Intrinsic value of LGI Homes - LGIH

Previous Close

$55.20

  Intrinsic Value

$378.34

stock screener

  Rating & Target

str. buy

+585%

  Value-price divergence*

+261%

Previous close

$55.20

 
Intrinsic value

$378.34

 
Up/down potential

+585%

 
Rating

str. buy

 
Value-price divergence*

+261%

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

We calculate the intrinsic value of LGIH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.02
  45.30
  41.27
  37.64
  34.38
  31.44
  28.80
  26.42
  24.28
  22.35
  20.61
  19.05
  17.65
  16.38
  15.24
  14.22
  13.30
  12.47
  11.72
  11.05
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
Revenue, $m
  838
  1,218
  1,720
  2,368
  3,182
  4,182
  5,386
  6,809
  8,462
  10,353
  12,487
  14,866
  17,489
  20,355
  23,457
  26,793
  30,356
  34,140
  38,142
  42,356
  46,780
  51,411
  56,248
  61,293
  66,547
  72,013
  77,697
  83,605
  89,745
  96,125
  102,755
Variable operating expenses, $m
 
  1,030
  1,455
  2,003
  2,692
  3,538
  4,557
  5,760
  7,159
  8,759
  10,564
  12,577
  14,796
  17,220
  19,845
  22,667
  25,681
  28,883
  32,268
  35,833
  39,575
  43,493
  47,586
  51,854
  56,298
  60,923
  65,732
  70,730
  75,924
  81,321
  86,931
Fixed operating expenses, $m
 
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
Total operating expenses, $m
  727
  1,048
  1,474
  2,022
  2,712
  3,558
  4,578
  5,781
  7,181
  8,781
  10,587
  12,601
  14,820
  17,245
  19,870
  22,693
  25,708
  28,910
  32,296
  35,862
  39,604
  43,523
  47,617
  51,886
  56,331
  60,956
  65,766
  70,765
  75,960
  81,358
  86,969
Operating income, $m
  111
  169
  246
  345
  470
  624
  809
  1,027
  1,281
  1,572
  1,900
  2,266
  2,669
  3,110
  3,587
  4,100
  4,648
  5,230
  5,846
  6,494
  7,175
  7,887
  8,631
  9,407
  10,216
  11,057
  11,931
  12,840
  13,785
  14,766
  15,787
EBITDA, $m
  112
  171
  248
  348
  474
  629
  815
  1,036
  1,292
  1,585
  1,915
  2,284
  2,691
  3,135
  3,616
  4,133
  4,685
  5,272
  5,893
  6,546
  7,232
  7,950
  8,700
  9,483
  10,298
  11,145
  12,027
  12,943
  13,895
  14,885
  15,913
Interest expense (income), $m
  14
  16
  24
  35
  50
  67
  89
  116
  147
  183
  225
  272
  324
  382
  444
  513
  586
  664
  747
  835
  927
  1,025
  1,126
  1,232
  1,343
  1,459
  1,579
  1,703
  1,833
  1,968
  2,108
Earnings before tax, $m
  114
  153
  222
  310
  421
  556
  719
  911
  1,134
  1,389
  1,675
  1,994
  2,345
  2,728
  3,143
  3,587
  4,062
  4,566
  5,099
  5,659
  6,247
  6,862
  7,505
  8,175
  8,872
  9,598
  10,353
  11,137
  11,952
  12,798
  13,679
Tax expense, $m
  39
  41
  60
  84
  114
  150
  194
  246
  306
  375
  452
  538
  633
  737
  848
  969
  1,097
  1,233
  1,377
  1,528
  1,687
  1,853
  2,026
  2,207
  2,396
  2,591
  2,795
  3,007
  3,227
  3,456
  3,693
Net income, $m
  75
  112
  162
  226
  307
  406
  525
  665
  828
  1,014
  1,223
  1,456
  1,712
  1,992
  2,294
  2,619
  2,965
  3,333
  3,722
  4,131
  4,560
  5,010
  5,479
  5,968
  6,477
  7,007
  7,557
  8,130
  8,725
  9,343
  9,985

