Intrinsic value of Eagle Materials - EXP

Previous Close

$112.53

  Intrinsic Value

$5.19

stock screener

  Rating & Target

str. sell

-95%

Previous close

$112.53

 
Intrinsic value

$5.19

 
Up/down potential

-95%

 
Rating

str. sell

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

We calculate the intrinsic value of EXP 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 2017), $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 5.5

 

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, %
  5.95
  22.80
  21.02
  19.42
  17.98
  16.68
  15.51
  14.46
  13.51
  12.66
  11.90
  11.21
  10.59
  10.03
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
Revenue, $m
  1,211
  1,487
  1,800
  2,149
  2,536
  2,958
  3,417
  3,911
  4,440
  5,002
  5,597
  6,224
  6,883
  7,574
  8,295
  9,047
  9,831
  10,647
  11,496
  12,378
  13,294
  14,246
  15,236
  16,265
  17,335
  18,448
  19,606
  20,812
  22,068
  23,377
  24,742
Variable operating expenses, $m
 
  1,197
  1,445
  1,721
  2,027
  2,362
  2,725
  3,116
  3,535
  3,980
  4,451
  4,928
  5,449
  5,996
  6,567
  7,162
  7,783
  8,429
  9,101
  9,799
  10,524
  11,278
  12,062
  12,876
  13,723
  14,604
  15,521
  16,476
  17,470
  18,506
  19,587
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
  917
  1,197
  1,445
  1,721
  2,027
  2,362
  2,725
  3,116
  3,535
  3,980
  4,451
  4,928
  5,449
  5,996
  6,567
  7,162
  7,783
  8,429
  9,101
  9,799
  10,524
  11,278
  12,062
  12,876
  13,723
  14,604
  15,521
  16,476
  17,470
  18,506
  19,587
Operating income, $m
  295
  290
  355
  428
  508
  597
  692
  795
  905
  1,022
  1,146
  1,297
  1,434
  1,578
  1,728
  1,885
  2,048
  2,218
  2,395
  2,579
  2,770
  2,968
  3,174
  3,389
  3,612
  3,844
  4,085
  4,336
  4,598
  4,871
  5,155
EBITDA, $m
  387
  411
  498
  594
  701
  818
  945
  1,081
  1,227
  1,383
  1,547
  1,721
  1,903
  2,094
  2,293
  2,501
  2,718
  2,943
  3,178
  3,422
  3,675
  3,938
  4,212
  4,497
  4,792
  5,100
  5,420
  5,754
  6,101
  6,463
  6,840
Interest expense (income), $m
  19
  24
  32
  41
  52
  63
  76
  90
  105
  120
  137
  155
  174
  194
  214
  236
  258
  282
  306
  332
  358
  386
  414
  444
  475
  507
  540
  575
  611
  648
  688
Earnings before tax, $m
  295
  266
  323
  387
  457
  533
  616
  705
  801
  902
  1,009
  1,142
  1,260
  1,384
  1,514
  1,649
  1,790
  1,936
  2,089
  2,247
  2,412
  2,583
  2,760
  2,945
  3,137
  3,337
  3,545
  3,761
  3,987
  4,222
  4,467
Tax expense, $m
  97
  72
  87
  104
  123
  144
  166
  190
  216
  244
  272
  308
  340
  374
  409
  445
  483
  523
  564
  607
  651
  697
  745
  795
  847
  901
  957
  1,016
  1,076
  1,140
  1,206
Net income, $m
  198
  194
  236
  282
  333
  389
  450
  515
  584
  658
  737
  833
  920
  1,011
  1,105
  1,204
  1,307
  1,414
  1,525
  1,640
  1,760
  1,885
  2,015
  2,150
  2,290
  2,436
  2,588
  2,746
  2,910
  3,082
  3,261

