Intrinsic value of Beazer Homes USA - BZH

Previous Close

$19.96

  Intrinsic Value

$6.09

stock screener

  Rating & Target

str. sell

-70%

Previous close

$19.96

 
Intrinsic value

$6.09

 
Up/down potential

-70%

 
Rating

str. sell

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

We calculate the intrinsic value of BZH 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 0.7

 

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, %
  11.99
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  1,822
  1,897
  1,976
  2,061
  2,150
  2,245
  2,345
  2,451
  2,563
  2,681
  2,806
  2,938
  3,076
  3,222
  3,376
  3,538
  3,708
  3,887
  4,076
  4,274
  4,483
  4,702
  4,933
  5,175
  5,429
  5,697
  5,978
  6,274
  6,584
  6,910
  7,253
Variable operating expenses, $m
 
  1,838
  1,915
  1,997
  2,083
  2,175
  2,273
  2,375
  2,484
  2,598
  2,719
  2,847
  2,981
  3,122
  3,271
  3,428
  3,593
  3,767
  3,950
  4,142
  4,344
  4,556
  4,780
  5,014
  5,261
  5,520
  5,793
  6,079
  6,380
  6,696
  7,028
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
  1,776
  1,838
  1,915
  1,997
  2,083
  2,175
  2,273
  2,375
  2,484
  2,598
  2,719
  2,847
  2,981
  3,122
  3,271
  3,428
  3,593
  3,767
  3,950
  4,142
  4,344
  4,556
  4,780
  5,014
  5,261
  5,520
  5,793
  6,079
  6,380
  6,696
  7,028
Operating income, $m
  46
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  126
  133
  139
  146
  153
  160
  168
  177
  185
  194
  204
  214
  225
EBITDA, $m
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  181
  190
  200
  210
  220
  231
  242
Interest expense (income), $m
  132
  124
  130
  136
  143
  150
  158
  166
  174
  183
  193
  203
  213
  224
  236
  248
  261
  275
  289
  304
  320
  337
  355
  373
  393
  413
  434
  457
  481
  505
  532
Earnings before tax, $m
  22
  -65
  -69
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -139
  -146
  -155
  -163
  -172
  -181
  -191
  -202
  -213
  -224
  -236
  -249
  -262
  -276
  -291
  -307
Tax expense, $m
  17
  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
Net income, $m
  5
  -65
  -69
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -139
  -146
  -155
  -163
  -172
  -181
  -191
  -202
  -213
  -224
  -236
  -249
  -262
  -276
  -291
  -307