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  815
  1,112
  1,571
  2,162
  2,906
  3,819
  4,919
  6,218
  7,728
  9,455
  11,404
  13,576
  15,972
  18,589
  21,422
  24,468
  27,722
  31,178
  34,833
  38,681
  42,721
  46,950
  51,368
  55,975
  60,773
  65,765
  70,956
  76,352
  81,959
  87,785
  93,841
Adjusted assets (=assets-cash), $m
  765
  1,112
  1,571
  2,162
  2,906
  3,819
  4,919
  6,218
  7,728
  9,455
  11,404
  13,576
  15,972
  18,589
  21,422
  24,468
  27,722
  31,178
  34,833
  38,681
  42,721
  46,950
  51,368
  55,975
  60,773
  65,765
  70,956
  76,352
  81,959
  87,785
  93,841
Revenue / Adjusted assets
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
Average production assets, $m
  13
  19
  28
  38
  51
  67
  86
  109
  135
  166
  200
  238
  280
  326
  375
  429
  486
  546
  610
  678
  748
  823
  900
  981
  1,065
  1,152
  1,243
  1,338
  1,436
  1,538
  1,644
Working capital, $m
  0
  -73
  -103
  -142
  -191
  -251
  -323
  -409
  -508
  -621
  -749
  -892
  -1,049
  -1,221
  -1,407
  -1,608
  -1,821
  -2,048
  -2,289
  -2,541
  -2,807
  -3,085
  -3,375
  -3,678
  -3,993
  -4,321
  -4,662
  -5,016
  -5,385
  -5,767
  -6,165
Total debt, $m
  400
  608
  884
  1,239
  1,686
  2,235
  2,896
  3,677
  4,584
  5,622
  6,794
  8,099
  9,539
  11,112
  12,815
  14,645
  16,601
  18,678
  20,874
  23,187
  25,615
  28,157
  30,812
  33,581
  36,465
  39,465
  42,585
  45,827
  49,197
  52,699
  56,338
Total liabilities, $m
  459
  668
  944
  1,299
  1,746
  2,295
  2,956
  3,737
  4,644
  5,682
  6,854
  8,159
  9,599
  11,172
  12,875
  14,705
  16,661
  18,738
  20,934
  23,247
  25,675
  28,217
  30,872
  33,641
  36,525
  39,525
  42,645
  45,887
  49,257
  52,759
  56,398
Total equity, $m
  355
  444
  627
  863
  1,159
  1,524
  1,963
  2,481
  3,083
  3,772
  4,550
  5,417
  6,373
  7,417
  8,547
  9,763
  11,061
  12,440
  13,898
  15,434
  17,046
  18,733
  20,496
  22,334
  24,248
  26,240
  28,312
  30,464
  32,701
  35,026
  37,442
Total liabilities and equity, $m
  814
  1,112
  1,571
  2,162
  2,905
  3,819
  4,919
  6,218
  7,727
  9,454
  11,404
  13,576
  15,972
  18,589
  21,422
  24,468
  27,722
  31,178
  34,832
  38,681
  42,721
  46,950
  51,368
  55,975
  60,773
  65,765
  70,957
  76,351
  81,958
  87,785
  93,840
Debt-to-equity ratio
  1.127
  1.370
  1.410
  1.440
  1.450
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
Adjusted equity ratio
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  112
  162
  226
  307
  406
  525
  665
  828
  1,014
  1,223
  1,456
  1,712
  1,992
  2,294
  2,619
  2,965
  3,333
  3,722
  4,131
  4,560
  5,010
  5,479
  5,968
  6,477
  7,007
  7,557
  8,130
  8,725
  9,343
  9,985
Depreciation, amort., depletion, $m
  1
  1
  2
  3
  4
  5
  7
  8
  10
  13
  15
  18
  22
  25
  29
  33
  37
  42
  47
  52
  58
  63
