Intrinsic value of D.R. Horton - DHI

Previous Close

$50.94

  Intrinsic Value

$62.39

stock screener

  Rating & Target

buy

+22%

Previous close

$50.94

 
Intrinsic value

$62.39

 
Up/down potential

+22%

 
Rating

buy

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

We calculate the intrinsic value of DHI 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.91
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  14,091
  15,669
  17,327
  19,064
  20,878
  22,772
  24,744
  26,796
  28,931
  31,149
  33,455
  35,851
  38,341
  40,930
  43,621
  46,421
  49,334
  52,368
  55,528
  58,821
  62,255
  65,837
  69,575
  73,479
  77,556
  81,818
  86,273
  90,932
  95,806
  100,908
  106,248
Variable operating expenses, $m
 
  13,647
  15,090
  16,601
  18,181
  19,829
  21,546
  23,332
  25,190
  27,121
  29,128
  31,206
  33,373
  35,626
  37,969
  40,406
  42,942
  45,583
  48,333
  51,200
  54,188
  57,306
  60,560
  63,958
  67,507
  71,217
  75,095
  79,150
  83,393
  87,833
  92,481
Fixed operating expenses, $m
 
  222
  228
  234
  240
  246
  252
  258
  264
  271
  278
  285
  292
  299
  307
  314
  322
  330
  338
  347
  356
  364
  374
  383
  392
  402
  412
  423
  433
  444
  455
Total operating expenses, $m
  12,489
  13,869
  15,318
  16,835
  18,421
  20,075
  21,798
  23,590
  25,454
  27,392
  29,406
  31,491
  33,665
  35,925
  38,276
  40,720
  43,264
  45,913
  48,671
  51,547
  54,544
  57,670
  60,934
  64,341
  67,899
  71,619
  75,507
  79,573
  83,826
  88,277
  92,936
Operating income, $m
  1,602
  1,800
  2,009
  2,228
  2,458
  2,697
  2,946
  3,206
  3,476
  3,757
  4,049
  4,360
  4,676
  5,004
  5,345
  5,700
  6,070
  6,455
  6,856
  7,274
  7,711
  8,166
  8,641
  9,138
  9,656
  10,199
  10,766
  11,359
  11,980
  12,630
  13,311
EBITDA, $m
  1,657
  1,853
  2,067
  2,292
  2,526
  2,771
  3,026
  3,292
  3,568
  3,855
  4,154
  4,464
  4,787
  5,123
  5,472
  5,835
  6,213
  6,607
  7,017
  7,445
  7,891
  8,357
  8,843
  9,351
  9,881
  10,436
  11,016
  11,623
  12,258
  12,923
  13,620
Interest expense (income), $m
  0
  86
  101
  118
  135
  153
  172
  192
  212
  233
  256
  279
  302
  327
  353
  380
  408
  437
  467
  498
  531
  566
  601
  638
  677
  718
  760
  805
  851
  900
  951
Earnings before tax, $m
  1,602
  1,714
  1,908
  2,110
  2,322
  2,544
  2,774
  3,014
  3,264
  3,523
  3,793
  4,082
  4,374
  4,677
  4,992
  5,321
  5,662
  6,018
  6,389
  6,776
  7,179
  7,600
  8,040
  8,499
  8,979
  9,481
  10,005
  10,554
  11,129
  11,730
  12,360
Tax expense, $m
  564
  463
  515
  570
  627
  687
  749
  814
  881
  951
  1,024
  1,102
  1,181
  1,263
  1,348
  1,437
  1,529
  1,625
  1,725
  1,829
  1,938
  2,052
  2,171
  2,295
  2,424
  2,560
  2,701
  2,850
  3,005
  3,167
  3,337
Net income, $m
  1,038
  1,251
  1,393
  1,541
  1,695
  1,857
  2,025
  2,200
  2,383
  2,572
  2,769
  2,980
  3,193
  3,414
  3,644
  3,884
  4,133
  4,393
  4,664
  4,946
  5,241
  5,548
  5,869
  6,204
  6,555
  6,921
  7,304
  7,705
  8,124
  8,563
  9,023

