Intrinsic value of Hovnanian Enterprises Cl A - HOV

Previous Close

$1.54

  Intrinsic Value

$21.54

stock screener

  Rating & Target

str. buy

+999%

Previous close

$1.54

 
Intrinsic value

$21.54

 
Up/down potential

+999%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as HOV.

We calculate the intrinsic value of HOV 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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,501
  2,559
  2,624
  2,698
  2,780
  2,870
  2,967
  3,073
  3,187
  3,310
  3,440
  3,580
  3,729
  3,887
  4,054
  4,232
  4,420
  4,619
  4,829
  5,051
  5,285
  5,532
  5,792
  6,066
  6,355
  6,659
  6,979
  7,316
  7,671
  8,043
Variable operating expenses, $m
  2,375
  2,429
  2,491
  2,560
  2,636
  2,721
  2,812
  2,911
  3,018
  3,132
  3,221
  3,352
  3,491
  3,639
  3,796
  3,963
  4,139
  4,325
  4,522
  4,729
  4,949
  5,180
  5,424
  5,680
  5,951
  6,235
  6,535
  6,850
  7,182
  7,531
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
  2,375
  2,429
  2,491
  2,560
  2,636
  2,721
  2,812
  2,911
  3,018
  3,132
  3,221
  3,352
  3,491
  3,639
  3,796
  3,963
  4,139
  4,325
  4,522
  4,729
  4,949
  5,180
  5,424
  5,680
  5,951
  6,235
  6,535
  6,850
  7,182
  7,531
Operating income, $m
  126
  129
  134
  138
  143
  149
  155
  162
  169
  177
  219
  228
  237
  247
  258
  269
  281
  294
  307
  322
  336
  352
  369
  386
  405
  424
  444
  466
  488
  512
EBITDA, $m
  412
  422
  433
  445
  458
  473
  489
  507
  525
  546
  567
  590
  615
  641
  668
  698
  729
  761
  796
  833
  871
  912
  955
  1,000
  1,048
  1,098
  1,151
  1,206
  1,265
  1,326
Interest expense (income), $m
  90
  104
  105
  106
  107
  108
  109
  110
  111
  113
  114
  116
  117
  119
  121
  123
  125
  127
  130
  132
  135
  138
  141
  144
  147
  151
  154
  158
  162
  167
  171
Earnings before tax, $m
  22
  24
  28
  31
  36
  40
  45
  51
  57
  63
  103
  111
  118
  126
  135
  144
  154
  164
  175
  187
  199
  211
  225
  239
  254
  269
  286
  303
  322
  341
Tax expense, $m
  6
  6
  7
  8
  10
  11
  12
  14
  15
  17
  28
  30
  32
  34
  36
  39
  42
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  87
  92
Net income, $m
  16
  18
  20
  23
  26
  29
  33
  37
  41
  46
  75
  81
  86
  92
  99
  105
  112
  120
  128
  136
  145
  154
  164
  174
  185
  197
  209
  221
  235
  249