  69
  75
  82
  89
  96
  103
  110
  118
  126
Funds from operations, $m
  -293
  113
  164
  229
  311
  411
  532
  674
  838
  1,026
  1,238
  1,474
  1,734
  2,017
  2,323
  2,652
  3,003
  3,375
  3,769
  4,183
  4,618
  5,073
  5,548
  6,043
  6,559
  7,095
  7,653
  8,233
  8,835
  9,461
  10,112
Change in working capital, $m
  -185
  -23
  -30
  -39
  -49
  -60
  -72
  -85
  -99
  -113
  -128
  -143
  -157
  -172
  -186
  -200
  -214
  -227
  -240
  -253
  -265
  -278
  -290
  -303
  -315
  -328
  -341
  -354
  -368
  -383
  -398
Cash from operations, $m
  -108
  136
  194
  268
  360
  471
  604
  759
  937
  1,140
  1,366
  1,617
  1,891
  2,189
  2,509
  2,852
  3,217
  3,602
  4,009
  4,436
  4,883
  5,351
  5,838
  6,346
  6,874
  7,423
  7,994
  8,587
  9,204
  9,844
  10,510
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -13
  -15
  -18
  -22
  -25
  -29
  -33
  -37
  -42
  -47
  -52
  -58
  -63
  -69
  -75
  -82
  -89
  -96
  -103
  -110
  -118
New CAPEX, $m
  -1
  -6
  -8
  -10
  -13
  -16
  -19
  -23
  -26
  -30
  -34
  -38
  -42
  -46
  -50
  -53
  -57
  -61
  -64
  -67
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -98
  -102
  -106
Cash from investing activities, $m
  -1
  -7
  -9
  -12
  -16
  -20
  -24
  -30
  -34
  -40
  -47
  -53
  -60
  -68
  -75
  -82
  -90
  -98
  -106
  -114
  -123
  -132
  -140
  -150
  -159
  -169
  -180
  -191
  -201
  -212
  -224
Free cash flow, $m
  -109
  129
  185
  255
  344
  451
  579
  730
  903
  1,099
  1,319
  1,563
  1,831
  2,121
  2,434
  2,770
  3,127
  3,504
  3,903
  4,322
  4,760
  5,219
  5,697
  6,196
  6,714
  7,254
  7,814
  8,397
  9,002
  9,631
  10,285
Issuance/(repayment) of debt, $m
  95
  208
  276
  355
  447
  549
  661
  781
  907
  1,038
  1,171
  1,306
  1,440
  1,573
  1,703
  1,831
  1,955
  2,077
  2,196
  2,313
  2,428
  2,542
  2,655
  2,769
  2,884
  3,000
  3,120
  3,243
  3,370
  3,502
  3,639
Issuance/(repurchase) of shares, $m
  29
  27
  21
  10
  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  
  121
  235
  297
  365
  447
  549
  661
  781
  907
  1,038
  1,171
  1,306
  1,440
  1,573
  1,703
  1,831
  1,955
  2,077
  2,196
  2,313
  2,428
  2,542
  2,655
  2,769
  2,884
  3,000
  3,120
  3,243
  3,370
  3,502
  3,639
Total cash flow (excl. dividends), $m
  12
  364
  482
  621
  791
  1,000
  1,240
  1,511
  1,810
  2,137
  2,491
  2,869
  3,270
  3,694
  4,137
  4,600
  5,082
  5,582
  6,099
  6,635
  7,188
  7,761
  8,353
  8,965
  9,598
  10,254
  10,934
  11,640
  12,372
  13,133
  13,925
Retained Cash Flow (-), $m
  -108
  -139
  -183
  -236
  -297
  -364
  -439
  -518
  -602
  -689
  -778
  -867
  -956
  -1,044
  -1,131
  -1,215
  -1,298
  -1,379
  -1,458
  -1,536
  -1,612
  -1,687
  -1,763
  -1,838
  -1,914
  -1,992
  -2,071
  -2,153
  -2,237
  -2,325
  -2,416
Prev. year cash balance distribution, $m
 