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,008
  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
  12,185
  12,426
  13,741
  15,118
  16,557
  18,058
  19,622
  21,250
  22,943
  24,702
  26,531
  28,431
  30,405
  32,458
  34,592
  36,813
  39,123
  41,529
  44,035
  46,646
  49,369
  52,210
  55,174
  58,270
  61,504
  64,883
  68,416
  72,111
  75,977
  80,022
  84,257
Adjusted assets (=assets-cash), $m
  11,177
  12,426
  13,741
  15,118
  16,557
  18,058
  19,622
  21,250
  22,943
  24,702
  26,531
  28,431
  30,405
  32,458
  34,592
  36,813
  39,123
  41,529
  44,035
  46,646
  49,369
  52,210
  55,174
  58,270
  61,504
  64,883
  68,416
  72,111
  75,977
  80,022
  84,257
Revenue / Adjusted assets
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
Average production assets, $m
  260
  282
  312
  343
  376
  410
  445
  482
  521
  561
  602
  645
  690
  737
  785
  836
  888
  943
  1,000
  1,059
  1,121
  1,185
  1,252
  1,323
  1,396
  1,473
  1,553
  1,637
  1,725
  1,816
  1,912
Working capital, $m
  0
  -658
  -728
  -801
  -877
  -956
  -1,039
  -1,125
  -1,215
  -1,308
  -1,405
  -1,506
  -1,610
  -1,719
  -1,832
  -1,950
  -2,072
  -2,199
  -2,332
  -2,470
  -2,615
  -2,765
  -2,922
  -3,086
  -3,257
  -3,436
  -3,623
  -3,819
  -4,024
  -4,238
  -4,462
Total debt, $m
  2,872
  2,895
  3,367
  3,861
  4,378
  4,917
  5,478
  6,063
  6,670
  7,302
  7,958
  8,641
  9,350
  10,086
  10,853
  11,650
  12,479
  13,343
  14,242
  15,180
  16,158
  17,177
  18,242
  19,353
  20,514
  21,727
  22,995
  24,322
  25,710
  27,162
  28,682
Total liabilities, $m
  4,438
  4,461
  4,933
  5,427
  5,944
  6,483
  7,044
  7,629
  8,236
  8,868
  9,524
  10,207
  10,916
  11,652
  12,419
  13,216
  14,045
  14,909
  15,808
  16,746
  17,724
  18,743
  19,808
  20,919
  22,080
  23,293
  24,561
  25,888
  27,276
  28,728
  30,248
Total equity, $m
  7,747
  7,965
  8,808
  9,690
  10,613
  11,575
  12,578
  13,621
  14,706
  15,834
  17,006
  18,224
  19,490
  20,806
  22,174
  23,597
  25,078
  26,620
  28,226
  29,900
  31,646
  33,466
  35,367
  37,351
  39,424
  41,590
  43,855
  46,223
  48,701
  51,294
  54,009
Total liabilities and equity, $m
  12,185
  12,426
  13,741
  15,117
  16,557
  18,058
  19,622
  21,250
  22,942
  24,702
  26,530
  28,431
  30,406
  32,458
  34,593
  36,813
  39,123
  41,529
  44,034
  46,646
  49,370
  52,209
  55,175
  58,270
  61,504
  64,883
  68,416
  72,111
  75,977
  80,022
  84,257
Debt-to-equity ratio
  0.371
  0.360
  0.380
  0.400
  0.410
  0.420
  0.440
  0.450
  0.450
  0.460
  0.470
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
Adjusted equity ratio
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,038
  1,251
  1,393
  1,541
  1,695
  1,857
  2,025
  2,200
  2,383
  2,572
  2,769
  2,980
  3,193
  3,414
  3,644
  3,884
  4,133
  4,393
  4,664
  4,946
  5,241
  5,548
  5,869
  6,204
  6,555
  6,921
  7,304
