Intrinsic value of TopBuild - BLD

Previous Close

$76.32

  Intrinsic Value

$134.65

stock screener

  Rating & Target

str. buy

+76%

Previous close

$76.32

 
Intrinsic value

$134.65

 
Up/down potential

+76%

 
Rating

str. buy

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

We calculate the intrinsic value of BLD 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, %
  7.79
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  1,743
  1,881
  2,024
  2,173
  2,327
  2,488
  2,655
  2,828
  3,009
  3,197
  3,393
  3,597
  3,809
  4,031
  4,262
  4,504
  4,756
  5,019
  5,294
  5,582
  5,883
  6,198
  6,527
  6,872
  7,234
  7,612
  8,009
  8,424
  8,860
  9,316
  9,794
Variable operating expenses, $m
 
  1,304
  1,396
  1,491
  1,589
  1,692
  1,798
  1,909
  2,024
  2,144
  2,269
  2,295
  2,431
  2,572
  2,720
  2,874
  3,034
  3,202
  3,378
  3,562
  3,754
  3,955
  4,165
  4,385
  4,615
  4,857
  5,110
  5,375
  5,653
  5,944
  6,249
Fixed operating expenses, $m
 
  424
  435
  446
  457
  468
  480
  492
  504
  517
  530
  543
  557
  571
  585
  600
  615
  630
  646
  662
  678
  695
  713
  731
  749
  768
  787
  806
  827
  847
  868
Total operating expenses, $m
  1,621
  1,728
  1,831
  1,937
  2,046
  2,160
  2,278
  2,401
  2,528
  2,661
  2,799
  2,838
  2,988
  3,143
  3,305
  3,474
  3,649
  3,832
  4,024
  4,224
  4,432
  4,650
  4,878
  5,116
  5,364
  5,625
  5,897
  6,181
  6,480
  6,791
  7,117
Operating income, $m
  122
  152
  193
  236
  281
  328
  376
  427
  480
  536
  594
  759
  822
  888
  958
  1,031
  1,107
  1,187
  1,271
  1,359
  1,451
  1,548
  1,650
  1,757
  1,869
  1,988
  2,112
  2,243
  2,380
  2,525
  2,677
EBITDA, $m
  134
  260
  301
  345
  390
  437
  486
  537
  590
  646
  704
  765
  829
  896
  966
  1,039
  1,115
  1,196
  1,280
  1,369
  1,462
  1,559
  1,662
  1,770
  1,883
  2,002
  2,127
  2,258
  2,396
  2,542
  2,695
Interest expense (income), $m
  4
  6
  7
  10
  12
  14
  16
  18
  21
  23
  26
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  64
  68
  73
  77
  82
  88
  93
  99
  105
  112
Earnings before tax, $m
  116
  146
  186
  227
  269
  314
  360
  409
  459
  512
  568
  730
  790
  854
  920
  990
  1,063
  1,139
  1,219
  1,303
  1,392
  1,484
  1,582
  1,684
  1,792
  1,905
  2,024
  2,149
  2,281
  2,420
  2,565
Tax expense, $m
  43
  40
  50
  61
  73
  85
  97
  110
  124
  138
  153
  197
  213
  231
  248
  267
  287
  308
  329
  352
  376
  401
  427
  455
  484
  514
  547
  580
  616
  653
  693
Net income, $m
  73
  107
  135
  165
  197
  229
  263
  298
  335
  374
  414
  533
  577
  623
  672
  722
  776
  831
  890
  951
  1,016
  1,084
  1,155
  1,230
  1,308
  1,391
  1,478
  1,569
  1,665
  1,766
  1,873