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  229
  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
  2,213
  2,066
  2,153
  2,245
  2,342
  2,445
  2,555
  2,670
  2,792
  2,921
  3,057
  3,200
  3,351
  3,510
  3,678
  3,854
  4,039
  4,235
  4,440
  4,656
  4,883
  5,122
  5,373
  5,637
  5,914
  6,206
  6,512
  6,834
  7,172
  7,527
  7,900
Adjusted assets (=assets-cash), $m
  1,984
  2,066
  2,153
  2,245
  2,342
  2,445
  2,555
  2,670
  2,792
  2,921
  3,057
  3,200
  3,351
  3,510
  3,678
  3,854
  4,039
  4,235
  4,440
  4,656
  4,883
  5,122
  5,373
  5,637
  5,914
  6,206
  6,512
  6,834
  7,172
  7,527
  7,900
Revenue / Adjusted assets
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
Average production assets, $m
  21
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  42
  44
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
Working capital, $m
  0
  -239
  -249
  -260
  -271
  -283
  -295
  -309
  -323
  -338
  -354
  -370
  -388
  -406
  -425
  -446
  -467
  -490
  -514
  -539
  -565
  -592
  -621
  -652
  -684
  -718
  -753
  -790
  -830
  -871
  -914
Total debt, $m
  1,332
  1,396
  1,465
  1,538
  1,615
  1,696
  1,783
  1,874
  1,971
  2,073
  2,180
  2,293
  2,413
  2,539
  2,671
  2,810
  2,957
  3,112
  3,274
  3,445
  3,625
  3,814
  4,012
  4,221
  4,440
  4,671
  4,913
  5,168
  5,435
  5,716
  6,011
Total liabilities, $m
  1,570
  1,634
  1,703
  1,776
  1,853
  1,934
  2,021
  2,112
  2,209
  2,311
  2,418
  2,531
  2,651
  2,777
  2,909
  3,048
  3,195
  3,350
  3,512
  3,683
  3,863
  4,052
  4,250
  4,459
  4,678
  4,909
  5,151
  5,406
  5,673
  5,954
  6,249
Total equity, $m
  643
  432
  450
  469
  490
  511
  534
  558
  584
  610
  639
  669
  700
  734
  769
  805
  844
  885
  928
  973
  1,021
  1,071
  1,123
  1,178
  1,236
  1,297
  1,361
  1,428
  1,499
  1,573
  1,651
Total liabilities and equity, $m
  2,213
  2,066
  2,153
  2,245
  2,343
  2,445
  2,555
  2,670
  2,793
  2,921
  3,057
  3,200
  3,351
  3,511
  3,678
  3,853
  4,039
  4,235
  4,440
  4,656
  4,884
  5,123
  5,373
  5,637
  5,914
  6,206
  6,512
  6,834
  7,172
  7,527
  7,900
Debt-to-equity ratio
  2.072
  3.230
  3.260
  3.280
  3.300
  3.320
  3.340
  3.360
  3.380
  3.390
  3.410
  3.430
  3.440
  3.460
  3.480
  3.490
  3.500
  3.520
  3.530
  3.540
  3.550
  3.560
  3.570
  3.580
  3.590
  3.600
  3.610
  3.620
  3.630
  3.630
  3.640
Adjusted equity ratio
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  -65
  -69
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -139
  -146
  -155
  -163
  -172
  -181
  -191
  -202
  -213
  -224
  -236
  -249
  -262
  -276
  -291
  -307
Depreciation, amort., depletion, $m
  14
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
Funds from operations, $m
  265
  -61
  -64
  -67
  -71
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -138
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -211
  -223
  -235
  -247
  -261
  -275
  -289
Change in working capital, $m
  102
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Cash from operations, $m
  163
  -51
  -54
  -57
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -123
  -129
  -137
  -144
  -152
  -161
  -170
  -179
  -189
  -199
  -210
  -222
  -234
  -246
Maintenance CAPEX, $m
  0
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
New CAPEX, $m
  -12
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  12
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Free cash flow, $m
  175
  -57
  -59
  -63
  -66
  -70
  -73
  -77
  -82
  -86
  -91
  -96
  -102
  -107
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -228
  -240
  -253
  -267
Issuance/(repayment) of debt, $m
  -186
  64
  68
  73
  77
  82
  86
  91
  97
  102
  107
  113
  119
  126
  132
  139
  147
  154
  162
  171
  180
  189
  199
  209
  219
  231
  242
  255
  267
  281
  295
Issuance/(repurchase) of shares, $m
  0
  83
  87
  92
  97
  102
  108
  114
  120
  127
  134
  142
  149
  158
  166
  176
  185
  195
  206
  217
  229
  241
  254
  268
  282
  297
  313
  330
  347
  365
  385
Cash from financing (excl. dividends), $m  
  -198
  147
  155
  165
  174
  184
  194
  205
  217
  229
  241
  255
  268
  284
  298
  315
  332
  349
  368
  388
  409
  430
  453
  477
  501
  528
  555
  585
  614
  646
  680
Total cash flow (excl. dividends), $m
  -23
  90
  96
  102
  108
  114
  121
  128
  135
  143
  150
  159
  167
  176
  185
  195
  205
  216
  227
  239
  251
  264
  278
  292
  307
  323
  339
  356
  374
  393
  413
Retained Cash Flow (-), $m
  -13
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -142
  -149
  -158
  -166
  -176
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -313
  -330
  -347
  -365
  -385
Prev. year cash balance distribution, $m
 
  229
  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
 
  236
  9
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  20
  21
  21
  22
  23
  23
  24
  24
  25
  25
  26
  27
  27
  28
  28
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
 
  215
  7
  7
  7
  7
  6
  6
  5
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  83.9
  70.3
  58.8
  49.1
  40.9
  34.0
  28.2
  23.4
  19.3
  16.0
  13.2
  10.8
  8.9
  7.3
  6.0
  4.9
  4.0
  3.3
  2.7
  2.2
  1.8
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3