  7,705
  8,124
  8,563
  9,023
Depreciation, amort., depletion, $m
  55
  53
  58
  63
  69
  74
  80
  86
  92
  98
  105
  104
  111
  119
  127
  135
  143
  152
  161
  171
  181
  191
  202
  213
  225
  238
  250
  264
  278
  293
  308
Funds from operations, $m
  -424
  1,305
  1,451
  1,604
  1,764
  1,931
  2,105
  2,286
  2,475
  2,671
  2,874
  3,084
  3,304
  3,533
  3,771
  4,019
  4,277
  4,545
  4,825
  5,117
  5,422
  5,739
  6,071
  6,418
  6,780
  7,158
  7,554
  7,969
  8,402
  8,856
  9,332
Change in working capital, $m
  -859
  -66
  -70
  -73
  -76
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -133
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -214
  -224
Cash from operations, $m
  435
  1,371
  1,521
  1,677
  1,840
  2,011
  2,188
  2,372
  2,564
  2,764
  2,971
  3,184
  3,409
  3,642
  3,884
  4,136
  4,399
  4,673
  4,958
  5,255
  5,566
  5,890
  6,228
  6,582
  6,951
  7,337
  7,741
  8,164
  8,607
  9,070
  9,556
Maintenance CAPEX, $m
  0
  -42
  -45
  -50
  -55
  -61
  -66
  -72
  -78
  -84
  -90
  -97
  -104
  -111
  -119
  -127
  -135
  -143
  -152
  -161
  -171
  -181
  -191
  -202
  -213
  -225
  -238
  -250
  -264
  -278
  -293
New CAPEX, $m
  -157
  -22
  -30
  -31
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
Cash from investing activities, $m
  -171
  -64
  -75
  -81
  -88
  -95
  -102
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -220
  -233
  -245
  -258
  -272
  -286
  -302
  -318
  -334
  -352
  -370
  -389
Free cash flow, $m
  264
  1,307
  1,445
  1,595
  1,752
  1,916
  2,086
  2,264
  2,448
  2,640
  2,839
  3,044
  3,260
  3,484
  3,717
  3,959
  4,212
  4,475
  4,749
  5,035
  5,333
  5,645
  5,970
  6,309
  6,664
  7,036
  7,424
  7,830
  8,255
  8,700
  9,167
Issuance/(repayment) of debt, $m
  -410
  443
  472
  494
  517
  539
  561
  584
  608
  632
  656
  682
  709
  737
  766
  797
  829
  864
  900
  938
  978
  1,020
  1,064
  1,111
  1,161
  1,213
  1,268
  1,326
  1,388
  1,452
  1,520
Issuance/(repurchase) of shares, $m
  -14
  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  
  -410
  443
  472
  494
  517
  539
  561
  584
  608
  632
  656
  682
  709
  737
  766
  797
  829
  864
  900
  938
  978
  1,020
  1,064
  1,111
  1,161
  1,213
  1,268
  1,326
  1,388
  1,452
  1,520
Total cash flow (excl. dividends), $m
  -145
  1,750
  1,917
  2,090
  2,269
  2,455
  2,648
  2,848
  3,056
  3,271
  3,496
  3,726
  3,969
  4,221
  4,483
  4,756
  5,041
  5,339
  5,649
  5,973
  6,311
  6,664
  7,034
  7,421
  7,825
  8,249
  8,692
  9,156
  9,643
  10,153
  10,687
Retained Cash Flow (-), $m
  -954
  -806
  -843
  -883
  -923
  -962
  -1,003
  -1,043
  -1,085
  -1,128
  -1,172
  -1,218
  -1,266
  -1,316
  -1,368
  -1,423
  -1,481
  -1,542
  -1,606
  -1,674
  -1,745
  -1,821
  -1,900
  -1,984
  -2,073
  -2,166
  -2,265
  -2,368
  -2,478
  -2,593
  -2,714
Prev. year cash balance distribution, $m
 