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  134
  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
  1,690
  1,679
  1,807
  1,940
  2,078
  2,221
  2,370
  2,525
  2,687
  2,855
  3,029
  3,211
  3,401
  3,599
  3,806
  4,021
  4,246
  4,481
  4,727
  4,984
  5,253
  5,534
  5,828
  6,136
  6,459
  6,797
  7,151
  7,522
  7,910
  8,318
  8,745
Adjusted assets (=assets-cash), $m
  1,556
  1,679
  1,807
  1,940
  2,078
  2,221
  2,370
  2,525
  2,687
  2,855
  3,029
  3,211
  3,401
  3,599
  3,806
  4,021
  4,246
  4,481
  4,727
  4,984
  5,253
  5,534
  5,828
  6,136
  6,459
  6,797
  7,151
  7,522
  7,910
  8,318
  8,745
Revenue / Adjusted assets
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
Average production assets, $m
  96
  103
  111
  119
  128
  137
  146
  156
  165
  176
  187
  198
  210
  222
  234
  248
  262
  276
  291
  307
  324
  341
  359
  378
  398
  419
  440
  463
  487
  512
  539
Working capital, $m
  201
  94
  101
  109
  116
  124
  133
  141
  150
  160
  170
  180
  190
  202
  213
  225
  238
  251
  265
  279
  294
  310
  326
  344
  362
  381
  400
  421
  443
  466
  490
Total debt, $m
  179
  214
  272
  331
  393
  457
  524
  593
  666
  741
  819
  901
  986
  1,074
  1,167
  1,263
  1,364
  1,470
  1,580
  1,695
  1,815
  1,941
  2,073
  2,211
  2,356
  2,507
  2,665
  2,832
  3,006
  3,188
  3,380
Total liabilities, $m
  718
  752
  810
  869
  931
  995
  1,062
  1,131
  1,204
  1,279
  1,357
  1,439
  1,524
  1,612
  1,705
  1,801
  1,902
  2,008
  2,118
  2,233
  2,353
  2,479
  2,611
  2,749
  2,894
  3,045
  3,203
  3,370
  3,544
  3,726
  3,918
Total equity, $m
  973
  927
  997
  1,071
  1,147
  1,226
  1,308
  1,394
  1,483
  1,576
  1,672
  1,773
  1,877
  1,987
  2,101
  2,220
  2,344
  2,474
  2,609
  2,751
  2,899
  3,055
  3,217
  3,387
  3,565
  3,752
  3,947
  4,152
  4,366
  4,591
  4,827
Total liabilities and equity, $m
  1,691
  1,679
  1,807
  1,940
  2,078
  2,221
  2,370
  2,525
  2,687
  2,855
  3,029
  3,212
  3,401
  3,599
  3,806
  4,021
  4,246
  4,482
  4,727
  4,984
  5,252
  5,534
  5,828
  6,136
  6,459
  6,797
  7,150
  7,522
  7,910
  8,317
  8,745
Debt-to-equity ratio
  0.184
  0.230
  0.270
  0.310
  0.340
  0.370
  0.400
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
Adjusted equity ratio
  0.539
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  107
  135
  165
  197
  229
  263
  298
  335
  374
  414
  533
  577
  623
  672
  722
  776
  831
  890
  951
  1,016
  1,084
  1,155
  1,230
  1,308
  1,391
  1,478
  1,569
  1,665
  1,766
  1,873
Depreciation, amort., depletion, $m
  12
  108
  108
  108
  109
  109
  109
  110
  110
  110
  111
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
Funds from operations, $m
  40
  215
  244
  274
  305
  338
  372
  408
  445
  484
  525
  539
  584
  631
  680
  731
  784
  841
  900
  962
  1,027
  1,095
  1,167
  1,242
  1,321
  1,405
  1,492
  1,585
  1,681
  1,783
  1,891
Change in working capital, $m
  -37
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  77
  208
  237
  266
  298
  330
  364
  399
  436
  475
  515
  529
  573
  620
  668
  719
  772
  827
  886
  947
  1,012
  1,079
  1,150
  1,225
  1,303
  1,386
  1,473
  1,564
  1,660
  1,761
  1,867
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
New CAPEX, $m
  -14
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  -17
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
Free cash flow, $m
  60
  197
  225
  255
  285
  317
  350
  385
  421
  459
  499
  512
  555
  600
  648
  698
  750
  804
  862
  922
  985
  1,051
  1,121
  1,194
  1,271
  1,352
  1,437
  1,526
  1,620
  1,719
  1,823
Issuance/(repayment) of debt, $m
  -15
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  132
  138
  145
  151
  159
  166
  174
  183
  191
Issuance/(repurchase) of shares, $m
  -22
  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  
  -38
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  132
  138
  145
  151
  159
  166
  174
  183
  191
Total cash flow (excl. dividends), $m
  22
  252
  282
  314
  347
  381
  417
  454
  494
  534
  577
  593
  640
  689
  740
  794
  850
  910
  972
  1,037
  1,105
  1,177
  1,253
  1,332
  1,415
  1,503
  1,595
  1,692
  1,794
  1,902
  2,015
Retained Cash Flow (-), $m
  -57
  -68
  -71
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -96
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -187
  -195
  -205
  -215
  -225
  -236
Prev. year cash balance distribution, $m
 
  114
  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
 
  298
  212
  241
  271
  302
  335
  369
  404
  442
  481
  493
  535
  580
  626
  675
  726
  780
  836
  895
  957
  1,022
  1,090
  1,162
  1,237
  1,317
  1,400
  1,488
  1,580
  1,677
  1,779
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  286
  194
  209
  223
  234
  243
  249
  253
  254
  252
  234
  228
  220
  210
  198
  185
  170
  154
  138
  122
  106
  90
  76
  63
  51
  41
  32
  24
  18
  13
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

TopBuild Corp. installs and distributes insulation products to the United States construction industry. The Company operates through two segments: Installation (TruTeam) and Distribution (Service Partners). Its Installation segment principally includes the sales and installation of insulation and other building products. Its Distribution segment includes the distribution of insulation and other building products. As of December 31, 2016, the Company provided insulation installation services through its TruTeam contractor services business, which had over 175 installation branches located in 41 states. It installs various insulation applications, which include fiberglass batts and rolls and blown-in loose fill fiberglass. As of December 31, 2016, the Company distributed insulation and other building products, including rain gutters, fireplaces, closet shelving, and roofing materials through its Service Partners business, which had over 70 distribution centers located in 33 states.