Beazer Homes USA, Inc. is a geographically diversified homebuilder. As of September 30, 2016, the Company had operations in 13 states within over three geographic regions in the United States. The Company's segments include West, East and Southeast. The Company markets and sells its products through its Website, www.beazer.com; mobile site, m.beazer.com; real estate listing sites, online advertising, including search engine marketing and display advertising, social media, video, brochures, direct marketing and out-of-home advertising, including billboards and signage, as well as other activities. It offers lender choice and personalization. The Company's Choice Plans allows buyers to choose living areas, such as the kitchen and master bathroom. Its West segment includes Arizona, California, Nevada and Texas. Its East segment includes Indiana, Maryland/Delaware, Tennessee and Virginia. Its Southeast segment includes Florida, Georgia, North Carolina and South Carolina.

FINANCIAL RATIOS  of  Beazer Homes USA (BZH)

Valuation Ratios
P/E Ratio 132
Price to Sales 0.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 4.4
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 207.2%
Total Debt to Equity 207.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 24%
Return On Total Capital 0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 0.8%
Return On Equity - 3 Yr. Avg. 29.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 16.3%
Gross Margin - 3 Yr. Avg. 17%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 2.7%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 77.3%
Eff/ Tax Rate - 3 Yr. Avg. -266.7%
Payout Ratio 0%

BZH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BZH stock intrinsic value calculation we used $1822 million for the last fiscal year's total revenue generated by Beazer Homes USA. The default revenue input number comes from 2016 income statement of Beazer Homes USA. 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 BZH stock valuation model: a) initial revenue growth rate of 4.1% 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 9.9%, whose default value for BZH is calculated based on our internal credit rating of Beazer Homes USA, 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 Beazer Homes USA.
    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 BZH stock the variable cost ratio is equal to 96.9%.

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 BZH 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 9.3% for Beazer Homes USA.

Corporate tax rate of 27% is the nominal tax rate for Beazer Homes USA. 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 BZH 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 BZH are equal to 1.2%.

Life of production assets of 1.5 years is the average useful life of capital assets used in Beazer Homes USA 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 BZH is equal to -12.6%. 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 - $643 million for Beazer Homes USA - 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 33.536 million for Beazer Homes USA 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 Beazer Homes USA at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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LGIH LGI Homes 71.64 378.59  str.buy
MDC M.D.C. Holding 31.84 52.79  buy
TOL Toll Brothers 47.87 68.38  str.buy
KBH KB Home 31.16 85.04  str.buy
AVHI AV Homes 17.35 20.77  buy
NWHM New Home 12.68 33.65  str.buy
GRBK Green Brick Pa 11.75 7.13  sell
DHI D.R. Horton 50.78 112.28  str.buy
NVR NVR 3,392.68 3,047.27  hold

COMPANY NEWS

▶ Is Beazer Homes USA Inc (BZH) A Sell At Its Current PE Ratio?   [Dec-01-17 01:40PM  Simply Wall St.]
▶ Beazer posts 4Q profit   [05:14AM  Associated Press]
▶ Beazer Homes Reports Significant Growth in Profitability   [Nov-14-17 04:05PM  Business Wire]
▶ Beazer Homes Plans to Expand Cliffs at Dover in Las Vegas   [Nov-03-17 09:15AM  Business Wire]
▶ Q3 Earnings Season Kicks Off: 4 Housing Picks   [Oct-13-17 04:58PM  Zacks]
▶ Here's Why Investing in EMCOR (EME) Makes Sense   [Aug-14-17 04:26PM  Zacks]
▶ Beazer posts 3Q profit   [Aug-01-17 09:33PM  Associated Press]
▶ Housing Data Drives Down Homebuilding Stocks   [Jun-16-17 10:11AM  TheStreet.com]
▶ As Hawkish Fed Hits Housing, Fannie Mae Eases Mortgage Standards   [Jun-15-17 04:15PM  Investor's Business Daily]
▶ Beazer Homes: Time To Hit The Buy Button?   [09:54AM  Barrons.com]
▶ Beazer's loss widens, but home sales rose   [01:56PM  Associated Press]
▶ 10 Best Home Builders in California   [Apr-26-17 06:20PM  Insider Monkey]
▶ The Real Issue With Housing and the Fed   [Apr-19-17 10:49PM  TheStreet.com]
Financial statements of BZH
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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