  50
  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
 
  275
  299
  385
  494
  636
  802
  992
  1,208
  1,448
  1,713
  2,002
  2,315
  2,650
  3,007
  3,385
  3,784
  4,203
  4,641
  5,099
  5,576
  6,073
  6,590
  7,126
  7,684
  8,262
  8,863
  9,487
  10,135
  10,808
  11,509
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  256
  257
  303
  354
  411
  463
  507
  541
  562
  570
  563
  544
  513
  472
  424
  372
  319
  267
  218
  173
  134
  101
  74
  53
  37
  25
  16
  10
  6
  4
Current shareholders' claim on cash, %
  100
  97.4
  96.1
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6

LGI Homes, Inc. is a homebuilder and land developer. The Company is engaged in the design, construction, marketing and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, South Carolina, North Carolina, Colorado, Washington and Tennessee. The Company operates through five segments: the Texas division, the Southwest division, the Southeast division, the Florida division and the Northwest division. The Texas division includes homebuilding operations in Houston, Dallas/Fort Worth, San Antonio and Austin locations. The Southwest division includes homebuilding operations in Phoenix, Tucson, Albuquerque, Denver and Colorado Springs locations. The Southeast division includes homebuilding operations in Atlanta, Charlotte and Nashville locations. The Florida division includes homebuilding operations in Tampa, Orlando, Fort Myers and Jacksonville locations. The Northwest division includes homebuilding operations in Seattle location.

FINANCIAL RATIOS  of  LGI Homes (LGIH)

Valuation Ratios
P/E Ratio 15.7
Price to Sales 1.4
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow -10.9
Price to Free Cash Flow -10.8
Growth Rates
Sales Growth Rate 33%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 112.7%
Total Debt to Equity 112.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 11.7%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 24.9%
Return On Equity - 3 Yr. Avg. 21.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 26.5%
Gross Margin - 3 Yr. Avg. 26.6%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 14.1%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 0%

LGIH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LGIH stock intrinsic value calculation we used $838 million for the last fiscal year's total revenue generated by LGI Homes. The default revenue input number comes from 2016 income statement of LGI Homes. 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 LGIH stock valuation model: a) initial revenue growth rate of 45.3% 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 7.5%, whose default value for LGIH is calculated based on our internal credit rating of LGI Homes, 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 LGI Homes.
    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 LGIH stock the variable cost ratio is equal to 84.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18 million in the base year in the intrinsic value calculation for LGIH 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 4% for LGI Homes.

Corporate tax rate of 27% is the nominal tax rate for LGI Homes. 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 LGIH 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 LGIH are equal to 1.6%.

Life of production assets of 13 years is the average useful life of capital assets used in LGI Homes 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 LGIH is equal to -6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $355 million for LGI Homes - 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 21.64 million for LGI Homes 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 LGI Homes at the current share price and the inputted number of shares is $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating
TOL Toll Brothers 43.96 63.63  str.buy
LEN Lennar Cl A 56.75 107.14  str.buy
KBH KB Home 27.03 72.57  str.buy
MDC M.D.C. Holding 36.53 52.47  str.buy
DHI D.R. Horton 42.53 111.05  str.buy
HOV Hovnanian Ente 2.31 0.96  str.sell
BZH Beazer Homes U 19.62 5.62  str.sell
MTH Meritage Homes 48.25 36.60  hold
MHO M/I Homes 28.68 51.33  str.buy
WLH William Lyon H 24.02 59.60  str.buy