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  2,247
  2,749
  3,327
  3,973
  4,687
  5,468
  6,317
  7,230
  8,207
  9,246
  10,346
  11,505
  12,723
  13,999
  15,333
  16,724
  18,173
  19,681
  21,249
  22,879
  24,573
  26,334
  28,163
  30,065
  32,043
  34,100
  36,240
  38,469
  40,791
  43,210
  45,733
Adjusted assets (=assets-cash), $m
  2,240
  2,749
  3,327
  3,973
  4,687
  5,468
  6,317
  7,230
  8,207
  9,246
  10,346
  11,505
  12,723
  13,999
  15,333
  16,724
  18,173
  19,681
  21,249
  22,879
  24,573
  26,334
  28,163
  30,065
  32,043
  34,100
  36,240
  38,469
  40,791
  43,210
  45,733
Revenue / Adjusted assets
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
Average production assets, $m
  1,436
  1,762
  2,133
  2,547
  3,005
  3,506
  4,049
  4,635
  5,261
  5,928
  6,633
  7,376
  8,157
  8,975
  9,829
  10,721
  11,650
  12,617
  13,622
  14,667
  15,753
  16,882
  18,055
  19,274
  20,542
  21,861
  23,233
  24,662
  26,150
  27,702
  29,319
Working capital, $m
  171
  300
  364
  434
  512
  598
  690
  790
  897
  1,010
  1,131
  1,257
  1,390
  1,530
  1,676
  1,828
  1,986
  2,151
  2,322
  2,500
  2,685
  2,878
  3,078
  3,286
  3,502
  3,726
  3,960
  4,204
  4,458
  4,722
  4,998
Total debt, $m
  686
  915
  1,182
  1,481
  1,812
  2,174
  2,567
  2,989
  3,442
  3,923
  4,432
  4,969
  5,533
  6,124
  6,741
  7,385
  8,056
  8,754
  9,480
  10,235
  11,019
  11,834
  12,682
  13,562
  14,478
  15,430
  16,421
  17,453
  18,528
  19,648
  20,816
Total liabilities, $m
  1,044
  1,273
  1,540
  1,839
  2,170
  2,532
  2,925
  3,347
  3,800
  4,281
  4,790
  5,327
  5,891
  6,482
  7,099
  7,743
  8,414
  9,112
  9,838
  10,593
  11,377
  12,192
  13,040
  13,920
  14,836
  15,788
  16,779
  17,811
  18,886
  20,006
  21,174
Total equity, $m
  1,203
  1,476
  1,786
  2,133
  2,517
  2,937
  3,392
  3,882
  4,407
  4,965
  5,556
  6,178
  6,832
  7,518
  8,234
  8,981
  9,759
  10,569
  11,411
  12,286
  13,196
  14,141
  15,124
  16,145
  17,207
  18,312
  19,461
  20,658
  21,905
  23,204
  24,559
Total liabilities and equity, $m
  2,247
  2,749
  3,326
  3,972
  4,687
  5,469
  6,317
  7,229
  8,207
  9,246
  10,346
  11,505
  12,723
  14,000
  15,333
  16,724
  18,173
  19,681
  21,249
  22,879
  24,573
  26,333
  28,164
  30,065
  32,043
  34,100
  36,240
  38,469
  40,791
  43,210
  45,733
Debt-to-equity ratio
  0.570
  0.620
  0.660
  0.690
  0.720
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
Adjusted equity ratio
  0.534
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  198
  194
  236
  282
  333
  389
  450
  515
  584
  658
  737
  833
  920
  1,011
  1,105
  1,204
  1,307
  1,414
  1,525
  1,640
  1,760
  1,885
  2,015
  2,150
  2,290
  2,436
  2,588
  2,746
  2,910
  3,082
  3,261
Depreciation, amort., depletion, $m
  92
  121
  142
  166
  192
  221
  253
  286
  322
  360
  401
  424
  469
  516
  565
  616
  670
  725
  783
  843
  905
  970
  1,038
  1,108
  1,181
  1,256
  1,335
  1,417
  1,503
  1,592
  1,685
Funds from operations, $m
  371
  315
  378
  448
  526
  610
  702
  801
  907
  1,019
  1,138
  1,257
  1,389
  1,526
  1,670
  1,820
  1,976
  2,139
  2,308
  2,483
  2,666
  2,856
  3,053
  3,258
  3,471
  3,692
  3,923
  4,163
  4,413
  4,674
  4,946
Change in working capital, $m
  39
  56
  63
  71
  78
  85
  93
  100
  107
  114
  120
  127
  133
  139
  146
  152
  158
  165
  171
  178
  185
  192
  200
  208
  216
  225
  234
  244
  254
  264
  276
Cash from operations, $m
  332
  260
  315
  378
  448
  525
  610
  701
  800
  905
  1,017
  1,131
  1,256
  1,387
  1,524
  1,668
  1,818
  1,974
  2,136
  2,305
  2,481
  2,663
  2,853
  3,050
  3,255
  3,468
  3,689
  3,920
  4,160
  4,410
  4,670
Maintenance CAPEX, $m
  0
  -83
  -101
  -123
  -146
  -173
  -201
  -233
  -266
  -302
  -341
  -381
  -424
  -469
  -516
  -565
  -616
  -670
  -725
  -783
  -843
  -905
  -970
  -1,038
  -1,108
  -1,181
  -1,256
  -1,335
  -1,417
  -1,503
  -1,592
New CAPEX, $m
  -57
  -327
  -370
  -414
  -458
  -501
  -544
  -586
  -626
  -666
  -705
  -743
  -781
  -818
  -855
  -892
  -929
  -967
  -1,005
  -1,045
  -1,086
  -1,129
  -1,173
  -1,219
  -1,268
  -1,319
  -1,372
  -1,429
  -1,488
  -1,551
  -1,617
Cash from investing activities, $m
  -457
  -410
  -471
  -537
  -604
  -674
  -745
  -819
  -892
  -968
  -1,046
  -1,124
  -1,205
  -1,287
  -1,371
  -1,457
  -1,545
  -1,637
  -1,730
  -1,828
  -1,929
  -2,034
  -2,143
  -2,257
  -2,376
  -2,500
  -2,628
  -2,764
  -2,905
  -3,054
  -3,209
Free cash flow, $m
  -125
  -150
  -157
  -159
  -156
  -149
  -136
  -117
  -93
  -63
  -28
  6
  51
  100
  154
  211
  273
  338
  406
  477
  552
  629
  710
  793
  879
  968
  1,060
  1,156
  1,254
  1,356
  1,461
Issuance/(repayment) of debt, $m
  185
  236
  268
  299
  331
  362
  393
  423
  452
  481
  509
  537
  564
  591
  617
  644
  671
  698
  726
  755
  784
  815
  847
  881
  916
  952
  991
  1,032
  1,075
  1,120
  1,168
Issuance/(repurchase) of shares, $m
  -38
  79
  74
  65
  50
  31
  6
  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  
  146
  315
  342
  364
  381
  393
  399
  423
  452
  481
  509
  537
  564
  591
  617
  644
  671
  698
  726
  755
  784
  815
  847
  881
  916
  952
  991
  1,032
  1,075
  1,120
  1,168
Total cash flow (excl. dividends), $m
  20
  165
  185
  205
  224
  244
  263
  306
  359
  418
  481
  543
  615
  691
  771
  855
  944
  1,036
  1,132
  1,232
  1,336
  1,444
  1,557
  1,673
  1,795
  1,921
  2,051
  2,187
  2,329
  2,476
  2,629
Retained Cash Flow (-), $m
  -162
  -273
  -310
  -347
  -383
  -420
  -455
  -490
  -525
  -558
  -591
  -623
  -654
  -685
  -716
  -747
  -778
  -810
  -842
  -875
  -910
  -945
  -982
  -1,021
  -1,062
  -1,105
  -1,150
  -1,197
  -1,247
  -1,299
  -1,355
Prev. year cash balance distribution, $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 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
 
