
  924
  990
  1,058
  1,128
  1,200
  1,274
  1,352
  1,432
  1,515
  1,602
  1,692
Issuance/(repayment) of debt, $m
  -51
  561
  731
  928
  1,151
  1,397
  1,663
  1,946
  2,240
  2,542
  2,847
  3,153
  3,457
  3,757
  4,051
  4,338
  4,618
  4,892
  5,160
  5,423
  5,683
  5,942
  6,200
  6,461
  6,725
  6,994
  7,270
  7,556
  7,852
  8,160
  8,482
Issuance/(repurchase) of shares, $m
  -1
  233
  303
  385
  477
  578
  686
  798
  914
  1,031
  1,147
  1,257
  1,367
  1,474
  1,575
  1,672
  1,763
  1,849
  1,930
  2,007
  2,081
  2,152
  2,221
  2,289
  2,356
  2,424
  2,493
  2,563
  2,636
  2,713
  2,793
Cash from financing (excl. dividends), $m  
  -34
  794
  1,034
  1,313
  1,628
  1,975
  2,349
  2,744
  3,154
  3,573
  3,994
  4,410
  4,824
  5,231
  5,626
  6,010
  6,381
  6,741
  7,090
  7,430
  7,764
  8,094
  8,421
  8,750
  9,081
  9,418
  9,763
  10,119
  10,488
  10,873
  11,275
Total cash flow (excl. dividends), $m
  -8
  865
  1,124
  1,425
  1,766
  2,143
  2,550
  2,981
  3,431
  3,892
  4,360
  4,821
  5,286
  5,744
  6,193
  6,631
  7,060
  7,478
  7,888
  8,291
  8,689
  9,084
  9,479
  9,877
  10,281
  10,692
  11,115
  11,551
  12,004
  12,475
  12,967
Retained Cash Flow (-), $m
  -65
  -284
  -370
  -470
  -582
  -707
  -842
  -985
  -1,133
  -1,286
  -1,441
  -1,596
  -1,750
  -1,901
  -2,050
  -2,195
  -2,337
  -2,475
  -2,611
  -2,744
  -2,876
  -3,007
  -3,138
  -3,269
  -3,403
  -3,539
  -3,679
  -3,823
  -3,973
  -4,129
  -4,292
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
 
  617
  754
  956
  1,184
  1,436
  1,708
  1,997
  2,297
  2,606
  2,919
  3,225
  3,536
  3,842
  4,143
  4,436
  4,723
  5,003
  5,277
  5,547
  5,813
  6,077
  6,342
  6,608
  6,878
  7,153
  7,436
  7,728
  8,030
  8,346
  8,675
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
 
  561
  619
  700
  767
  813
  836
  835
  809
  763
  699
  623
  541
  458
  377
  303
  236
  180
  133
  96
  67
  45
  30
  19
  12
  7
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  80.5
  65.9
  54.8
  46.3
  39.6
  34.4
  30.1
  26.7
  23.9
  21.6
  19.6
  18.0
  16.6
  15.4
  14.4
  13.5
  12.7
  12.0
  11.4
  10.8
  10.3
  9.9
  9.5
  9.1
  8.8
  8.5
  8.2
  8.0
  7.7
  7.5

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 17
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 46.4
Price to Free Cash Flow 48.6
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 42.9% 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 31.438 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
LGIH LGI Homes 71.90 754.40  str.buy
AVHI AV Homes 18.75 15.47  hold
KBH KB Home 35.02 91.38  str.buy
LEN Lennar Cl A 71.73 102.56  str.buy
NWHM New Home 12.89 13.47  hold
MDC M.D.C. Holding 34.68 19.56  sell
DHI D.R. Horton 52.37 62.39  buy
BZH Beazer Homes U 20.66 13.21  sell

COMPANY NEWS

▶ New Strong Sell Stocks for November 24th   [Nov-24-17 08:29AM  Zacks]
▶ New Strong Sell Stocks for November 13th   [Nov-13-17 11:17AM  Zacks]
▶ William Lyon Homes Class A to Host Earnings Call   [Oct-31-17 09:00AM  ACCESSWIRE]
▶ 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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