  588
  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
 
  1,532
  1,074
  1,207
  1,346
  1,492
  1,645
  1,805
  1,971
  2,144
  2,324
  2,508
  2,703
  2,905
  3,115
  3,333
  3,560
  3,797
  4,042
  4,299
  4,565
  4,844
  5,134
  5,436
  5,752
  6,083
  6,427
  6,788
  7,165
  7,560
  7,973
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
 
  1,469
  984
  1,050
  1,109
  1,157
  1,194
  1,219
  1,232
  1,231
  1,218
  1,191
  1,153
  1,104
  1,046
  979
  905
  826
  744
  662
  580
  501
  426
  356
  293
  237
  188
  146
  111
  83
  60
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

D.R. Horton, Inc. is a homebuilding company. The Company constructed and sold homes in 27 states and 79 markets, as of September 30, 2015. The Company's segments include its 39 homebuilding divisions, its financial services operations and its other business activities. In the homebuilding segment, the Company builds and sells single-family detached homes and attached homes, such as town homes, duplexes, triplexes and condominiums. The Company's 39 homebuilding divisions are aggregated into six segments: East Region, South Central Region, Midwest Region, West Region, Southwest Region and Southeast Region. In the financial services segment, the Company sells mortgages and collects fees for title insurance agency and closing services. The Company has subsidiaries that conduct insurance-related operations; construct and own income-producing rental properties; own non-residential real estate, including ranch land and improvements, and own and operate oil and gas-related assets.

FINANCIAL RATIOS  of  D.R. Horton (DHI)

Valuation Ratios
P/E Ratio 18.4
Price to Sales 1.4
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 43.9
Price to Free Cash Flow 68.7
Growth Rates
Sales Growth Rate 15.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 82.6%
Cap. Spend. - 3 Yr. Gr. Rate 9.4%
Financial Strength
Quick Ratio 2
Current Ratio NaN
LT Debt to Equity 31.7%
Total Debt to Equity 37.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.7%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 10%
Ret/ On T. Cap. - 3 Yr. Avg. 9%
Return On Equity 14.3%
Return On Equity - 3 Yr. Avg. 14%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 21.8%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 11.4%
Operating Margin 11.4%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 11.4%
Pre-Tax Margin - 3 Yr. Avg. 11%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 35.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 14.5%

DHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DHI stock intrinsic value calculation we used $14091 million for the last fiscal year's total revenue generated by D.R. Horton. The default revenue input number comes from 2017 income statement of D.R. Horton. 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 DHI stock valuation model: a) initial revenue growth rate of 11.2% 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 DHI is calculated based on our internal credit rating of D.R. Horton, 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 D.R. Horton.
    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 DHI stock the variable cost ratio is equal to 87.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $217 million in the base year in the intrinsic value calculation for DHI 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 D.R. Horton.

Corporate tax rate of 27% is the nominal tax rate for D.R. Horton. 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 DHI 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 DHI are equal to 1.8%.

Life of production assets of 6.2 years is the average useful life of capital assets used in D.R. Horton 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 DHI is equal to -4.2%. 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 - $7747 million for D.R. Horton - 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 377.913 million for D.R. Horton 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 D.R. Horton at the current share price and the inputted number of shares is $19.3 billion.

RELATED COMPANIES Price Int.Val. Rating
MDC M.D.C. Holding 33.97 19.56  sell
TMHC Taylor Morriso 27.34 30.90  buy
LGIH LGI Homes 71.29 754.40  str.buy
CHCI Comstock Holdi 1.81 7.98  str.buy
TOL Toll Brothers 51.57 71.02  buy
PICO PICO Holdings 13.05 3.57  str.sell
KBH KB Home 35.01 91.38  str.buy
LEN Lennar Cl A 70.54 102.56  str.buy

COMPANY NEWS

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▶ [$$] Home Builders Shares Soar   [Jan-03-18 09:17PM  The Wall Street Journal]
▶ Did DR Horton Inc (NYSE:DHI) Create Value For Shareholders?   [Jan-01-18 07:05AM  Simply Wall St.]
▶ What to expect from the housing market in 2018   [Dec-29-17 10:31AM  Yahoo Finance]
▶ New Home Sales Scale 10-Year High: Key Picks   [Nov-28-17 08:43AM  Zacks]
▶ D.R. Horton, No. 1 Homebuilder, Tops On Revenue As Earnings Match Estimates   [Nov-09-17 04:01PM  Investor's Business Daily]
▶ D.R. Horton meets 4Q profit forecasts   [06:43AM  Associated Press]
▶ D.R. Horton, Inc. to Host Earnings Call   [06:40AM  ACCESSWIRE]
▶ Home builder stocks slump on tax plan   [Nov-03-17 03:44PM  CNBC Videos]
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Financial statements of DHI
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