COMPANY NEWS

▶ 3 Top Housing Stocks   [Oct-18-17 01:16PM  Motley Fool]
▶ Netflix Breaks Out While Homebuilders Add To Rally   [Oct-05-17 03:30PM  Investor's Business Daily]
▶ 3 Value Stocks for Wise Investors   [06:02AM  Motley Fool]
▶ LGI Homes Opens New Community in Albuquerque   [Sep-27-17 08:00AM  GlobeNewswire]
▶ New-Home Sales Unexpectedly Fall, But These 3 Builders Are Near Buys   [Sep-26-17 04:06PM  Investor's Business Daily]
▶ LGI Homes Opens First Community in Winston-Salem   [Sep-18-17 08:00AM  GlobeNewswire]
▶ LGI Homes Unveils New Community in North Seattle   [Sep-07-17 08:00AM  GlobeNewswire]
▶ LGI Homes, Inc. Reports August 2017 Home Closings   [Sep-06-17 08:06PM  GlobeNewswire]
▶ LGI Homes Announces First Community in Minneapolis Market   [Sep-05-17 08:00AM  GlobeNewswire]
▶ LGI Homes Sunset Farm Community Offers Last Chance to Own   [Aug-22-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to LGI Homes, Inc. : August 21, 2017   [Aug-21-17 04:32PM  Capital Cube]
▶ LGI Homes tops Street 2Q forecasts   [Aug-08-17 06:47PM  Associated Press]
▶ Top Fund Managers Are Buying These 4 Highly Rated Stocks   [Aug-04-17 12:45PM  Investor's Business Daily]
▶ LGI Homes, Inc. Reports July 2017 Home Closings   [Aug-03-17 07:11PM  GlobeNewswire]
▶ LGI Homes Opens New Albuquerque Area Community   [Aug-02-17 08:00AM  GlobeNewswire]
▶ As Homebuilders Wrap Up Earnings Season, 3 Key Names Yet To Report   [Jul-31-17 07:00PM  Investor's Business Daily]
▶ LGI Homes Opens Two New Communities in Houston Market   [Jul-26-17 08:00AM  GlobeNewswire]
▶ LGI Homes to Host 2017 Second Quarter Conference Call   [Jul-25-17 04:15PM  GlobeNewswire]
▶ LGI Homes Now Building in Vanderbilt Farms in Tucson   [Jul-18-17 08:00AM  GlobeNewswire]
▶ LGI Homes Opens First Terrata Homes Community in Phoenix   [Jul-17-17 06:41PM  GlobeNewswire]
▶ LGI Homes Now Building in Thornton, Colorado   [Jul-13-17 08:00AM  GlobeNewswire]
▶ LGI Homes Debuts New Community in Fort Mill   [Jul-11-17 05:00PM  GlobeNewswire]
▶ This Top-Ranked Industry Just Got A Slew Of Stock Rating Upgrades   [Jul-10-17 04:26PM  Investor's Business Daily]
▶ These 2 Stocks With 95+ Composite Ratings Enter Buy Zones   [04:24PM  Investor's Business Daily]
▶ Stocks Up Nicely; McDonald's May Have New Trend To Tap   [12:11PM  Investor's Business Daily]
▶ Strong June Closings Data Boosts LGI Homes   [04:24AM  Investor's Business Daily]
▶ LGI Homes, Inc. Reports Record Home Closings for May 2017   [Jun-05-17 06:18PM  GlobeNewswire]
▶ ETFs with exposure to LGI Homes, Inc. : May 25, 2017   [May-25-17 12:42PM  Capital Cube]
▶ ETFs with exposure to LGI Homes, Inc. : May 12, 2017   [May-12-17 04:08PM  Capital Cube]
▶ Two Homebuilders Pop On Earnings As Group Looks To Regroup   [May-09-17 04:33PM  Investor's Business Daily]
▶ Why LGI Homes Stock Soared 10% Today   [12:58PM  Motley Fool]
▶ LGI Homes tops Street 1Q forecasts   [10:15AM  Associated Press]
▶ LGI Homes, Inc. Reports April 2017 Home Closings   [May-03-17 07:58PM  GlobeNewswire]
▶ Texas builder continues Triad expansion with 18-lot purchase   [Apr-24-17 11:04AM  American City Business Journals]
▶ LGI Homes to Host 2017 First Quarter Conference Call   [Apr-21-17 07:18PM  GlobeNewswire]
▶ Week In Review: Dow Dips As Oil Dives, Jobs Jump; Big Stock Winners, Losers   [Mar-10-17 04:08PM  Investor's Business Daily]
▶ LGI Homes Soars On Earnings; Builder Stocks Show Strength   [Mar-07-17 04:08PM  Investor's Business Daily]
▶ Why LGI Homes Stock Just Jumped 15%   [12:00PM  Motley Fool]
▶ [$$] Millennials Delay the Homeownership Move   [Mar-04-17 02:12AM  at Barrons.com]
▶ LGI Homes, Inc. Reports February 2017 Home Closings   [Mar-03-17 07:04PM  GlobeNewswire]
▶ Rancho Mirage: A New Phoenix-Area Community by LGI Homes   [Feb-24-17 06:26PM  GlobeNewswire]
▶ 4 Legendary Investor Picks For The Trump Rally   [Feb-21-17 10:47AM  at Forbes]
▶ Why LGI Homes Stock Slumped 14% on Monday   [Feb-06-17 12:50PM  at Motley Fool]
▶ LGI Homes, Inc. Reports January 2017 Home Closings   [Feb-03-17 06:36PM  GlobeNewswire]
Financial statements of LGIH
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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