Intrinsic value of H&R Block - HRB

Previous Close

$26.10

  Intrinsic Value

$16.34

stock screener

  Rating & Target

sell

-37%

Previous close

$26.10

 
Intrinsic value

$16.34

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of HRB 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 5.4

 

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
  3,097
  3,168
  3,249
  3,341
  3,442
  3,553
  3,674
  3,805
  3,946
  4,098
  4,260
  4,433
  4,617
  4,812
  5,020
  5,240
  5,473
  5,719
  5,979
  6,254
  6,544
  6,850
  7,172
  7,511
  7,869
  8,245
  8,642
  9,059
  9,497
  9,959
Variable operating expenses, $m
  2,451
  2,505
  2,567
  2,637
  2,714
  2,799
  2,891
  2,991
  3,098
  3,214
  3,247
  3,379
  3,519
  3,669
  3,827
  3,995
  4,172
  4,360
  4,558
  4,768
  4,989
  5,222
  5,467
  5,726
  5,999
  6,286
  6,588
  6,906
  7,240
  7,592
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
  2,451
  2,505
  2,567
  2,637
  2,714
  2,799
  2,891
  2,991
  3,098
  3,214
  3,247
  3,379
  3,519
  3,669
  3,827
  3,995
  4,172
  4,360
  4,558
  4,768
  4,989
  5,222
  5,467
  5,726
  5,999
  6,286
  6,588
  6,906
  7,240
  7,592
Operating income, $m
  646
  663
  682
  704
  728
  754
  783
  814
  848
  884
  1,012
  1,054
  1,097
  1,144
  1,193
  1,245
  1,301
  1,359
  1,421
  1,486
  1,555
  1,628
  1,705
  1,785
  1,870
  1,960
  2,054
  2,153
  2,257
  2,367
EBITDA, $m
  856
  876
  899
  924
  952
  983
  1,016
  1,052
  1,091
  1,133
  1,178
  1,226
  1,277
  1,331
  1,388
  1,449
  1,514
  1,582
  1,654
  1,730
  1,810
  1,894
  1,984
  2,077
  2,176
  2,281
  2,390
  2,505
  2,627
  2,754
Interest expense (income), $m
  87
  93
  65
  68
  72
  76
  81
  86
  92
  98
  104
  111
  119
  127
  135
  144
  154
  164
  175
  186
  198
  211
  224
  238
  253
  269
  286
  303
  321
  341
  361
Earnings before tax, $m
  553
  598
  614
  632
  652
  673
  697
  723
  750
  780
  901
  935
  971
  1,009
  1,049
  1,092
  1,137
  1,184
  1,235
  1,288
  1,344
  1,404
  1,466
  1,532
  1,601
  1,674
  1,751
  1,832
  1,917
  2,006
Tax expense, $m
  149
  161
  166
  171
  176
  182
  188
  195
  203
  210
  243
  252
  262
  272
  283
  295
  307
  320
  333
  348
  363
  379
  396
  414
  432
  452
  473
  495
  518
  542
Net income, $m
  404
  436
  448
  461
  476
  492
  509
  528
  548
  569
  658
  682
  709
  736
  766
  797
  830
  865
  901
  940
  981
  1,025
  1,070
  1,118
  1,169
  1,222
  1,278
  1,337
  1,399
  1,464