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  -2,207
  -2,258
  -2,316
  -2,381
  -2,454
  -2,533
  -2,619
  -2,712
  -2,813
  -2,921
  -3,037
  -3,160
  -3,291
  -3,430
  -3,578
  -3,735
  -3,901
  -4,077
  -4,262
  -4,458
  -4,665
  -4,883
  -5,112
  -5,354
  -5,609
  -5,878
  -6,160
  -6,457
  -6,770
  -7,099
Adjusted assets (=assets-cash), $m
  -2,207
  -2,258
  -2,316
  -2,381
  -2,454
  -2,533
  -2,619
  -2,712
  -2,813
  -2,921
  -3,037
  -3,160
  -3,291
  -3,430
  -3,578
  -3,735
  -3,901
  -4,077
  -4,262
  -4,458
  -4,665
  -4,883
  -5,112
  -5,354
  -5,609
  -5,878
  -6,160
  -6,457
  -6,770
  -7,099
Revenue / Adjusted assets
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
  -1.133
Average production assets, $m
  2,531
  2,589
  2,656
  2,731
  2,813
  2,904
  3,003
  3,110
  3,225
  3,349
  3,482
  3,623
  3,773
  3,933
  4,103
  4,283
  4,473
  4,674
  4,887
  5,112
  5,349
  5,598
  5,862
  6,139
  6,432
  6,739
  7,063
  7,404
  7,763
  8,140
Working capital, $m
  -2,409
  -2,464
  -2,527
  -2,598
  -2,677
  -2,764
  -2,858
  -2,960
  -3,069
  -3,187
  -3,313
  -3,448
  -3,591
  -3,743
  -3,904
  -4,075
  -4,257
  -4,448
  -4,650
  -4,864
  -5,090
  -5,327
  -5,578
  -5,842
  -6,120
  -6,413
  -6,721
  -7,046
  -7,387
  -7,746
Total debt, $m
  117
  117
  118
  119
  121
  122
  123
  125
  126
  128
  130
  132
  134
  136
  139
  141
  144
  147
  150
  153
  156
  159
  163
  167
  171
  175
  180
  185
  190
  195
Total liabilities, $m
  35
  36
  37
  38
  39
  41
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
Total equity, $m
  -2,243
  -2,294
  -2,353
  -2,420
  -2,493
  -2,573
  -2,661
  -2,756
  -2,858
  -2,968
  -3,085
  -3,210
  -3,344
  -3,485
  -3,636
  -3,795
  -3,964
  -4,142
  -4,330
  -4,529
  -4,739
  -4,961
  -5,194
  -5,440
  -5,699
  -5,972
  -6,259
  -6,561
  -6,878
  -7,213
Total liabilities and equity, $m
  -2,208
  -2,258
  -2,316
  -2,382
  -2,454
  -2,532
  -2,619
  -2,713
  -2,813
  -2,921
  -3,036
  -3,159
  -3,291
  -3,430
  -3,579
  -3,735
  -3,902
  -4,077
  -4,262
  -4,458
  -4,664
  -4,883
  -5,112
  -5,354
  -5,609
  -5,878
  -6,160
  -6,458
  -6,770
  -7,099
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  18
  20
  23
  26
  29
  33
  37
  41
  46
  75
  81
  86
  92
  99
  105
  112
  120
  128
  136
  145
  154
  164
  174
  185
  197
  209
  221
  235
  249
Depreciation, amort., depletion, $m
  287
  292
  299
  307
  315
  324
  334
  345
  356
  368
  348
  362
  377
  393
  410
  428
  447
  467
  489
  511
  535
  560
  586
  614
  643
  674
  706
  740
  776
  814
Funds from operations, $m
  303
  310
  319
  329
  341
  353
  367
  382
  397
  414
  424
  443
  464
  486
  509
  534
  560
  587
  617
  647
  680
  714
  750
  788
  828
  871
  915
  962
  1,011
  1,063
Change in working capital, $m
  -47
  -55
  -63
  -71
  -79
  -86
  -94
  -102
  -110
  -118
  -126
  -134
  -143
  -152
  -161
  -171
  -181
  -192
  -202
  -214
  -225
  -238
  -251
  -264
  -278
  -293
  -308
  -324
  -341
  -359
Cash from operations, $m
  350
  365
  382
  401
  420
  440
  461
  484
  507
  532
  550
  578
  607
  638
  670
  705
  741
  779
  819
  861
  905
  952
  1,001
  1,052
  1,107
  1,163
  1,223
  1,286
  1,352
  1,422
Maintenance CAPEX, $m
  -248
  -253
  -259
  -266
  -273
  -281
  -290
  -300
  -311
  -323
  -335
  -348
  -362
  -377
  -393
  -410
  -428
  -447
  -467
  -489
  -511
  -535
  -560
  -586
  -614
  -643
  -674
  -706
  -740
  -776
New CAPEX, $m
  -51
  -58
  -67
  -75
  -83
  -91
  -99
  -107
  -115
  -124
  -132
  -141
  -150
  -160
  -170
  -180
  -190
  -201
  -213
  -225
  -237
  -250
  -263
  -278
  -292
  -308
  -324
  -341
  -359
  -377
Cash from investing activities, $m
  -299
  -311
  -326
  -341
  -356
  -372
  -389
  -407
  -426
  -447
  -467
  -489
  -512
  -537
  -563
  -590
  -618
  -648
  -680
  -714
  -748
  -785
  -823
  -864
  -906
  -951
  -998
  -1,047
  -1,099
  -1,153
Free cash flow, $m
  51
  54
  57
  60
  64
  68
  72
  76
  81
  86
  82
  88
  94
  101
  107
  115
  122
  130
  139
  148
  157
  167
  178
  189
  200
  213
  225
  239
  253
  268
Issuance/(repayment) of debt, $m
  2
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
Issuance/(repurchase) of shares, $m
  -45
  -52
  -59
  -66
  -73
  -80
  -88
  -95
  -102
  -110
  -117
  -125
  -133
  -142
  -150
  -159
  -169
  -178
  -188
  -199
  -210
  -221
  -233
  -246
  -259
  -273
  -287
  -302
  -318
  -334
Cash from financing (excl. dividends), $m  
  -43
  -51
  -58
  -65
  -72
  -79
  -87
  -94
  -100
  -108
  -115
  -123
  -131
  -140
  -148
  -156
  -166
  -175
  -185
  -196
  -207
  -218
  -229
  -242
  -255
  -269
  -282
  -297
  -313
  -329
Total cash flow (excl. dividends), $m
  8
  3
  -1
  -5
  -8
  -12
  -15
  -17
  -20
  -22
  -33
  -35
  -37
  -39
  -41
  -42
  -44
  -45
  -47
  -48
  -49
  -51
  -52
  -53
  -55
  -56
  -57
  -58
  -59
  -61
Retained Cash Flow (-), $m
  45
  52
  59
  66
  73
  80
  88
  95
  102
  110
  117
  125
  133
  142
  150
  159
  169
  178
  188
  199
  210
  221
  233
  246
  259
  273
  287
  302
  318
  334
Prev. year cash balance distribution, $m
  2,198
  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
  2,251
  55
  59
  66
  73
  80
  88
  95
  102
  110
  117
  125
  133
  142
  150
  159
  169
  178
  188
  199
  210
  221
  233
  246
  259
  273
  287
  302
  318
  334
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
  2,158
  50
  51
  55
  57
  58
  59
  59
  59
  58
  56
  53
  51
  48
  44
  40
  37
  33
  29
  25
  22
  18
  15
  13
  10
  8
  6
  5
  3
  3
Current shareholders' claim on cash, %
  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