FINANCIAL RATIOS  of  TopBuild (BLD)

Valuation Ratios
P/E Ratio 39.5
Price to Sales 1.7
Price to Book 3
Price to Tangible Book
Price to Cash Flow 37.5
Price to Free Cash Flow 45.8
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 16.3%
Total Debt to Equity 18.4%
Interest Coverage 30
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 22.9%
Gross Margin - 3 Yr. Avg. 22.3%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 5.5%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 37.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.3%
Payout Ratio 0%

BLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLD stock intrinsic value calculation we used $1743 million for the last fiscal year's total revenue generated by TopBuild. The default revenue input number comes from 2016 income statement of TopBuild. 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 BLD stock valuation model: a) initial revenue growth rate of 7.9% 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 4.3%, whose default value for BLD is calculated based on our internal credit rating of TopBuild, 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 TopBuild.
    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 BLD stock the variable cost ratio is equal to 69.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $414 million in the base year in the intrinsic value calculation for BLD 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 TopBuild.

Corporate tax rate of 27% is the nominal tax rate for TopBuild. 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 BLD 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 BLD are equal to 5.5%.

Life of production assets of 95 years is the average useful life of capital assets used in TopBuild 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 BLD is equal to 5%. 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 - $973 million for TopBuild - 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 35.648 million for TopBuild 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 TopBuild at the current share price and the inputted number of shares is $2.7 billion.

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BMCH BMC Stock Hold 24.10 3.67  str.sell
HDS HD Supply Hold 38.01 31.55  sell

COMPANY NEWS

▶ TopBuild Acquires ADO Products   [Jan-10-18 04:30PM  GlobeNewswire]
▶ Is It Time To Buy TopBuild Corp (NYSE:BLD)?   [Dec-18-17 11:15AM  Simply Wall St.]
▶ This Lesser-Known IPO Stock Follows Facebook, Alibaba Path   [Nov-08-17 04:26PM  Investor's Business Daily]
▶ TopBuild Reports Third Quarter 2017 Results   [Nov-07-17 06:45AM  GlobeNewswire]
▶ TopBuild Discusses Growth Opportunities at Investor Day   [Oct-03-17 12:00PM  GlobeNewswire]
▶ Jeld-Wen Holding Shows Rising Price Performance With Jump To 81 RS Rating   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ Boise Cascade Shows Market Leadership With Jump To 91 RS Rating   [Sep-26-17 03:00AM  Investor's Business Daily]
▶ Mattamy Homes Announces New Board Member   [Sep-06-17 09:30AM  CNW Group]
▶ TopBuild Reports Strong Second Quarter 2017 Results   [Aug-08-17 06:45AM  GlobeNewswire]
▶ TopBuild Corp. Value Analysis (NYSE:BLD) : August 1, 2017   [Aug-01-17 05:52PM  Capital Cube]
▶ ETFs with exposure to TopBuild Corp. : June 26, 2017   [Jun-26-17 03:26PM  Capital Cube]
▶ TopBuild Acquires Canyon Insulation   [07:00AM  PR Newswire]
▶ TopBuild reports 1Q loss   [May-09-17 08:15AM  Associated Press]
▶ TopBuild Acquires Superior Insulation Products   [Apr-21-17 06:45AM  PR Newswire]
▶ Jacobs (JEC) Clinches Decomplexing Project from ONEgas   [Mar-30-17 09:23AM  Investopedia]
▶ TopBuild Acquires Capital Insulation   [06:45AM  PR Newswire]
▶ TopBuild: Cramer's Top Takeaways   [Mar-09-17 06:25AM  TheStreet.com]
▶ Cramer Remix: Dont abandon oil stocksdo this instead   [Mar-08-17 07:25PM  CNBC Videos]
▶ TopBuild Names President of Service Partners   [Feb-01-17 04:45PM  PR Newswire]
▶ TopBuild Acquires Midwest Fireproofing   [Jan-17-17 04:15PM  PR Newswire]
▶ Should You Avoid TopBuild Corp (BLD)?   [Nov-30-16 04:59AM  at Insider Monkey]
▶ TopBuild Acquires Valley Insulation   [Aug-16-16 04:15PM  PR Newswire]
Financial statements of BLD
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