  -108
  -125
  -142
  -159
  -176
  -193
  -185
  -165
  -140
  -110
  -80
  -39
  6
  55
  108
  165
  226
  290
  357
  426
  499
  574
  652
  733
  816
  902
  991
  1,082
  1,177
  1,274
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  -103
  -112
  -119
  -124
  -127
  -128
  -112
  -91
  -69
  -48
  -31
  -13
  2
  14
  23
  29
  33
  34
  34
  32
  29
  25
  21
  17
  14
  11
  8
  6
  4
  3
Current shareholders' claim on cash, %
  100
  98.6
  97.5
  96.7
  96.2
  96.0
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9
  95.9

Eagle Materials Inc. is a supplier of construction products, building materials and materials used for oil and natural gas extraction. The Company operates through five segments: Cement, Concrete and Aggregates, Gypsum Wallboard, Recycled Paperboard, and Oil and Gas Proppants. The Company's construction products are used in residential, industrial, commercial and infrastructure construction, and include cement, slag, concrete and aggregates. Its building materials include gypsum wallboard. Its basic material used for oil and natural gas extraction include frac sand and oil well cement. It sells cement in over six regional markets, including northern Nevada and California, the greater Chicago area, the Rocky Mountain region, the Central Plains region and Texas. It sells slag in the greater Chicago, Illinois area and the greater Midwest area. It has approximately three concrete and aggregates businesses. It also operates a recycled paperboard business.