Hovnanian Enterprises, Inc. is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast: New Jersey and Pennsylvania; Mid-Atlantic: Delaware, Maryland, Virginia, Washington, District of Columbia, and West Virginia; Midwest: Illinois and Ohio; Southeast: Florida, Georgia and South Carolina; Southwest: Arizona and Texas, and West: California. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. The Company markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers and empty nesters.

FINANCIAL RATIOS  of  Hovnanian Enterprises Cl A (HOV)

Valuation Ratios
P/E Ratio -0.7
Price to Sales 0.1
Price to Book -0.5
Price to Tangible Book
Price to Cash Flow 0.8
Price to Free Cash Flow 0.8
Growth Rates
Sales Growth Rate -10.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity -382%
Total Debt to Equity -382%
Interest Coverage 1
Management Effectiveness
Return On Assets 15.6%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital -22.7%
Ret/ On T. Cap. - 3 Yr. Avg. -7.9%
Return On Equity 112.7%
Return On Equity - 3 Yr. Avg. 42.7%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 15.7%
Gross Margin - 3 Yr. Avg. 15.5%
EBITDA Margin 2%
EBITDA Margin - 3 Yr. Avg. 3%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 4.4%
Pre-Tax Margin -1.8%
Pre-Tax Margin - 3 Yr. Avg. -0.9%
Net Profit Margin -13.5%
Net Profit Margin - 3 Yr. Avg. -4.8%
Effective Tax Rate -637.8%
Eff/ Tax Rate - 3 Yr. Avg. -120.2%
Payout Ratio 0%

HOV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HOV stock intrinsic value calculation we used $2452 million for the last fiscal year's total revenue generated by Hovnanian Enterprises Cl A. The default revenue input number comes from 2017 income statement of Hovnanian Enterprises Cl A. 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 HOV stock valuation model: a) initial revenue growth rate of 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 HOV is calculated based on our internal credit rating of Hovnanian Enterprises Cl A, 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 Hovnanian Enterprises Cl A.
    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 HOV stock the variable cost ratio is equal to 95%.

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 HOV 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 90.3% for Hovnanian Enterprises Cl A.

Corporate tax rate of 27% is the nominal tax rate for Hovnanian Enterprises Cl A. 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 HOV 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 HOV are equal to 101.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Hovnanian Enterprises Cl A 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 HOV is equal to -96.3%. 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 - $0 million for Hovnanian Enterprises Cl A - 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 148 million for Hovnanian Enterprises Cl A 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 Hovnanian Enterprises Cl A at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
MDC M.D.C. Holding 31.38 70.36  str.buy
KBH KB Home 23.56 168.65  str.buy
LEN Lennar Cl A 50.57 113.93  str.buy
DHI D.R. Horton 44.38 68.44  str.buy
NVR NVR 2,627.75 4,144.22  buy
TOL Toll Brothers 34.40 91.56  str.buy
MHO M/I Homes 25.64 160.78  str.buy
BZH Beazer Homes U 12.84 94.78  str.buy
MTH Meritage Homes 41.90 58.75  buy
TMHC Taylor Morriso 19.08 54.37  str.buy