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
  2,566
  2,625
  2,692
  2,768
  2,852
  2,944
  3,044
  3,153
  3,270
  3,395
  3,529
  3,672
  3,825
  3,987
  4,159
  4,341
  4,534
  4,738
  4,954
  5,181
  5,422
  5,675
  5,942
  6,223
  6,519
  6,831
  7,160
  7,505
  7,869
  8,251
Adjusted assets (=assets-cash), $m
  2,566
  2,625
  2,692
  2,768
  2,852
  2,944
  3,044
  3,153
  3,270
  3,395
  3,529
  3,672
  3,825
  3,987
  4,159
  4,341
  4,534
  4,738
  4,954
  5,181
  5,422
  5,675
  5,942
  6,223
  6,519
  6,831
  7,160
  7,505
  7,869
  8,251
Revenue / Adjusted assets
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
  1.207
Average production assets, $m
  1,205
  1,232
  1,264
  1,300
  1,339
  1,382
  1,429
  1,480
  1,535
  1,594
  1,657
  1,724
  1,796
  1,872
  1,953
  2,038
  2,129
  2,225
  2,326
  2,433
  2,546
  2,664
  2,790
  2,922
  3,061
  3,207
  3,362
  3,524
  3,695
  3,874
Working capital, $m
  -220
  -225
  -231
  -237
  -244
  -252
  -261
  -270
  -280
  -291
  -302
  -315
  -328
  -342
  -356
  -372
  -389
  -406
  -425
  -444
  -465
  -486
  -509
  -533
  -559
  -585
  -614
  -643
  -674
  -707
Total debt, $m
  1,048
  1,101
  1,162
  1,230
  1,305
  1,388
  1,479
  1,576
  1,681
  1,794
  1,915
  2,044
  2,181
  2,327
  2,482
  2,646
  2,820
  3,003
  3,197
  3,402
  3,618
  3,846
  4,087
  4,340
  4,606
  4,887
  5,183
  5,494
  5,821
  6,165
Total liabilities, $m
  2,309
  2,362
  2,423
  2,491
  2,567
  2,649
  2,740
  2,837
  2,943
  3,055
  3,176
  3,305
  3,442
  3,588
  3,743
  3,907
  4,081
  4,264
  4,458
  4,663
  4,879
  5,107
  5,348
  5,601
  5,867
  6,148
  6,444
  6,755
  7,082
  7,426
Total equity, $m
  257
  262
  269
  277
  285
  294
  304
  315
  327
  339
  353
  367
  382
  399
  416
  434
  453
  474
  495
  518
  542
  567
  594
  622
  652
  683
  716
  751
  787
  825
Total liabilities and equity, $m
  2,566
  2,624
  2,692
  2,768
  2,852
  2,943
  3,044
  3,152
  3,270
  3,394
  3,529
  3,672
  3,824
  3,987
  4,159
  4,341
  4,534
  4,738
  4,953
  5,181
  5,421
  5,674
  5,942
  6,223
  6,519
  6,831
  7,160
  7,506
  7,869
  8,251
Debt-to-equity ratio
  4.080
  4.200
  4.320
  4.440
  4.580
  4.720
  4.860
  5.000
  5.140
  5.290
  5.430
  5.570
  5.700
  5.840
  5.970
  6.100
  6.220
  6.340
  6.450
  6.570
  6.670
  6.780
  6.880
  6.970
  7.070
  7.150
  7.240
  7.320
  7.400
  7.470
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  404
  436
  448
  461
  476
  492
  509
  528
  548
  569
  658
  682
  709
  736
  766
  797
  830
  865
  901
  940
  981
  1,025
  1,070
  1,118
  1,169
  1,222
  1,278
  1,337
  1,399
  1,464
Depreciation, amort., depletion, $m
  211
  213
  217
  220
  224
  228
  233
  238
  244
  250
  166
  172
  180
  187
  195
  204
  213
  222
  233
  243
  255
  266
  279
  292
  306
  321
  336
  352
  369
  387
Funds from operations, $m
  615
  650
  665
  681
  700
  720
  742
  766
  791
  819
  824
  855
  888
  923
  961
  1,001
  1,043
  1,087
  1,134
  1,184
  1,236
  1,291
  1,349
  1,410
  1,475
  1,543
  1,614
  1,690
  1,769
  1,852
Change in working capital, $m
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
Cash from operations, $m
  619
  655
  670
  688
  707
  728
  750
  775
  801
  829
  835
  867
  901
  937
  976
  1,016
  1,059
  1,105
  1,153
  1,203
  1,257
  1,313
  1,372
  1,435
  1,500
  1,570
  1,642
  1,719
  1,800
  1,885
Maintenance CAPEX, $m
  -118
  -120
  -123
  -126
  -130
  -134
  -138
  -143
  -148
  -154
  -159
  -166
  -172
  -180
  -187
  -195
  -204
  -213
  -222
  -233
  -243
  -255
  -266
  -279
  -292
  -306
  -321
  -336
  -352
  -369
New CAPEX, $m
  -23
  -28
  -32
  -36
  -39
  -43
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -180
Cash from investing activities, $m
  -141
  -148
  -155
  -162
  -169
  -177
  -185
  -194
  -203
  -213
  -222
  -233
  -244
  -256
  -268
  -281
  -295
  -309
  -323
  -340
  -356
  -374
  -391
  -411
  -431
  -452
  -475
  -498
  -523
  -549
Free cash flow, $m
  477
  507
  516
  526
  538
  551
  565
  581
  598
  617
  613
  634
  657
  682
  708
  735
  765
  796
  829
  864
  901
  939
  980
  1,024
  1,069
  1,117
  1,168
  1,221
  1,277
  1,336
Issuance/(repayment) of debt, $m
  -445
  53
  61
  68
  76
  83
  90
  98
  105
  113
  121
  129
  137
  146
  155
  164
  174
  184
  194
  205
  216
  228
  240
  253
  267
  281
  295
  311
  327
  344
Issuance/(repurchase) of shares, $m
  91
  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  
  -354
  53
  61
  68
  76
  83
  90
  98
  105
  113
  121
  129
  137
  146
  155
  164
  174
  184
  194
  205
  216
  228
  240
  253
  267
  281
  295
  311
  327
  344
Total cash flow (excl. dividends), $m
  123
  560
  576
  594
  613
  634
  655
  679
  704
  730
  733
  763
  794
  828
  863
  899
  938
  980
  1,023
  1,069
  1,117
  1,167
  1,221
  1,277
  1,336
  1,398
  1,463
  1,532
  1,604
  1,680
Retained Cash Flow (-), $m
  -495
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
Prev. year cash balance distribution, $m
  177
  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
  18
  19
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
Cash available for distribution, $m
  -194
  554
  570
  586
  605
  624
  645
  668
  692
  717
  720
  749
  779
  811
  845
  881
  919
  959
  1,001
  1,046
  1,093
  1,142
  1,194
  1,249
  1,306
  1,367
  1,430
  1,497
  1,568
  1,642
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
  -186
  507
  496
  483
  469
  453
  436
  417
  397
  376
  342
  320
  296
  272
  248
  224
  200
  177
  154
  133
  113
  95
  78
  64
  51
  40
  31
  23
  17
  12
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