FINANCIAL RATIOS  of  Eagle Materials (EXP)

Valuation Ratios
P/E Ratio 27.5
Price to Sales 4.5
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 19.8
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.7%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 50.3%
Total Debt to Equity 57%
Interest Coverage 17
Management Effectiveness
Return On Assets 10.2%
Ret/ On Assets - 3 Yr. Avg. 10.2%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 17.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 25.8%
Gross Margin - 3 Yr. Avg. 23.3%
EBITDA Margin 33.5%
EBITDA Margin - 3 Yr. Avg. 31.6%
Operating Margin 24.3%
Oper. Margin - 3 Yr. Avg. 22.4%
Pre-Tax Margin 24.4%
Pre-Tax Margin - 3 Yr. Avg. 22.4%
Net Profit Margin 16.4%
Net Profit Margin - 3 Yr. Avg. 15.8%
Effective Tax Rate 32.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 9.6%

EXP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXP stock intrinsic value calculation we used $1211 million for the last fiscal year's total revenue generated by Eagle Materials. The default revenue input number comes from 2017 income statement of Eagle Materials. 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 EXP stock valuation model: a) initial revenue growth rate of 22.8% 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 5.5%, whose default value for EXP is calculated based on our internal credit rating of Eagle Materials, 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 Eagle Materials.
    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 EXP stock the variable cost ratio is equal to 80.8%.

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 EXP 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 Eagle Materials.

Corporate tax rate of 27% is the nominal tax rate for Eagle Materials. 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 EXP 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 EXP are equal to 118.5%.

Life of production assets of 17.4 years is the average useful life of capital assets used in Eagle Materials 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 EXP is equal to 20.2%. 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 - $1203 million for Eagle Materials - 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 48.455 million for Eagle Materials 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 Eagle Materials at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Eagle Materials Trying To Close In On Key Technical Measure   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ Eagle Materials Declares Quarterly Dividend   [Nov-01-17 04:15PM  Business Wire]
▶ Eagle Materials misses 2Q profit forecasts   [06:35AM  Associated Press]
▶ Hurricane history favours U.S. building suppliers   [Oct-09-17 06:30AM  Reuters]
▶ Millennials are changing the real estate market: Blackstones Gray   [Oct-04-17 05:52PM  Yahoo Finance Video]
▶ Why we need women in the workplace: Blackstones Gray   [01:16PM  Yahoo Finance Video]
▶ Eagle Materials Hits 80-Plus Relative Strength Rating Benchmark   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ Big Cement Deal Sparks Group As Top Stock Breaks Out   [Sep-21-17 04:01PM  Investor's Business Daily]
▶ Big Cement Deal Sparks Group As Top Stock Breaks Out   [02:28PM  Investor's Business Daily]
▶ IBD Rating Upgrades: Eagle Materials Flashes Improved Relative Price Strength   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ New Strong Sell Stocks for September 13th   [Sep-13-17 08:15AM  Zacks]
▶ Stocks With Rising Relative Strength: Eagle Materials   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ Home improvement outlook favorable: Bank of America   [Sep-05-17 12:25PM  CNBC Videos]
▶ Craig Hodges: These stock plays are bargains. Here's why   [Sep-01-17 06:52AM  CNBC Videos]
▶ How Uber's board sold Dara Khosrowshahi on the CEO job   [Aug-31-17 10:59AM  Yahoo Finance]
▶ Spotify CEO recommended Dara Khosrowshahi for Uber CEO role   [Aug-30-17 06:12PM  Yahoo Finance]
▶ Stocks Hold Firm Despite Houston, North Korea Woes   [12:07PM  Investor's Business Daily]
▶ What we know about Uber's next CEO Dara Khosrowshahi   [Aug-28-17 07:58AM  Yahoo Finance]
▶ New Strong Sell Stocks for August 23rd   [Aug-23-17 10:11AM  Zacks]
▶ Eagle Materials Declares Quarterly Dividend   [Aug-07-17 04:15PM  Business Wire]
▶ Eagle Materials meets 1Q profit forecasts   [01:39AM  Associated Press]
▶ Building Stock With 77% Growth Cements New Breakout   [Jun-20-17 04:23PM  Investor's Business Daily]
▶ 3 Top Dividend Stocks in Cement   [11:00AM  Motley Fool]
▶ Eagle Materials Declares Quarterly Dividend   [May-22-17 04:15PM  Business Wire]
▶ 3 Concrete Picks For Your Portfolio   [May-19-17 11:50AM  Zacks]
▶ Eagle Materials beats 4Q profit forecasts   [06:48AM  Associated Press]
▶ Stock Indexes Close High In Range; Trump Stirs Rally   [Feb-27-17 04:17PM  Investor's Business Daily]
Financial statements of EXP
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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