COMPANY NEWS

▶ 5 Overlooked Stocks to Buy Now: Putnam   [11:06AM  Investopedia]
▶ Hey home buyers, these cities are seeing an uptick in inventory   [Jul-12-18 01:07PM  Yahoo Finance Video]
▶ Companies Keep Buying Back Stock   [Jul-09-18 10:58AM  Bloomberg]
▶ [$$] How Regulators Averted a Debacle in Credit-Default Swaps   [Jul-08-18 08:30PM  The Wall Street Journal]
▶ When Will Hovnanian Enterprises Inc (NYSE:HOV) Turn A Profit?   [Jun-27-18 12:23PM  Simply Wall St.]
▶ New home sales still well below historic norms of demand   [Jun-25-18 02:13PM  CNBC Videos]
▶ You Cant Hide From the Corporate Cops   [Jun-21-18 10:56AM  Bloomberg]
▶ Solus Made Money From That CDS Litigation   [01:03PM  Barrons.com]
▶ Maybe Dollars Should Be Digital   [Jun-11-18 10:52AM  Bloomberg]
▶ [$$] Can the Credit-Default-Swap Market Be Fixed?   [Jun-08-18 04:28PM  Barrons.com]
▶ Hovnanian: Fiscal 2Q Earnings Snapshot   [09:23AM  Associated Press]
▶ [$$] The mystery trader who roiled Wall Street   [Jun-04-18 12:00AM  Financial Times]
▶ The Volcker Rule Gets a Little Easier   [May-31-18 10:53AM  Bloomberg]
▶ [$$] CDS/Hovnanian: credit where due   [02:00AM  Financial Times]
▶ [$$] Blackstone Stands Down on Hovnanian Swaps Wager   [May-30-18 07:29PM  The Wall Street Journal]
▶ [$$] Scurria's Take: Winner Not Clear in Goldman-Blackstone Swaps Deal   [May-25-18 02:06PM  The Wall Street Journal]
▶ A Six-Pack Of Homebuilding Buys   [10:18AM  Forbes]
▶ [$$] Goldman, Blackstone Make Peace in Credit-Derivative Standoff   [May-24-18 11:58PM  The Wall Street Journal]
▶ Sinful Derivatives Have Their Uses   [May-18-18 10:40AM  Bloomberg]
▶ [$$] Hovnanian Abandons Debt Exchange Ahead of Swap Auction   [May-14-18 05:48PM  The Wall Street Journal]
▶ Everyone Wants to See Green in Bonds   [10:48AM  Bloomberg]
▶ [$$] Hovnanian fails to get enough uptake for debt swap offer   [May-13-18 09:19PM  Financial Times]
▶ [$$] Blackstone Unit Acknowledges Hovnanian Swaps Backlash   [May-02-18 12:22PM  The Wall Street Journal]
▶ When Cleverness Becomes Manipulation   [Apr-26-18 10:27AM  Bloomberg]
▶ [$$] CFTC: deliberate defaults may be market manipulation   [Apr-25-18 08:51AM  Financial Times]
▶ [$$] U.S. Regulator Knocks Blackstone on Hovnanian Swap Trade   [Apr-24-18 06:22PM  The Wall Street Journal]
▶ Blankfein and Gray Meet for Lunch Over Thorny Issue   [Apr-18-18 09:08AM  Bloomberg Video]
▶ Optimism among builders slides for fourth consecutive month   [Apr-16-18 10:44AM  Associated Press]
▶ Theranos Could Use Some More Money   [Apr-12-18 10:36AM  Bloomberg]
▶ Hovnanian's Weird CDS Trade Gets Weirder   [Apr-10-18 10:24AM  Bloomberg]
▶ [$$] Hovnanian Magnifies Potential Swap Payday   [Apr-09-18 05:19PM  The Wall Street Journal]
▶ Whats Installed For Hovnanian Enterprises Inc (NYSE:HOV)?   [Apr-03-18 03:03PM  Simply Wall St.]
▶ [$$] Swaps Referee Won't Wade Into Engineered Defaults   [Mar-16-18 05:00PM  The Wall Street Journal]
▶ Is It Time To Buy Hovnanian Enterprises Inc (NYSE:HOV)?   [Mar-15-18 08:22PM  Simply Wall St.]
▶ Trigger Warning: GSO's Favorite Loophole in Danger   [Mar-13-18 06:37PM  Barrons.com]
▶ Blackstone's Goodman on High Yield, Insurance and CDS Rules   [Mar-09-18 01:56PM  Bloomberg Video]
▶ Why Hovnanian Enterprises Stock Dropped 10% This Morning   [Mar-08-18 11:37AM  Motley Fool]
▶ Hovnanian reports 1Q loss   [09:27AM  Associated Press]
▶ Barbara Corcoran: Dont expect new tax law to lower home prices   [Feb-27-18 02:04PM  Yahoo Finance Video]
▶ A big blow for potential homebuyers and homeowners   [Feb-21-18 01:41PM  Yahoo Finance Video]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.