H&R Block, Inc. (H&R Block), through its subsidiaries, provides tax preparation and other services. The Company provides assisted income tax return preparation, digital do-it-yourself (DIY) tax solutions and other services and products related to income tax return preparation to the general public primarily in the United States, Canada, Australia and their respective territories. Assisted income tax return preparation and related services are provided by tax professionals through a system of retail offices operated directly by the Company or its franchisees. It offers tax support, planning, and business accounting and advisory services to its clients. The Company offers a range of online tax services, including preparation of federal and state income tax returns, review of tax returns by a tax professional, access to tax tips, advice and tax-related news, use of calculators for tax planning, error checking and electronic filing.

FINANCIAL RATIOS  of  H&R Block (HRB)

Valuation Ratios
P/E Ratio 13.2
Price to Sales 1.8
Price to Book -88.6
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 11.7
Growth Rates
Sales Growth Rate -0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11%
Cap. Spend. - 3 Yr. Gr. Rate -9.5%
Financial Strength
Quick Ratio 1011
Current Ratio 0.1
LT Debt to Equity -2447.5%
Total Debt to Equity -2449.2%
Interest Coverage 8
Management Effectiveness
Return On Assets 16.9%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 27.7%
Ret/ On T. Cap. - 3 Yr. Avg. 22.3%
Return On Equity -2152.6%
Return On Equity - 3 Yr. Avg. -694.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 47.6%
Gross Margin - 3 Yr. Avg. 48%
EBITDA Margin 29.6%
EBITDA Margin - 3 Yr. Avg. 28.9%
Operating Margin 23.6%
Oper. Margin - 3 Yr. Avg. 23.4%
Pre-Tax Margin 20.7%
Pre-Tax Margin - 3 Yr. Avg. 21.2%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 13.7%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 45.7%

HRB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRB stock intrinsic value calculation we used $3036 million for the last fiscal year's total revenue generated by H&R Block. The default revenue input number comes from 2017 income statement of H&R Block. 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 HRB 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 HRB is calculated based on our internal credit rating of H&R Block, 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 H&R Block.
    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 HRB stock the variable cost ratio is equal to 79.2%.

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 HRB 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 6.2% for H&R Block.

Corporate tax rate of 27% is the nominal tax rate for H&R Block. 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 HRB stock is equal to 0.6%.

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 HRB are equal to 38.9%.

Life of production assets of 10 years is the average useful life of capital assets used in H&R Block 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 HRB is equal to -7.1%. 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 - $-61 million for H&R Block - 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 207 million for H&R Block 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 H&R Block at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

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▶ IRS reveals new postcard-size 1040 tax form   [Jul-05-18 01:30PM  Yahoo Finance Video]
▶ Newsmaker: H&R Block exec goes off the beaten path to stay on track   [Jun-21-18 11:24AM  American City Business Journals]
▶ Its so taxing: Intuit shares soar as H&R Block languishes   [Jun-19-18 05:33PM  American City Business Journals]
▶ Dow closes lower for fourth day in a row   [Jun-15-18 04:20PM  CNBC Videos]
▶ [$$] H&R Block to Close 400 Locations   [08:02PM  The Wall Street Journal]
▶ H&R Block Is Closing 400 Locations   [05:52PM  Fortune]
▶ [$$] H&R Block to Close 400 Locations   [05:10PM  The Wall Street Journal]
▶ H&R Block to Close 400 Locations   [05:10PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:05PM  Motley Fool]
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▶ H&R Block: Fiscal 4Q Earnings Snapshot   [04:34PM  Associated Press]
▶ H&R Block, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ H&R Block's Earnings Outlook   [07:30AM  Benzinga]
▶ [$$] H&R Block whacked after margin guidance   [06:59AM  Financial Times]
▶ 3 Things to Watch in the Stock Market This Week   [Jun-10-18 09:30AM  Motley Fool]
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▶ May Dividend Favorites Foot Locker And More   [May-11-18 09:02AM  Simply Wall St.]
▶ H&R Block ends five-year skid in tax returns, makes gains in DIY market   [Apr-25-18 01:47PM  American City Business Journals]
▶ H&R Block hires TD Bank exec as new chief marketing officer   [12:22PM  American City Business Journals]
▶ On Tax Day, Report Offshore Accounts Too   [Apr-16-18 08:53AM  Forbes]
▶ H&R Block offers clutch tax tips for procrastinators   [Apr-13-18 12:09PM  GlobeNewswire]
▶ How to get your taxes done for free   [Mar-29-18 11:43AM  CNBC Videos]
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